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<SEC-DOCUMENT>0000950123-10-062346.txt : 20100629
<SEC-HEADER>0000950123-10-062346.hdr.sgml : 20100629
<ACCEPTANCE-DATETIME>20100629170150
ACCESSION NUMBER:		0000950123-10-062346
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100629
DATE AS OF CHANGE:		20100629

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51559
		FILM NUMBER:		10924579

	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>20-F
<SEQUENCE>1
<FILENAME>y03665e20vf.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML>
<HEAD>
<TITLE>e20vf</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><FONT style="FONT-variant: SMALL-CAPS">WASHINGTON D.C. 20549</FONT></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 20-F</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%"><B>For the fiscal year ended December&nbsp;31, 2009</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>

    <TD>&nbsp;</TD>
    <TD><b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Commission file number 000-51559</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>STEALTHGAS INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of Registrant as specified in its charter)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Republic of the Marshall Islands</B><BR>
(Jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>331 Kifissias Avenue, Erithrea 14561 Athens, Greece</B><BR>
(Address of principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Andrew J. Simmons<BR>
331 Kifissias Avenue, Erithrea 14561, Athens, Greece<BR>
Telephone: (011) (30) (210)&nbsp;625 0001<BR>
Facsimile: (011) (30) (210)&nbsp;625 0018</B><BR>
(Name, Address, Telephone Number and Facsimile Number of Company Contact Person)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Title of each class</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Name of each exchange on which registered</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Common Stock, par value $0.01 per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Nasdaq Stock Market LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:</B><BR>
None</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION<BR>
PURSUANT TO SECTION 15(d) OF THE ACT:</B></DIV>

<DIV align="center" style="font-size: 10pt">None</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as
of December&nbsp;31, 2009 was:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.01 per share 22,310,110 shares
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. Act. <FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#254;</FONT> No
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this report is an annual or transition report, indicate by check mark if the registrant is
not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934. <FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#254;</FONT> No
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed
by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. <FONT style="font-family: Wingdings">&#254;</FONT> Yes <FONT style="font-family: Wingdings">&#111;</FONT> No
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files).
<FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#111;</FONT> No
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated
filer&#148; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark which basis of accounting the registrant has used to prepare the
financial statements included in this filing.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">U.S. GAAP <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>International Financial Reporting Standards <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Other <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT> Item&nbsp;17
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT> Item&nbsp;18</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this is an annual report, indicate by check mark whether the registrant is a shell company
(as defined in Rule&nbsp;12b-2 of the Exchange Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#254;</FONT> No
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">









<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">FORWARD-LOOKING INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">PART I</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">ITEM 3. KEY INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">ITEM 4. INFORMATION ON THE COMPANY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">ITEM 4A. UNRESOLVED STAFF COMMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">ITEM 8. FINANCIAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">ITEM 9. THE OFFER AND LISTING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">ITEM 10. ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">PART II</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">ITEM 15. CONTROLS AND PROCEDURES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">ITEM 16B. CODE OF ETHICS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#122">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#123">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#124">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#125">PART III</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#126">ITEM 17. FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#127">ITEM 18. FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#128">ITEM 19. EXHIBITS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv4w28.htm">EX-4.28</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv4w29.htm">EX-4.29</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv4w30.htm">EX-4.30</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv4w31.htm">EX-4.31</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv8.htm">EX-8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv12w2.htm">EX-12.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv13w1.htm">EX-13.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv13w2.htm">EX-13.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03665exv15w1.htm">EX-15.1</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORWARD-LOOKING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Annual Report on Form 20-F includes assumptions, expectations, projections, intentions
and beliefs about future events. These statements are intended as &#147;forward-looking statements.&#148;
We caution that assumptions, expectations, projections, intentions and beliefs about future events
may and often do vary from actual results and the differences can be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements in this document that are not statements of historical fact are forward-looking
statements as defined in Section&nbsp;27A of the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
Forward-looking statements include, but are not limited to, such matters as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future operating or financial results;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>global and regional economic and political conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pending or recent acquisitions, business strategy and expected capital spending or
operating expenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition in the marine transportation industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shipping market trends, including charter rates, factors affecting supply and demand and
world fleet composition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to employ our vessels profitably;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>performance by the counterparties to our charter agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future liquefied petroleum gas (&#147;LPG&#148;) and refined petroleum product prices and
production;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future supply and demand for refined petroleum products and natural gas of which LPG is
a byproduct;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our financial condition and liquidity, including our ability to obtain financing in the
future to fund capital expenditures, acquisitions and other general corporate activities,
the terms of such financing and our ability to comply with covenants set forth in our
existing and future financing arrangements; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expectations regarding vessel acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When used in this document, the words &#147;anticipate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;estimate,&#148;
&#147;project,&#148; &#147;forecast,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;should&#148; and &#147;expect&#148; reflect forward-looking
statements. Such statements reflect our current views and assumptions and all forward-looking
statements are subject to various risks and uncertainties that could cause actual results to differ
materially from expectations. The factors that could affect our future financial results are
discussed more fully under &#147;Item&nbsp;3. Key Information &#151; Risk Factors,&#148; as well as elsewhere in this
Annual Report on Form 20-F and in our other filings with the U.S. Securities and Exchange
Commission (&#147;SEC&#148;). We caution readers of this Annual Report not to place undue reliance on these
forward-looking statements, which speak only as of their dates. We undertake no obligation to
publicly update or revise any forward-looking statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StealthGas Inc. is a Marshall Islands company that is referred to in this Annual Report on
Form 20-F, together with its subsidiaries, as &#147;StealthGas,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; or &#147;our.&#148;
This annual report should be read in conjunction with our consolidated financial statements and the
accompanying notes thereto, which are included in Item&nbsp;18 to this annual report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the term cubic meters, or &#147;cbm,&#148; in describing the size of our liquefied petroleum gas
carriers and the term deadweight tons, or &#147;dwt,&#148; in describing the size of our product carriers.
Unless otherwise indicated, all references to currency amounts in this annual report are in U.S.
dollars.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Identity of Directors, Senior Management and Advisers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Offer Statistics and Expected Timetable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Key Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Selected Consolidated Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our selected consolidated financial data and other operating
data shown in U.S. dollars, other than share and fleet data. The table should be read together with
&#147;Item&nbsp;5. Operating and Financial Review and Prospects.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our audited and consolidated statements of operations for the years ended December&nbsp;31, 2007,
2008 and 2009, consolidated statements of cash flows and consolidated statements of changes in
stockholders&#146; equity for the years ended December&nbsp;31, 2007, 2008 and 2009 and the consolidated
balance sheets as of December&nbsp;31, 2008 and 2009, together with the notes thereto, are included in
&#147;Item&nbsp;18. Financial Statements&#148; and should be read in their entirety. The selected consolidated
income statement data for the periods ended December&nbsp;31, 2005 and 2006 and the selected balance
sheet data as of December&nbsp;31, 2005, 2006 and 2007 have been derived from our audited consolidated
financial statements which are not included in &#147;Item&nbsp;18. Financial Statements.&#148;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>INCOME STATEMENT DATA</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voyage revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,644,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,259,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,995,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112,551,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,045,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voyage expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,688,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,213,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,369,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,180,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,522,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessels operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,095,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,474,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,435,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,178,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,001,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dry-docking costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,243,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,112,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,266,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,473,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,068,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,126,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,618,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,457,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,024,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,772,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,546,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,611,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,058,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,546,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,283,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,766,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment Loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,867,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeiture of vessel deposit and
contract termination fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,5000,00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charter termination fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(753,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain (loss)&nbsp;on sale of vessels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,673,321</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,118,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,516,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,817,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,472,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,759,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,525,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,743,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,177,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,079,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,286,575</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,685,207</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,705,602</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,831,404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,962,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,109,222</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,664</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,573,992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,713,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,478,163</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">735,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,091</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(87,528</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,171</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(159,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(261,401</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expenses, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,989,864</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,250,704</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,639,497</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,091,574</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,598,460</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income/(Loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,536,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,492,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings/(Loss) per share, basic
(retroactively adjusted for
60,000-to-1 stock split effected
on August&nbsp;26, 2005)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings/(Loss) per share, diluted
(retroactively adjusted for
60,000-to-1 stock split effected
on August&nbsp;26, 2005) (1)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted (and diluted) average
number of shares outstanding
(retroactively adjusted for
60,000-to-1 stock split effected
on August&nbsp;26, 2005)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,906,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,161,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,943,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,182,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,219,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per share,
basic and diluted (retroactively
adjusted for 60,000-to-1 stock
split effected on August&nbsp;26,
2005)*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>As of December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>BALANCE SHEET DATA</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets, including cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,016,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,891,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,497,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,458,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,031,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,978,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319,605,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,593,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">634,347,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">692,497,010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,725,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,628,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,372,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,774,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,023,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,288,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,762,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,327,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total long-term debt, including current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,706,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,948,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,758,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,693,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,822,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,107,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,802,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,030,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,847,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,801,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock (retroactively adjusted for 60,000-
to-1 stock split effected on August&nbsp;26, 2005)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common shares outstanding (retroactively
adjusted for 60,000-to-1 split effected on
August&nbsp;26, 2005)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,284,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,310,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,310,110</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>OTHER FINANCIAL DATA</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,414,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,224,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,704,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48,080,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48,347,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(197,780,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(84,282,368</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149,636,615</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(159,979,986</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,563,715</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,576,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,994,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,900,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,632,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,444,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FLEET DATA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average number of vessels(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total voyage days for fleet(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total time and bareboat charter days for fleet(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total spot market days for fleet(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total calendar days for fleet(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fleet utilization(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">98.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">98.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">99.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">99.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">99.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AVERAGE DAILY RESULTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Time charter equivalent(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessel operating expenses(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total operating expenses(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,711</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>As a privately held company, we paid no dividends in 2004 and an
aggregate dividend of $10.0&nbsp;million in July&nbsp;2005. We paid no
dividends in 2005 after becoming a public company in October&nbsp;2005.
We paid our first quarterly dividend since becoming a public
company, of $0.1875 per share, in January&nbsp;2006. In the first quarter
of 2009, our board of directors decided to suspend the payment of
further cash dividends as a result of market conditions in the
international shipping industry. Our payment of dividends is subject
to the discretion of our Board of Directors. Our loan agreements and
the provisions of Marshall Islands law also restrict our ability to
pay dividends. See &#147;Item&nbsp;3. Risk Factors &#151; Risks Related To Our
Common Stock &#151; Our Board of Directors has determined to suspend the
payment of cash dividends as a result of market conditions in the
international shipping industry, and until such market conditions
improve, it is unlikely we will reinstate the payment of dividends&#148;
and &#147;Item&nbsp;8. Financial Information &#151; Dividend Policy.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>On January&nbsp;1, 2009, the Company adopted new guidance which clarified
that unvested share-based payment awards that contain rights to
receive non forfeitable dividends or dividend equivalents (whether
paid or unpaid) are participating securities, and thus, should be
included in the two-class method of computing earnings per share
(EPS). This standard was applied retroactively to all periods
presented, for the years ended December&nbsp;31, 2005, 2006, and
reduced basic EPS by $0.01 for the years ended December&nbsp;31,2007 and
2008 respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the
number of days each vessel was a part of our fleet during the period
divided by the number of calendar days in that period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Our total voyage days for our fleet reflect the total days the
vessels were in our possession for the relevant periods, net of
off-hire days associated with major repairs, drydockings or special
or intermediate surveys.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Total time and bareboat charter days for fleet are the number of
voyage days the vessels in our fleet operated on time or bareboat
charters for the relevant period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Total spot market charter days for fleet are the number of voyage
days the vessels in our fleet operated on spot market charters for
the relevant period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Total calendar days 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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Fleet utilization 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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Time charter equivalent rate, or TCE rate, is a measure of the
average daily revenue performance of a vessel on a per voyage basis.
Our method of calculating TCE rate is consistent with industry
standards and is determined by dividing voyage revenues (net of
voyage expenses) or time charter equivalent revenues or &#147;TCE
revenues&#148; 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
revenues, a non-GAAP measure, provides additional meaningful
information in conjunction with voyage revenues, the most directly
comparable GAAP measure, because it assists Company management in
making decisions regarding the deployment and use of its vessels and
in evaluating their financial performance. It is also a standard
shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company&#146;s performance despite
changes in the mix of charter types (i.e., spot charters, time
charters and bareboat charters) under which the vessels may be
employed between the periods. Reconciliation of TCE revenues as
reflected in the consolidated statement of income and calculation of
TCE rate follow:</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year  ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voyage revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,644,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,259,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,995,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112,551,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,045,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voyage expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,688,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,213,804</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,369,546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,180,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,522,573</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Time charter equivalent revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,956,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,045,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">84,625,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106,371,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">102,519,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total voyage days for fleet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Time charter equivalent (TCE)&nbsp;rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Vessel operating expenses, 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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Total operating expenses, or TOE, is a measurement of our total
expenses associated with operating our vessels. TOE is the sum of
vessel operating expenses and general and administrative expenses.
Daily TOE is calculated by dividing TOE by fleet calendar days for the
relevant time period.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capitalization and Indebtedness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth our consolidated capitalization at December&nbsp;31, 2009 on an actual
basis and as adjusted to reflect the number of shares repurchased (1,205,229 shares with an
aggregate value of $6,280,327) and the aggregate scheduled loan repayments of $27.8&nbsp;million until
June&nbsp;18, 2010. There has been no material change to our capitalization since December&nbsp;31, 2009 as
so adjusted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table should be read in conjunction with the consolidated financial statements and the
notes thereto included elsewhere in this Annual Report on Form 20-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>As of December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">In thousands of U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt obligations (including current portion)*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">345,822,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">318,016,353</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock, $0.01 par value per share,
100,000,000 shares authorized, actual and as adjusted;
22,310,000 shares issued and outstanding, actual; 21,104,881 shares issued and 21,104,214 shares
outstanding as adjusted (1)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">211,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">284,100,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,819,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,478,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,478,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">300,801,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">294,509,545</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">646,624,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">612,525,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>All of our indebtedness is secured.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 42,002 unvested restricted shares as of December&nbsp;31,
2009, of which 6,501 shares vested on March&nbsp;18, 2010 ,and 667 were
forfeited upon the resignation of one of our directors on April
22, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The 1,205,229 shares repurchased in 2010 have been cancelled and the 667 forfeited restricted
shares forfeited in 2010 were held as treasury stock as of June
15, 2010.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons For the Offer and Use of Proceeds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risks Related To Our Industry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The cyclical nature of the demand for LPG transportation, which has recently declined, may
lead to significant changes in our chartering and vessel utilization, which may adversely affect
our revenues, profitability and financial position.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, the international LPG carrier market has been cyclical with attendant volatility
in profitability, charter rates and vessel values. The degree of charter rate volatility among
different types of gas carriers has varied widely. Because many factors influencing the supply of,
and demand for, vessel capacity are unpredictable, the timing, direction and degree of changes in
the international gas carrier market are also not predictable. After increasing throughout 2007 and
into 2008, charter rates for Handy size LPG carriers declined in the second half of 2008 and in
2009 as a result of slowdown in the world economy. During early 2010 charter rates have remained at
similar levels to those seen in the latter part of 2008 and during 2009. If charter rates remain
depressed or decline further, our earnings may decrease, particularly with respect to our vessels
deployed in the spot market or those vessels whose charters will be subject to renewal during 2010.
Any of the foregoing factors could have an adverse effect on our revenues, profitability,
liquidity, cash flow and financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent we have vessels in the spot market, we are exposed to changes in spot rates for
gas carriers and such changes can affect our earnings and the value of our gas carriers at any
given time. We are also exposed to fluctuations in bunker (fuel)&nbsp;costs for which we are responsible
in respect of vessels on spot charters. As of June&nbsp;18, 2010, eight of our 37 vessels were deployed
in the spot market while eight and 21 were under bareboat and time period charters, respectively.
As our period charters expire they may not be extended or renewed on favorable terms when compared
to the terms of the expiring charters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future growth in the demand for LPG carriers and charter rates will depend on economic growth
in the world economy and demand for LPG product transportation that exceeds the capacity of the
growing worldwide LPG carrier fleet&#146;s ability to match it. We believe that the future growth in
demand for LPG carriers and the charter rate levels for LPG carriers will depend primarily upon the
supply and demand for LPG particularly in the economies of China, India and Southeast Asia, and
upon seasonal and regional changes in demand and changes to the capacity of the world fleet. The
capacity of the world shipping fleet appears likely to increase in the near term, although growth
in our core sector of 3,000 to 8,000 cbm Handy size LPG Carriers is expected to be limited in 2010.
Economic growth may be limited in the near term, and possibly for an extended period, as a result
of the current worldwide financial crisis, which could adversely affect demand for LPG
transportation. Adverse economic, political, social or other developments, including the continued
turmoil in the global financial system and economic crisis, could have a material adverse effect on
world economic growth and thus on our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The factors affecting the supply and demand for LPG carriers are outside of our control, and
the nature, timing and degree of changes in industry conditions are unpredictable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The factors that influence demand for our vessels include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supply and demand for LPG products;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>global and regional economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the distance LPG products are to be moved by sea;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of alternative transportation means; and</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in seaborne and other transportation patterns.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The factors that influence the supply of vessel capacity include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of newbuilding deliveries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the scrapping rate of older vessels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>LPG carrier prices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in environmental and other regulations that may limit the useful lives of
vessels; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of vessels that are out of service.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant decline in demand for the seaborne transport of LPG or a significant increase in
the supply of LPG carrier capacity without a corresponding growth in LPG carrier demand could cause
a significant decline in prevailing charter rates, which could materially adversely affect our
financial condition and operating results and cash flow.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Various economic factors could materially adversely affect our business, financial position and
results of operations, as well as our future prospects.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global economy and the volume of world trade sharply declined in the latter part of 2008
and in 2009. Although the global economy has begun to show signs of the beginning of a recovery,
both slow and not consistent on a worldwide basis. More specifically, some LPG products we carry
are used in cyclical businesses, such as the manufacturing of plastics and in the chemical
industry, that have been adversely affected by the recent economic downturn and, accordingly, a
further slackening of demand in those industries could further adversely affect the LPG carrier
industry. In particular, an adverse change in economic conditions affecting China, Japan, India or
Southeast Asia generally could have a negative effect on the demand for LPG products, thereby
adversely affecting our business, financial position and results of operations, as well as our
future prospects. In particular, in recent years China and India have been among the world&#146;s
fastest growing economies in terms of gross domestic product. In 2008 growth in China slowed
significantly from recent years, and it is likely that China and other countries in the Asia
Pacific region will continue to experience slowed or even negative economic growth in the near
future. Moreover, any further deterioration in the economy of the United States or the European
Union, including due to the European sovereign debt crisis, may further adversely affect economic
growth in Asia. Our business, financial position and results of operations, as well as our future
prospects, could likely be materially and adversely affected by adverse economic conditions in any
of these countries or regions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If the demand for LPG products and LPG shipping does not grow, or decreases, our business, results
of operations and financial condition could be adversely affected.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth, which depends on growth in the supply and demand for LPG products and LPG
shipping, was adversely affected by the sharp decrease in world trade and the global economy
experienced in the latter part of 2008 and in 2009. Although the global economy has begun to show
signs of the beginning of a recovery, world and regional demand for LPG products and LPG shipping
can be adversely affected by a number of factors, such as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse global or regional economic or political conditions, particularly in LPG
consuming regions, which could reduce energy consumption;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduction in global or general industrial activity specifically in the plastics and
chemical industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increases in the cost of petroleum and natural gas from which LPG is derived;
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreases in the consumption of LPG or natural gas due to availability of new,
alternative energy sources or increases in the price of LPG or natural gas relative to
other energy sources or other factors making consumption of LPG or natural gas less
attractive; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increases in pipelines for LPG, which are currently few in number, linking production
areas and industrial and residential areas consuming LPG, or the conversion of existing
non-petroleum gas pipelines to petroleum gas pipelines in those markets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduced demand for LPG products and LPG shipping would have an adverse effect on our future
growth and would harm our business, results of operations and financial condition.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our operating results are subject to seasonal fluctuations, which could affect our operating
results and the amount of available cash with which we can pay dividends.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate our LPG carriers in markets that have historically exhibited seasonal variations in
demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter
volatility in our operating results, which could affect the amount of dividends that we pay to our
stockholders from quarter-to-quarter. The LPG carrier market is typically stronger in the fall and
winter months in anticipation of increased consumption of propane and butane for heating during the
winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel
scheduling and supplies of certain commodities. As a result, our revenues may be stronger in fiscal
quarters ended December&nbsp;31 and March&nbsp;31, and conversely, our revenues may be weaker during the
fiscal quarters ended June&nbsp;30 and September&nbsp;30. This seasonality could materially affect our
operating results and cash available for distribution to our stockholders as dividends in the
future.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our revenues, operations and future growth could be adversely affected by a decrease in supply of
liquefied natural gas, or natural gas.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, there has been a strong supply of natural gas and an increase in the
construction of plants and projects involving natural gas, of which LPG is a byproduct. Several of
these projects, however, have experienced delays in their completion for various reasons and thus
the expected increase in the supply of LPG from these projects may be delayed significantly. If the
supply of natural gas decreases, we may see a concurrent reduction in the production of LPG and
resulting lesser demand and lower charter rates for our vessels, which could ultimately have a
material adverse impact on our revenues, operations and future growth.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The product carrier shipping and crude oil tanker sectors are cyclical, which may lead to lower
charter rates and lower vessel values.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The medium range type product carrier and crude oil tanker shipping sectors are also cyclical
with attendant volatility in charter rates and vessel values. Although the charter arrangements for
our three product carriers are not scheduled to expire until 2015 in the case of the first two and
2012 in regard to our third product carrier, and 2015 in the case of the crude oil tanker we have
agreed to acquire, if prevailing market conditions, which have recently deteriorated along with the
global economy, are depressed at such times as these charters expire or otherwise are terminated,
we may not be able to renew or replace existing charters for our product carriers at the same or
similar rates. If we were required to enter into a charter when charter hire rates are low, our
results of operations could be adversely affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The market values of our vessels, which have recently declined, may remain at current low, or
lower, levels for a prolonged period and, over time, may fluctuate significantly. If the market
values of our vessels are low, we may incur a loss on sale of a vessel or record an impairment
charge, which may adversely affect our earnings and possibly lead to defaults under our loan
agreements.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the sharp decline in the world economy and related decreases in charter rates, the
market value of our vessels declined from December&nbsp;31, 2008 to December&nbsp;31, 2009. The market values
of our vessels may remain at current low, or be depressed to even lower, values for a prolonged
period of time and, as was the case with the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">recent decreases in value, are subject to the potential significant fluctuations depending on
a number of factors including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and market conditions affecting the shipping industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>age, sophistication and condition of our vessels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>types and sizes of vessels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of other modes of transportation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cost and delivery of schedules for newbuildings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governmental and other regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supply and demand for LPG products and, with respect to our product carriers, refined
petroleum products;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prevailing level of LPG charter rates and, with respect to our product carriers, the
prevailing level of product carrier charter rates; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological advances.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we sell vessels at a time when vessel prices have fallen and before we have recorded an
impairment adjustment to our financial statements, the sale may be for less than the vessel&#146;s
carrying value on our financial statements, resulting in a loss and reduction in earnings.
Furthermore, if vessel values experience significant further declines, we may have to record an
impairment adjustment in our financial statements, which could adversely affect our financial
results. For instance, in 2009, we recorded an impairment charge of $9.9&nbsp;million in respect of four
of our vessels. If the market value of our fleet further declines, we may not be in compliance with
certain provisions of our existing loan agreements and we may not be able to refinance our debt or
obtain additional financing and pay dividends. If we are unable to pledge additional collateral,
our lenders could accelerate our debt and foreclose on our fleet. The loss of our vessels would
mean we could not run our business.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We are subject to regulation and liability under environmental laws that could require significant
expenditures and affect our financial conditions and results of operations.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business and the operation of our vessels are materially affected by government regulation
in the form of international conventions, national, state and local laws and regulations in force
in the jurisdictions in which the vessels operate, as well as in the country or countries of their
registration. Because those laws and regulations are often revised, we cannot predict the ultimate
cost of complying with them or the impact they may have on the resale prices or useful lives of our
vessels. Additional rules and regulations may be adopted which could limit our ability to do
business or increase the cost of our doing business and which could materially adversely affect our
operations. We are also required by various governmental and quasi-governmental agencies to obtain
permits, licenses, certificates and financial assurances with respect to our operations. These
permits, licenses, certificates and financial assurances may be issued or renewed with terms that
could materially and adversely affect our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States Oil Pollution Act of 1990, or OPA, established an extensive regulatory and
liability regime for the protection and cleanup of the environment from oil spills. OPA 90 applies
to any discharges of oil from a vessel, including discharges of fuel oil (bunkers)&nbsp;and lubricants.
OPA affects all owners and operators whose vessels trade in the United States, its territories and
possessions or whose vessels operate in United States waters, which includes the United States&#146;
territorial sea and its 200 nautical mile exclusive economic zone. Under OPA, vessel owners,
operators and bareboat charterers are &#147;responsible parties&#148; and are jointly, severally and strictly
liable (unless the discharge of pollutants results solely from the act or omission of a third
party, an act of God or an act of war) for all containment and clean-up costs and other damages
arising from discharges or threatened discharges of oil from their vessels. In addition, our
vessels are subject to OPA financial responsibility requirements for &#147;tank vessels&#148;. See &#147;Item&nbsp;4.
Information on the Company &#151; Environmental and Other Regulation.&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The International Maritime Organization (the &#147;IMO&#148;), which is an agency of the United Nations,
has adopted regulations that are designed to reduce pollution in international waters, both from
accidents and from routine operations. These regulations address oil discharges, ballasting and
unloading operations, sewage and waste discharges, and air emissions. In complying with OPA 90, the
IMO and other applicable environmental regulations and any regulations that may be adopted,
including regulations governing the safety, construction, equipment, operation and liability of our
vessels, we may be required to incur additional costs in meeting new maintenance and inspection
requirements, in developing contingency plans for potential spills, and in obtaining insurance
coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operation of our vessels is affected by the requirements set forth in the International
Management Code for the Safe Operation of Ships and Pollution Prevention (&#147;ISM Code&#148;). The ISM Code
requires ship owners and bareboat charterers to develop and maintain an extensive &#147;Safety
Management System&#148; (&#147;SMS&#148;) that includes the adoption of a safety and environmental protection
policy setting forth instructions and procedures for safe operation and describing procedures for
dealing with emergencies. The failure of a ship owner or bareboat charterer to comply with the ISM
Code may subject the owner or charterer to increased liability, may decrease available insurance
coverage for the affected vessels, and may result in a denial of access to, or detention in,
certain ports. Currently, each of the vessels in our fleet is ISM Code-certified. Because these
certifications are critical to our business, we place a high priority on maintaining them. For this
reason, we believe it is highly unlikely that such certifications would be discontinued. However,
there is the possibility that such certifications will not be maintained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently maintain, for each of our vessels, pollution liability coverage insurance in the
amount of $1.0&nbsp;billion per incident. In addition, we carry hull and machinery and protection and
indemnity insurance to cover the risks of fire and explosion. Under certain circumstances, fire and
explosion could result in a catastrophic loss. We believe that our present insurance coverage is
adequate, not all risks can be insured, and there is the possibility that any specific claim may
not be paid, or that we will not always be able to obtain adequate insurance coverage at reasonable
rates. If the damages from a catastrophic spill exceeded our insurance coverage, it would have a
severe effect on us and could possibly result in our insolvency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that regulation of the shipping industry will continue to become more stringent and
more expensive for us and our competitors. Substantial violations of applicable requirements or a
catastrophic release from one of our vessels could have a material adverse impact on our financial
condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our vessels are subject to periodic inspections by a classification society.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The hull and machinery of every commercial vessel must be classed by a classification society
authorized by its country of registry. The classification society certifies that a vessel is safe
and seaworthy in accordance with the applicable rules and regulations of the country of registry of
the vessel and the Safety of Life at Sea Convention. Our fleet is currently classed with Lloyds
Register of Shipping, Nippon Kaiji Kyokai, or NKK, the American Bureau of Shipping, RINA SpA,
Bureau Veritas and C.C.S., the Chinese Classification Society.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A vessel must undergo annual surveys, intermediate surveys and special surveys. In lieu of a
special survey, a vessel&#146;s machinery may be on a continuous survey cycle, under which the machinery
would be surveyed periodically over a five-year period. Our vessels are on special survey cycles
for hull inspection and continuous survey cycles for machinery inspection. Every vessel is also
required to be dry docked every two to three years for inspection of the underwater parts of such
vessel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a vessel does not maintain its class and/or fails any annual survey, intermediate survey or
special survey, the vessel will be unable to trade between ports and will be unemployable and we
could be in violation of covenants in our loan agreements and insurance contracts or other
financing arrangements. This would adversely impact our operations and revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Maritime claimants could arrest our vessels, which could interrupt our cash flow.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crew members, suppliers of goods and services to a vessel, shippers of cargo and others may be
entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In many
jurisdictions, a maritime lien
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest
or attachment of one or more of our vessels could interrupt our cash flow and require us to pay
large sums of funds to have the arrest lifted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in some jurisdictions, such as South Africa, under the &#147;sister ship&#148; theory of
liability, a claimant may arrest both the vessel which is subject to the claimant&#146;s maritime lien
and any &#147;associated&#148; vessel, which is any vessel owned or controlled by the same owner. Claimants
could try to assert &#147;sister ship&#148; liability against one vessel in our fleet for claims relating to
another of our ships or, possibly, another vessel managed by the Vafias Group.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Governments could requisition our vessels during a period of war or emergency, resulting in loss of
revenues.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A government could requisition for title or seize our vessels. Requisition for title occurs
when a government takes control of a vessel and becomes the owner. Also, a government could
requisition our vessels for hire. Requisition for hire occurs when a government takes control of a
vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions
occur during a period of war or emergency. Government requisition of one or more of our vessels
would adversely impact our operations and revenues, thereby resulting in loss of revenues.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Risks involved with operating ocean-going vessels could affect our business and reputation, which
would adversely affect our revenues and stock price.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operation of an ocean-going vessel carries inherent risks. These risks include the
possibility of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>marine accident or disaster;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>piracy and terrorism;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>explosions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental accidents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pollution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of life;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cargo and property losses or damage; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business interruptions caused by mechanical failure, human error, war, terrorism,
political action in various countries, labor strikes or adverse weather conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any of these circumstances or events could increase our costs or lower our revenues. The
involvement of our vessels in a serious accident could harm our reputation as a safe and reliable
vessel operator and lead to a loss of business.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our vessels may suffer damage and we may face unexpected repair costs, which could affect our cash
flow and financial condition.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If our vessels suffer damage, they may need to be repaired at a shipyard facility. The costs
of repairs are unpredictable and can be substantial. We may have to pay repair costs that our
insurance does not cover. The loss of earnings while these vessels are being repaired and
repositioned, as well as the actual cost of these repairs, would have an adverse effect on our cash
flow and financial condition. We do not intend to carry business interruption insurance.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Acts of piracy on ocean-going vessels have recently increased in frequency, which could adversely
affect our business.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acts of piracy have historically affected ocean-going vessels trading in regions of the world
such as the South China Sea and in the Gulf of Aden off the coast of Somalia. Since 2008, the
frequency of piracy incidents increased significantly, particularly in the Gulf of Aden off the
coast of Somalia. For example, in November&nbsp;2008, the M/V Sirius Star, a tanker vessel not
affiliated with us, was captured by pirates in the Indian Ocean while carrying crude oil estimated
to be worth $100&nbsp;million. In January&nbsp;2009, Somalian pirates captured the <I>Longchamp</I>, a 1990-built,
4,316 dwt LPG carrier, which is not affiliated with us, which was participating in a convoy through
the Gulf of Aden. If these piracy attacks occur in regions in which our vessels are deployed being
characterized by insurers as &#147;war risk&#148; zones, as the Gulf of Aden continues to be, or Joint War
Committee (JWC) &#147;war and strikes&#148; listed areas, premiums payable for such coverage, for which we
are responsible with respect to vessels employed on spot charters, but not vessels employed on
bareboat or time charters, could increase significantly and such insurance coverage may be more
difficult to obtain. In addition, crew costs, including due to employing onboard security guards,
could increase in such circumstances. We may not be adequately insured to cover losses from these
incidents, which could have a material adverse effect on us. In addition, detention hijacking as a
result of an act of piracy against our vessels, or an increase in cost, or unavailability of
insurance for our vessels, could have a material adverse impact on our business, financial
condition and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our operations outside the United States expose us to global risks, such as terrorism, that may
interfere with the operation of our vessels.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an international company and primarily conduct our operations outside the United
States. Changing economic, political and governmental conditions in the countries where we are
engaged in business or where our vessels are registered affect us. In the past, political
conflicts, particularly in the Arabian Gulf, resulted in attacks on vessels, mining of waterways
and other efforts to disrupt shipping in the area. For example, in October&nbsp;2002, the vessel <I>Limburg</I>
(which is not affiliated with our Company) was attacked by terrorists in Yemen. Acts of terrorism
and piracy have also affected vessels trading in regions such as the South China Sea. Following the
terrorist attack in New York City on September&nbsp;11, 2001 and more recent attacks in other parts of
the world, and the military response of the United States and other nations, including the conflict
in Iraq, the likelihood of future acts of terrorism may increase, and our vessels may face higher
risks of being attacked. In addition, future hostilities or other political instability in regions
where our vessels trade could affect our trade patterns and adversely affect our operations and
performance. Furthermore, future terrorist attacks could result in increased volatility of the
financial markets in the United States and globally and could result in an economic recession in
the United States or the world. Any of these occurrences could have a material adverse impact on
our operating results, revenues and costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrorist attacks, or the perception that LPG or natural gas facilities or oil refineries and
LPG carriers, natural gas carriers or product carriers are potential terrorist targets, could
materially and adversely affect the continued supply of LPG, natural gas and refined petroleum
products to the United States and to other countries. Concern that LPG and natural gas facilities
may be targeted for attack by terrorists has contributed to a significant community and
environmental resistance to the construction of a number of natural gas facilities, primarily in
North America. If a terrorist incident involving a gas facility or gas carrier did occur, the
incident may adversely affect necessary LPG facilities or natural gas facilities currently in
operation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risks Related To Our Business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We are dependent on the ability and willingness of our charterers to honor their commitments to us
for all our revenues.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We derive all our revenues from the payment of charter hire by charterers. The ability and
willingness of each of our counterparties to perform their obligations under charter agreements
with us will depend on a number of factors that are beyond our control and may include, among other
things, general economic conditions, the condition of the LPG carrier and refined petroleum product
carrier sectors of the shipping industry and the overall financial condition of the counterparties.
In addition, in depressed market conditions, there have been reports of charterers renegotiating
their charters or defaulting on their obligations under charters and our charterers may fail to pay
charter hire or attempt to renegotiate charter rates. The bareboat and time charters on which we
deployed 29 of the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37 vessels in our fleet as of June&nbsp;15, 2010, generally provide for charter rates that are
significantly above current spot market rates. Should a counterparty fail to honor its obligations
under agreements with us, it may be difficult to secure substitute employment for such vessel, and
any new charter arrangements we secure in the spot market or on bareboat or time charters would be
at lower rates given currently decreased charter rate levels. For example, we had entered into a
bareboat charter for one of our LPG carriers, the <I>Gas Ice</I>, until April&nbsp;2011 with Societa
Cooperative di Navigazione a.r.l. &#147;G. Giulietti,&#148; or Giulietti, and in March&nbsp;2009, the charter was
improperly unilaterally terminated by the charterer as a result of the charterer&#146;s bankruptcy,
since that date we have not been subject to any further terminations of charters as a consequence
of a default by any charterer. If we lose a charter, we may be unable to re-deploy the related
vessel on terms as favorable to us. We would not receive any revenues from such a vessel while it
remained unchartered, but we may be required to pay expenses necessary to maintain the vessel in
proper operating condition, insure it and service any indebtedness secured by such vessel, as is
currently the case with the <I>Gas Ice</I>. The failure by charterers to meet their obligations to us or
an attempt by charterers to renegotiate our charter agreements could have a material adverse effect
on our revenues, results operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Charters at attractive rates may not be available when we attempt to secure charters for five of
our newbuilding LPG carriers scheduled to be delivered to us from February&nbsp;2011 to May&nbsp;2012 and as
the charters for our current vessels expire, which would have an adverse impact on our revenues and
financial condition.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;15, 2010, of our 37 vessels, eight and 21 were under bareboat charter and time
charter, respectively, while eight were deployed in the spot market. We have not yet arranged
charters for our additional five newbuilding LPG carriers, which are scheduled to be delivered to
us from February&nbsp;2011 through May&nbsp;2012. As of June&nbsp;15, 2010, 65% of our anticipated fleet days are
covered by period charter contracts for 2010 and 30% for 2011, with bareboat and time charters for
9 of our LPG carriers scheduled to expire in 2010. We are exposed to fluctuations in the charter
market for the remaining anticipated voyage days that are covered by fixed-rate contracts, and to
the extent the counterparties to our fixed-rate charter contracts fail to honor their obligations
to us, as was the case for the charterer of the <I>Gas Ice </I>who defaulted on their charter in March
2009 due to their bankruptcy. Furthermore, charter rates for LPG carriers and product carriers
declined in 2009 and the first half of 2010 from the relatively high levels that had been
prevailing in 2007 and early 2008 and at which we were able to charter some of our vessels. When
the current charters for our fleet, which average on a time charter equivalent basis $7,059 per day
as of March&nbsp;31, 2010, compared to an average of $6,727 per day for the year ended December&nbsp;31,
2009, expire or are terminated, it may not be possible to re-charter these vessels at similar
rates, or at all, or to secure charters for our newbuilding LPG carriers at similarly profitable
rates, or at all, including for the 40% of our anticipated voyage days for 2010 for which we had
not arranged charters as of June&nbsp;15, 2010. As a result, we may have to accept lower rates or
experience off-hire time for our vessels, which would adversely impact our revenues, results of
operations and financial condition.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We depend upon a few significant customers for a large part of our revenues. The loss of one or
more of these customers could adversely affect our financial performance.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our operating history we have derived a significant part of our revenue from a small number
of charterers. For the year ended December&nbsp;31, 2009, approximately 55.0% of our revenues were
derived from our four largest charter customers. We anticipate a limited number of customers will
continue to represent significant amounts of our revenue. If these customers cease doing business
or do not fulfill their obligations under the charters for our vessels, due to the increasing
financial pressure on these customers or otherwise, our results of operations and cash flows could
be adversely affected. Further, if we encounter any difficulties in our relationships with these
charterers, our results of operations, cash flows and financial condition could be adversely
affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our loan agreements or other financing arrangements contain restrictive covenants that may limit
our liquidity and corporate activities.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our loan agreements impose, and our future financing arrangements may impose, operating and
financial restrictions on us. These restrictions may limit our ability to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur additional indebtedness;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create liens on our assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell capital stock of our subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make investments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in mergers or acquisitions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay dividends; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make capital expenditures.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our loan agreements require us to maintain specified financial ratios, satisfy financial
covenants and contain cross-default clauses. These financial ratios and covenants include
requirements that we:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain minimum cash balances in a pledged account with the lender at all times;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that our leverage, which is defined as total debt net of cash/total market
adjusted assets, does not at any time exceed 80%;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain a ratio of the aggregate market value of the vessels securing the loan to the
principal amount outstanding under such loan at all times in excess of (i)&nbsp;130% under our
loan agreement with Fortis Bank-Athens Branch and NIBC Bank Netherlands and (ii)&nbsp;125% under
our loan agreements with Deutsche Bank, DnB NOR Bank ASA, DVB Bank S.E. Nordic Branch, EFG
Eurobank Ergasias S.A., Emporiki Bank, National Bank of Greece and Scotiabank in regard to
the portion of our facility secured by the <I>Gas Icon </I>but 100% for the portion of our
facility secured by the <I>Navig8 Fidelity</I>; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that our ratio of EBITDA to interest expense over the preceding twelve months is
at all times more than 2.5 times.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our loan agreements also require that members of the Vafias family at all times own at least
15% of our outstanding capital stock and includes restrictions on the payment of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, we were in compliance with all of these covenants except the
requirement that the ratio of the aggregate market value mortgaged vessels to outstanding debt be
at least 125% in regard to our facility with Deutsche Bank secured by the <I>Navig8 Faith </I>and at least
100% in regard to our facility with Scotiabank secured by the Navig8 Fidelity. In both cases we
have obtained waivers of these breaches through September&nbsp;30, 2010. With regard to the Deutsche
Bank facility the aggregate market value ratio is waived completely and with regard to the
Scotiabank facility the aggregate market value ratio has been reduced to 90% of the debt
outstanding under the facility, in each case through September&nbsp;30, 2010. Management has the
intention and the ability to cure both of these breaches in the event that we are still not in
compliance with this covenant upon the expiry of these existing waivers and has not renegotiated
the waivers. Therefore these loans have not been classified as current liabilities on our balance
sheet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the restrictions in our loan agreements, or similar restrictions in our future
financing arrangements with respect to future vessels which we have yet to identify, we may need to
seek permission from our lenders in order to engage in some corporate actions. Our lenders&#146;
interests may be different from ours, and we may not be able to obtain their permission when
needed. This may prevent us from taking actions that we believe are in our best interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A failure by us to meet our payment and other obligations, including our financial covenants
and security coverage requirement, could lead to defaults under our secured loan agreements. Our
lenders could then accelerate our indebtedness and foreclose on our fleet. The loss of our vessels
would mean we could not run our business.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The current lower charter rates in the LPG carrier and product carrier charter markets and decrease
in LPG carrier and product carrier values and any future declines in these rates and values may
continue to affect our ability to comply with various covenants in our loan agreements, for some of
which we have had to obtain waivers.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our loan agreements for our borrowings, which are secured by liens on our vessels, contain
various financial covenants, including requirements that relate to our financial condition,
operating performance and liquidity. For example, we are required to maintain a minimum equity
ratio that is based, in part, upon the market value of the vessels securing the applicable loan, as
well as a minimum ratio of the market value of vessels securing a loan to the principal amount
outstanding under such loan. The market value of LPG carriers and product carriers is sensitive,
among other things, to changes in the LPG carrier and product carrier charter markets, with vessel
values deteriorating in times when LPG carrier and product carrier charter rates are falling and
improving when charter rates are anticipated to rise. Lower charter rates in the LPG carrier and
product carrier markets coupled with the difficulty in obtaining financing for vessel purchases
have adversely affected LPG carrier and, to a greater extent, product carrier values. A
continuation of these conditions would lead to a significant decline in the fair market values of
our vessels, which may result in our not being in compliance with these loan covenants. For
instance, as of December&nbsp;31, 2009, we were not in compliance with the security cover covenants in
our Deutsche Bank and Scotiabank credit facilities for which we have obtained waivers in 2010. In
the event we are not in compliance with our loan covenants, unless our lenders were willing to
provide waivers of covenant compliance, as we have obtained from Deutsche Bank and Scotiabank in
2010, or modifications to our covenants, or would be willing to refinance, we may have to reduce or
eliminate our dividend, sell vessels in our fleet and/or seek to raise additional capital in the
equity markets. Furthermore, if the value of our vessels deteriorates significantly, we may have to
record an impairment adjustment in our financial statements, which would adversely affect our
financial results and further hinder our ability to raise capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A failure to comply with our covenants and/or obtain covenant waivers or modifications, could
result in our lenders requiring us to post additional collateral, enhance our equity and liquidity,
increase our interest payments or pay down our indebtedness to a level where we are in compliance
with our loan covenants, sell vessels in our fleet, or they could accelerate our indebtedness,
which would impair our ability to continue to conduct our business. If our indebtedness is
accelerated, we might not be able to refinance our debt or obtain additional financing and could
lose our vessels if our lenders foreclose their liens. In addition, if we find it necessary to sell
our vessels at a time when vessel prices are low, we will recognize losses and a reduction in our
earnings, which could affect our ability to raise additional capital necessary for us to comply
with our loan agreements.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The current state of global financial markets and current economic conditions may adversely impact
our ability to obtain financing on acceptable terms which may hinder or prevent us from fulfilling
our obligations under our agreements to complete contracted vessel acquisitions.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global financial markets and economic conditions have been, and continue to be, severely
disrupted and volatile. Credit markets and the debt and equity capital markets have been
exceedingly distressed. These issues, along with the re-pricing of credit risk and the difficulties
being experienced by financial institutions have made, and will likely continue to make, it
difficult to obtain financing. We currently have contracts for the construction of five newbuilding
LPG carriers with aggregate remaining installment payments of approximately $105.4&nbsp;million as of
June&nbsp;15, 2010 and a memorandum of agreement to acquire one resale new building Aframax crude oil
tanker at a contract price of $56.5&nbsp;million. Our obligation to purchase these six vessels is not
conditional upon our ability to obtain financing for such purchases. In addition to our available
borrowing capacity under committed credit facilities as of June&nbsp;15, 2010, we would be required to
procure additional financing of approximately $82.9&nbsp;million in order to fund these remaining
installment payments, to the extent such installment payments are not funded with cash generated by
our operations. Our ability to obtain financing in the current economic environment, may be limited
and unless we are successful in obtaining debt financing, we may not be able to complete these
transactions. In such a case, we could lose our deposit money, which amounted to $22.5&nbsp;million as
of June&nbsp;15, 2010 and we may incur additional liability and costs. In addition, prevailing
conditions in the global financial markets may preclude us from raising equity capital or issuing
equity at prices which would not be dilutive to existing stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the disruptions in the credit markets, the cost of obtaining bank financing has
increased as many lenders have increased interest rates, enacted tighter lending standards,
required more restrictive terms, including
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">higher collateral ratios for advances, shorter maturities and smaller loan amounts, and
refused to refinance existing debt at maturity at all or on terms similar to our current debt.
Furthermore, certain banks that have historically been significant lenders to the shipping industry
have announced the intention to reduce or cease lending activities in the shipping industry. We may
be unable to fully draw on the available capacity under our existing credit facilities in the
future if our lenders are unwilling or unable to meet their funding obligations. We cannot be
certain that financing will be available on acceptable terms or at all. If financing is not
available when needed, or is available only on unfavorable terms, we may be unable to meet our
obligations, including under our newbuilding contracts, as they come due. Our failure to obtain the
funds for these capital expenditures would likely have a material adverse effect on our business,
results of operations and financial condition. In the absence of available financing, we also may
be unable to take advantage of business opportunities or respond to competitive pressures any of
which could have a material adverse effect on our revenues and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may be unable to draw down the full amount of our credit facilities if the market values of our
vessels further decline.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are restrictions on the amount of cash that can be advanced to us under our credit
facilities based on the market value of the vessel or vessels in respect of which the advance is
being made. If the market value of our vessels, which have experienced recent declines, decline
further, we may not be able to draw down the full amount of our committed credit facilities, obtain
other financing or incur debt on terms that are acceptable to us, or at all. We may also not be
able to refinance our debt or obtain additional financing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our ability to obtain additional debt financing may be dependent on the performance of our then
existing charters and the creditworthiness of our charterers.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual or perceived credit quality of our charterers, and any defaults by them, may
materially affect our ability to obtain the additional capital resources that we will require to
purchase additional vessels or may significantly increase our costs of obtaining such capital. Our
inability to obtain additional financing at all or at a higher than anticipated cost may materially
affect our results of operation and our ability to implement our business strategy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>A significant increase in our debt levels may adversely affect us and our cash flows.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;15, 2010, we had outstanding indebtedness of $318.0&nbsp;million and we expect to incur
further indebtedness as we finance the remaining purchases of our six contracted vessels. This
increase in the level of indebtedness and the need to service the indebtedness may impact our
profitability and cash available for growth of our fleet, working capital and dividends.
Additionally, any increase in the present interest rate levels may increase the cost of servicing
our indebtedness with similar results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To finance our future fleet expansion program beyond our current fleet, we expect to incur
additional secured debt. We will have to dedicate a portion of our cash flow from operations to pay
the principal and interest on our debt. These payments will limit funds otherwise available for
working capital, capital expenditures, dividends and other purposes. The need to service our debt
may limit our funds available for other purposes, including distributing cash to our stockholders,
and our inability to service our debt could lead to acceleration of our debt and foreclosure on our
fleet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, carrying secured indebtedness exposes us to increased risks if the demand for LPG,
oil or oil-related transportation drops significantly and charter rates and vessel values are
adversely affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The derivative contracts we have entered into to hedge our exposure to fluctuations in interest
rates could result in higher than market interest rates and reductions in our stockholders&#146; equity,
as well as charges against our income.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into interest rate swaps for purposes of managing our exposure to fluctuations
in interest rates applicable to indebtedness under our credit facilities which were advanced at
floating rates based on LIBOR. Our
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hedging strategies, however, may not be effective and we may incur substantial losses if
interest rates move materially differently from our expectations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent our existing interest rate swaps do not, and future derivative contracts may
not, qualify for treatment as hedges for accounting purposes, as is the case for six of our
existing interest rate swaps, with an aggregate notional amount of $169.9&nbsp;million as of June&nbsp;15,
2010, we recognize fluctuations in the fair value of such contracts in our statement of income. In
addition, changes in the fair value of our derivative contracts, even those that qualify for
treatment as hedges, are recognized in &#147;Other Comprehensive Income&#148; on our balance sheet, and can
affect compliance with the net worth covenant requirements in our credit facilities. Our financial
condition could also be materially adversely affected to the extent we do not hedge our exposure to
interest rate fluctuations under our financing arrangements under which loans have been advanced at
a floating rate based on LIBOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any hedging activities we engage in may not effectively manage our interest rate exposure or
have the desired impact on our financial conditions or results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Because we generate all of our revenues in U.S. dollars but incur a portion of our expenses in
other currencies, exchange rate fluctuations could hurt our results of operations.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate all of our revenues in U.S. dollars and the majority of our expenses are also in
U.S. dollars. However, a small portion of our overall expenses, mainly executive compensation, is
incurred in Euros. This could lead to fluctuations in net income due to changes in the value of the
U.S. dollar relative to the other currencies, in particular the Euro. Expenses incurred in foreign
currencies against which the U.S. dollar falls in value can increase, decreasing our net income. We
also have, as of June&nbsp;15, 2010, an aggregate of $105.4&nbsp;million (based on a U.S. dollar/Japanese Yen
exchange rate of $1.00/&#165;91.14 on June&nbsp;15, 2010) of payment obligations under contracts for five
newbuilding LPG carriers that are denominated in Japanese Yen, and, therefore, fluctuations in the
U.S. dollar/Japanese Yen exchange rate could affect our cash flows. We have entered into a series
of currency forward contracts with respect to 50% of the Japanese Yen-denominated obligations we
have for the five LPG vessels under construction in Japan. Since our inception we have not
otherwise hedged our currency exposures, which we consider to be minimal, but, as a result of this
policy, our operating results and financial condition could suffer.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Dependence on our relationship with the Vafias Group and Stealth Maritime.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue to reimburse our fleet manager, Stealth Maritime, for the salaries of
our Chief Executive Officer, Deputy Chairman and Executive Director, Chief Financial Officer and
Internal Auditor, who are employees of Stealth Maritime. As of June&nbsp;15, 2010, Stealth Maritime
served as the technical manager for 12 of the vessels in our fleet while subcontracting the
technical management of the remaining vessels in our fleet to third party managers. We are
accordingly dependent upon our fleet manager, Stealth Maritime, for the administration, chartering
and operations supervision of our fleet. Stealth Maritime is a privately-owned company controlled
by the Vafias Group and about which there is little public information. We depend on our
relationship with the Vafias Group for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our recognition and acceptance in the LPG carrier sector and, to a lesser extent,
product carrier sector, including our ability to attract charterers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>relations with charterers and charter brokers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operational expertise; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management experience.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The loss of Stealth Maritime&#146;s services or its failure to perform its obligations to us
properly for financial or other reasons could materially and adversely affect our business and the
results of our operations. Although we may have rights against Stealth Maritime if it defaults on
its obligations to us, you will have no recourse against Stealth Maritime. In addition, we might
not be able to find a replacement manager on terms as favorable as those currently
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in place with Stealth Maritime. Further, we expect that we will need to seek approval from our
lenders to change our manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We depend on third party managers to manage part of our fleet.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stealth Maritime subcontracts the technical management of our fleet for those vessels either
on time charter or spot employment that are not managed by Stealth Maritime, as of June&nbsp;15, 2010,
17 in number, including crewing, operation, maintenance and repair, to third party managers. The
loss of their services or their failure to perform their obligations could materially and adversely
affect the results of our operations. Although we may have rights against these managers if they
default on their obligations, you will have no recourse against these parties. In addition, we
might not be able to find replacement technical managers on terms as favorable as those currently
in place. Further, in certain circumstances, we expect that we will need to seek approval from our
lenders under the terms of certain of our credit facilities to change these third party managers
with respect to certain of the vessels in our fleet.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may enter into certain significant transactions with companies affiliated with the Vafias Group
which may result in conflicts of interests.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to our management contract with Stealth Maritime, a company controlled by the
Vafias Group and the Vafias family, of which our Chief Executive Officer is a member, we may enter
into other transactions with companies affiliated with the Vafias Group. Such transactions could
create conflicts of interest that could adversely affect our business or your interests as holders
of our common stock, as well as our financial position, results of operations and our future
prospects.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our directors and officers may in the future hold direct or indirect interests in companies that
compete with us.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our directors and officers each have a history of involvement in the shipping industry and may
in the future, directly or indirectly, hold investments in companies that compete with us. In that
case, they may face conflicts between their own interests and their obligations to us.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Stealth Maritime and companies affiliated with Stealth Maritime, including Brave Maritime, may
acquire vessels that compete with our fleet.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is possible that Stealth Maritime or companies affiliated with Stealth Maritime could, in
the future, agree to manage vessels that compete directly with ours. As long as Stealth Maritime is
our fleet manager, Stealth Maritime has granted us a right of first refusal to acquire any LPG
carrier, which Stealth Maritime, its principals or any of their controlled affiliates may acquire
in the future. In addition, Stealth Maritime has agreed that it will not charter-in any LPG carrier
without first offering the opportunity to charter-in such vessel to us. Were we, however, to
decline any such opportunity offered to us or if we do not have the resources or desire to accept
any such opportunity, Stealth Maritime could retain and manage the vessel. This right of first
refusal does not cover product carriers or crude oil tankers. In addition, these restrictions,
including the right of first refusal, do not apply to Brave Maritime. Furthermore, this right of
first refusal does not prohibit Stealth Maritime from managing vessels owned by unaffiliated third
parties in competition with us. In such cases, they could compete with our fleet and may face
conflicts between their own interests and their obligations to us. In the future, we may also
consider further diversifying into wet, dry or other gas shipping sectors, which, like product
carriers is not covered by the right of first refusal agreement with Stealth Maritime. Any such
vessels would be in competition with Stealth Maritime and companies affiliated with Stealth
Maritime. Stealth Maritime might be faced with conflicts of interest with respect to their own
interests and their obligations to us that could adversely affect our business and your interests
as stockholders.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>As our fleet has grown in size, we have needed to improve our operations and financial systems,
staff and crew; if we cannot maintain these systems or continues to recruit suitable employees, our
business and results of operations may be adversely affected.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rapidly expanded our fleet since our initial public offering in October&nbsp;2005, and as a
consequence of this Stealth Maritime has invested considerable sums in upgrading its operating and
financial systems, as well as hiring additional well-qualified personnel to manage the vessels now
managed by Stealth Maritime. In addition, as we have expanded our fleet, we have had to rely on our
technical managers to recruit suitable additional seafarers and shore side administrative and
management personnel. Stealth Maritime and those technical managers may not be able to continue to
hire suitable employees to the extent we continue to expand our fleet. Our vessels, in particular
our LPG carriers, require a technically skilled staff with specialized training. If the technical
managers&#146; crewing agents are unable to employ such technically skilled staff, they may not be able
to adequately staff our vessels. If Stealth Maritime is unable to operate our financial and
operations systems effectively or our technical managers are unable to recruit suitable employees
as we expand our fleet, our results of operation may be adversely affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Delays in deliveries of our additional five newbuilding LPG carriers and one resale new building
Aframax crude oil tanker could harm our operating results.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The additional five newbuilding LPG carriers are expected to be delivered to us at various
times between February&nbsp;2011 and May&nbsp;2012, and our resale newbuilding Aframax crude oil tanker is
expected to be delivered to us in July&nbsp;2010. Delays in the delivery of these vessels, or any other
newbuildings we may order or any secondhand vessels we may agree to acquire, would delay our
receipt of revenues generated by these vessels and, to the extent we have arranged charter
employment for these vessels, could possibly result in the cancellation of those charters, and
therefore adversely affect our anticipated results of operations. Although this will delay our
funding requirements for the installment payments to purchase these vessels, it will also delay our
receipt of contracted revenues under the charters for such vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of the newbuildings could also be delayed because of, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>work stoppages or other labor disturbances or other events that disrupt the operations
of the shipyard building the vessels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>quality or engineering problems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in governmental regulations or maritime self-regulatory organization standards;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lack of raw materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bankruptcy or other financial crisis of the shipyard building the vessel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our inability to obtain requisite financing or make timely payments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a backlog of orders at the shipyard building the vessel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hostilities, political or economic disturbances in the countries where the vessels are
being built;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>weather interference or catastrophic event, such as a major earthquake or fire;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our requests for changes to the original vessel specifications;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requests from our customers, with which we have arranged charters for such vessels, to
delay construction and delivery of such vessels due to weak economic conditions and
shipping demand,;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shortages of or delays in the receipt of necessary construction materials, such as
steel;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our inability to obtain requisite permits or approvals; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a dispute with the shipyard building the vessel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In particular, the shipbuilders with whom we have contracted for our five newbuilding LPG
vessels may be affected by the ongoing instability of the financial markets and other market
conditions, including the fluctuating price of commodities and currency exchange rates. In
addition, the refund guarantors under our newbuilding contracts, which are banks, financial
institutions and other credit agencies, may also be affected by financial market conditions in the
same manner as our lenders and, as a result, may be unable or unwilling to meet their obligations
under their refund guarantees. If our shipbuilders or refund guarantors are unable or unwilling to
meet their obligations to us, this will impact our acquisition of vessels and may materially and
adversely affect our operations and our obligations under our credit facilities. In 2009, due to
certain technical defects in the specifications of the vessel which became apparent to us, we
cancelled the delivery of a newbuilding medium range product carrier for which we had contracted,
in connection with which we forfeited a $5.75&nbsp;million deposit and agreed to pay a cancellation fee
of $10.75&nbsp;million, and cancelled its arranged bareboat charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any secondhand vessels we may agree to acquire could be delayed because of,
among other things, hostilities or political disturbances, non-performance of the purchase
agreement with respect to the vessels by the seller, our inability to obtain requisite permits,
approvals or financing or damage to or destruction of the vessels while being operated by the
seller prior to the delivery date.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If we fail to manage our growth properly, we may not be able to successfully expand our market
share.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have contracts to acquire five LPG carriers and one Aframax crude oil tanker, and despite
the current economic downturn, as and when market conditions permit, we intend to continue to
prudently grow our fleet over the long term. The potential acquisition of additional vessels could
impose significant additional responsibilities on our management and staff, and may necessitate
that we, and they, increase the number of personnel. In the future, we may not be able to identify
suitable vessels, acquire vessels on advantageous terms or obtain financing for such acquisitions.
Any future growth will depend on:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>locating and acquiring suitable vessels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identifying and completing acquisitions or joint ventures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>integrating any acquired business successfully with our existing operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expanding our customer base;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>managing our expansion; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining required financing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growing a business by acquisition presents numerous risks such as undisclosed liabilities and
obligations, difficulty experienced in obtaining additional qualified personnel and managing
relationships with customers and our commercial and technical managers and integrating newly
acquired vessels into existing infrastructures. We may not be successful in executing any growth
initiatives and may incur significant expenses and losses in connection therewith.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may be unable to attract and retain key management personnel and other employees in the LPG
carrier and product carrier sectors, which may negatively affect the effectiveness of our
management and our results of operation.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success depends to a significant extent upon the abilities and efforts of our management
team, including our Chief Executive Officer, Harry Vafias, our Chief Financial Officer, Andrew
Simmons, and our Deputy Chairman and Executive Director, Lambros Babilis. In addition, Harry Vafias
is a member of the Vafias family, which controls
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Vafias Group, which in turn controls Stealth Maritime, our fleet manager. Our success will
depend upon our and Stealth Maritime&#146;s ability to hire and retain qualified managers to oversee our
operations. The loss of any of these individuals could adversely affect our business prospects and
financial condition. Difficulty in hiring and retaining personnel could adversely affect our
results of operations. We do not have employment agreements directly with our Chief Executive
Officer or Chief Financial Officer, who are technically employees of Stealth Maritime, our fleet
manager, although under our management agreement with Stealth Maritime, our relationship with each
of our Chief Executive Officer and Chief Financial Officer is governed by terms substantially
similar to those typically included in employment agreements. We do not have an employment
agreement with Lambros Babilis, our Deputy Chairman and Executive Director. We do not intend to
maintain &#147;key man&#148; life insurance on any of our officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>In the highly competitive international LPG carrier, product carrier and crude oil tanker markets,
we may not be able to compete for charters with new entrants or established companies with greater
resources.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We deploy our vessels in highly competitive markets that are capital intensive. Competition
arises primarily from other vessel owners, some of which have greater resources than we do.
Competition for the transportation of LPG and refined petroleum products can be intense and depends
on price, location, size, age, condition and the acceptability of the vessel and its managers to
the charterers. Competitors with greater resources could enter and operate larger LPG carrier
fleets through consolidations or acquisitions, and many larger product carrier fleets already
compete with us, that may be able to offer more competitive prices and fleets.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We have acquired three medium range product carriers and agreed to acquire one Aframax crude oil
tanker, however, we principally operate in one sector of the shipping industry, the seaborne
transport of LPG, and our lack of a diversified business could adversely affect us.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike many other shipping companies, which may carry dry bulk, crude oil, oil products or
products or goods shipped in containers, we currently depend primarily on the transport of LPG. The
vast majority of our revenue has been and is expected to be derived from this single source &#151; the
seaborne transport of LPG. Due to our lack of a more diversified business model, adverse
developments in the LPG sector have a significantly greater impact on our financial conditions and
results of operations than if we maintained more diverse assets or lines of business.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We have expanded into the product carrier sector and are expanding into the crude oil tanker sector
with our agreement to acquire one Aframax tanker and we may not be able to successfully execute
this expansion, or any further expansion, in such sectors or any other sectors, such as dry or
other wet or gas shipping sectors we choose to expand into, which could have an adverse effect on
our business, results of operation and financial condition.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have expanded into the product carrier sector with the acquisition of three medium range
product carriers and are expanding into the crude oil tanker sector with our agreement to acquire
one Aframax tanker. In the future, we may further expand in the product carrier sector or into dry
or other wet or other gas shipping sectors if opportunities arise. We have limited experience in
these sectors, including the product carrier sector, and an inability to successfully execute our
recent expansion into the product carrier sector or any such future expansion plans could:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be costly;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distract us from our core LPG carrier business; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>divert management resources,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of which could have an adverse effect on our business, results of operation and financial
condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Purchasing and operating previously owned, or secondhand, vessels may result in increased operating
costs and vessels off-hire, which could adversely affect our revenues.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our examination of secondhand vessels, which may not include physical inspection prior to
purchase, does not provide us with the same knowledge about their condition and cost of any
required (or anticipated) repairs that we
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">would have had if these vessels had been built for and operated exclusively by us. Generally,
we do not receive the benefit of warranties on secondhand vessels.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the costs of maintaining a vessel in good operating condition increase with its
age. As of June&nbsp;15, 2010, the average age of the 34 LPG carriers in our fleet was approximately
11.2&nbsp;years, while two of our three medium range product carriers were built in 2008 and the third
in 2009. Older vessels are typically less fuel efficient and more costly to maintain than more
recently constructed vessels due to improvements in engine technology. Cargo insurance rates
increase with the age of a vessel, making older vessels less desirable to charterers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governmental regulations, safety or other equipment standards related to the age of vessels
may require expenditures for alterations, or the addition of new equipment, to our vessels and may
restrict the type of activities in which the vessels may engage. As our vessels age, market
conditions may not justify those expenditures or enable us to operate our vessels profitably during
the remainder of their useful lives. If we sell vessels, the sales prices may not equal and could
be less than their carrying values at that time.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The shipping industry has inherent operational risks that may not be adequately covered by our
insurance.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We procure hull and machinery insurance, protection and indemnity insurance, which includes
environmental damage and pollution insurance coverage, insurance and war risk insurance for our
fleet. While we endeavor to be adequately insured against all known risks related to the operation
of our ships there remains the possibility that a liability may not be adequately covered. We may
not be able to obtain adequate insurance coverage for our fleet in the future. The insurers may not
pay particular claims. Even if our insurance coverage is adequate, we may not be able to timely
obtain a replacement vessel in the event of a loss. Our insurance policies contain deductibles for
which we will be responsible and limitations and exclusions which may increase our costs or lower
our revenue.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our major stockholder exerts considerable influence on the outcome of matters on which our
stockholders are entitled to vote and his interests may be different from yours.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our major stockholder, our Chief Executive Officer, including through a company he controls,
owns approximately 19.9% of our outstanding common stock as of June&nbsp;18, 2010 and exerts
considerable influence on the outcome of matters on which our stockholders are entitled to vote,
including the election of our entire Board of Directors and other significant corporate actions.
The interests of this stockholder may be different from your interests.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may have to pay tax on United States-source income, which would reduce our earnings.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the United States Internal Revenue Code of 1986, as amended, or the Code, 50% of the
gross shipping income of vessel owning or chartering corporations, such as our subsidiaries, that
is attributable to transportation that begins or ends, but does not both begin and end, in the
United States is characterized as United States-source shipping income. United States-source
shipping income is subject to either a (i)&nbsp;4% United States federal income tax without allowance
for deductions or (ii)&nbsp;taxation at the standard United States federal income tax rates (and
potentially to a 30% branch profits tax), unless derived by a corporation that qualifies for
exemption from tax under Section&nbsp;883 of the Code and the Treasury Regulations promulgated
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, we and our subsidiaries will qualify for this exemption for a taxable year if our
shares are treated as &#147;primarily and regularly traded&#148; on an established securities market in the
United States. Our shares of common stock will be so treated if (i)&nbsp;the aggregate number of our
shares of common stock traded during such year on an established securities market in the United
States exceeds the aggregate number of our shares of common stock traded during that year on
established securities markets in any other single country, (ii)&nbsp;either (x)&nbsp;our shares of common
stock are regularly quoted during such year by dealers making a market in our shares or (y)&nbsp;trades
in our shares of common stock are effected, other than in de minimis quantities, on an established
securities market in the United States on at least 60&nbsp;days during such taxable year and the
aggregate number of our shares of common stock traded on an established securities market in the
United States during such year equals at least 10% of the average number of our shares of common
stock outstanding during such taxable year and (iii)&nbsp;our shares of common stock are not &#147;closely
held&#148; during such taxable year. For these purposes, our shares of common stock will be treated as
closely held during a taxable year if, for more than one-half the number of days in such taxable
year, one or more
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">persons each of whom owns either directly or under applicable attribution rules, at least 5%
of our shares of common stock, own, in the aggregate, 50% or more of our shares of common stock,
unless we can establish, in accordance with applicable documentation requirements, that a
sufficient number of the shares of common stock in the closely-held block are owned, directly or
indirectly, by persons that are residents of foreign jurisdictions that provide United States
shipping companies with an exemption from tax that is equivalent to that provided by Section&nbsp;883 to
preclude other stockholders in the closely-held block from owning 50% or more of the closely-held
block of shares of common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that it is currently the case, and may also be the case in the future, that, one or
more persons each of whom owns, either directly or under applicable attribution rules, at least 5%
of our shares of common stock own, in the aggregate, 50% or more of our shares of common stock. In
such circumstances, we and our subsidiaries may qualify for the exemption provided in Section&nbsp;883
of the Code only if a sufficient number of shares of the closely-held block of our shares of common
stock were owned or treated as owned by &#147;qualified stockholders&#148; so it could not be the case that,
for more than half of the days in the taxable year, the shares of common stock in the closely-held
block not owned or treated as owned by qualified stockholders represented 50% or more of our shares
of common stock. For these purposes, a &#147;qualified stockholder&#148; includes an individual that owns or
is treated as owning shares of our common stock and is a resident of a jurisdiction that provides
an exemption that is equivalent to that provided by Section&nbsp;883 of the Code and certain other
persons; provided in each case that such individual or other person complies with certain
documentation and certification requirements set forth in the Section&nbsp;883 regulations and designed
to establish status as a qualified stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Chief Executive Officer, who beneficially owned approximately 19.9% of our shares of
common stock as of June&nbsp;18, 2010, has entered into an agreement with us regarding his compliance,
and the compliance by certain entities that he controls and through which he owns our shares, with
the certification procedures designed to establish status as a qualified stockholder. In certain
circumstances, his compliance and the compliance of such entities he controls with the terms of
that agreement may enable us and our subsidiaries to qualify for the benefits of Section&nbsp;883 even
where persons (each of whom owns, either directly or under applicable attribution rules, 5% or more
of our shares) own, in the aggregate, more than 50% of our outstanding shares. However, his
compliance and the compliance of such entities he controls with the terms of that agreement may not
enable us or our subsidiaries to qualify for the benefits of Section&nbsp;883. We or any of our
subsidiaries may not qualify for the benefits of Section&nbsp;883 for any year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we or our subsidiaries do not qualify for the exemption under Section&nbsp;883 of the Code for
any taxable year, then we or our subsidiaries would be subject for those years to the 4% United
States federal income tax on gross United States shipping income or, in certain circumstances, to
net income taxation at the standard United States federal income tax rates (and potentially also to
a 30% branch profits tax). The imposition of such tax could have a negative effect on our business
and would result in decreased earnings available for distribution to our stockholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>United States tax authorities could treat us as a &#147;passive foreign investment company,&#148; which could
have adverse United States federal income tax consequences to United States holders.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A foreign corporation will be treated as a &#147;passive foreign investment company,&#148; or PFIC, for
United States federal income tax purposes if either (1)&nbsp;at least 75% of its gross income for any
taxable year consists of certain types of &#147;passive income&#148; or (2)&nbsp;at least 50% of the average value
of the corporation&#146;s assets produce or are held for the production of those types of &#147;passive
income.&#148; For purposes of these tests, &#147;passive income&#148; includes dividends, interest, and gains from
the sale or exchange of investment property and rents and royalties other than rents and royalties
which are received from unrelated parties in connection with the active conduct of a trade or
business. For purposes of these tests, income derived from the performance of services does not
constitute &#147;passive income&#148; and working capital and similar assets held pending investment in
vessels will generally be treated as an asset which produces passive income. United States
stockholders of a PFIC are subject to a disadvantageous United States federal income tax regime
with respect to the income derived by the PFIC, the distributions they receive from the PFIC and
the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with determining our PFIC status we treat and intend to continue to treat the
gross income that we derive or are deemed to derive from our time chartering and voyage chartering
activities as services income, rather
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">than rental income. We believe that our income from time
chartering and voyage chartering activities does not
constitute &#147;passive income&#148; and that the assets that we own and operate in connection with the
production of that income do not constitute assets held for the production of passive income. We
treat and intend to continue to treat, for purposes of the PFIC rules, the income that we derive
from bareboat charters as passive income and the assets giving rise to such income as assets held
for the production of passive income. There is, however, no legal authority specifically under the
PFIC rules regarding our current and proposed method of operation and it is possible that the
Internal Revenue Service, or IRS, may not accept our positions and that a court may uphold such
challenge, in which case we and certain our subsidiaries could be treated as PFICs. In this regard
we note that a recent federal court decision addressing the characterization of time charters
concludes that they constitute leases for federal income tax purposes and employs an analysis
which, if applied to our time charters, could result in our treatment and the treatment of our
vessel-owning subsidiaries as PFICs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not believe that we were a PFIC for 2009. This belief is based in part upon our beliefs
regarding the value of the assets that we hold for the production of or in connection with the
production of passive income relative to the value of our other assets. Should these beliefs turn
out to be incorrect, then we and certain or our subsidiaries could be treated as PFICs for 2009. In
this regard we note that our beliefs and expectations regarding the relative values of our assets
place us close to the threshold for PFIC status, and thus a relatively small deviance between our
beliefs and expectations and actual values could result in the treatment of us and certain of our
subsidiaries as PFICs. There can be no assurance that the U.S. Internal Revenue Service (&#147;IRS&#148;) or
a court will not determine values for our assets that would cause us to be treated as a PFIC for
2009 or a subsequent year. Moreover, we may qualify as a PFIC for 2010 or a subsequent year if
there were to be a change in the nature of our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the IRS were to find that we are or have been a PFIC for any taxable year, our United
States stockholders would face adverse United States tax consequences. Under the PFIC rules, unless
those stockholders make an election available under the Code (which election could itself have
adverse consequences for such stockholders, as discussed below under &#147;Item&nbsp;10. Additional
Information &#151; Tax Consequences &#151; United States Federal Income Taxation of United States
Holders&#148;), such stockholders would be liable to pay United States federal income tax at the then
prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any
gain from the disposition of our shares of common stock, as if the excess distribution or gain had
been recognized ratably over the stockholder&#146;s holding period of our shares of common stock. See
&#147;Item&nbsp;10. Additional Information &#151; Tax Consequences &#151; United States Federal Income Tax
Consequences &#151; United States Federal Income Taxation of United States Holders&#148; for a more
comprehensive discussion of the United States federal income tax consequences to United States
stockholders if we are treated as a PFIC.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our corporate governance practices are in compliance with the NASDAQ corporate governance
standards, however, as a foreign private issuer, we are entitled to claim an exemption from certain
NASDAQ corporate governance standards, and if we elected to rely on this exemption, you may not
have the same protections afforded to stockholders of companies that are subject to all of the
NASDAQ corporate governance requirements.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our corporate governance practices are in compliance with the NASDAQ corporate governance
standards. As a foreign private issuer, however, we are entitled to claim an exemption from many of
NASDAQ&#146;s corporate governance practices other than the requirements regarding the disclosure of a
going concern audit opinion, submission of a listing agreement, notification of material
non-compliance with NASDAQ corporate governance practices, and the establishment and composition of
an audit committee and a formal written audit committee charter. Currently, our corporate
governance practices comply with the NASDAQ corporate governance standards and we do not intend to
rely on this exemption, however, if we elected to rely on this exemption, you may not have the same
protections afforded to stockholders of companies that are subject to all of the NASDAQ corporate
governance requirements.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed
body of corporate law.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our corporate affairs are governed by our articles of incorporation and bylaws and by the
Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions
of the corporation laws of a number of states in the United States. However, there have been few
judicial cases in the Republic of the Marshall
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Islands interpreting the BCA. The rights and
fiduciary responsibilities of directors under the law of the Republic of
the Marshall Islands are not as clearly established as the rights and fiduciary
responsibilities of directors under statutes or judicial precedent in existence in certain U.S.
jurisdictions. Stockholder rights may differ as well. While the BCA does specifically incorporate
the non-statutory law, or judicial case law, of the State of Delaware and other states with
substantially similar legislative provisions, our public stockholders may have more difficulty in
protecting their interests in the face of actions by the management, directors or controlling
stockholders than would stockholders of a corporation incorporated in a U.S. jurisdiction.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>It may be difficult to enforce service of process and enforcement of judgments against us and our
officers and directors.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Marshall Islands company, and our executive offices are located outside of the United
States in Athens, Greece. All of our directors and officers reside outside of the United States,
and most of our assets and their assets are located outside the United States. As a result, you may
have difficulty serving legal process within the United States upon us or any of these persons. You
may also have difficulty enforcing, both in and outside the United States, judgments you may obtain
in the U.S. courts against us or these persons in any action, including actions based upon the
civil liability provisions of U.S. federal or state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is also substantial doubt that the courts of the Marshall Islands or Greece would enter
judgments in original actions brought in those courts predicated on U.S., federal or state
securities laws.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Risks Related To Our Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The market price of our common stock has fluctuated widely and the market price of our common stock
may fluctuate in the future.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our common stock has fluctuated widely since our initial public offering
in October&nbsp;2005 and may continue to do so as a result of many factors, including our actual results
of operations and perceived prospects, the prospects of our competition and of the shipping
industry in general and in particular the LPG carrier and product carrier sectors, differences
between our actual financial and operating results and those expected by investors and analysts,
changes in analysts&#146; recommendations or projections, changes in general valuations for companies in
the shipping industry, particularly the LPG carrier and product carrier sectors, changes in general
economic or market conditions and broad market fluctuations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the market price of our common stock remains below or again drops below $5.00 per share,
under stock exchange rules, our stockholders will not be able to use such shares as collateral for
borrowing in margin accounts. This inability to use shares of our common stock as collateral may
depress demand as certain institutional investors are restricted from investing in shares priced
below $5.00 and lead to sales of such shares creating downward pressure on and increased volatility
in the market price of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to maintain our listing on the NASDAQ Stock Market, we must continue to meet the
NASDAQ minimum share price listing rule, the minimum market capitalization rule and other continued
listing criteria. If our common stock were delisted, it could reduce the liquidity and market price
of our common stock and negatively impact our ability to raise equity financing and access the
public capital markets.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our Board of Directors has determined to suspend the payment of cash dividends as a result of
market conditions in the international shipping industry, and until such market conditions improve,
it is unlikely that we will reinstate the payment of dividends.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of the recent downturn in the global economy, which could reduce the revenues we
obtain from chartering our vessels and reduce the market value of our vessels, in the first quarter
of 2009, our Board of Directors decided to suspend dividend payments. In addition, other external
factors, such as our existing loan agreements and future financing arrangements, as well as
Marshall Islands law, may also restrict or prohibit our declaration and payment of dividends under
some circumstances. For instance, we are not permitted to declare or pay cash dividends in any
twelve month period that exceed 50% of our free cash flow in the preceding twelve month period. Due
to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">these constraints on dividend payments we may not be able to pay regular quarterly dividends
in the future. See &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Financial Covenants.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The declaration and payment of dividends will be subject at all times to the discretion of our
Board of Directors. The timing and amount of future dividends will depend on our earnings,
financial condition, cash requirements and availability, fleet renewal and expansion, restrictions
in our loan agreements or other financing arrangements, the provisions of Marshall Islands law
affecting the payment of dividends and other factors. Marshall Islands law generally prohibits the
payment of dividends other than from surplus or while a company is insolvent or would be rendered
insolvent upon the payment of such dividends.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Anti-takeover provisions in our organizational documents could make it difficult for our
stockholders to replace or remove our current Board of Directors or have the effect of
discouraging, delaying or preventing a merger or acquisition, which could adversely affect the
market price of our common stock.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several provisions of our amended and restated articles of incorporation and bylaws could make
it difficult for our stockholders to change the composition of our Board of Directors in any one
year, preventing them from changing the composition of management. In addition, the same provisions
may discourage, delay or prevent a merger or acquisition that stockholders may consider favorable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These provisions include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorizing our Board of Directors to issue &#147;blank check&#148; preferred stock without
stockholder approval;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing for a classified Board of Directors with staggered three-year terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prohibiting cumulative voting in the election of directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorizing the removal of directors only for cause and only upon the affirmative vote
of the holders of 80% of the outstanding shares of our common stock entitled to vote for
the directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting the persons who may call special meetings of stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establishing advance notice requirements for nominations for election to our Board of
Directors or for proposing matters that can be acted on by stockholders at stockholder
meetings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prohibiting certain transactions with interested stockholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These anti-takeover provisions could substantially impede the ability of public
stockholders to benefit from a change in control and, as a result, may adversely affect the
market price of our common stock and your ability to realize any potential change of
control premium.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Information on the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>History and Development of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in December&nbsp;2004 in the Republic of the Marshall Islands. In October
2005, we completed an initial public offering of our shares of common stock in the United States
and our shares of common stock began trading on the Nasdaq National Market and now trade on the
Nasdaq Global Select Market. On August&nbsp;1, 2007, we completed a follow-on public offering of
7,660,105 shares of our common stock. Our principal executive offices are located at 331 Kifissias
Avenue, Erithrea 14561 Athens, Greece. Our telephone number for calls originating from the United
States is (011) (30) (210)&nbsp;625-0001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the initial public offering, we owned nine LPG carriers. Since the initial public
offering, we grew our fleet to 39 LPG carriers and three product carriers by December&nbsp;31, 2009, and
as of June&nbsp;15, 2010, we had a fleet of 34 LPG carriers and three product carriers, reflecting the
sale of five LPG carriers in 2010. In addition, we have
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agreements to acquire five newbuilding LPG carriers with expected delivery from February&nbsp;2011
through May&nbsp;2012 and one 115,804 dwt Aframax tanker with expected delivery in July&nbsp;2010. Upon
completion of these acquisitions and disposals, our fleet will be composed of 39 LPG carriers with
a total capacity of 185,204 cbm, three medium range product carriers with a total capacity of
140,000 dwt and one 115,804 dwt Aframax tanker, assuming no other acquisitions or dispositions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our company operates through a number of subsidiaries which either directly or indirectly own
the vessels in our fleet. A list of our subsidiaries, including their respective jurisdiction of
incorporation, as of June&nbsp;15, 2010, all of which are wholly-owned by us, is set forth in Exhibit&nbsp;8
to this Annual Report on Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own a fleet of LPG carriers providing international seaborne transportation services to LPG
producers and users, as well as product carriers chartered to oil producers and refiners, and have
agreed to acquire an Aframax tanker which will be deployed on a five year bareboat charter to a
European shipping company. In our core LPG sector, we carry various petroleum gas products in
liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride
monomer, which are all byproducts of the production of crude oil and natural gas. The three medium
range product carriers in our fleet as of June&nbsp;15, 2010 are capable of carrying refined petroleum
products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals. We
believe that we have established a reputation as a safe, cost-efficient operator of modern and
well-maintained LPG carriers. We also believe that these attributes, together with our strategic
focus on meeting our customers&#146; chartering needs, has contributed to our ability to attract leading
charterers as our customers and to our success in obtaining charter renewals. We are managed by
Stealth Maritime, a privately owned company controlled by the Vafias Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;15, 2010, our fleet consisted of 34 LPG carriers with an average age of 11.2&nbsp;years
and two 2008-built product carriers and one 2009 built product carrier. In addition, as of June
15, 2010, we had contracted to acquire five newbuilding LPG carriers and one 2010-built newbuilding
resale Aframax crude oil tanker.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below describes our fleet and its deployment as of June&nbsp;15, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LPG Carriers</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Size</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Delivery</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Built</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(cbm)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Status</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Charter(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Cathar</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7,517</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Premiership</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7,200</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Haralambos</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Marathon</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1995</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6,572</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Chios</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1991</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6,562</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Moxie</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1992</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6,526</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Flawless</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6,300</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Monarch</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1997</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,018</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Lyne</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1996</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,014</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Emperor</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1995</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,013</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Catterick</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1995</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Sir Ivor</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Icon</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1994</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Kalogeros</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Defiance</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Shuriken</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Sincerity</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,123</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Spirit</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,112</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Zael</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,111</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Kaisen</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1991</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,109</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">semi-refrigerated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>November 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Shanghai</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,526</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Nemesis</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1996</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,518</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Evoluzione</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1996</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,517</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Czar</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1995</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,510</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Astrid</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,500</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Legacy</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1998</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,500</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Size</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Delivery</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Built</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(cbm)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Status</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Charter(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Sikousis</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,500</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Exelero</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,500</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Artic</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1992</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,434</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">semi-refrigerated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Ice</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1991</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,434</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">semi-refrigerated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Chiltern</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1997</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,312</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 2013</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Pasha</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1995</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,244</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Crystal</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1990</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3,211</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">semi-refrigerated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>November 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spot</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Gas Tiny</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1991</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,320</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">semi-refrigerated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Time Charter</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 2010</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total: 34 vessels</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>155,204 cbm</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Product Carriers/Crude Oil Tankers</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Size</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Delivery</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Built</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(dwt)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Status</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Charter(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Navig8 Fidelity</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2008</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">medium range<BR>
product carrier
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;2015</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Navig8 Faith</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2008</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">medium range<BR>
product carrier
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;2015</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Alpine Endurance</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">medium range<BR>
product carrier
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Spike(2)</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">115,804</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Aframax oil tanker
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bareboat Charter
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2015</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total: 4 vessels</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>255,804 dwt</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total Current Fleet:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>38 Vessels</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Earliest date charters could expire. Most charters include options to shorten or extend their term.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The <I>Spike </I>is scheduled to be delivered to us in July&nbsp;2010, at which time it is scheduled to be
deployed on a five year bareboat charter.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The specifications of the five newbuilding LPG carriers we have contracted to acquire are as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>LPG Carriers</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Size</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Delivery</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Built</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(cbm)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Status</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Charter</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>TBN</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;2011</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>TBN</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;2011</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>TBN</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2011</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>TBN</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;2011</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>TBN</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">fully-pressurized
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;2012</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total contracted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LPG carriers:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5 vessels</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">30,000 <B>cbm</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commercial and Technical Management of Our Fleet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a management agreement with Stealth Maritime with an initial term that expires in June
2010. Unless six months&#146; notice of non-renewal is given by either party prior to the end of the
then current term, this agreement automatically extends for additional 12-month periods. No such
notice has been given, and accordingly this agreement will extend to June&nbsp;2011. Under the
management agreement, Stealth Maritime is responsible for the administration of our affairs and the
commercial and technical management of our fleet. Under the agreement, which was amended effective
January&nbsp;1, 2007, as approved by our Board of Directors, including all of our independent directors,
in November&nbsp;2006, we pay Stealth Maritime a fixed management fee of $440 per vessel operating under
a voyage or time charter per day on a monthly basis in advance, pro rated for the calendar days we
own the vessels. We pay a fixed fee of $125 per vessel per day for each of our vessels operating on
bareboat charter. As a consequence of the amendment to the management agreement, the management fee
is no longer adjusted
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">quarterly as it was previously based on the U.S. dollar/Euro exchange rate published by
Bloomberg LP two days prior to the end of the previous calendar quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also obligated to pay Stealth Maritime a fee equal to 1.25% of the gross freight,
demurrage and charter hire collected from the employment of our vessels. Stealth Maritime will also
earn a fee equal to 1.0% of the contract price of any vessel bought or sold by them on our behalf.
In addition, as long as Stealth Maritime is our fleet manager, Stealth Maritime has granted us a
right of first refusal to acquire any LPG carrier, which Stealth Maritime may acquire in the
future. In addition, Stealth Maritime has agreed that it will not charter-in any LPG carrier
without first offering the opportunity to charter-in such vessels to us. This right of first
refusal does not prohibit Stealth Maritime from managing vessels owned by unaffiliated third
parties in competition with us. Additional vessels that we may acquire in the future may be managed
by Stealth Maritime, which is an affiliate of the Vafias Group, or by other unaffiliated management
companies. In addition, we reimburse Stealth Maritime for its payment of the compensation to our
Chief Executive Officer, Deputy Chairman and Executive Director, Chief Financial Officer and
Internal Auditor. During the year ended December&nbsp;31, 2009, such compensation was in the aggregate
amount of &#128;902,990 (US $1,267,981 based on the average exchange rate of &#128;1.00: US $1.404 in effect
throughout 2009). We expect that the compensation of our Chief Executive Officer, Chief Financial
Officer, Executive Director and Deputy Chairman and Internal Auditor in 2010 will be in an
aggregate amount of &#128;1,000,000 (US $1,310,000 based on the exchange rate of &#128;1.00:US $1.31 in
effect on April&nbsp;30, 2010).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stealth Maritime currently technically manages 12 vessels in our fleet, the <I>Gas Evoluzione</I>,
the <I>Gas Crystal</I>, the <I>Gas Cathar</I>, the <I>Gas Flawless</I>, the <I>Gas Haralambos</I>, the <I>Gas Nemesis</I>, the <I>Gas
Kalogeros</I>, the <I>Gas Premiership</I>, the <I>Gas Shuriken</I>, the <I>Gas Defiance</I>, the <I>Gas Astrid </I>and the <I>Gas
Exelero</I>. Of the remaining 25 vessels in our current fleet, as of June&nbsp;15, 2010, eight including
each of our medium range product carriers, are on bareboat charter and are therefore managed
technically by the charterer, while the remaining 17 are managed by either EMS (formerly Tesma)
(seven vessels), a ship management company based in Singapore, or Swan Shipping Corporation
(Manila), or Swan Shipping (eight vessels), a ship management company based in the Philippines, or
Dobson Fleet Management, or DFM (two vessels), a ship management company based in Cyprus. These
three technical managers, which Stealth Maritime supervises, are responsible for the day-to-day
activities of those vessels, including the operation, crewing (in the case of EMS and Swan),
maintenance and repair of those vessels; these technical managers also must ensure that our
vessels&#146; operations comply with environmental and other regulatory requirements. EMS (formerly
Tesma / Singapore) is one of the technical competence centers of Tesma Holding, a Danish alliance
network of professional ship management companies currently providing full technical service to
over 70 vessels and providing crews to over 150 vessels. Swan Shipping, originally a joint venture
company between Southwest Maritime Corporation of Manila and Navix Marine (S)&nbsp;Pte. Ltd. of
Singapore, has been involved in ship management operations in the Philippines since 1995 and has
provided full technical management services to 17 LPG carriers. DFM was initially established in
1993 to manage bulk carriers and has gradually grown into a reputable medium sized shipmanagement
company and currently provides full technical management services to 12 vessels of varying types.
The technical management agreements with EMS (Singapore) and Swan Shipping may be terminated by
either party at any time upon three months&#146; notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Crewing and Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stealth Maritime ensures that all seamen have the qualifications and licenses required to
comply with international regulations and shipping conventions, and that our vessels employ
experienced and competent personnel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS (Singapore) and Swan Shipping are responsible for providing the crewing of the LPG fleet.
These responsibilities include training, compensation, transportation and insurance of the crew.
They also provide crewing for the vessels that are technically managed by DFM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Chartering of the Fleet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, through Stealth Maritime, manage the employment of our fleet. We deploy our LPG carriers
on period charters, including time and bareboat charters that can last up to several years, and
spot market charters (through voyage charters and short-term time charters), which generally last
from one to six months, subject to market conditions. We deploy two of the medium range product
carriers in our fleet as of June&nbsp;15, 2010 on seven-year
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bareboat charters scheduled to expire in the first quarter of 2015 and the third is deployed
on a three year bareboat charter scheduled to expire in the third quarter of 2012. We will deploy
the Aframax crude oil tanker on a five-year bareboat charter to a European shipping company upon
its delivery to us. Period charters and short-term time charters are for a fixed period of time. A
voyage charter is generally a contract to carry a specific cargo from a loading port to a
discharging port for an agreed-upon total charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessels operating on period charter provide more predictable cash flows, but can yield lower
profit margins than vessels operating in the spot market during periods characterized by favorable
market conditions. As a result, during the time our LPG carriers are committed on period charters,
we will be unable, during periods of improving charter markets, to take advantage of improved
charter rates as we could if our LPG carriers were employed only on spot charters. Vessels
operating in the spot market generate revenues that are less predictable but may enable us to
capture increased profit margins during periods of improvements in LPG charter rates although we
are then exposed to the risk of declining LPG carrier charter rates, which may have a materially
adverse impact on our financial performance. If we commit vessels to period charters, future spot
market rates may be higher or lower than those rates at which we have period chartered our vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our assessment of a charterer&#146;s financial condition and reliability is an important factor in
negotiating employment for our vessels. Principal charterers include producers of LPG products,
such as national, major and other independent energy companies and energy traders, and industrial
users of those products. Our largest customer is Shell, and our other customers include Petredec,
Vitol and Navig8. For the year ended December&nbsp;31, 2009, approximately 55% of our revenue was
derived from our top four charterers as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Customer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petredec</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vitol</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navig8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the medium range product carriers we acquired in the first quarter of 2008 are
deployed on bareboat charters to an international oil trader until the first quarter of 2015. The
third medium range product carrier we acquired in July&nbsp;2009 is deployed on a bareboat charter to a
Far East-based ship operator until the third quarter 2012. We will deploy the Aframax crude oil
tanker on a five-year bareboat charter to a European shipping company upon its delivery to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Environmental and other Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government regulation significantly affects the ownership and operation of our vessels. They
are subject to international conventions and national, state and local laws and regulations in
force in the countries in which they may operate or are registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A variety of governmental and private entities subject our vessels to both scheduled and
unscheduled inspections. These entities include the local port authorities (United States Coast
Guard, harbor master or equivalent), classification societies, flag state administration (country
of registry) and charterers, particularly terminal operators. Certain of these entities require us
to obtain permits, licenses, certificates and financial assurances for the operation of our
vessels. Failure to maintain necessary permits or approvals could require us to incur substantial
costs or temporarily suspend operation of one or more of our vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the heightened level of environmental and quality concerns among insurance
underwriters, regulators and charterers is leading to greater inspection and safety requirements on
all vessels and may accelerate the scrapping of older vessels throughout the industry. Increasing
environmental concerns have created a demand for vessels that conform to the stricter environmental
standards. We are required to maintain operating standards for all of our vessels that will
emphasize operational safety, quality maintenance, continuous training of our officers and crews
and compliance with United States and international regulations. We believe that the operation of
our vessels
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">is in substantial compliance with applicable environmental laws and regulations. However,
because such laws and regulations are frequently changed and may impose increasingly stricter
requirements, any future requirements may limit our ability to do business, increase our operating
costs, force the early retirement of one or more of our vessels, and/or affect their resale value,
all of which could have a material adverse effect on our financial condition and results of
operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Environmental Regulations &#151; International Maritime Organization (&#147;IMO&#148;)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our vessels are subject to standards imposed by the IMO (the United Nations agency for
maritime safety and the prevention of pollution by ships). In order to operate in the navigable
waters of the IMO&#146;s member states, liquefied gas carriers must have an IMO Certificate of Fitness
demonstrating compliance with construction codes for liquefied gas carriers. These codes, and
similar regulations in individual member states, address fire and explosion risks posed by the
transport of liquefied gases. Collectively, these standards and regulations impose detailed
requirements relating to the design and arrangement of cargo tanks, vents, and pipes; construction
materials and compatibility; cargo pressure; and temperature control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we are subject to international conventions that regulate pollution in
international waters and a signatory&#146;s territorial waters. Under the IMO regulations, gas carriers
that comply with the IMO certification requirements are deemed to satisfy the requirements of
Annex II of the International Convention for the Prevention of Pollution from Ships (&#147;MARPOL&#148;)
applicable to transportation of chemicals at sea, which would otherwise apply to certain liquefied
gases. The IMO revised the Annex II regulations that restrict discharges of &#147;noxious liquid
substances&#148; during cleaning or ballast removal operations, and these revisions took effect in
January&nbsp;2007. According to the IMO, these revisions will not impose further restriction on the
types of substances gas carriers may carry under their gas carrier code certificates of fitness,
nor will they require changes in the manner in which product tanks must be cleaned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;1997, the IMO adopted MARPOL Annex VI to address air pollution from ships.
Annex VI was ratified in May&nbsp;2004, and became effective in May&nbsp;2005. Annex VI sets limits on sulfur
oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone
depleting substances, such as chlorofluorocarbons. Annex VI also includes a global cap on the
sulfur content of fuel oil and allows for special areas to be established with more stringent
controls on sulfur emissions. Annex VI has been ratified by some, but not all IMO member states.
Vessels that are subject to Annex VI must, if built before the effective date, obtain an
International Air Pollution Prevention Certificate evidencing compliance with Annex VI not later
than either the first dry docking after May&nbsp;19, 2005, but no later than May&nbsp;19, 2008. All vessels
subject to Annex VI and built after May&nbsp;19, 2005 must also have this Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options for implementing the requirements of Annex VI include use of low sulfur fuels,
modifications to vessel engines, or the addition of post combustion emission controls. In October
2008 the IMO adopted amendments to Annex VI, and United States ratified the Annex VI amendments in
October&nbsp;2008. Beginning in 2011 the amendments will require a progressive reduction of sulfur
dioxide levels in bunker fuels and impose more stringent nitrogen oxide emission standards on
marine diesel engines, depending on their date of installation. More stringent emission standards
will apply in coastal areas designated as Emission Control Areas, such as the United States and
Canadian coastal areas recently designated by IMO. We have obtained International Air Pollution
Prevention Certificates for all of our vessels and believe that all of our vessels are compliant in
all material respects with current Annex VI requirements. We may incur costs to comply with the new
Annex VI requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many countries have ratified and follow the liability plan adopted by the IMO and set out in
the International Convention on Civil Liability for Oil Pollution Damage of 1969 (the CLC) (the
United States, with its separate OPA 90 regime described below, is not a party to the CLC). This
convention generally applies to vessels that carry oil in bulk as cargo. Under this convention and,
depending on whether the country in which the damage results is a party to the 1992 Protocol to the
CLC, the registered owner of a regulated vessel is strictly liable for pollution damage in the
territorial waters or exclusive economic zone of a contracting state caused by the discharge of any
oil from the ship, subject to certain defenses. Under an amendment to the 1992 Protocol that became
effective on November&nbsp;1, 2003, for vessels of 5,000 to 140,000 gross tons, liability per incident
is limited to 4.51&nbsp;million Special Drawing Rights (SDR)&nbsp;plus 631 SDR for each additional gross ton
over 5000. For vessels of over 140,000 gross tons, liability is limited to $9.77&nbsp;million SDR. The
SDR is an International Monetary Fund currency unit that is based on a basket of currencies. The
exchange rate between SDRs and U.S. dollars was 0.685217 SDR per U.S. dollar on June&nbsp;10,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2010. The right to limit liability under the CLC is forfeited where the spill is caused by the
owner&#146;s actual fault and, under the 1992 Protocol, where the spill is caused by the owner&#146;s
intentional or reckless conduct. Vessels trading to states that are parties to these conventions
must provide evidence of insurance covering the liability of the owner. In jurisdictions where the
CLC has not been adopted, various legislative schemes or common law regimes govern, and liability
is imposed either on the basis of fault or in a manner similar to that convention. We believe that
our P&#038;I insurance will cover any liability under the CLC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, the IMO adopted the International Convention on Civil Liability for Bunker Oil
Pollution Damage, or the Bunker Convention, which imposes strict liability on ship owners for
pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker oil.
The Bunker Convention also requires registered owners of ships over a certain size to maintain
insurance for pollution damage in an amount equal to the limits of liability under the applicable
national or international limitation regime (but not exceeding the amount calculated in accordance
with the Convention on Limitation of Liability for Maritime Claims of 1976, as amended). Because
the Bunker Convention does not apply to pollution damage governed by the CLC, it applies only to
discharges from any of our vessels that are not transporting oil. The Bunker Convention entered
into force on November&nbsp;21, 2008. Liability for spills or releases of oil from ship&#146;s bunkers prior
to then typically is determined by the national or other domestic laws in the jurisdiction where
the events or damages occurred. Our vessels subject to the Bunker Convention have been issued
certificates attesting that insurance in accordance with the provisions of the convention is in
force.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operation of our vessels is also affected by the requirements set forth in the ISM Code of
the IMO. The ISM Code requires shipowners and bareboat charterers to develop and maintain an
extensive SMS that includes the adoption of a safety and environmental protection policy setting
forth instructions and procedures for safe operation and describing procedures for dealing with
emergencies. Vessel operators must obtain a &#147;Safety Management Certificate&#148; from the government of
the vessel&#146;s flag state to verify that it is being operated in compliance with its approved SMS.
The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject such party
to increased liability, decrease available insurance coverage for the affected vessels and result
in a denial of access to, or detention in, certain ports. Currently, each of the vessels in our
fleet is ISM code-certified. However, there can be no assurance that such certification will be
maintained indefinitely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, our operations are subject to compliance with the IMO&#146;s International Code for
the Construction and Equipment of Ships carrying Dangerous Chemicals in Bulk (IBC Code) for
chemical tankers built after July&nbsp;1, 1986. The IBC Code includes ship design, construction and
equipment requirements and other standards for the bulk transport of certain liquid chemicals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;<I>Environmental Regulations &#151; The United States Oil Pollution Act of 1990 (&#147;OPA&#148;).</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPA 90 requires that tankers over 5,000 gross tons calling at US ports have double hulls if
contracted after June&nbsp;30 1990 or delivered after January&nbsp;1, 1994. Furthermore OPA 90 calls for the
phase-out of all single hull tankers by the year 2015 according to a schedule that is based on the
size and age of the vessel, unless the tankers are retrofitted with double hulls. All our current
vessels, as well as the vessels we have agreed to acquire or construct, have double hulls.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States Oil Pollution Act of 1990, or OPA, established an extensive regulatory and
liability regime for the protection and cleanup of the environment from oil spills. OPA applies to
discharges of any oil from a vessel, including discharges of fuel oil (bunkers)&nbsp;and lubricants. OPA
affects all owners and operators whose vessels trade in the United States, its territories and
possessions or whose vessels operate in United States waters, which includes the United States&#146;
territorial sea and its two hundred nautical mile exclusive economic zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under OPA, vessel owners, operators and bareboat charterers are &#147;responsible parties&#148; and are
jointly, severally and strictly liable (unless the discharge of pollutants results solely from the
act or omission of a third party, an act of God or an act of war) for all containment and clean-up
costs and other damages arising from discharges or threatened discharges of pollutants from their
vessels. OPA defines these other damages broadly to include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural resources damage and the costs of assessment thereof;</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>real and personal property damage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net loss of taxes, royalties, rents, fees and other lost revenues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lost profits or impairment of earning capacity due to property or natural resources
damage; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net cost of public services necessitated by a spill response, such as protection from
fire, safety or health hazards, and loss of subsistence use of natural resources.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective July&nbsp;31, 2009, the United States Coast Guard adjusted the limits of OPA liability to
the greater of $2,000 per gross ton or $17,088,000 for double-hulled tank vessels and established a
procedure for adjusting limits every three years. All vessels operated by the Company are
double-hulled. These limits of liability do not apply if an incident was directly caused by
violation of applicable United States federal safety, construction or operating regulations or by a
responsible party&#146;s gross negligence or willful misconduct, or if the responsible party fails or
refuses to report the incident or to cooperate and assist in connection with oil removal
activities. Although the May&nbsp;2010 oil spill disaster in the Gulf of Mexico resulted from the
explosion of a deepwater drilling rig, legislation has been introduced in both houses of the United
States Congress to substantially increase the limits of liability for all vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently maintain, for each of our vessels, pollution liability coverage insurance in the
amount of $1&nbsp;billion per incident. In addition, we carry hull and machinery and protection and
indemnity insurance to cover the risks of fire and explosion. Under certain circumstances, fire and
explosion could result in a catastrophic loss. While we believe that our present insurance coverage
is adequate, not all risks can be insured, and there can be no guarantee that any specific claim
will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable
rates. If the damages from a catastrophic spill exceeded our insurance coverage, it would have a
severe effect on us and could possibly result in our insolvency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPA requires owners and operators of vessels over 300 gross tons to establish and maintain
with the United States Coast Guard evidence of financial responsibility sufficient to meet their
potential liabilities under the OPA. Under the United States Coast Guard regulations implementing
OPA, vessel owners and operators may evidence their financial responsibility by showing proof of
insurance, surety bond, self-insurance, or guaranty. Under the OPA regulations, an owner or
operator of a fleet of vessels is required only to demonstrate evidence of financial responsibility
in an amount sufficient to cover the vessels in the fleet having the greatest maximum liability
under OPA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States Coast Guard&#146;s regulations concerning certificates of financial
responsibility provide, in accordance with OPA, that claimants may bring suit directly against an
insurer or guarantor that furnishes certificates of financial responsibility. In the event that
such insurer or guarantor is sued directly, it is prohibited from asserting any contractual defense
that it may have had against the responsible party and is limited to asserting those defenses
available to the responsible party and the defense that the incident was caused by the willful
misconduct of the responsible party. Certain organizations, which had typically provided
certificates of financial responsibility under pre-OPA 90 laws, including the major protection and
indemnity organizations, have declined to furnish evidence of insurance for vessel owners and
operators if they are subject to direct actions or required to waive insurance policy defenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States Coast Guard&#146;s financial responsibility regulations may also be satisfied by
evidence of surety bond, guaranty or by self-insurance. Under the self-insurance provisions, the
ship owner or operator must have a net worth and working capital, measured in assets located in the
United States against liabilities located anywhere in the world, that exceeds the applicable amount
of financial responsibility. We have complied with the United States Coast Guard regulations by
providing a financial guaranty evidencing sufficient self-insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPA specifically permits individual states to impose their own liability regimes with regard
to oil pollution incidents occurring within their boundaries, and some states have enacted
legislation providing for unlimited liability for oil spills. In some cases, states, which have
enacted such legislation, have not yet issued implementing regulations defining vessels owners&#146;
responsibilities under these laws. We intend to comply with all applicable state regulations in the
ports where our vessels call.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Environmental Regulations &#151; Other Environmental Initiatives</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The EU has also adopted legislation that: (1)&nbsp;requires member states to refuse access to their
ports to certain sub-standard vessels, according to vessel type, flag and number of previous
detentions; (2)&nbsp;creates an obligation on member states to inspect at least 25% of vessels using
their ports annually and provides for increased surveillance of vessels posing a high risk to
maritime safety or the marine environment; (3)&nbsp;provides the EU with greater authority and control
over classification societies, including the ability to seek to suspend or revoke the authority of
negligent societies, and (4)&nbsp;requires member states to impose criminal sanctions for certain
pollution events, such as the unauthorized discharge of tank washings. It is impossible to predict
what additional legislation or regulations, if any, may be promulgated by the EU or any other
country or authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Climate Control Initiatives</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Kyoto Protocol to the United Nations Framework Convention on Climate Change
requires adopting countries to implement national programs to reduce emissions of greenhouse gases,
emissions of greenhouse gases from international shipping are not currently subject to the Kyoto
Protocol. There was some expectation that a new climate change treaty would be adopted at the
December&nbsp;2009 United Nations Climate Change Conference, but the participating countries merely
adopted the so-called Copenhagen Accord, a framework for future negotiations that includes emission
reduction targets for developed countries and goals for limiting increases in atmospheric
temperature. The implementation of the Copenhagen Accord could lead to restrictions on greenhouse
gas emissions from shipping. International or multi-national bodies or individual countries may
adopt their own climate change regulatory initiatives. The EU intends to expand its existing
emissions trading scheme to vessels, and IMO&#146;s Marine Environment Protection Committee is
developing technical and operational measures to limit emissions of greenhouse gases from
international shipping for consideration by IMO in fall 2010. The United States EPA is considering
a petition from the California Attorney General and environmental groups to regulate greenhouse gas
emissions from ocean-going vessels under the United States Clean Air Act, and the United States
Congress is considering climate change legislation. Any passage of climate control initiatives by
the IMO, the EU or the individual countries in which we operate that limit greenhouse gas emissions
from vessels could require us to make significant financial expenditures or otherwise limit our
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Vessel Security Regulations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the terrorist attacks of September&nbsp;11, 2001, there have been a variety of initiatives
intended to enhance vessel security. On November&nbsp;25, 2002, the Maritime Transportation Security Act
of 2002, or MTSA, came into effect in the United States. To implement certain portions of the MTSA,
in July&nbsp;2003, the United States Coast Guard issued regulations requiring the implementation of
certain security requirements aboard vessels operating in waters subject to the jurisdiction of the
United States. Similarly, in December&nbsp;2002, amendments to the International Convention for the
Safety of Life at Sea, or SOLAS, created a new chapter of the convention dealing specifically with
maritime security. The new chapter went into effect in July&nbsp;2004, and imposes various detailed
security obligations on vessels and port authorities, most of which are contained in the newly
created International Ship and Port Facilities Security or, ISPS, Code. Among the various
requirements are:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on-board installation of automatic information systems, or AIS, to enhance
vessel-to-vessel and vessel-to-shore communications;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on-board installation of ship security alert systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the development of vessel security plans; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with flag state security certification requirements.</TD>
</TR>



</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The United States Coast Guard regulations, intended to align with international maritime
security standards, exempt non-United States vessels from MTSA vessel security measures provided
such vessels have on board, by July&nbsp;1, 2004, a valid International Ship Security Certificate (ISSC)
that attests to the vessel&#146;s compliance with SOLAS security requirements and the ISPS Code. We have
obtained ISSCs for all of our vessels and implemented the various security measures addressed by
the MTSA, SOLAS and the ISPS Codes to ensure that our vessels attain compliance with all applicable
security requirements within the prescribed time periods. We do not believe these additional
requirements will have a material financial impact on our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Classification and Inspection</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All our vessels are certified as being &#147;in class&#148; by Lloyds Register of Shipping, Bureau
Veritas, NKK, the American Bureau of Shipping, RINA SpA and C.C.S. All new and secondhand vessels
that we purchase must be certified prior to their delivery under our standard contracts and
memoranda of agreement. If the vessel is not certified on the date of closing, we have no
obligation to take delivery of the vessel. Most insurance underwriters make it a condition for
insurance coverage that a vessel be certified as &#147;in class&#148; by a classification society which is a
member of the International Association of Classification Societies. Every vessel&#146;s hull and
machinery is &#147;classed&#148; by a classification society authorized by its country of registry. The
classification society certifies that the vessel has been built and maintained in accordance with
the rules of such classification society and complies with applicable rules and regulations of the
country of registry of the vessel and the international conventions of which that country is a
member. Each vessel is inspected by a surveyor of the classification society every year, an annual
survey, every two to three years, an intermediate survey, and every four to five years, a special
survey. Vessels also may be required, as part of the intermediate survey process, to be dry-docked
every 30 to 36&nbsp;months for inspection of the underwater parts of the vessel and for necessary repair
related to such inspection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the classification inspections, many of our customers, including the major oil
companies, regularly inspect our vessels as a precondition to chartering voyages on these vessels.
We believe that our well-maintained, high quality tonnage should provide us with a competitive
advantage in the current environment of increasing regulation and customer emphasis on quality of
service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All areas subject to survey as defined by the classification society are required to be
surveyed at least once per class period, unless shorter intervals between surveys are prescribed
elsewhere. The period between two subsequent surveys of each area must not exceed five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most vessels are also drydocked every 30 to 36&nbsp;months for inspection of the underwater parts
and for repairs related to inspections. If any defects are found, the classification surveyor will
issue a &#147;recommendation&#148; which must be rectified by the ship owner within prescribed time limits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk of Loss and Liability Insurance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;<I>General</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operation of any cargo vessel includes risks such as mechanical failure, physical damage,
collision, property loss, cargo loss or damage and business interruption due to political
circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an
inherent possibility of marine disaster, including environmental mishaps, and the liabilities
arising from owning and operating vessels in international trade. While we believe that our present
insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that
any specific claim will be paid, or that we will always be able to obtain adequate insurance
coverage at reasonable rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Hull and Machinery Insurance</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have obtained marine hull and machinery and war risk insurance, which includes the risk of
actual or constructive total loss, for all of our vessels. The vessels are each covered up to at
least fair market value, with deductibles of $60,000 per vessel.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also arranged increased value insurance for most of the vessels. Under the increased value
insurance in case of total loss of the vessel we will be able to recover the sum insured under the
increased value policy in addition to the sum insured under the Hull and Machinery policy.
Increased value insurance also covers excess liabilities which are not recoverable in full by the
Hull and Machinery policies by reason of under insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Protection and Indemnity Insurance</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection and indemnity insurance, a form of mutual indemnity insurance which covers our
third party liabilities in connection with our shipping activities, is provided by mutual
protection and indemnity associations, or P&#038;I Associations or &#147;clubs.&#148; This includes third-party
liability and other related expenses of injury or death of crew, passengers and other third
parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to
other third-party property, pollution arising from oil or other substances, and salvage, towing and
other related costs, including wreck removal. Subject to the &#147;capping&#148; discussed below, our
coverage, except for pollution, is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current protection and indemnity insurance coverage for pollution is $1.0&nbsp;billion per
vessel per incident. The 14 P&#038;I Associations that comprise the International Group insure
approximately 90% of the world&#146;s commercial tonnage and have entered into a pooling agreement to
reinsure each association&#146;s liabilities. Each P&#038;I Association has capped its exposure to this
pooling agreement at $4.5&nbsp;billion. As a member of a P&#038;I Association, which is a member of the
International Group, we are subject to calls payable to the associations based on its claim records
as well as the claim records of all other members of the individual associations, and members of
the pool of P&#038;I Associations comprising the International Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Competition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate in a highly competitive global market based primarily on supply and demand of
vessels and cargoes. The worldwide LPG sector is comparatively smaller than other shipping sectors
consisting of approximately 1,196 vessels as of April&nbsp;30, 2010, 1,121 vessels of which are over
1,000 cbm in size.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall, throughout the LPG sector, approximately 138 newbuildings are on order as of April
30, 2010 and expected to be delivered from 2010 to the end of 2013. In the Handy size vessel sector
(3,000 cbm to 8,000 cbm), which is the specific sector which we focus on, as of April&nbsp;30, 2010, 79
vessels were on order for scheduled delivery over the next three years, while approximately 83 of
the vessels in this sector are 20&nbsp;years or older. As of April&nbsp;30, 2010, our LPG carrier fleet had
an average age of 10.4&nbsp;years and, accordingly, we believe we are well positioned from a competitive
standpoint in terms of our vessels meeting the ongoing needs of charterers. Also, as of April&nbsp;30,
2010, we had the largest single-owned fleet in our sector (3,000 cbm to 8,000 cbm), which, in our
view, also positions us well from the standpoint of charterers and competitors. We believe,
however, that the LPG shipping sector will continue to be highly competitive, and will be driven by
both energy production and consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of medium range product carriers capable of transporting refined petroleum products,
such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, is highly
diversified and is divided among many independent medium range tanker owners. Competition for
charters, including for the transportation of oil and oil products, can be intense and depends on
price as well as on the location, size, age, condition, specifications and acceptability of the
vessel and its operator to the charterer and is frequently tied to having an available vessel with
the appropriate approvals from oil majors. Principal factors that are important to our charterers
include the quality and suitability of the vessel, its age, technical sophistication, safety
record, compliance with IMO standards and the heightened industry standards that have been set by
some energy companies, and the competitiveness of the bid in terms of overall price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, 541 officers and 405 crew members served on board the vessels in our
fleet. These officers and crew, however, are not directly employed by the Company.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Seasonality</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The LPG carrier market is typically stronger in the fall and winter months in anticipation of
increased consumption of propane and butane for heating during the winter months. In addition,
unpredictable weather patterns in these months tend to disrupt vessel scheduling and supplies of
certain commodities. As a result, our revenues may be stronger in fiscal quarters ended December&nbsp;31
and March&nbsp;31 and relatively weaker during the fiscal quarters ended June&nbsp;30 and September&nbsp;30, as
was the case in 2007, 2008 and 2009. We have limited exposure to seasonality with respect to our
product carriers as two vessels in our fleet as of June&nbsp;15, 2010 are deployed on a fixed rate
bareboat charter expiring in the first quarter of 2015 and the third is deployed on a fixed rate
bareboat charter expiring in the third quarter of 2012. Similarly, the Aframax crude oil tanker we
have agreed to acquire is scheduled to be deployed in a five-year fixed rate bareboat charter upon
its delivery to us, which is expected in July&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Properties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no freehold interest in any real property. We lease office space from the Vafias
Group. For the year ended December&nbsp;31, 2009, this rent amount was $45,102. This lease was renewed
effective January&nbsp;3, 2010 for two years at a rate of &#128;42,000 per year. We believe this is no more
than would be incurred on an arm&#146;s length basis with an unaffiliated landlord.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4A. Unresolved Staff Comments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Operating and Financial Review and Prospects</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion of our financial condition and results of operations should be read
in conjunction with the financial statements and the notes to those statements included elsewhere
in this Annual Report. This discussion includes forward-looking statements that involve risks and
uncertainties. As a result of many factors, such as those set forth under &#147;Item&nbsp;3. Key
Information &#151; Risk Factors&#148; and elsewhere in this Annual Report, our actual results may differ
materially from those anticipated in these forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated under the laws of the Republic of the Marshall Islands in December&nbsp;2004, we are
involved in providing international seaborne transportation services to LPG producers and users
and, with our acquisition of three product carriers, beginning in the first quarter of 2008, we
also provide vessels capable of transporting refined petroleum products such as gasoline, diesel,
fuel oil and jet fuel. In June&nbsp;2010, we agreed to acquire one Aframax crude oil tanker. We carry
various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane,
propylene and vinyl chloride monomer, which are all byproducts of the production of crude oil and
natural gas. We primarily operate in and have an approximate 13.5% market share of vessels of
20&nbsp;years old or less in the &#147;Handy size&#148; sector of the liquefied petroleum gases (&#147;LPG&#148;) shipping
market, which is made up of approximately 297 vessels that are 20&nbsp;years old or less. In comparison
to other sectors of the shipping industry, the LPG Handy size sector is characterized by relative
stability and a high proportion of established operators, including significant participation by
the &#147;oil majors.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, our fleet consisted of 39 LPG carriers and three product carriers,
and, as of June&nbsp;15, 2010, we had a fleet of 34 LPG carriers and three product carriers. In June
2010, we agreed to acquire one Aframax crude oil tanker. While our focus remains on the LPG sector,
we made an investment in medium range product carriers in 2008, acquiring two medium range product
carriers in the first quarter of 2008 and an additional medium range product carrier in July&nbsp;2009,
and in a crude oil tanker in June&nbsp;2010 to partially diversify the company&#146;s operations away from
being solely reliant on one specific sector. As of June&nbsp;15, 2010, five of these LPG carriers and
three medium range product carriers were deployed on bareboat charters, under which the charterer
is responsible for the costs associated with the operating the vessels. We also intend to deploy
the Aframax tanker we agreed to acquire in July&nbsp;2010 on a bareboat charter. Of the 29 remaining
vessels in our fleet of LPG carriers, as of June&nbsp;15,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2010, 21 were employed on time charters to high quality charterers, including Shell, Petredec,
Statoil and Vitol, with the remaining eight vessels deployed in the spot market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also have agreements to acquire five newbuilding LPG carriers with expected delivery from
February&nbsp;2011 through May&nbsp;2012 and one Aframax crude oil tanker with expected delivery in July
2010. Once these acquisitions are completed, assuming no other acquisitions or disposals, our fleet
will be composed of 39 LPG carriers with a total capacity of 185,204 cbm, three medium range
product carriers with a total capacity of 140,000 dwt and one 115,804 dwt crude oil tanker.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of operations depend primarily on the number of vessels in our fleet and the
charter hire rates that we are able to realize. Charter hire rates paid for LPG carriers and
product carriers are primarily a function of the underlying balance between vessel supply and
demand. The demand for LPG carrier capacity is primarily determined by the underlying demand for
LPG, ammonia and petrochemical gases, which are transported in LPG carriers, which in turn is
influenced by trends in the global economy. Similarly, the demand for product carriers is primarily
determined by the supply of and demand for refined petroleum products, which in turn is influenced,
by the global economy. Due to the current downturn in market conditions, there has been some
decline in prevailing charter rates, however, the LPG carrier and product carrier sectors in which
we operate have not experienced reductions in charter rates and vessel values to the degree
experienced in other areas of the shipping industry, most notably the drybulk and container
shipping sectors. As of June&nbsp;15, 2010, 65% of our anticipated fleet days are covered by period
charter contracts for 2010 and 30% for 2011, however, we are exposed to prevailing charter rate
fluctuations for the remaining anticipated fleet days not covered by period charter contracts, as
well as performance by our counterparties for the chartered days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended December&nbsp;31, 2009, 2008 and 2007, we owned an average of 42.0 vessels,
38.6 vessels and 32.8 vessels generating revenues of $113.0&nbsp;million, $112.6&nbsp;million and
$90.0&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, through Stealth Maritime, manage the employment of our fleet. We intend to continue to
deploy our fleet under period charters including time and bareboat charters, which can last up to
several years, and spot market or voyage charters, which generally last from one to six months, as
market conditions warrant. Period charters and short term time charters are for a fixed period of
time.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charters and revenues. Under a time charter, the charterer pays a fixed rate per day
over the term of the charter; a time charter, including a short term time charter, may
provide for rate adjustments and profit sharing. Under a bareboat charter, the charterer
pays us a fixed rate for its use of our ship for the term of the charter. Under a voyage
charter, we agree to transport a specified cargo from a loading port to a discharging port
for a fixed amount.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charters and expenses. Under a time charter, we are responsible for the vessel&#146;s
operating costs (crew, provisions, stores, lubricants, insurance, maintenance and repairs)
incurred during the term of the charter, while the charterer pays voyage expenses (port,
canal and fuel costs) that are unique to each particular voyage. Under a bareboat charter,
the charterer is responsible for all vessel operating expenses and voyage expenses incurred
during the term of the charter. Under a voyage or spot charter, we are responsible for both
the vessel operating expenses and the voyage expenses incurred in performing the charter.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continued the expansion size of our fleet albeit at a reduced pace, which commenced in
2004, from 38 LPG carriers as of December&nbsp;31, 2007, and 38 LPG and two product carriers of
December&nbsp;31, 2008 to 39 LPG carriers and three product carriers as of December&nbsp;31, 2009. Our
performance in 2009 was primarily driven by the continued increase in the size of our fleet, our
further expansion into the product carrier sector but lower overall charter rates in the LPG sector
compared to 2007 and 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operating expenses per vessel were relatively steady in 2009 compared to 2008, despite the
continued challenges posed by our LPG vessels requiring specialized crews not as generally
available as in other shipping sectors, crewing expenses experienced continued pressure throughout
2008, but as the slowdown in the global economy continued in 2009 these pressures on crew costs
decreased somewhat.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Factors Affecting Our Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the important measures for analyzing trends in the results of our operations
consist of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Calendar days</I>. We define calendar days as the total number of days in a period during
which each vessel in our fleet was in our possession including off-hire days associated
with major repairs, drydockings or special or intermediate surveys. Calendar days are an
indicator of the size of our fleet over a period and affect both the amount of revenue and
the amount of expense that we record during that period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Voyage days</I>. We define voyage days as the total number of days in a period during which
each vessel in our fleet was in our possession net of off-hire days associated with major
repairs, drydockings or special or intermediate surveys. The shipping industry uses voyage
days (also referred to as available days) to measure the number of days in a period during
which vessels are available to generate revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Fleet utilization</I>. We calculate fleet utilization by dividing the number of our voyage
days during a period by the number of our calendar days during that period. The shipping
industry uses fleet utilization to measure a company&#146;s efficiency in finding suitable
employment for its vessels and minimizing the amount of days that its vessels are off-hire
for reasons such as scheduled repairs, vessel upgrades or drydockings and other surveys.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cyclicality</I>. The international gas carrier market, including the transport of LPG, is
cyclical with attendant volatility in profitability, charter rates and vessel values,
resulting from changes in the supply of, and demand for, LPG carrier capacity. Due to the
current downturn in market conditions, there has been a decrease in the number of vessels
being contracted under time or bareboat charters as charterers seek to keep their
commitments on a shorter term basis, and as of June&nbsp;15, 2010, we had eight vessels trading
in the spot market. However, in comparing the prevailing one year time charter rate at June
15, 2010 against the prevailing one year time charter rate at June&nbsp;15, 2009, rates, as well
as vessel values, continue to remain relatively stable in the LPG sector of the shipping
industry. On a fleet wide basis, on June&nbsp;15, 2010, we had 37 vessels in our fleet, 34 LPG
carriers and three product carriers. Of these vessels, eight were employed on bareboat
charter and 29 were employed either on time charter or in the spot market. On June&nbsp;15 2009,
we had 42 vessels in our fleet, 40 LPG carriers and two product carriers. Of these vessels,
13 were employed on bareboat charters and 29 were employed either on time charter or in the
spot market. The average rate per day per vessel earned on June&nbsp;15, 2010 was $6,843
compared to $7,242 on June&nbsp;15, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent we have vessels in the spot market, we are exposed to changes in spot rates
for LPG carriers and such changes affect our earnings and the value of our LPG carriers at
any given time. When LPG vessel prices are considered to be low, companies not usually
involved in shipping may make speculative vessel orders, thereby increasing the LPG shipping
supply, satisfying demand sooner and potentially suppressing charter rates. Each of the
three product carriers in our fleet as of June&nbsp;15, 2010 are deployed on a fixed rate
bareboat charter with two expiring in the first quarter of 2015 and the third in the third
quarter of 2012, which will limit our exposure to fluctuations in charter rates in the
product carrier sector.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Seasonality</I>. The LPG carrier market is typically stronger in the fall and winter months
in anticipation of increased consumption of propane and butane for heating during the
winter months. In addition, unpredictable weather patterns in these months tend to disrupt
vessel scheduling and supplies of certain commodities. As a result, our revenues may be
stronger in fiscal quarters ended December&nbsp;31 and March&nbsp;31 and relatively weaker during the
fiscal quarters ended June&nbsp;30 and September&nbsp;30, as was the case in 2007, 2008 and 2009. We
have limited exposure to seasonality with respect to our product carriers as the three
product carriers in our current fleet are deployed on fixed rate bareboat charters, with
two through the first quarter of 2015 and the third through the third quarter of 2012.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Presentation and General Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Voyage Revenues</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our voyage revenues are driven primarily by the number of vessels in our fleet, the number of
voyage days during which our vessels generate revenues and the amount of daily charter hire that
our vessels earn under charters which, in turn, are affected by a number of factors, including our
decisions relating to vessel acquisitions and disposals, the amount of time that we spend
positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs,
maintenance and upgrade work, the age, condition and specifications of our vessels and the levels
of supply and demand in the LPG carrier and product carrier charter markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessels operating on period charters provide more predictable cash flows, but can yield lower
profit margins than vessels operating in the spot charter market during periods characterized by
favorable market conditions. As a result, during the time our LPG carriers or product carriers are
committed on period charters we will be unable, during periods of improving charter markets, to
take advantage of improving charter rates as we could if our LPG carriers or product carriers were
employed only on spot charters. Vessels operating in the spot charter market generate revenues that
are less predictable but may enable us to capture increased profit margins during periods of
improving charter rates, although we are then exposed to the risk of declining LPG carrier or
product carrier charter rates, which may have a materially adverse impact on our financial
performance. If we commit vessels to time charters, future spot market rates may be higher or lower
than those rates at which we have time chartered our vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Voyage Expenses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyage expenses include port and canal charges, bunkers (fuel oil) expenses and commissions.
These charges and expenses increase in periods during which vessels are employed on the spot
market, because under these charters, these expenses are for the account of the vessel owner. Under
period charters, these charges and expenses, including bunkers (fuel oil) are paid by the
charterer. For the year ended December&nbsp;31, 2009, bunkers (fuel oil) accounted for 48.1% of total
voyage expenses and for the year ended December&nbsp;31, 2008, 36.6%. In 2009, port and canal charges
and bunker expenses represented a relatively small portion of our vessels&#146; overall expenses
because the majority of our vessels were employed under period charters, including time and
bareboat charters, that require the charterer to bear all of those expenses. As of June&nbsp;15, 2010,
26 of our 34 LPG carriers and each of our three product carriers were deployed on either
time charter or bareboat charter. We currently expect this situation to continue in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Time Charter Equivalent</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A standard maritime industry performance measure used to evaluate performance is the daily
time charter equivalent, or daily TCE (please refer to Item&nbsp;3). Daily TCE revenues are voyage
revenues minus voyage expenses divided by the number of voyage days during 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 a charterer under a time charter, as well as
commissions. We believe that the daily TCE neutralizes the variability created by unique costs
associated with particular voyages or the employment of vessels on time charter or on the spot
market and presents a more accurate representation of the revenues generated by our vessels. Our
average daily TCE rate was $6,727 for the year ended December&nbsp;31, 2009, $7,588 for year ended
December&nbsp;31, 2008, and $7,129 for the year ended December&nbsp;31, 2007. The reasons for these changes
are discussed below under &#147;Results of operations &#151; Year ended December&nbsp;31, 2009 compared to year
ended December&nbsp;31, 2008&#148; and &#147;Results of Operations &#151; Year ended December&nbsp;31, 2008 compared to year
ended December&nbsp;31, 2007.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Vessel Operating Expenses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessel operating expenses include crew wages and related costs, the cost of insurance,
expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and
other miscellaneous expenses. These expenses on an overall basis increased during the year ended
December&nbsp;31, 2009 and will continue to increase as
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our fleet grows. Factors beyond our control, some of which may affect the shipping industry in
general, including, for instance, developments relating to market prices for insurance, may also
cause these expenses to increase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Management Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2009 we paid Stealth Maritime, our fleet manager, a fixed rate management fee of
$440 per day for each vessel in our fleet under spot or time charter and a fixed rate fee of $125
per day for each of the vessels operating on bareboat charter. These rates have been in effect
since January&nbsp;1, 2007. Stealth Maritime also receives a brokerage commission of 1.25% on freight,
hire and demurrage for each vessel and a fee equal to 1.0% calculated on the price as stated in the
relevant memorandum of agreement for any vessel bought or sold by them on our behalf. From these
management fees paid to Stealth Maritime, Stealth Maritime pays the two technical managers that are
responsible for the technical management of some of our vessels that are not technically managed by
Stealth Maritime on a day-to-day basis or are on bareboat charter<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>General and Administrative Expenses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incur general and administrative expenses which include our onshore vessel related expenses
such as legal, accounting and professional expenses and other general vessel expenses. Our general
and administrative expenses also include our direct compensation expenses and the value of non-cash
executive services provided through, and other expenses arising from, our management agreement with
Stealth Maritime, our directors&#146; compensation and the value of the lease expense for the space we
rent from Stealth Maritime. For our compensation expenses, pursuant to our management agreement, we
reimburse Stealth Maritime for its payment of the compensation to our Chief Executive Officer,
Deputy Chairman and Executive Director, Chief Financial Officer and Internal Auditor. During the
year ended December&nbsp;31, 2009, such compensation was in the aggregate amount of &#128;902,327
(US $1,267,980 based on the average exchange rate of &#128;1.00: US $1.405 in effect throughout 2009).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Depreciation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depreciate our LPG carriers and product carriers on a straight-line basis over their
estimated useful lives determined to be 30&nbsp;years from the date of their initial delivery from the
shipyard in the case of our LPG carriers and 25&nbsp;years in the case of our product carriers.
Depreciation is based on cost less the estimated scrap value of the vessels. We expense costs
associated with dry dockings and special and intermediate surveys as incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest Expense</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into loan agreements to fund a portion of the purchase price for the vessels
in our fleet, which are described in the &#147;&#151; Credit Facilities&#148; section below, and we anticipate
entering into additional credit facilities in the future to fund a portion of the purchase price
for vessels we have announced we will acquire or we may acquire in the future. We will incur
additional interest expense in the remainder of 2009 on outstanding borrowings under these credit
facilities and under any new credit facilities we may enter into to finance or refinance the
purchase price of additional vessels as described in the &#147;&#151; Capital Expenditures&#148; section below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Year ended December&nbsp;31, 2009 and the year ended December&nbsp;31, 2008</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The average number of vessels in our fleet was 42.0 in the year ended December&nbsp;31, 2009
compared to 38.6 in the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOYAGE REVENUES &#151; Voyage revenues for the year ended December&nbsp;31, 2009 were $113.0&nbsp;million
compared to $112.6&nbsp;million for the year ended December&nbsp;31, 2008, an increase of $0.4&nbsp;million, or
0.3%. The average daily TCE rate for the year ended December&nbsp;31, 2009 was $6,727, a decrease of
$861, or 11.3%, compared, to a daily TCE rate of $7,588 for the year ended December&nbsp;31, 2008. Total
voyage days for our fleet were 15,240 in the year ended December&nbsp;31, 2009 compared to 14,018 for
the year ended December&nbsp;31, 2008. Of the total voyage days in 2009, 12,276, or 80.6%, were either
time charter or bareboat charter days and 2,964, or 19.4%, were spot
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">voyage days. This compares to 13,318, or 95.0%, time or bareboat charter days and 700, or
5.0%, spot charter days in 2008. Our fleet utilization was 99.4% and 99.3% for the years ended
December&nbsp;31, 2009 and December&nbsp;31, 2008, respectively. Despite the increase in the number of voyage
days for the year ended December&nbsp;31,2009 compared to the year ended December&nbsp;31,2008 revenues were
essentially flat due primarily to lower overall prevailing charter rates as a consequence of the
worldwide economic downturn, as well as an increased level of commercial downtime for our fleet,
whereby our ships were not employed which increased from 427&nbsp;days in 2008 to 1,510&nbsp;days in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOYAGE EXPENSES &#151; Voyage expenses were $10.5&nbsp;million for the year ended December&nbsp;31, 2009 and
were $6.2&nbsp;million for the year ended December&nbsp;31, 2008, an increase of $4.3&nbsp;million, or 69.4%.
These consisted largely of bunker charges in the amount of $5.1&nbsp;million for 2009 compared to bunker
charges in the amount of $2.3&nbsp;million for the year ended December&nbsp;31, 2008, an increase of 121.7%,
due to the increased level of spot market days undertaken by the Company&#146;s fleet for the year ended
December&nbsp;31, 2009 compared to the year ended December&nbsp;31, 2008. Voyage expenses also included port
expenses of $2.0&nbsp;million for the year ended December&nbsp;31, 2009 compared to $0.8&nbsp;million for the year
ended December&nbsp;31, 2008, an increase of 155% and commissions to third parties which were
$1.7&nbsp;million for the year ended December&nbsp;31, 2009 compared to $1.6&nbsp;million for the year ended
December&nbsp;31, 2008, an increase of 6.3%. The increase in voyage expenses for the year ended December
31, 2009 compared to the year ended December&nbsp;31, 2008 reflects primarily the steep increase in the
number of spot voyages undertaken by the Company&#146;s fleet during the year ended December&nbsp;31, 2009
compared to the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VESSEL OPERATING EXPENSES &#151; Vessel operating expenses were $38.0&nbsp;million for the year ended
December&nbsp;31, 2009 and were $32.2&nbsp;million for the year ended December&nbsp;31, 2008, an increase of
$5.8&nbsp;million, or 18.0%, due primarily to increased crew wages and related costs, which were
$23.7&nbsp;million for the year ended December&nbsp;31, 2009 compared to $19.3&nbsp;million for the year ended
December&nbsp;31, 2008. Other significant increases in this category were spares and consumable stores,
which increased from $5.0&nbsp;million in the year ended December&nbsp;31, 2008 to $5.6&nbsp;million in the year
ended December&nbsp;31, 2009, while repairs and maintenance costs were $4.6&nbsp;million in the year ended
December&nbsp;31, 2009 compared to $4.1&nbsp;million for the years ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRY DOCKING COSTS &#151; Dry docking costs were $1.3&nbsp;million for the year ended December&nbsp;31, 2009
and were $1.1&nbsp;million for the year ended December&nbsp;31, 2008, an increase of $0.2&nbsp;million, or 18.2%.
Dry docking costs increased due to a net increased number of vessels having to undergo dry docking
inspections in the year ended December&nbsp;31, 2009 compared to the number of vessels that underwent
dry dockings in the year ended December&nbsp;31, 2008. For the year ended December&nbsp;31, 2009, three
vessels were dry docked.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT FEES &#151; Management fees were $5.2&nbsp;million for the year ended December&nbsp;31, 2009 and
were $4.6&nbsp;million for the year ended December&nbsp;31, 2008, an increase of $0.6&nbsp;million, or 13.0%,
reflecting the increase in the size of the Company&#146;s fleet year on year. For the year ended
December&nbsp;31, 2009, out of total calendar days of 15,335, 10,425, or 68.0%, related to vessels under
time or spot charter while out of total calendar days of 14,113 in 2008, 8,965, or 63.5%, related
to vessels under time or spot charter. Accordingly, the percentage of time and spot charter days,
for each of which the higher $440 per vessel per day management fee was paid, compared to the
percentage of bareboat charter days, for which the lower $125 per vessel per day management fee was
paid, increased in 2009 from 2008, while the total number of days on which vessels in our fleet
were employed on time and spot charter increased 16.3% from 2008 to 2009. This increase was due to
a higher absolute number of vessels in our fleet being employed on time and spot charters,
resulting in an increase in management fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL AND ADMINISTRATIVE EXPENSES &#151; General and administrative expenses were $3.6&nbsp;million
for the year ended December&nbsp;31, 2009 and were $4.8&nbsp;million for the year ended December&nbsp;31, 2008, a
decrease of $1.2&nbsp;million, or 25.0%, due to the decrease in annual compensation to our Chief
Executive Officer, our Executive Director, our Chief Financial Officer and our Internal Auditor,
due to the decision not to pay any annual bonuses or grant any salary increases for the year ended
December&nbsp;31, 2009. Stock-based compensation expense also decreased by $1.3&nbsp;million for the year
ended December&nbsp;31, 2009 from $1.9&nbsp;million for the year ended December&nbsp;31, 2008 to $0.6&nbsp;million for
the year ended December&nbsp;31, 2009. No stock grants were made during the year ended December&nbsp;31,
2009.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPRECIATION &#151; Depreciation expenses for the 42.0 average number of vessels in our fleet for
the year ended December&nbsp;31, 2009 were $26.8&nbsp;million compared to $23.3&nbsp;million for the 38.6 average
number of vessels in our fleet for the year ended December&nbsp;31, 2008, an increase of $3.5&nbsp;million,
or 15.0%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS ON SALE OF VESSELS &#151; Following the sale of two vessels, the <I>Gas Sophie </I>and the <I>Gas
Fortune, </I>we recorded a net loss on the sale of these two vessels for the year ended December&nbsp;31,
2009 of $0.8&nbsp;million. This compares to the sale of three vessels, the <I>Gas Oracle</I>, the <I>Gas Nemesis</I>
and the <I>Gas Renovatio</I>, in 2008, whereby we recorded a net gain of $1.7&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPAIRMENT LOSS ON FUTURE SALE OF VESSELS &#151; For the year ended December&nbsp;31, 2009, we recorded
an impairment loss of $9.9&nbsp;million related to the sale of four vessels which were agreed and
subject to a Memorandum of Agreement signed in the year ended December&nbsp;31, 2009 but with the
delivery of these vessels to take place in the year ending December&nbsp;31, 2010. The <I>Gas Natalie </I>was
delivered to her new owners on January&nbsp;15, 2010, the <I>Gas Prophet </I>was delivered to her new owners on
March&nbsp;16, 2010, the <I>Gas Texiana </I>(ex <I>Birgit Kosan</I>) was delivered to her new owners on April&nbsp;6, 2010
and the <I>Gas Eternity </I>was delivered to her new owners on May&nbsp;6, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORFEITURE OF VESSEL DEPOSIT AND CONTRACT TERMINATION FEES &#151;On June&nbsp;25, 2008 we signed a
Memorandum of Agreement to acquire a resale medium range product carrier to be named, upon her
delivery, the <I>Stealth Argentina</I>. A deposit of $5.75&nbsp;million was placed upon the signing of this
agreement. During the year ended December&nbsp;31, 2009 certain technical defects in the specifications
of the vessel became apparent to the Company and it sought to renegotiate the Memorandum of
Agreement with the seller of the vessel. These negotiations were conducted during the course of
2009 and in December&nbsp;2009 an agreement was reached whereby the Memorandum of Agreement to purchase
the vessel would be cancelled and the Company, along with the forfeiture of the $5.75&nbsp;million paid
in June&nbsp;2008, would pay a further fee of $10.75&nbsp;million to the sellers. The total amount payable by
the Company is $16.5&nbsp;million made up of the deposit of $5.75&nbsp;million and four further payments
payable at the end of April&nbsp;2010, July&nbsp;2010, October&nbsp;2010 and January&nbsp;2011 in the amount of $2.7
million each.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST AND FINANCE COSTS, NET &#151; Net interest and finance costs were $9.1&nbsp;million for the
year ended December&nbsp;31, 2009 and were $10.0&nbsp;million for the year ended December&nbsp;31, 2008, a
decrease of $0.9&nbsp;million, or 9.0%, despite the net increase in bank indebtedness of $62.2&nbsp;million
incurred in connection with vessel acquisitions. This resulted primarily from prevailing lower
interest rates on our bank debt, which averaged 2.59% for the year ended December&nbsp;31, 2009 compared
to 4.09% for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN FAIR VALUE OF DERIVATIVES &#151; For the years ended December&nbsp;31, 2009 and December&nbsp;31,
2008, we incurred a non-cash loss on derivatives of $5.5&nbsp;million and $2.7&nbsp;million, respectively.
The loss on derivatives for the year ended December&nbsp;31, 2009 is made up of a cash loss of
$4.0&nbsp;million on interest rate swaps, a non-cash loss of $5.5&nbsp;million due to the change in fair
value of our interest rate swaps and a non-cash gain on the change in fair value of our foreign
currency forward contracts denominated in Japanese Yen totaling $4.0&nbsp;million. The non-cash gain of
our Japanese Yen denominated foreign currency forward contracts was due to an overall weakening of
the U.S. dollar against the Japanese Yen during the year ended December&nbsp;31, 2009. Generally, the
fair value of our interest rate swap agreements decreased as of December&nbsp;31, 2009 compared to
December&nbsp;31, 2008 as a result of extremely low interest rate environment, with the floating rates
we pay under our loan agreements decreasing to a level below the fixed rates we pay under our
interest rate swap agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST INCOME &#151; Net interest income was $0.3&nbsp;million for the year ended December&nbsp;31, 2009,
compared to $0.7&nbsp;million for the year ended December&nbsp;31, 2008, a decrease of $0.4&nbsp;million, or
57.1%, reflecting both lower prevailing interest rates and lower average cash balances on deposit
throughout the year ended December&nbsp;31, 2009 compared to the year ended December&nbsp;31, 2008, when our
cash resources were boosted by the proceeds of our follow-on public equity offering in July&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOREIGN EXCHANGE LOSS &#151; For the year ended December&nbsp;31, 2009, we incurred a foreign exchange
loss of $0.3&nbsp;million. For the year ended December&nbsp;31, 2008, we incurred a foreign exchange loss of
$0.2&nbsp;million. This increase of $0.1&nbsp;million resulted from an increase in the level of non-US$
denominated expenses as a result of the increase in the number of spot voyage days undertaken by
our fleet for the year ended December&nbsp;31, 2009 compared to the year ended December&nbsp;31, 2008.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME &#151; As a result of the above factors, we recorded a net loss of $13.3&nbsp;million for the
year ended December&nbsp;31, 2009, representing a decrease of $43.3&nbsp;million, from net income of
$30.0&nbsp;million for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Year ended December&nbsp;31, 2008 and the year ended December&nbsp;31, 2007</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The average number of vessels in our fleet was 38.6 in the year ended December&nbsp;31, 2008
compared to 32.8 in the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOYAGE REVENUES &#151; Voyage revenues for the year ended December&nbsp;31, 2008 were $112.6&nbsp;million
compared to $90.0&nbsp;million for the year ended December&nbsp;31, 2007, an increase of $22.6&nbsp;million, or
25.1%. The average daily TCE rate for the year ended December&nbsp;31, 2008 was $7,588, an increase of
$459, or 6.4%, compared, to a daily TCE rate of $7,129 for the year ended December&nbsp;31, 2007. Total
voyage days for our fleet were 14,018 in the year ended December&nbsp;31, 2008 compared to 11,871 for
the year ended December&nbsp;31, 2007. Of the total voyage days in 2008, 13,318, or 95.0%, were either
time charter or bareboat charter and 700, or 5.0%, were spot voyage days. This compares to 11,170,
or 94.0%, time or bareboat charter days and 701, or 6.0%, spot charter days in 2007. Our fleet
utilization was 99.3% and 99.0% for the year ended December&nbsp;31, 2008 and the year ended December
31, 2007, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOYAGE EXPENSES &#151; Voyage expenses were $6.2&nbsp;million for the year ended December&nbsp;31, 2008 and
were $5.4&nbsp;million for the year ended December&nbsp;31, 2007, an increase of $0.8&nbsp;million, or 14.8%.
These consisted largely of bunker charges in the amount of $2.3&nbsp;million for 2008 compared to bunker
charges in the amount of $1.5&nbsp;million for the year ended December&nbsp;31, 2007, an increase of 53.3%,
due to the increase in the price of oil and oil related products such as bunker fuel during the
year ended December&nbsp;31,2008.. Voyage expenses also included port expenses of $0.8&nbsp;million for the
year ended December&nbsp;31, 2008 compared to $1.3&nbsp;million for the year ended December&nbsp;31, 2007, a
decrease of 38.5% and commissions to third parties which were $1.6&nbsp;million for the year ended
December&nbsp;31, 2008 compared to $1.4&nbsp;million for the year ended December&nbsp;31, 2007, an increase of
14.3%. The increase in voyage expenses for the year ended December&nbsp;31, 2008 compared to December
31, 2007 reflects the higher bunker prices paid for fuel oil and an increase in commissions paid
due to the increase in the size of the Company&#146;s fleet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VESSEL OPERATING EXPENSES &#151; Vessel operating expenses were $32.2&nbsp;million for the year ended
December&nbsp;31, 2008 and were $25.4&nbsp;million for the year ended December&nbsp;31, 2007, an increase of
$6.8&nbsp;million, or 26.8%, due primarily to increased crew wages and related costs which were
$19.2&nbsp;million for the year ended December&nbsp;31, 2008 compared to $14.0&nbsp;million for the year ended
December&nbsp;31, 2007. Other significant increases in this category were spares and consumable stores,
which increased from $4.2&nbsp;million in the year ended December&nbsp;31, 2007 to $5.0&nbsp;million in the year
ended December&nbsp;31, 2008, while repairs and maintenance costs were $4.1&nbsp;million in the year ended
December&nbsp;31, 2008 compared to $3.4&nbsp;million for the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRY DOCKING COSTS &#151; Dry docking costs were $1.1&nbsp;million for the year ended December&nbsp;31, 2008
and were $0.3&nbsp;million for the year ended December&nbsp;31, 2007. Dry docking costs increased due to an
increased number of vessels having to undergo dry docking inspections in the year ended December
31, 2008 compared to the number of vessels that underwent dry dockings in the year ended December
31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT FEES &#151; Management fees were $4.6&nbsp;million for the year ended December&nbsp;31, 2008 and
were $4.1&nbsp;million for the year ended December&nbsp;31, 2007, an increase of $0.5&nbsp;million, or 12.2%,
reflecting the increased number of vessels in the fleet for the year ended December&nbsp;31, 2008
compared to the year ended December&nbsp;31, 2007. During 2008 and 2007, we paid Stealth Maritime, our
fleet manager, an average fee of $440 per vessel per day except when the vessels were on bareboat
charters, in which case the fee was $125 per vessel per day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL AND ADMINISTRATIVE EXPENSES &#151; General and administrative expenses were $4.8&nbsp;million
for the year ended December&nbsp;31, 2008 and were $5.0&nbsp;million for the year ended December&nbsp;31, 2007, a
decrease of $0.2&nbsp;million, or 4.0%, due to decreases in executive compensation.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPRECIATION &#151; Depreciation expenses for the 38.6 average number of vessels in our fleet for
the year ended December&nbsp;31, 2008 were $23.3&nbsp;million compared to $16.5&nbsp;million for the 32.8 average
number of vessels in our fleet for the year ended December&nbsp;31, 2007, an increase of $6.8&nbsp;million,
or 41.2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST AND FINANCE COSTS, NET &#151; Net interest and finance costs were $10.0&nbsp;million for the
year ended December&nbsp;31, 2008 and were $9.8&nbsp;million for the year ended December&nbsp;31, 2007, an
increase of $0.2&nbsp;million, or 2.0%, resulting primarily from the increased level of borrowings
during the year ended December&nbsp;31, 2008 offset by the lower level of interest rates prevailing
throughout most of that year compared to those in the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN FAIR VALUE OF DERIVATIVES &#151; For the years ended December&nbsp;31, 2008 and December&nbsp;31,
2007, we incurred a loss on derivatives of $2.7&nbsp;million and $2.6&nbsp;million, respectively. The loss on
derivatives for the year ended December&nbsp;31, 2008 is made up of a cash loss of $1.3&nbsp;million on
interest rate swaps, a non-cash loss of $9.1&nbsp;million due to the change in fair value of our
interest rate swaps and a non-cash gain on the change in fair value of our foreign currency forward
contracts denominated in Japanese Yen totaling $7.7&nbsp;million. The non-cash gain of our Japanese Yen
denominated foreign currency forward contracts was due to an overall weakening of the U.S. dollar
against the Japanese Yen during the year ended December&nbsp;31, 2008. Generally, the fair value of our
interest rate swap agreements increased as of December&nbsp;31, 2008 compared to December&nbsp;31, 2007 as a
result of high interest rate environment, with the floating rates we pay under our loan agreements
increasing to a level above the fixed rates we pay under our interest rate swap agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST INCOME &#151; Net interest income was $0.7&nbsp;million for the year ended December&nbsp;31, 2008,
compared to $1.9&nbsp;million for the year ended December&nbsp;31, 2007, a decrease of $1.2&nbsp;million, or
63.2%, reflecting the decreased level of cash held on the balance sheet for the year ended December
31, 2008 compared to the year ended December&nbsp;31, 2007 where our cash balance during that year was
boosted by our follow-on public offering completed early in the third quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOREIGN EXCHANGE LOSS &#151; For the year ended December&nbsp;31, 2008, we incurred a foreign exchange
loss of $0.2&nbsp;million. For the year ended December&nbsp;31, 2007, we incurred a foreign exchange loss of
$0.1&nbsp;million. This increase of $0.1&nbsp;million resulted from the continued decline of the value of the
U.S. dollar against the Euro during the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME &#151; As a result of the above factors, net income was $30.0&nbsp;million for the year ended
December&nbsp;31, 2008, representing an increase of $7.5&nbsp;million, or 33.3%, from net income of
$22.5&nbsp;million for the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since our inception, our principal source of funds has been equity provided by our affiliates,
proceeds from our initial public offering, proceeds from our follow-on public offering concluded
early in the third quarter of 2007, cash generated by our operations and bank borrowings. Our
principal use of funds has been to acquire our vessels, to maintain the quality of our vessels, to
comply with international standards, laws and regulations and to fund working capital requirements.
As of December&nbsp;31, 2009, we had cash and cash equivalents of $44.1&nbsp;million and $4.4&nbsp;million in
restricted cash classified as current assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our liquidity needs through the end of 2012 primarily relate to the purchase of the five LPG
carriers and one Aframax tanker for which we had contracted as of June&nbsp;15, 2010 and for which we
have scheduled future payments through the delivery of the final contracted vessel during 2012
aggregating $160.7&nbsp;million as of June&nbsp;15, 2010, and installment payments on our outstanding
indebtedness. As of June&nbsp;15, 2010, we had of $318.0&nbsp;million of outstanding indebtedness, of which
$29.9&nbsp;million is payable within 12&nbsp;months. As of June&nbsp;15, 2010, for the next 12&nbsp;months, we have
capital expenditures totaling $101.8&nbsp;million consisting of $45.3&nbsp;million in scheduled installment
payments on our five newbuilding LPG carriers to be delivered to us between 2011 and 2012 and $56.5
million for the Aframax tanker, <I>Spike</I>, scheduled to be delivered to us in July&nbsp;2010.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2009, we funded the purchase price for three liquefied petroleum gas carriers, the <I>Gas
Natalie</I>, the <I>Gas Astrid </I>and the <I>Gas Exelero, </I>and for one product tanker, the <I>Alpine Endurance</I>,
delivered during 2009, with cash generated by our operations and from borrowings under our existing
credit facilities. We expect to fund the acquisition of the <I>Spike </I>with $11.5&nbsp;million of cash
generated by our operations and a $45.0&nbsp;million new credit facility for which we have signed a
commitment letter with DnB NOR Bank. We expect to fund the remaining $104.2&nbsp;million acquisition
cost of the five LPG carriers, and the remaining $8.1&nbsp;million payable under the agreement to cancel
the purchase of the <I>Stealth Argentina </I>which in aggregate amount to $112.3&nbsp;million payable between
June&nbsp;2010 and May&nbsp;2012, with borrowings under to be arranged credit facilities of approximately
$82.4&nbsp;million and $29.9&nbsp;million of cash to be generated from operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall we will continue to rely upon operating cash flows and bank borrowings, as well as
future financings yet to be arranged to fund the five under construction LPG vessels for delivery
in 2011 and 2012, and any additional vessel acquisitions we may make in the future. Of our current
fleet of 37 vessels as of June&nbsp;15, 2010, five of our vessels, <I>Gas Chios, </I>the <I>Gas Crystal, </I>the <I>Gas
Evoluzione, </I>the <I>Gas Zael </I>and the <I>Catterick, </I>were unencumbered. As a result, we may incur additional
indebtedness secured by certain or all of these unencumbered, vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our working capital is sufficient for our present short-term liquidity
requirements. We believe that, unless there is a major and sustained downturn in market conditions
applicable to our specific shipping industry segments, our internally generated cash flows and the
borrowings under existing credit facilities will be sufficient to fund our operations, including
working capital requirements, over the next 12&nbsp;months. While our core Handy Size LPG sector is
characterized by its inherent lack of volatility both in terms of charter rates and vessel
valuations, in the event there is a sustained downturn in our core sector over the next two to
three years, we would expect to finance the five newbuilding LPG carriers through a combination of
as yet to be arranged credit facilities, internally generated cash flows and, if necessary, the
mortgaging of other unencumbered vessels in our fleet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the formation of the Company in October&nbsp;2004, our subsequent initial public offering in
October&nbsp;2005 and our follow-on public offering completed early in the third quarter of 2007, we
have continued to implement our strategy of growth by acquisition of LPG carriers, to become a
market leader within the Handy size LPG carrier sector, as well as entering the product carrier
sector and crude oil tanker sector, using the resources outlined above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our credit facilities please refer to the discussion under the heading
&#147;&#151; Credit Facilities&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors&#146; decision to continue to suspend the payment of cash dividends as a
result of market conditions in the international shipping industry and the general uncertainties in
the global economy will also continue to impact our future liquidity position. Along with the
cessation of dividend payments, we also decided as of December&nbsp;31, 2009 not to pay any bonuses to
management and no accrual was made for bonuses for the three months ended March&nbsp;31, 2010. We also
completed the sale of five vessels during the first five months of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;22, 2010, our Board of Directors approved a stock repurchase program of up to $15.0
million. As at June&nbsp;15, 2010, 689,954 common shares had been repurchased at an average price of
$5.32 per share. We may discontinue or cancel this program at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash Flows</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH PROVIDED BY OPERATING ACTIVITIES &#151; was $48.3&nbsp;million for the year ended December&nbsp;31,
2009, $48.1&nbsp;million for the year ended December&nbsp;31, 2008 and $47.7&nbsp;million for the year ended
December&nbsp;31, 2007. This represents the net amount of cash, after expenses, generated by chartering
our vessels. Stealth Maritime, on our behalf, collects our chartering revenues and pays our
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although net cash provided by operating activities changed little on an overall basis year on
year, a significant source of cash was a $10.3&nbsp;million increase in cash related payables to a
related party. This was as a consequence of a longer payment period being granted by the related
party, Stealth Maritime Corp., in regard to the settlement of related payables. Other factors
effecting the cash generation from operations were broadly neutral on a year on year
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">basis hence the small increase of $0.2&nbsp;million in cash generated from operations for the year
ended December&nbsp;31, 2009 compared to the year ended December&nbsp;31, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH USED IN INVESTING ACTIVITIES &#151; was $101.6&nbsp;million for the year ended December&nbsp;31,
2009, reflecting the $11.7&nbsp;million proceeds from the sales of the <I>Gas Sophie </I>and the <I>Gas Fortune</I>,
the acquisition of four vessels totaling $106.1&nbsp;million, the <I>Gas Natalie </I>in February&nbsp;2009, the <I>Gas
Astrid </I>in April&nbsp;2009, the <I>Gas Exelero </I>in June&nbsp;2009 and the <I>Alpine Endurance </I>in July&nbsp;2009, plus
$12.0&nbsp;million paid as stage payments on five vessels due to be delivered to us between February
2011 and May&nbsp;2012. The above four vessels acquired in 2009 were financed by a combination of $88.2
million of bank facilities and $17.9&nbsp;million of cash. Net cash used in investing activities was
$160.0&nbsp;million for the year ended December&nbsp;31, 2008, reflecting the acquisition of 5 vessels, the
<I>Navig8 Fidelity </I>in January&nbsp;2008, the <I>Navig8 Faith </I>in February&nbsp;2008, the <I>Gas Premiership </I>in March
2008, the <I>Gas Defiance </I>in July&nbsp;2008 and the <I>Gas Shuriken </I>in October&nbsp;2008. Net cash used in
investing activities was $150.0&nbsp;million for the year ended December&nbsp;31, 2007 reflecting the
acquisition of ten vessels, the <I>Gas Haralambos</I>, the <I>Gas Flawless</I>, the <I>Gas Icon</I>, the <I>Gas Kalogeros</I>,
the <I>Sea Bird II</I>, the <I>Gas Evoluzione</I>, the <I>Gas Sophie</I>, the <I>Gas Sikousis</I>, the <I>Gas Renovatio</I>, the
<I>Chiltern</I>, and deposits placed on the <I>Gas Premiership</I>, which was delivered to us in March, 2008, the
<I>Navig8 Faith</I>, which was delivered to us in February&nbsp;2008 and the <I>Navig8 Fidelity </I>which was
delivered to us in January&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash generated by our operations and used in investing activities is utilized primarily in
investing in additional assets, namely Handy Size (3,000 to 8,000 cbm) LPG carriers, and medium
range product carriers. Short-term cash is generally invested in bank deposits. We do not invest in
any marketable securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH PROVIDED BY FINANCING ACTIVITIES &#151; was $55.4&nbsp;million for the year ended December&nbsp;31,
2009, reflecting $88.2&nbsp;million of borrowings under the DVB Bank S.E. Nordic Branch, the EFG
Eurobank Ergasias S.A. and the NIBC Bank N.V. loan agreements to fund the acquisition of three
vessels, offset by $26.0&nbsp;million in loan repayments and $4.2&nbsp;million of dividends paid to
stockholders. Net cash provided by financing activities was $120.6&nbsp;million for the year ended
December&nbsp;31, 2008, reflecting $161.8&nbsp;million of borrowings under the DnB NOR Bank, Scotia Bank,
Deutsche Bank, National Bank of Greece and Emporiki Bank loan agreements to fund the acquisition of
five vessels, offset by $23.9&nbsp;million in loan repayments and $16.7&nbsp;million of dividends paid to
shareholders. Net cash provided by financing activities was $123.9&nbsp;million for the year ended
December&nbsp;31, 2007, which included net-proceeds of $137.8&nbsp;million from our follow-on offering that
concluded in August&nbsp;2007 and $53.6&nbsp;million under the Fortis Bank, DnB NOR Bank and Scotiabank,
offset by $48.8&nbsp;million in loan repayments loan agreements and $13.7&nbsp;million of dividends paid to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, as and when we identify assets that we believe will provide attractive returns, generally
enter into specific term loan facilities and borrow amounts under these facilities as vessels are
delivered to us. This is the primary driver of the timing and amount of cash provided to us by our
financing activities, however, from time to time to bolster our cash position and take advantage of
financing opportunities, including to refinance the acquisition cost of vessels acquired earlier,
we have entered into and may in the future borrow under credit facilities secured by previously
unencumbered vessels in our then-existing fleet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Credit Facilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, as guarantor, and certain of our subsidiaries, as borrowers, have entered into a number of
credit facilities in connection with financing the acquisition of certain vessels in our fleet. The
following summarizes certain terms of our credit facilities under which we had an aggregate of
outstanding indebtedness of $345.8&nbsp;million, and no undrawn borrowing capacity, as of December&nbsp;31,
2009:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Available</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Repayment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Lender(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Installments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FORTIS BANK ATHENS BRANCH</B>(1)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$50.71&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The interest rate
margin over LIBOR
varies with the
ratio of the
outstanding balance
of the loan to the
aggregate market
value of the
vessels mortgaged
thereunder as
follows: if the
ratio is less than
67% the interest
rate is 0.75% over
LIBOR; if the ratio
is more than 67%
but less than 77%
the interest rate
is 0.80% over LIBOR
and if the ratio
exceeds 77% the
interest rate is
0.90% over LIBOR.
The facility bore
an average interest
rate, including
margin, of 1.70%
during 2009, which
represented an
average LIBOR rate
of 0.95% plus the
prevailing margin
of 0.75%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due May&nbsp;2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twenty six
quarterly
installments of
$1.44&nbsp;million plus
a balloon payment
of $13.27&nbsp;million
payable together
with the last
installment.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 48 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Available</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Repayment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Lender(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Installments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$67.48&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The interest rate
margin over LIBOR
varies with the
ratio of the
aggregate market
value of the
vessels mortgaged
under the loan to
the amount
outstanding
thereunder. If the
ratio is equal to
or lower than 130%,
the interest rate
will be 0.85% over
LIBOR; if the ratio
is between 130% and
150%, the interest
rate is 0.75% over
LIBOR and if the
ratio is equal to
or higher than
150%, the interest
rate is 0.70% over
LIBOR. The facility
bore an average
interest rate,
including margin,
of 2.63% during
2009, which
represented an
average LIBOR rate
of 1.88% plus the
prevailing margin
of 0.75%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due March&nbsp;2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One semi-annual
payment of $8.19
million and eleven
semi-annual
payments of $3.37
million, plus a
balloon payment of
$22.22&nbsp;million
payable together
with the final
installment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$4.13&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The interest rate
margin over LIBOR
varies with the
ratio of the
aggregate market
value of the vessel
mortgaged under the
loan to the amount
outstanding
thereunder. If the
ratio is equal to
or lower than 130%,
the interest rate
will be 0.85% over
LIBOR; if the ratio
is between 130% and
150%, the interest
rate is 0.75% over
LIBOR and if the
ratio is equal to
or higher than 150%,
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due June&nbsp;2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thirteen
semi-annual
installments of
$0.24&nbsp;million plus
a balloon payment
of $1.01&nbsp;million
payable together
with the last
installment.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 49 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Available</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Repayment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Lender(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Installments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the interest
rate is 0.70% over
LIBOR. The facility
bore an average
interest rate,
including margin,
of 1.83% during
2009, which
represented an
average LIBOR rate
of 1.13% plus the
prevailing margin
of 0.70%.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SCOTIABANK</B>(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$42.11&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 0.70%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due June&nbsp;2015 Due
December&nbsp;2017
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$5.15&nbsp;million is
repayable in ten
consecutive,
semi-annual
installments of
$0.34&nbsp;million each,
plus a balloon
payment of $1.75
million payable
together with the
last installment.
$36.96&nbsp;million is
repayable, in
fifteen consecutive
semi-annual
installments of
$1.54&nbsp;million each,
plus a balloon
payment of $13.86
million payable
together with the
last installment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NATIONAL BANK OF GREECE(</B>6)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$31.30&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 0.95%
until the repayment
of the third
installment and
LIBOR plus 0.80%
thereafter.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Nov 2020
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twenty-two
consecutive
semi-annual
installments of
$0.97&nbsp;million each
plus a balloon
payment of $9.96
million payable
together with the
last installment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DEUTSCHE BANK</B>(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$35.88&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 0.70% up
to October&nbsp;21, 2009
and. LIBOR plus
2.00% thereafter.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Feb 2020
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forty consecutive
quarterly
installments of
$0.625&nbsp;million and
a balloon payment
of $10.88&nbsp;million.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 50 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Available</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Remaining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Repayment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Lender(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Installments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EMPORIKI BANK</B>(8)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$27.72&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 0.90%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Oct 2020
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twenty two
semi-annual
installments of
$0.86&nbsp;million, plus
a balloon payment
of $8.8&nbsp;million,
payable together
with the last
installment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DVB BANK</B>(9)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$31.16&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 2.85%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Jul 2014
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$18.43&nbsp;million is
repayable in
eighteen
consecutive,
quarterly
installments of
$0.41&nbsp;million each,
plus a balloon
payment of $11.05
million payable
together with the
last installment.
$12.73&nbsp;million is
repayable, in
nineteen
consecutive
quarterly
installments of
$0.22&nbsp;million each,
plus a balloon
payment of $8.55
million payable
together with the
last installment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NIBC BANK</B>(10)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$26.70&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 3.00%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Jul 2014
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Five semi-annual
installments of
$1.64&nbsp;million each
and five
semi-annual
installments of
$1.08&nbsp;million and a
balloon payment of
$13.10&nbsp;million.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EFG EUROBANK - ERGASIAS </B>(11)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$28.65&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIBOR plus 2.50%.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Jul 2019
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nine consecutive,
quarterly
installments of
$0.60&nbsp;million each,
thirty consecutive,
quarterly
installments of
$0.39&nbsp;million and a
balloon payment of
$11.55&nbsp;million.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 51 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Our credit facility with Fortis Bank Athens Branch was, as of
December&nbsp;31, 2009, collateralized by mortgages and other security
relating to eleven LPG vessels, the <I>Sir Ivor</I>, the <I>Lyne</I>, the <I>Gas
Prophet</I>, the <I>Gas Tiny</I>, the <I>Gas Courchevel</I>, the <I>Gas Shanghai</I>, the <I>Gas
Emperor</I>, the <I>Gas Ice</I>, the <I>Gas Arctic</I>, the <I>Gas Texiana </I>and the <I>Gas
Amazon</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Borrowings under our credit facility with Fortis Bank Athens Branch
repaid the outstanding balance of our credit facility with Fortis
Bank for up to $54.0&nbsp;million, which was fully drawn in May&nbsp;2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2005 credit facility with DnB NOR Bank ASA was, as of December
31, 2009, collateralized by mortgages and other security relating to
the <I>Gas Marathon</I>, the <I>Gas Sincerity</I>, the <I>Gas Cathar</I>, the <I>Gas Legacy</I>,
the <I>Sweet Dream </I>(renamed in February&nbsp;2006 as the <I>Gas Monarch</I>), the
<I>Gas Czar</I>, the <I>Gas Eternity</I>, the <I>Gas Flawless </I>and the <I>Gas Premiership</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2006 credit facility with DnB NOR Bank ASA was, as of December
31, 2009, collateralized by mortgages and other security relating to
the <I>Gas Pasha</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Our credit facility agreement is with the Scotiabank (Ireland)
Limited, as lender, Scotiabank Europe plc, as security trustee, and
The Bank of Nova Scotia, as swap bank. Our Scotiabank credit facility
was, as of December&nbsp;31, 2009, collateralized by mortgages and other
security relating to the Gas Icon and the <I>Navig8 Fidelity</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2008 credit facility with National Bank of Greece was, as of
December&nbsp;31, 2009, collateralized by mortgages and other security
relating to the <I>Gas Defiance </I>and the <I>Gas Shuriken</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2008 credit facility with Deutsche Bank was, as of December&nbsp;31,
2009, collateralized by mortgages and other security relating to the
<I>Navig8 Faith</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2008 credit facility with Emporiki Bank was, as of December&nbsp;31,
2009, collateralized by mortgages and other security relating to the
<I>Gas Sikousis </I>and the <I>Gas Kalogeros</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2009 credit facility with DVB Bank was, as of December&nbsp;31, 2009,
collateralized by mortgages and other security relating to the <I>Gas
Astrid</I>, the <I>Chiltern </I>and the <I>Gas Exelero</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2009 credit facility with NIBC Bank was, as of December&nbsp;31, 2009,
collateralized by mortgages and other security relating to the <I>Gas
Haralambos</I>, the <I>Gas Spirit </I>and the <I>Sea Bird II</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Our 2009 credit facility with EFG Eurobank &#151; Ergasias S.A. was, as
of December&nbsp;31, 2009, collateralized by mortgages and other security
relating to the Alpine Endurance.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;15, 2010, five of our 37 vessels, the <I>Gas Chios, </I>the <I>Gas Crystal, </I>the <I>Gas
Evoluzione, </I>the <I>Gas Zael </I>and the <I>Catterick </I>were unencumbered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New DnB NOR Bank ASA Credit Facility</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;8, 2010, we signed a commitment letter with the DnB NOR Bank to partially finance the
acquisition of an under construction Aframax tanker named &#147;<I>Spike</I>&#148; (formerly &#147;Hull No 1757&#148;), by one
of our wholly-owned
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 52 - <!-- /Folio -->
</DIV>




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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subsidiaries and secured by the <I>Gas Zael</I>, a vessel already owned by one of our wholly-owned
subsidiaries. The senior secured term loan facility will be comprised of two tranches aggregating
up to $45,000,000. One tranche will be in an amount equal to the lesser of $40,000,000 and 70% of
the market value of the <I>Spike </I>at the time of delivery and the second tranche will be for the lesser
of $5,000,000 and 50% of <I>Gas Zael</I>&#146;s market value at the same time. The senior secured term loan
will be fully drawn down in a single tranche no later than September&nbsp;15, 2010 and will be repayable
in twenty four consecutive quarterly installments of $850,000 each plus a balloon payment of
$24,600,000 payable together with the last installment. The term loan charges interest at LIBOR
plus 2.40% and is secured by a first priority mortgage over the vessels involved and
cross-collateralized with security vessels under the &#147;DnB Loan&#148; plus the assignment of the vessel&#146;s
insurances, earnings and the vessel&#146;s operating and retention account, and the guarantee of
StealthGas Inc. We expect this credit facility to contain such other financial covenants and
events of default similar to those contained in our existing credit facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our credit facilities contain financial covenants requiring us to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that our leverage, which is defined as total debt net of cash/total market
adjusted assets, does not at any time exceed 80%;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain a ratio of the aggregate market value of the vessels securing the loan to the
principal amount outstanding under such loan (which we sometimes refer to as the value,
maintenance clause) at all times in excess of (i)&nbsp;130% under our loan agreement with Fortis
Bank-Athens Branch and NIBC Bank N.V. (ii)&nbsp;125% under our loan agreements with Deutsche
Bank, DnB NOR Bank ASA, DVB Bank S.E., Nordic Branch, EFG Eurobank Ergasias S.A., Emporiki
Bank, National Bank of Greece and Scotiabank;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that our ratio of EBITDA to interest expense over the preceding twelve months is
at all times more than 2.5 times; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that members of the Vafias family at all times own at least 15% of our
outstanding capital stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, our loan agreement with Fortis Bank-Athens Branch requires us to maintain a
minimum cash balance equivalent to six months interest in a pledged account with the lender
at all times; our loan agreements with Scotiabank and Deutsche Bank each require us to
maintain a cash balance equivalent of $200,000 for each vessel mortgaged to Scotiabank or
Deutsche Bank, as applicable, at all times; our loan agreement with Emporiki Bank requires
us to maintain an average cash balance equivalent of $800,000 with Emporiki Bank at all
times our loan agreement with EFG Eurobank requires us to maintain an aggregate cash
balance equivalent of $200,000 with EFG Eurobank at all times; our loan agreement with
National Bank of Greece requires us to deposit on a monthly basis 1/6th of the relevant
installment of principal and 1/6th of the relevant fraction of the next interest payment
that are both due on a six monthly basis. Our loan agreements with DnB Nor Bank require us
at all times to keep the equivalent of six months interest payable on deposit with the DnB
Nor Bank at all times.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our credit facilities, we are also restricted from paying cash dividends in amounts that
exceed 50% of our consolidated free cash flow generally on a rolling 12&nbsp;months basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, we were in breach of the value maintenance clause in two loan
facilities, with Deutsche Bank and Scotiabank, and we obtained waivers from these lenders regarding
the above covenant breaches. In consideration for the waivers granted through September&nbsp;30, 2010,
the interest margin for the Deutsche Bank facility was increased to 2.5% over LIBOR until the
maturity of the loan facility. The interest margin for the Scotiabank facility was increased to
2.0% over LIBOR until the maturity of the loan facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our existing credit facility agreements contain customary events of default with respect to us
and our applicable subsidiaries, including upon the non-payment of amounts due under the credit
facility; breach of covenants; matters affecting the collateral under such facility; and the
occurrence of any event that, in light of which, the lender considers that there is a significant
risk that the borrowers are, or will later become, unable to discharge their
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liabilities as they fall due. In addition, our credit facility with Emporiki Bank of Greece
S.A. contains events of default with respect to insolvency or bankruptcy, while our credit facility
with Scotiabank (Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and The
Bank of Nova Scotia, as swap bank, contains events of default with respect to insolvency or
bankruptcy, as well as defaults under our other debt obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our credit facilities provide that upon the occurrence of an event of default, the lenders may
require that all amounts outstanding under the credit facility be repaid immediately and terminate
our ability to borrow under the credit facility and foreclose on the mortgages over the vessels and
the related collateral. Our loan agreements also contain cross-default clauses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Expenditures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our capital expenditures consist of the purchase of vessels comprising our fleet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, we had agreements to acquire five newbuilding LPG carriers with
expected delivery from February&nbsp;2011 through May&nbsp;2012 for an aggregate of $126.7&nbsp;million, of which
$104.16 remained to paid as of December&nbsp;31, 2009. On June&nbsp;4, 2010, we agreed to acquire one Aframax
crude oil tanker for $56.5&nbsp;million, payable upon its delivery to us in July&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2009 we acquired four vessels, three Handy Size LPG
carriers and one Medium Range Product carrier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2008, we acquired five vessels, two medium range type
product carriers, the <I>Navig8 Fidelity </I>in January&nbsp;2008 and the <I>Navig8 Faith </I>in February&nbsp;2008, plus
three LPG carriers, the <I>Gas Premiership </I>in March&nbsp;2008, the <I>Gas Defiance </I>in July&nbsp;2008 and the <I>Gas
Shuriken </I>in October&nbsp;2008, for an aggregate purchase price of $178.3&nbsp;million. In addition we placed
aggregate deposits of $23.0&nbsp;million on the <I>Stealth Argentina</I>, the <I>Alpine Endurance </I>and the five LPG
newbuildings ordered by us. The <I>Gas Natalie </I>was delivered to us on January&nbsp;22, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2007, we acquired 10 vessels for an aggregate purchase
price of $138.5&nbsp;million. In addition, we placed aggregate deposits of $12.5&nbsp;million on the <I>Gas
Premiership</I>, the <I>Navig8 Faith </I>and the <I>Navig8 Fidelity</I>, which were subsequently delivered to us on
March&nbsp;19, 2008, February&nbsp;27, 2008 and January&nbsp;9, 2008, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Off Balance Sheet Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have any off-balance sheet arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Obligations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual obligations as of December&nbsp;31, 2009 were:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments due by period (in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>More than</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>5 years</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(After</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>1-3 years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3-5 years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>year (2010)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(2011-2012)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(2013-2014)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2015)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">345,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">158,975</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on principal amounts outstanding(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management fees(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Office lease(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessel purchase agreements(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">517,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">62,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">170,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">179,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on assumed LIBOR rates of 0.75% for 2010, 1.50% for
2011-2012, 2.25% for 2013-2014 and 3.0% thereafter, and the effect
of our interest rate swap arrangements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Under our management agreement with Stealth Maritime, we pay it
$125 per vessel per day for vessels on bareboat charter and $440
per vessel per day for vessels not on bareboat charter. Based on
the payment of a management fee of $440 per vessel per day for
vessels not on bareboat charter and $125 per day for vessels on
bareboat charter and our currently contracted vessel acquisitions,
we expect to pay at least $5.1&nbsp;million per year to Stealth
Maritime as management fees under the management agreement. We
also will pay 1.25% of the gross freight, demurrage and charter
hire collected from employment of our ships and 1% of the contract
price of any vessels bought or sold on our behalf. In addition, we
will reimburse Stealth Maritime for its payment of the
compensation to our Chief Executive Officer and Chief Financial
Officer. Such compensation was in the aggregate amount of &#128;902,990
(US $1,267,981 based on the average exchange rate of &#128;1.00: US
$1.404 in effect throughout 2009). The initial term of our
management agreement expires in June&nbsp;2010 but extends on a
year-to-year basis thereafter unless six-month written notice is
provided prior to the expiration of the term. Such notice has not
been given by either party.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>We lease office space from the Vafias Group. This lease was
renewed effective January&nbsp;3, 2010 for two years at a rate of
&#128;42,000 per year.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In October&nbsp;2005, we entered into a three year cancelable operating
lease for a motor vehicle. The initial term of the lease
terminated in October&nbsp;2008. The lease was renewed effective
October&nbsp;2008 for a further three years. The cost is Euro 34,200
per year.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The $104.16&nbsp;million set forth in the above table (converted from
our contractual obligation for Yen 9,606,400,000 at the exchange
rate on December&nbsp;31, 2009), represents the remaining balance, as
of December&nbsp;31, 2009, for five newbuilding handy size LPG carriers
which is due upon the respective delivery of these vessels to us
scheduled from February&nbsp;2011 and May&nbsp;2012. On June&nbsp;4, 2010, we
agreed to acquire one crude oil tanker for $56.5&nbsp;million, payable
upon its delivery to us scheduled for July&nbsp;2010, which amount is
not reflected in the above table.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion and analysis of our financial condition and results of operations is based upon
our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The
preparation of those financial statements requires us to make estimates and judgments that affect
the reported amount of assets and liabilities, revenues and expenses and related disclosure of
contingent assets and liabilities at the date of our financial statements. Actual results may
differ from these estimates under different assumptions or conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting policies are those that reflect significant judgments or uncertainties,
and potentially result in materially different results under different assumptions and conditions.
We have described below what we believe are our most critical accounting policies that involve a
high degree of judgment and the methods of their application. For a description of all of our
significant accounting policies, see Note 2 to our consolidated financial statements included
elsewhere herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenue and Expenses</I>: We generate our revenues from charterers for the charter hire of our
vessels. Vessels are chartered using either voyage charters, where a contract is made in the spot
market for the use of a vessel for a specific voyage for a specified charter rate, or time and
bareboat charters, where a contract is entered into for the use of a vessel for a specific period
of time and a specified daily or monthly charter hire rate payable monthly in advance. If a charter
agreement exists and the price is fixed, service is provided and collection of the related revenue
is reasonably assured, revenue is recognized as it is earned ratably on a straight-line basis over
the duration of the period of each voyage or period charter. A voyage is deemed to commence upon
the completion of discharge of the vessel&#146;s previous cargo and is deemed to end upon the completion
of discharge of the current cargo. Demurrage income represents payments by a charterer to a vessel
owner when loading or discharging time exceeds the stipulated time in the voyage charter and is
recognized ratably as earned during the related voyage charter&#146;s duration period. Deferred income
includes cash received prior to the balance sheet date and is related to revenue earned after such
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular
charter. Commissions in all cases are paid by us and are recognized on a pro-rata basis. All other
voyage expenses are paid by the charterer under time charter arrangements or by us under voyage
charter arrangements and are recognized as incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessel operating expenses comprise all expenses relating to the operation of the vessel,
including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous
expenses. Vessel operating expenses are paid by us and are accounted for on an accrual basis.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel
operating expenses and risk of operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Impairment of long-lived assets</I>: We follow the standard about the Impairment or Disposal of Long-lived Assets. The standard requires that long-lived assets and
certain identifiable intangible assets held and used or disposed of by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be recoverable. An impairment loss for an asset held for use should be recognized
when the estimate of undiscounted cash flows, excluding interest charges, expected to be generated
by the use of the asset is less than its carrying amount. Measurement of the impairment loss is
based on the fair value of the asset. In this respect, management reviews the carrying amount of
the vessels when events or changes in circumstances indicate that the carrying amount of the
vessels may not be recoverable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current economic and market conditions, including the significant disruptions in the
global credit markets, are having broad effects on participants in a wide variety of industries.
Since mid 2008, the charter rates in most sectors in the shipping industry have declined
significantly and vessel values have also declined both as a result of a slowdown in the
availability of global credit and the deterioration in charter rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, our core operating sector, the transportation of liquefied petroleum gas has, unlike
most other shipping sectors, not experienced the level of downturn either in charter rates or asset
values if compared with other sectors in the shipping industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the apparent steadiness in the values of our core fleet, the decline in global economy
was considered to be an indicator of potential impairment. Therefore, as of December&nbsp;31, 2009, we
performed the step one, undiscounted cash flow test as required by the standard. We determined
undiscounted projected net operating cash flows for each vessel and compared it to the vessel&#146;s
carrying value. This assessment was made at the individual vessel level since separately
identifiable cash flow information for each vessel was available. In developing estimates of future
cash flows to be generated over remaining useful lives of the vessels, we made assumptions about
the future, such as: (1)&nbsp;vessel charter rates, (2)&nbsp;vessel utilization rates, (3)&nbsp;vessel operating
expenses, (4)&nbsp;dry docking costs, (5)&nbsp;vessel scrap values at the end of vessels&#146; remaining useful
lives and (6)&nbsp;the remaining useful lives of the vessels. These assumptions were based on historical
trends as well as future expectations in line with our historical performance and our expectations
for future fleet utilization under our current fleet deployment strategy, vessel sales and
purchases, and overall market conditions
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our impairment test exercise is highly sensitive on variances and future estimates of the time
charter rates, fleet effective utilization rate, estimated scrap values, future drydocking costs
and estimated vessel operating costs. Our current analysis, which involved also a sensitivity
analysis by assigning possible alternative values to these inputs, indicates that there is no
impairment of individual long lived assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the impairment review, as of December&nbsp;31, 2009, undiscounted net operating cash
flows exceeded each vessel&#146;s carrying values except for one vessel which was scheduled to be
delivered by us in 2010, accordingly, we identified and recorded an impairment loss of $0.2&nbsp;million
in 2009. In addition, we recorded an impairment loss of $9.7&nbsp;million for three of our vessels that
were classified as held for sale as of December&nbsp;31, 2009, and were subsequently delivered to their
new owners in 2010. We did not identify impairment indicators in the years ended December&nbsp;31, 2008
and 2007 and so, no impairment loss was recorded in that years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying values of our vessels may not represent their fair market value at any point in
time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates
and the cost of newbuildings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation</I>: We record the value of our vessels at their cost (which includes acquisition
costs directly attributable to the vessel and expenditures made to prepare the vessel for its
initial voyage) less accumulated depreciation. We depreciate our vessels on a straight-line basis
over their estimated useful lives, estimated to be 25 to 30&nbsp;years from date of initial delivery
from the shipyard. We believe that a 30-year depreciable life is consistent with that of other gas
vessel owners and reflects management&#146;s intended use and a 25-year depreciable life is consistent
with other product carrier vessel owners and reflects management&#146;s intended use. Depreciation is
based on cost less the estimated residual scrap value. An increase in the useful life of the vessel
or in the residual value would have the effect of decreasing the annual depreciation charge and
extending it into later periods. A decrease in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the useful life of the vessel or in the residual value would have the effect of increasing the
annual depreciation charge. No events or circumstances occurred in 2009 that would require us to
revise estimates related to depreciation and such revisions are not expected to occur in the
future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vessels Acquisitions</I>: Our vessels are stated at cost, which consists of the contract price
less discounts and any material expenses incurred upon acquisition (initial repairs, improvements,
acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent
expenditures for conversions and major improvements are also capitalized when they appreciably
extend the life, increase the earning capacity or improve the efficiency or safety of the vessels,
and otherwise are charged to expenses as incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We record all identified tangible and intangible assets associated with the acquisition of a
vessel or liabilities at fair value. Where vessels are acquired with existing time charters, we
allocate the purchase price to the time charters based on the present value (using an interest rate
which reflects the risks associated with the acquired charters) of the difference between (i)&nbsp;the
contractual amounts to be paid pursuant to the charter terms and (ii)&nbsp;management&#146;s estimate of the
fair market charter rate, measured over a period equal to the remaining term of the charter. The
capitalized above-market (assets)&nbsp;and below-market (liabilities)&nbsp;charters are amortized as a
reduction and increase, respectively, to voyage revenues over the remaining term of the charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivative Financial Instruments</I>: We follow the standard &#147;Accounting for Derivative
Instruments and Hedging Activities&#148; as amended, to account for and report on derivative
instruments. During 2008 and 2009, we engaged in six interest rate swap agreements in order to
hedge the exposure of interest rate fluctuations associated with the cash flows on a portion of our
variable rate borrowings. These swap agreements are designated and qualify as cash flow hedges.
Their fair value is included in financial instruments in the Company&#146;s consolidated balance sheets
with changes in the effective portion of the instruments&#146; fair value recorded in accumulated other
comprehensive income. The ineffective portion of the change in fair value of the derivative
financial instruments is immediately recognized in the consolidated statements of operations. If
the hedged items are forecasted transactions that later are not expected to or will not occur, then
the derivative financial instrument no longer qualifies as a cash flow hedge. As a result, fair
value changes that were previously recorded in accumulated other comprehensive income are
immediately recognized in earnings. In all other instances, when a derivative financial instrument
ceases to be designated or to qualify as an effective cash flow hedge but if it is still possible
the hedged forecasted transaction may occur, hedge accounting ceases from that date and the
instrument is prospectively marked to market through earnings, but previously recorded changes in
fair value remain in accumulated other comprehensive income until the hedged item affects earnings
or until it becomes probable that the hedged forecasted transaction will not occur. It is our
intention to hold these swap agreements to maturity. During 2008, we discontinued hedge accounting
for two of our interest rate swap contracts and during 2009 we ceased hedge accounting for one more
of our interest rate swap contracts due to their becoming &#147;ineffective&#148; under the guidance. As of
December&nbsp;31, 2009, none of our interest rate swap contracts qualified for hedge accounting and we
recorded their change in fair values in our income statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2008, we entered into forward exchange contracts to hedge foreign currency risks of
anticipated cash payments in Japanese Yen relating to certain vessels under construction for
periods consistent with these committed exposures. We have not applied cash flow hedge accounting
to the foreign exchange derivative instruments, and therefore, recorded the change in fair value in
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2008, we adopted the standard about the &#147;Fair Value Measurements,&#148; which provides
guidance for using fair value to measure assets and liabilities by defining fair value and
establishing a framework for measuring fair value. The standard applies to all financial
instruments that are measured and reported on a fair value basis, including our derivative
financial instruments. In regard to the Fair Value Measurement, please refer to notes 2 and 13 of
our notes to the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Incentive Plan</I>: Share-based compensation includes vested and non-vested shares granted
to employees and to non-employee directors in 2008 and 2009, for their services as directors, is
included in General and administrative expenses in the consolidated statements of operations. These
shares are measured at their fair value, which is equal to the market value of the Company&#146;s common
stock on the grant date. The shares that do not contain any future service vesting conditions are
considered vested shares and a total fair value of such shares is recognized in full on the grant
date. The shares that contain a time-based service vesting condition are considered non-vested
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares on the grant date and a total fair value of such shares recognized over the vesting
period on a straight-line basis over the requisite service period for each separately portion of
the award as if the award was, in substance, multiple awards (graded vesting attribution method).
No events or circumstances occurred in 2009 that would require us to revise estimates related to
stock-based compensation and such revisions are not expected to occur in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Accounting Pronouncements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2008, new guidance was issued with the intent to improve financial reporting about
derivative instruments and hedging activities by requiring enhanced disclosures to enable investors
to better understand their effects on an entity&#146;s financial position, financial performance, and
cash flows. It is effective for financial statements issued for fiscal years and interim periods
within those fiscal years, beginning after November&nbsp;15, 2008, with early application allowed. The
new guidance allows but does not require comparative disclosures for earlier periods at initial
adoption. We adopted the new guidance and included the required disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;16, 2008, new guidance clarified that all unvested share-based payment awards that
contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are
participating securities and shall be included in the computation of earnings per share pursuant to
the two-class method. The new guidance is effective for fiscal years beginning after December&nbsp;15,
2008, and interim periods within those fiscal years. Early adoption is prohibited. We adopted the
new guidance in 2009 and presents earnings per share pursuant to the two-class method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2009, new guidance was issued for interim disclosures about fair value of financial
instruments, which amends previous guidance for disclosures about fair value of financial
instruments to require disclosures about fair value of financial instruments for interim reporting
periods of publicly traded companies as well as in annual financial statements. The guidance also
requires those disclosures in summarized financial information at interim reporting periods. The
new guidance is effective for interim reporting periods ending after June&nbsp;15, 2009, with early
adoption permitted for periods ending after March&nbsp;15, 2009. We adopted the new guidance in the
second quarter of 2009 and included the required disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2009, new guidance was issued relating to management&#146;s assessment of subsequent events.
This new guidance is intended to establish general standards of accounting for and disclosure of
events that occur after the balance sheet date but before financial statements are issued or are
available to be issued. Specifically, the new guidance sets forth the period after the balance
sheet date during which management of a reporting entity should evaluate events or transactions
that may occur for potential recognition or disclosure in the financial statements, the
circumstances under which an entity should recognize events or transactions occurring after the
balance sheet date in its financial statements, and the disclosures that an entity should make
about events or transactions that occurred after the balance sheet date. The new guidance is
effective for fiscal years and interim periods ended after June&nbsp;15, 2009 and will be applied
prospectively. We adopted the new guidance in the second quarter of 2009 and included the required
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles, which became the single
source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities.
The Codification&#146;s content will carry the same level of authority, effectively superseding previous
guidance. In other words, the GAAP hierarchy will be modified to include only two levels of GAAP:
authoritative and non-authoritative. The new guidance is effective for financial statements issued
for interim and annual periods ending after September&nbsp;15, 2009. We adopted the new guidance in the
third quarter of 2009 and updated references to U.S. GAAP in these consolidated financial
statements to reflect the guidance in the Codification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2009, new guidance was issued with regards to the consolidation of variable interest
entities (&#147;VIE&#148;). This guidance responds to concerns about the application of certain key
provisions of the FASB Interpretation, including those regarding the transparency of the
involvement with VIEs. The new guidance revises the approach to determining the primary beneficiary
of a VIE to be more qualitative in nature and requires companies to more frequently reassess
whether they must consolidate a VIE. Specifically, the new guidance requires a qualitative approach
to identifying a controlling financial interest in a VIE and requires ongoing assessment of whether
an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entity is a VIE and whether an interest in a VIE makes the holder the primary beneficiary of
the VIE. In addition, the standard requires additional disclosures about the involvement with a VIE
and any significant changes in risk exposure due to that involvement. The guidance is effective as
of the beginning of the first fiscal year that begins after November&nbsp;15, 2009 and early adoption is
prohibited. We are evaluating the impact of this guidance on our consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2009, clarifying guidance was issued on multiple-element revenue arrangements.
The revised guidance primarily provides two significant changes: 1) eliminates the need for
objective and reliable evidence of the fair value for the undelivered element in order for a
delivered item to be treated as a separate unit of accounting, and 2) eliminates the residual
method to allocate the arrangement consideration. In addition, the guidance also expands the
disclosure requirements for revenue recognition. The new guidance will be effective for the first
annual reporting period beginning on or after June&nbsp;15, 2010, with early adoption permitted provided
that the revised guidance is retroactively applied to the beginning of the year of adoption. We are
currently assessing the future impact of this new accounting pronouncement to its consolidated
financial statements.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Directors, Senior Management and Employees</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as of December&nbsp;31, 2009, information for each of our directors
and senior managers.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Director&#146;s</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Became</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Current</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Positions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Term Expires</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Harry N. Vafias
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer and<BR>

Class&nbsp;III Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2004</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrew J. Simmons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael G. Jolliffe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, Class&nbsp;II Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2004</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lambros Babilis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deputy Chairman and Class&nbsp;I Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2007</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Markos Drakos
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;III Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain biographical information about each of these individuals is set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Harry N. Vafias </I>has been our President and Chief Executive Officer and a member of our Board
of Directors since our inception in December&nbsp;2004. Mr.&nbsp;Vafias has been actively involved in the
tanker and gas shipping industry since 1999. Mr.&nbsp;Vafias worked at Seascope, a leading ship
brokering firm specializing in sale and purchase of vessels and chartering of oil tankers. Mr.
Vafias also worked at Braemar, a leading ship brokering firm, where he gained extensive experience
in tanker and dry cargo chartering. Seascope and Braemar merged in 2001 to form Braemar Seascope
Group plc, a public company quoted on the London Stock Exchange and one of the world&#146;s largest ship
brokering and shipping service groups. From 2000 until 2004, he worked at Brave Maritime and
Stealth Maritime, companies providing comprehensive ship management services, where Mr.&nbsp;Vafias
headed the operations and chartering departments of Stealth Maritime and served as manager for the
sale and purchase departments of both Brave Maritime and Stealth Maritime. Mr.&nbsp;Vafias graduated
from City University Business School in the City of London in 1999 with a B.A. in Management
Science and from Metropolitan University in 2000 with a Masters degree in Shipping, Trade and
Transport.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Andrew J. Simmons</I>, our Chief Financial Officer, joined us in June&nbsp;2005. Mr.&nbsp;Simmons has over
34&nbsp;years of experience in the banking industry, with particular expertise in shipping finance. From
2002 until June&nbsp;2005, Mr.&nbsp;Simmons served as General Manager of Heath Lambert Middle East in Bahrain
and subsequently as Director at Heath Lambert (UAE)&nbsp;LLC in the Marine and Project Finance Division
where he was responsible for overseeing the identification and development of marine finance for
clients within the Dubai and Gulf regions. Mr.&nbsp;Simmons served as the Managing Director of Talal Al
Zawawi Enterprises, a conglomerate encompassing trading, business services and retail business
units in Oman, from 2000 until 2002, where he was responsible for overseeing the day-to-day
operational activities of the company. From 1973 until 2000, Mr.&nbsp;Simmons served as Director,
Manager and Vice President at a number of banks including Bankers Trust Company, BHF Bank and
Guiness Mahon &#038; Co. Ltd., in the United Kingdom, Marine Midland Bank in New York, TAIB Bank EC in
Bahrain and Mid-Med Bank PLC in Dubai and also served as International Treasurer for Saatchi &#038;
Saatchi Company PLC in London from 1986 to 1988.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Michael G. Jolliffe </I>has been Chairman of our Board of Directors since 2004. He is a director
of a number of companies in shipping, oil, textiles, telecommunications and other industries. He is
Deputy Chairman of Tsakos Energy Navigation Limited, an oil and product carrier shipping company
listed on the New York Stock Exchange. Mr.&nbsp;Jolliffe is also Deputy Chairman of Lannet S.A.,
Greece&#146;s second largest telephone company, which is also quoted on the Athens Stock Exchange. Mr.
Jolliffe is also Chairman of Wigham-Richardson Shipbrokers Ltd, one of the oldest established
shipbroking companies in the City of London, and of Shipping Spares Repairs and Supplies Ltd, an
agency company based in Piraeus, Greece. He is also joint president of Hanjin Eurobulk Ltd., a
joint venture broking company with Hanjin Shipping of Korea. Additionally, Mr.&nbsp;Jolliffe is the
President of Eurotrans Hermes Hellas S.A., the Greek agent of the Skoda Group for trams, buses and
trains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lambros Babilis </I>has been Deputy Chairman of our Board of Directors and an Executive Director
since 2007. Mr.&nbsp;Babilis has been the Technical Manager of Stealth Maritime Corporation since 2006
and has worked for the Vafias Group since 2000. From 1997 until 2000, Mr.&nbsp;Babilis worked in the
Technical Department of Multi Trading Ship Management, a company specializing in chemical tankers.
From 1993 until 1997, Mr.&nbsp;Babilis worked in a consulting or research capacity for various EEC
Shipping related projects and worked as a consultant to shipping companies and as a representative
of the Technical Chamber of Greece to the Joint Committee of Health and Safety of Ship Repair
(Perama Zone). In addition, from 1996 until 1997, Mr.&nbsp;Babilis was involved in the construction of
the Landing Ships at Eleusis Shipyards (Detachment of Hellenic Navy). From 1992 until 1993, Mr.
Babilis worked for an international consortium, including PricewaterhouseCoopers and Port and
Transport Consulting of Bremen, for the design of the Port Management Information System of Piraeus
Port Authority. Mr.&nbsp;Babilis started his career in the Operations Department of Trade and Transport
Inc. Mr.&nbsp;Babilis has been involved in the research center of Athens University of Economics and
Business and in the Ocean Transportation Economics department at the National Technical University
of Athens. From 1994 until 1996, Mr.&nbsp;Babilis was the General Secretary of the Hellenic Association
of Naval Architects. Mr.&nbsp;Babilis graduated from the National Technical University of Athens,
department of Naval Architecture and Marine Engineering, in 1990, and received an honorary
scholarship from the Hellenic Scholarship foundation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Markos Drakos </I>has been a member of our Board of Directors since 2006 and Chairman of our Audit
Committee. In 1998, Mr.&nbsp;Drakos co-founded Touche Ross &#038; Co (Cyprus), later renamed Deloitte &#038;
Touche, Nicosia and served as co-managing partner of the company&#146;s Nicosia office in Cyprus until
2002. Following the December&nbsp;2002 reorganization of Deloitte &#038; Touche, Nicosia, Mr.&nbsp;Drakos founded
Markos Drakos Consultants Group, a consulting company, which served as successor to the consulting,
special services and international business division of Deloitte &#038; Touche, Nicosia. From 2000 until
2003, Mr.&nbsp;Drakos also served as Vice Chairman of the Cyprus Telecommunications Authority, the
leading telecommunications company in Cyprus. Mr.&nbsp;Drakos has also served as a member of the
Offshore, Shipping &#038; Foreign Investment Committee of the Institute of Certified Public Accountants
of Cyprus. Mr.&nbsp;Drakos received a Bachelor of Science degree in Economics from the London School of
Economics and is a Fellow of the Institute of Chartered Accountants in England and Wales and a
member of the Institute of Certified Public Accountants of Cyprus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2009 and June&nbsp;15, 2010, we had five and four members respectively on our Board
of Directors. Effective April&nbsp;22, 2010, Thanassis J. Martinos, who was determined by our Board of
Directors to be an independent director within the meaning of the applicable NASDAQ listing
requirements and SEC independence requirements, resigned from our Board of Directors and from the
Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.
As a result, we only have two independent directors on our four person board and we no longer
comply with NASDAQ and SEC audit committee requirements and NASDAQ Listing Rule&nbsp;5605, which
requires a listed company to have a majority of independent directors on the Board of Directors.
We are relying on the 180-day cure period provided for in NASDAQ Listing Rule&nbsp;5605(b)(1)(A),
pursuant to which we have 180&nbsp;days to regain compliance. We expect to elect a new independent
director and regain compliance with these corporate governance standards within this time period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors may change the number of directors by a vote of a majority of the
entire board. Each director shall be elected to serve until the third succeeding annual meeting of
stockholders and until his or her successor shall have been duly elected and qualified, except in
the event of death, resignation or removal. A vacancy on the board created by death, resignation,
removal (which may only be for cause), or failure of the stockholders to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 60 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">elect the entire class of directors to be elected at any election of directors or for any
other reason, may be filled only by an affirmative vote of a majority of the remaining directors
then in office, even if less than a quorum, at any special meeting called for that purpose or at
any regular meeting of the board of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has determined that Michael G. Jolliffe and Markos Drakos are
independent directors within the meaning of the applicable NASDAQ listing requirements and SEC
independence requirements applicable to Audit Committee members since none of them has received any
compensation from the company except for director&#146;s fees and restricted stock awards to directors
and none of them has any relationship or has had any transaction with the company which the Board
believes would compromise their independence. Officers are elected from time to time by vote of our
Board of Directors and hold office until a successor is elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no service contracts with any of our officers or directors that provide for benefits
upon termination of employment. Our Chief Executive Officer and Chief Financial Officer are
technically employees of Stealth Maritime, our fleet manager. Under our management agreement with
Stealth Maritime, our relationship with each of our Chief Executive Officer and Chief Financial
Officer is governed by terms substantially similar to those typically included in employment
agreements. We do not have an employment agreement with Lambros Babilis, our Deputy Chairman and
Executive Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year ended December&nbsp;31, 2009, the full board of directors held five
meetings. Each director attended all of the meetings of the board of directors and meetings of
committees of which the director was a member, except for Thanassis Martinos who missed two
meetings of the Board of Directors and two of each of the committee meetings during 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To promote open discussion among the independent directors, those directors met four times in
2009 in regularly scheduled executive sessions without participation of our company&#146;s management
and will continue to do so in the remainder of 2010 and in 2011. Mr.&nbsp;Jolliffe has served as the
presiding director for purposes of these meetings. Stockholders who wish to send communications on
any topic to the board of directors or to the independent directors as a group, or to the presiding
director, Mr.&nbsp;Jolliffe, may do so by writing to StealthGas Inc., 331 Kifissias Avenue, Erithrea
14561 Athens, Greece.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Governance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors and our company&#146;s management have engaged in an ongoing review of our
corporate governance practices in order to oversee our compliance with the applicable corporate
governance rules of the NASDAQ Stock Market and the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a number of key documents that are the foundation of our corporate governance,
including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Code of Business Conduct and Ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Nominating and Corporate Governance Committee Charter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Compensation Committee Charter; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Audit Committee Charter.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide a paper copy of any of these documents upon the written request of a
stockholder. Stockholders may direct their requests to the attention of Andrew Simmons, StealthGas
Inc., 331 Kifissias Avenue, Erithrea 14561 Athens, Greece. These documents are also available on
our website at www.stealthgas.com under the heading &#147;Investor Relations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Committees of the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has established an Audit Committee, a Nominating and Corporate
Governance Committee and a Compensation Committee. The members of each committee are Messrs.
Jolliffe and Drakos. Mr.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Martinos was a member of each committee prior to his resignation from the board on April&nbsp;22,
2010. We are currently in the process of identifying a director to replace Mr.&nbsp;Martinos.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is governed by a written charter, which is approved and annually adopted
by the Board. The Board has determined that the members of the Audit Committee meet the applicable
independence requirements of the SEC and the NASDAQ Stock Market, that all members of the Audit
Committee fulfill the requirement of being financially literate and that Mr.&nbsp;Drakos is an Audit
Committee financial expert as defined under current SEC regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is appointed by the Board and is responsible for, among other matters
overseeing the:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>integrity of the Company&#146;s financial statements, including its system of internal
controls;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the independent auditor&#146;s qualifications and independence; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of the Company&#146;s independent audit function and independent auditors,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as well preparing an Audit Committee Report to be included in our annual proxy statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Nominating and Corporate Governance Committee</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee is appointed by the Board and is responsible
for, among other matters:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the Board structure, size and composition and making recommendations to the
Board with regard to any adjustments that are deemed necessary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identifying candidates for the approval of the Board to fill Board vacancies as and when
they arise as well as developing plans for succession, in particular, of the chairman and
executive officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>overseeing the Board&#146;s annual evaluation of its own performance and the performance of
other Board committees; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing and recommending to the Board for adoption a set of Corporate Governance
Guidelines applicable to the Company and to periodically review the same.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Compensation Committee</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is appointed by the Board and is responsible for, among other
matters:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establishing and periodically reviewing the Company&#146;s compensation programs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing the performance of directors, officers and employees of the Company who are
eligible for awards and benefits under any plan or program and adjust compensation
arrangements as appropriate based on performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing and monitoring management development and succession plans and activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reporting on compensation arrangements and incentive grants to the Board; and
</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 62 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing a Compensation Committee report to be included in our annual proxy statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation of Directors and Senior Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning February&nbsp;2006, the Chairman of our Board of Directors received annual fees of
$70,000, plus reimbursement for his out-of-pocket expenses, while each of our other independent
directors continued to receive fees of $35,000 per annum, plus reimbursement of their out-of-pocket
expenses. Executive directors received no compensation for their services as directors. In
addition, we reimbursed Stealth Maritime for its payment of the compensation to our Chief Executive
Officer, Deputy Chairman and Executive Director, Chief Financial Officer and Internal Auditor.
During the year ended December&nbsp;31, 2009, such compensation was in the aggregate amount of &#128;902,990
(US $1,267,981 based on the average exchange rate of &#128;1.00: US $1.404 throughout 2009).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive officers are also eligible to receive awards under our equity compensation plan
described below under &#147;&#151; Equity Compensation Plan.&#148; On August&nbsp;14, 2007, we awarded 100,000
restricted shares to our Chief Executive Officer, of which 50,000 restricted shares vested on
October&nbsp;1, 2007, 25,000 restricted shares vested on October&nbsp;1, 2008 and 25,000 restricted shares
vested on October&nbsp;1, 2009. On November&nbsp;20, 2007, we awarded 100,000 restricted shares to our Chief
Executive Officer, of which 50,000 vested on October&nbsp;31, 2008 and 50,000 vested on October&nbsp;31,
2009. The remaining 25,000 restricted shares will vest on October&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;14, 2007 and November&nbsp;20, 2007, we also awarded restricted shares to our
non-employee directors. On August&nbsp;14, 2007, we awarded: (i)&nbsp;6,000 restricted shares to Michael G.
Joliffe, of which 2,000 restricted shares vested on October&nbsp;1, 2007, 2,000 restricted shares vested
on October&nbsp;1, 2008 and 2,000 restricted shares vested on October&nbsp;1, 2009; (ii)&nbsp;2,000 restricted
shares to Thanassis J. Martinos, of which 666 restricted shares vested on October&nbsp;1, 2007, 667
restricted shares vested on October&nbsp;1, 2008 and 667 restricted shares vested on October&nbsp;1, 2009;
and (iii)&nbsp;4,000 restricted shares to Markos Drakos, of which 1,333 restricted shares vested on
October&nbsp;1, 2007, 1,333 restricted shares vested on October&nbsp;1, 2008 and 1,334 restricted shares
vested on October&nbsp;1, 2009. On November&nbsp;20, 2007, we awarded: (i)&nbsp;6,000 restricted shares to Michael
G. Joliffe, of which 2,000 restricted shares vested on October&nbsp;31, 2008, 2,000 restricted shares
vested on October&nbsp;31, 2009 and 2,000 restricted shares will vest on October&nbsp;31, 2010; (ii)&nbsp;2,000
restricted shares to Thanassis J. Martinos, of which 666 restricted shares vested on October&nbsp;31,
2008, 666 restricted shares vested on October&nbsp;31, 2009 and 667 restricted shares were forfeited due
to Mr.&nbsp;Martinos&#146; resigning from the Board of Directors prior to the vesting date for such
restricted shares; and (iii)&nbsp;4,000 restricted shares to Markos Drakos, of which 1,333 restricted
shares vested on October&nbsp;31, 2008, 1,333 restricted shares vested on October&nbsp;31, 2009 and 1,334
restricted shares vested on October&nbsp;31, 2010. On March&nbsp;18, 2008, we awarded 9,396 restricted shares
to our Deputy Chairman and Executive Director, Mr.&nbsp;Lambros Babilis, of which 4,698 vested on March
18, 2009. The remaining 4,698 restricted shares vest as follows: 2,349 on March&nbsp;18, 2010 and 2,349
on March&nbsp;18, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vesting of all of the restricted share awards is subject (i)&nbsp;in the case of Mr.&nbsp;Vafias and
Mr.&nbsp;Babilis, such individuals continuing to perform services for the Company and its subsidiaries
as of such date or (ii)&nbsp;in the case of Messrs.&nbsp;Jolliffe and Drakos, such individual remaining a
member of our Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We did not grant any awards under our equity compensation plan to directors or officers of the
Company during the year ended December&nbsp;31, 2009. During the year ended December&nbsp;31, 2009, we
recognized stock-based compensation expenses of $0.6&nbsp;million with respect to awards for officers
and directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, 541 officers and 405 crew members served on board the vessels in our
fleet. However, these officers and crew are not directly employed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Ownership</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock beneficially owned by our directors and senior managers and/or
companies affiliated with these individuals are disclosed in &#147;Item&nbsp;7. Major Shareholders and
Related Party Transactions&#148; below.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 63 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity Compensation Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an equity compensation plan, which we refer to as the Plan. The Plan is generally
administered by the Compensation Committee of our Board of Directors, except that the full board
may act at any time to administer the Plan, and authority to administer any aspect of the Plan may
be delegated by our Board of Directors or by the Compensation Committee to an executive officer or
any other person. The Plan allows the plan administrator to grant awards of shares of our common
stock or the right to receive or purchase shares of our common stock (including options to purchase
common stock, restricted stock and stock units, bonus stock, performance stock, and stock
appreciation rights) to our employees, directors or other persons or entities providing significant
services to us or our subsidiaries, and further provides the plan administrator the authority to re
price outstanding stock options or other awards. The actual terms of an award, including the number
of shares of common stock relating to the award, any exercise or purchase price, any vesting,
forfeiture or transfer restrictions, the time or times of exercisability for, or delivery of,
shares of common stock, are to be determined by the plan administrator and set forth in a written
award agreement with the participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of our common stock for which awards may be granted under the
Plan cannot exceed 10% of the number of shares of our common stock issued and outstanding at the
time any award is granted. Awards made under the Plan that have been forfeited (including our
repurchase of shares of common stock subject to an award for the price, if any, paid to us for such
shares of common stock, or for their par value), cancelled or have expired, will not be treated as
having been granted for purposes of the preceding sentence. In addition to awards to our executive
officers and directors described above, on March&nbsp;18, 2008, under the Plan, we awarded 9,396
restricted shares of our common stock to Mr.&nbsp;Babilis, our Deputy Chairman and Executive Director,
and 16,609 restricted shares of our common stock to certain employees of our manager who provide
services to us and such employees were treated as non-employees for stock-based compensation
purposes. As of June&nbsp;15, 2010, 250,005 shares of our common stock have been granted under the Plan
since its adoption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan permits the plan administrator to make an equitable adjustment to the number, kind
and exercise price per share of awards in the event of our recapitalization, reorganization,
merger, spin-off, share exchange, dividend of common stock, liquidation, dissolution or other
similar transaction or events. In addition, the plan administrator may make adjustments in the
terms and conditions of any awards in recognition of any unusual or nonrecurring events. Our Board
of Directors may, at any time, alter, amend, suspend or discontinue the Plan. The Plan will
automatically terminate ten years after it has been most recently approved by our stockholders.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Major Shareholders and Related Party Transactions</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Major Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the beneficial ownership of our
outstanding shares of common stock as June&nbsp;18, 2010 by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each person or entity that we know beneficially owns 5% or more of our shares of common
stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our chief executive officer and our other members of senior management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of our directors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of our current directors and executive officers as a group.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of the SEC. In general, a
person who has or shares voting power and/or dispositive power with respect to securities is
treated as a beneficial owner of those securities. It does not necessarily imply that the named
person has the economic or other benefits of ownership. For purposes of this table, shares subject
to options, warrants or rights currently exercisable or exercisable within 60&nbsp;days of June&nbsp;18, 2010
are considered as beneficially owned by the person holding such options, warrants or rights. Each
shareholder is entitled to one vote for each share held. The applicable percentage of ownership for
each
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 64 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholder is based on 21,104,214 shares of common stock outstanding as of June&nbsp;18, 2010.
Information for certain holders is based on their latest filings with the Securities and Exchange
Commission or information delivered to us.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Shares Beneficially Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name of Beneficial Owner</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Principal Stockholders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flawless Management Inc.(1)<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">331 Kifissias Avenue<BR>
Erithrea 14561<BR>
Athens, Greece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Bessemer Group, Incorporated(2)<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,194,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">100 Woodbridge Center Drive<BR>
Woodbridge, New Jersey 07095-0980<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Castor Investment Company(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Trust Company Complex<BR>
Ajeltake Road, Ajeltake Island<BR>
Marshall Islands MH 96960<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zesiger Capital Group LLC(4)<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,919,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">320 Park Avenue, 30th Floor<BR>
New York, New York 10022</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royce &#038; Associates, LLC(5)<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,137,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">745 Park Avenue<BR>
New York, New York 10021</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Executive Officers and Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Harry N. Vafias(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew J. Simmons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael G. Jolliffe(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lambros Babilis(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Markos Drakos(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thanassis J. Martinos(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All executive officers and directors as a group (5 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,229,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>According to Amendment No.&nbsp;2 to a Schedule&nbsp;13G filed with the SEC on
June&nbsp;27, 2009 jointly filed by Flawless Management Inc. and Harry N.
Vafias, Flawless Management Inc. beneficially owns 4,000,0000 shares
of common stock and has sole voting power and sole dispositive power
with respect to all such shares. Harry N. Vafias, our Chief
Executive Officer, President and Director, is the sole stockholder
of Flawless Management Inc.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>According to a Schedule&nbsp;13G filed with the SEC on February&nbsp;16, 2010,
The Bessemer Group, Incorporated (&#147;BGI&#148;), as a parent holding
company, and Bessemer Trust Company, N.A. (&#147;BTNA&#148;), Bessemer
Investment management LLC (&#147;BIM&#148;) and Old Westbury Real Return Fund
(the &#147;Old Westbury Fund&#148;) beneficially own an aggregate of 2,194,200
shares of our common stock. The filing indicates that BTNA is wholly
owned by BGI, BIM is a wholly owned subsidiary of BTNA and is the
investment advisor to the Old Westbury Fund, BTNA is a trust company
that manages accounts for the benefit of others and BIM is a
registered investment advisor that furnishes investment advisory
services to the Old Westbury Fund. The filing also indicates that
the shares are held by the Old Westbury Fund and that BGI, BTNA, BIM
and the Old Westbury Fund have shared voting and shared dispositive
power with respect to the 2,194,200 shares. The address of BGI is
100 Woodbridge Center Drive, Woodbridge, NJ 07095-01980. The address
of BTNA and BIM is 630 Fifth Avenue, New York, NY 10111. The address
of Old Westbury Fund is 3435 Steltzer Road, Columbus, OH 43219.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>With respect to the 2,000,000 shares owned by Castor Investment
Company, Mr.&nbsp;Constantinos Tsaousoglou has sole voting and
dispositive power. Castor Investment Company&#146;s address is Trust
Company Complex, Ajeltake Road, Ajeltake Island, Marshall Islands MH
96960</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>According to Amendment No.&nbsp;3 to Schedule&nbsp;13G filed with the SEC on
February&nbsp;10, 2010, Zesiger Capital Group LLC beneficially owns
1,919,250 shares of common stock and has sole voting power with
respect to 1,539,000 such shares and sole dispositive power with
respect to all such shares. The shares of common stock are owned of
record by clients of Zesiger Capital Group LLC, an investment
advisor.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>According to a Schedule&nbsp;13G filed on February&nbsp;9, 2010, Royce &#038;
Associates, LLC beneficially owns, and has sole voting and
dispositive power with respect to 1,137,339 shares of common stock.
Royce &#038; Associates, LLC&#146;s address is 745 Fifth Avenue, New York, NY
10151.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>According to Amendment No.&nbsp;2 to a Schedule&nbsp;13G filed with the SEC on
July&nbsp;27, 2009 jointly filed by Flawless Management Inc. and Harry N.
Vafias, Harry N. Vafias beneficially owns 4,200,000 shares of common
stock, which includes (i)&nbsp;4,200,000 shares of common stock,
4,175,000 of which by virtue of the shares owned indirectly through
Flawless Management Inc., and (ii)&nbsp;25,000 restricted shares which
are scheduled to vest on October&nbsp;31, 2010. Harry N. Vafias has sole
voting power and sole dispositive power with respect to all such
shares.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 65 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Michael G. Jolliffe beneficially owns (i)&nbsp;10,000 shares of
common stock and (ii)&nbsp;2,000 restricted shares which are scheduled to
vest on October&nbsp;31, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Lambros Babilis beneficially owns (i)&nbsp;7,047 shares of common
stock and (ii)&nbsp;2,349 restricted shares which are scheduled to vest
on March&nbsp;18, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Markos Drakos beneficially owns (i)&nbsp;6,666 shares of common stock
and (ii)&nbsp;1,334 restricted shares which are scheduled to vest on
October&nbsp;31, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Thanassis Martinos beneficially owns 400,000 shares of common
stock by virtue of shares owned indirectly through Nike Investments
Corporation, the beneficial owner being Mr.&nbsp;Thanassis Martinos, a
former director of the Company. The address of Nike Investments
Corporation is 80 Broad Street, Monrovia, Liberia. In addition, Mr.
Thanassis G. Martinos beneficially owns 3,333 shares of common
stock. Mr.&nbsp;Martinos resigned from our Board of Directors, effective
April&nbsp;22, 2010.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We effected a registered public offering of our common stock and our common stock began
trading on the NASDAQ National Market in October&nbsp;2005. Accordingly, certain of our principal
shareholders acquired their shares of common stock either at or subsequent to this time. Our major
stockholders have the same voting rights as our other shareholders. As of June&nbsp;15, 2010, we had
approximately 20 shareholders of record. Seven of the stockholders of record were located in the
United States and held in the aggregate 16,972,951 shares of common stock representing
approximately 78.5% of our outstanding shares of common stock. However, the seven United States
shareholders of record include CEDEFAST, which, as nominee for The Depository Trust Company, is the
record holder of 16,966,913 shares of common stock. Accordingly, we believe that the shares held by
CEDEFAST include shares of common stock beneficially owned by both holders in the United States and
non-United States beneficial owners. As a result, these numbers may not accurately represent the
number of beneficial owners in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not aware of any arrangements the operation of which may at a subsequent date result in
a change of control of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;22, 2010 our Board of Directors approved a repurchase programme of the Company&#146;s
common stock of up to $15.0&nbsp;million. There is no fixed time period for this repurchase programme.
As at June&nbsp;18, 2010, 1,205,229 common shares had been repurchased at an average price of $5.21 per
share. The Company may discontinue this programme at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to our Audit Committee Charter, our Audit Committee is responsible for establishing
procedures for the approval of all related party transactions involving executive officers and
directors. Our Code of Business Conduct and Ethics requires our Audit Committee to review and
approve any &#147;related party&#148; transaction as defined in Item&nbsp;7.B of Form 20-F before it is
consummated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is our policy that transactions with related parties are entered into on terms no less
favorable to us than would exist if these transactions were entered into with unrelated third
parties on an arm&#146;s length basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Management Affiliations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harry Vafias, our president, chief executive officer and one of our directors, is an officer,
director and the sole shareholder of Flawless Management Inc., our largest stockholder. He is also
the son of the principal and founder of Brave Maritime, an affiliate of Stealth Maritime, which is
our management company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Management and Other Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the year ended December&nbsp;31, 2009, we paid Stealth Maritime a fixed management fee of $440
per vessel operating under a voyage or time charter per day on a monthly basis in advance, pro
rated for the calendar days we own the vessels. We paid a fixed fee of $125 per vessel per day for
each of our vessels operating on bareboat charter. As a consequence of the amendment to the
Management Agreement, effective January&nbsp;1, 2007, the management fee is no longer adjusted quarterly
as it was previously based on the U.S. dollar/Euro exchange rate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 66 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">published by Bloomberg LP two days prior to the end of the previous calendar quarter.
Management fees for the years ended December&nbsp;31, 2007, 2008 and 2009 were $4.1&nbsp;million, $4.6
million and $5.2&nbsp;million, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also obligated to pay Stealth Maritime a fee equal to 1.25% of the gross freight,
demurrage and charter hire collected from the employment of our vessels. Stealth Maritime also
earns a fee equal to 1.0% calculated on the price as stated in the relevant memorandum of agreement
for any vessel bought or sold by them on our behalf. For the years ended December&nbsp;31, 2007, 2008
and 2009, total brokerage commissions of 1.25% amounted to $1.1&nbsp;million, $1.4&nbsp;million and $1.4
million, respectively, and were included in voyage expenses. For the years ended December&nbsp;31, 2007,
2008 and 2009, the amounts of $1.1&nbsp;million, $1.3&nbsp;million and $0.6&nbsp;million, respectively, were
capitalized to the cost of the vessels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also reimburse Stealth Maritime for its payment of the compensation to our Chief Executive
Officer, Deputy Chairman and Executive Director, Chief Financial Officer and Internal Auditor.
During the year ended December&nbsp;31, 2009, such compensation was in the aggregate amount of &#128;902,990
(US $1,267,981, based on the average exchange rate of &#128;1.00: US $1.404 in effect throughout the
year ended December&nbsp;31, 2009). During the year ended December&nbsp;31, 2008, such compensation was in
the aggregate amount of &#128;878,857 (US $1,295,739 based on the average exchange rate of &#128;1.00: US
$1.474 in effect throughout the year ended December&nbsp;31, 2008). During the year ended December&nbsp;31,
2007, such compensation was in the aggregate amount of &#128;1,415,923 (US $1,966,497 based on the
average exchange rate of &#128;1.00: US $1.3888).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as long as Stealth Maritime is our fleet manager, Stealth Maritime has granted us
a right of first refusal to acquire any LPG carrier, which Stealth Maritime may acquire in the
future. Stealth Maritime has also agreed that it will not charter-in any LPG carrier without first
offering the opportunity to charter-in such vessel to us. This right of first refusal does not
prohibit Stealth Maritime from managing vessels owned by unaffiliated third parties in competition
with us, nor does it cover product carriers. Additional vessels that we may acquire in the future
may be managed by Stealth Maritime or other unaffiliated management companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial term of our management agreement with Stealth Maritime expires in June&nbsp;2010 but
extends on a year-to-year basis thereafter unless six-month written notice is provided prior to the
expiration of the term. Such notice has not been given by either party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Deemed Dividend</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends recorded in the year ended December&nbsp;31, 2007 reduced additional paid in
capital by $287,500. This represents the difference in the acquisition cost paid by us for the <I>Gas
Eternity</I>, which was delivered to us in March&nbsp;2006, compared to the price paid by the Vafias Group
as part of the Vafias Group of LPG Carriers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Office Space</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We lease office space from the Vafias Group. The initial lease term was for three years
beginning January&nbsp;3, 2005 with an annual rate was &#128;24,000. For the years ended December&nbsp;31, 2005,
2006 and 2007, the total rent paid was Euros 72,000, which amounted to $94,647 at the prevailing
exchange rates over that period. This lease was renewed effective January&nbsp;3, 2008 for two years at
a rate of &#128;32,000 per year. The total rent paid was &#128;64,000, which amounted to $93,303 at the
prevailing exchange rates over that period. This lease was renewed effective January&nbsp;3, 2010 for
two years at a rate of &#128;42,000 per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Nike Investments Corporation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a letter agreement, dated August&nbsp;2, 2006, with Nike Investments Corporation, which
is beneficially owned by one of our then-directors, Thanassis J. Martinos, we sold 400,000 shares
of our common stock in a transaction exempt from the registration requirements of the Securities
Act. Under the registration rights provisions of the letter agreement for the sale of the 400,000
shares, as amended, we agreed to register the shares of our common stock held by Nike Investments
Corporation and, in connection therewith, to indemnify Nike Investments Corporation and Nike
Investments Corporation agreed to indemnify us against specified liabilities arising under the
Securities Act. We agreed, among other things, to bear all expenses, other than underwriting
discounts and selling
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 67 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commissions, in connection with the registration and sale of the shares of common stock held
by Nike Investments Corporation. We registered the 400,000 shares of our common stock held by Nike
Investments Corporation under the Securities Act on the Registration Statement on Form F-3 which we
filed with the SEC as described in a prospectus supplement covering the 400,000 shares filed with
the SEC on November&nbsp;12, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Brave Maritime Corp. Bridge Loan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;16, 2007, we entered into a 60-day unsecured bridge facility, the maturity of which we
extended for an additional 60&nbsp;days pursuant to our option to do so, with our affiliate Brave
Maritime Corp. in the amount of $35.0&nbsp;million with interest payable at a margin of 0.80% over three
month LIBOR. The facility was utilized to fund a portion of the purchase price for the <I>Chiltern</I>,
the <I>Gas Evoluzione </I>and the <I>Gas Renovatio</I>. The <I>Gas Renovatio </I>was delivered to us on May&nbsp;29, 2007,
the <I>Chiltern </I>was delivered to us on June&nbsp;28, 2007 and the <I>Gas Evoluzione </I>was delivered to us July
23, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;24, 2007, we repaid the full outstanding principal amount of $26.5&nbsp;million under the
unsecured bridge facility from Brave Maritime Corp; plus accrued interest of $144,418, utilizing a
portion of the proceeds of our follow-on public offering completed in July&nbsp;2007. The facility was
subsequently cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Vessel Acquisitions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2007 and August&nbsp;2007, respectively, we acquired the <I>Gas Kalogeros</I>, a 5,000 cbm fully
pressurized newbuilding LPG carrier delivered ex-shipyard to its previous owner in March&nbsp;2007, and
the <I>Gas Sikousis</I>, a 2006-built 3,500 cbm fully pressurized LPG carrier, from Dreamship Inc. and
Stellar Management Limited, each an affiliate of ours, for an aggregate of $34.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;29, 2008, we entered into agreements to acquire the <I>Gas Defiance</I>, a 5,000 cbm
fully pressurized newbuilding LPG carrier, the <I>Gas Shuriken</I>, a 5,000 cbm fully pressurized
newbuilding LPG carrier, the <I>Gas Astrid</I>, a 3,500 cbm fully pressurized newbuilding LPG carrier, and
the <I>Gas Exelero</I>, a 3,500 cbm fully pressurized newbuilding LPG carrier from Newgas Limited,
Galactic Imports Limited, Lullaby Products Inc and Evolution Inc, respectively, each an affiliate
of ours, for an aggregate of $81.92&nbsp;million. The <I>Gas Defiance</I>, <I>Gas Shuriken </I>and <I>Gas Astrid </I>were
delivered to us in August&nbsp;2008, November&nbsp;2008 and April&nbsp;2009, respectively. The <I>Gas Exelero </I>is
scheduled to be delivered to us in June&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;29, 2008, we entered into an agreement with Event Holdings Inc, an affiliate of
ours, to acquire the <I>Gas Natalie</I>, a 3,213 cbm fully pressurized 1997-built LPG carrier, for $10.7
million, which was delivered to on January&nbsp;22, 2009, subject to a bareboat charter scheduled to
expire in September&nbsp;2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;4, 2010, we entered into a memorandum of agreement to acquire from an affiliated
entity an under construction Aframax crude oil tanker named &#147;Spike&#148; (formerly &#147;Hull No 1757&#148;) which
is scheduled to be delivered in the third quarter of 2010. The purchase price of this vessel is
$56,500,000. As provided by the related memorandum of agreement, no advance payment will be given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all cases, the acquisition price for vessels described above was set at the average of the
assessed value of the acquired vessels by two unaffiliated international sale and purchase brokers.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Information</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item&nbsp;18. Financial Statements&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Significant Changes</I>. Other than as described in Note 22 &#147;Subsequent Events&#148; to our
consolidated financial statements included in this Annual Report, no significant change has
occurred since the date of such consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal Proceedings</I>. To our knowledge we are not currently a party to any material lawsuit
that, if adversely determined, would have a material adverse effect on our financial position,
results of operations or liquidity From
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 68 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">time to time in the future we may be subject to legal proceedings and claims in the ordinary
course of business, principally personal injury and property casualty claims. Those claims, even if
lacking merit, could result in the expenditure of significant financial and managerial resources.
We have not been involved in any legal proceedings which may have, or have had a significant effect
on our financial position, results of operations or liquidity, nor are we aware of any proceedings
that are pending or threatened which may have a significant effect on our financial position,
results of operations or liquidity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividend Policy</I>. We declared and paid twelve quarterly dividends per share of $0.1875 in the
years ended December&nbsp;31, 2007, 2007 and 2008, and paid a dividend of $0.1875 per share in March
2009. Our board of directors has determined to suspend the payment of cash dividends as a result of
weakening market conditions in the international shipping industry and to preserve the Company&#146;s
liquid cash resources. Declaration and payment of any future dividend is subject to the discretion
of our board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration and payment of any dividend is subject to the discretion of our Board of
Directors. The timing and amount of dividend payments will be dependent upon our earnings,
financial condition, cash requirements and availability, fleet renewal and expansion, restrictions
in our loan agreements, the provisions of Marshall Islands law affecting the payment of
distributions to stockholders and other factors. Because we are a holding company with no material
assets other than the stock of our subsidiaries, our ability to pay dividends depends on the
earnings and cash flow of our subsidiaries and their ability to pay dividends to us. If there is a
substantial decline in the LPG carrier market, our earnings would be adversely affected thus
limiting our ability to pay dividends. Marshall Islands law generally prohibits the payment of
dividends other than from surplus or while a company is insolvent or would be rendered insolvent
upon the payment of such dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of our existing credit facilities, we are permitted to declare or pay cash
dividends in any twelve month period as long as the amount of the dividends do not exceed 50% of
the Company&#146;s free cash flow (as defined in our credit agreements) and provided we are not in
default under the other covenants contained in these credit facilities. See &#147;Item&nbsp;3. Key
Information &#151; Risk Factors &#151; Risks Related To Our Common Stock &#151; Our Board of Directors has
determined to suspend the payment of cash dividends as a result of market conditions in the
international shipping industry, and until such market conditions improve, it is unlikely we will
reinstate the payment of dividends.&#148;
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>The Offer and Listing</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trading on the NASDAQ Stock Market</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following our initial public offering in the United States in October&nbsp;2005, our shares of
common stock were quoted on the NASDAQ National Market, and are now listed on the NASDAQ Global
Select Market, under the symbol &#147;GASS&#148;. The following table shows the high and low sales prices for
our shares of common stock during the indicated periods.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2005 (October&nbsp;6, 2005 through December&nbsp;31, 2005)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October&nbsp;2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November&nbsp;2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.95</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 69 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year Ended December&nbsp;31, 2010 (through June&nbsp;18, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter (through June&nbsp;18, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;2010 (through June&nbsp;18, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.62</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Cumulative Total Shareholder Return</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a graph comparing the cumulative total shareholder return of our common
stock between October&nbsp;6, 2005 and December&nbsp;31, 2009, with the cumulative total return of the Dow
Jones Marine Transportation Index and the S&#038;P 500 Index. Total stockholder return represents stock
price changes and assumes the reinvestment of dividends. The graph assumes the investment of $100
on October&nbsp;6, 2005. Past performance is not necessarily an indicator of future results.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y03665y0366506.gif" alt="(GRAPH)">
</DIV>

<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;10.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Additional Information</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Capital</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our articles of incorporation, our authorized capital stock consists of 100,000,000
shares of common stock, $0.01 par value per share, of which 22,310,110 shares were issued and
outstanding and fully paid as of December&nbsp;31, 2009, and 5,000,000 shares of blank check preferred
stock, $0.01 par value per share, none of which were issued and outstanding as of December&nbsp;31, 2009
and June&nbsp;18, 2010. All of our shares of stock are in registered form. As of June&nbsp;18, 2010, there
were 21,104,881 issued shares of common stock and 21,104,214 outstanding shares of common stock, in
each case, including 35,501 unvested shares of restricted stock, and no outstanding options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Common Stock</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, we had 22,310,110 shares issued and 21,104,214
shares of common stock outstanding, out of 100,000,000 shares
authorized to be issued. As of June 18, 2010, we had 21,104,881 shares issued and 21,104,214 shares of common stock outstanding. Each
outstanding share of common stock entitles the holder to one vote on all matters submitted to a
vote of stockholders. Subject to preferences that
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends,
if any, declared by our Board of Directors out of funds legally available for dividends. Holders of
common stock do not have conversion, redemption or preemptive rights to subscribe to any of our
securities. All outstanding shares of common stock are, and the shares to be sold in this offering
when issued and paid for will be, fully paid and non-assessable. The rights, preferences and
privileges of holders of common stock are subject to the rights of the holders of any shares of
preferred stock which we may issue in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Blank Check Preferred Stock</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of our articles of incorporation, our Board of Directors has authority,
without any further vote or action by our stockholders, to issue up to 5,000,000 shares of blank
check preferred stock. Our Board of Directors may issue shares of preferred stock on terms
calculated to discourage, delay or prevent a change of control of our company or the removal of our
management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dividends</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do not intend to declare and pay regular cash dividends on a quarterly basis from
our net profits. We have had to make additional provisions for the equity component of our vessel
acquisitions that have reduced the cash available for distribution as dividends. We declared and
paid twelve quarterly dividends per share of $0.1875 in the years ended December&nbsp;31, 2006, 2007 and
2008. There can be no assurance that we will recommence paying regular quarterly dividends in the future. Such dividends as we do pay may be in
amounts less than the $0.1875 per share quarterly dividend we declared and paid in 2006, 2007, 2008
and March&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration and payment of any dividend is subject to the discretion of our Board of
Directors. The timing and amount of dividend payments will be dependent upon our earnings,
financial condition, cash requirements and availability, restrictions in our loan agreements, or
other financing arrangements, the provisions of Marshall Islands law affecting the payment of
distributions to stockholders and other factors. Because we are a holding company with no material
assets other than the stock of our subsidiaries, our ability to pay dividends will depend on the
earnings and cash flow of our subsidiaries and their ability to pay dividends to us. If there is a
substantial decline in the LPG carrier market or product carrier market, our earnings would be
negatively affected thus limiting our ability to pay dividends. Marshall Islands law generally
prohibits the payment of dividends other than from surplus or while a company is insolvent or would
be rendered insolvent upon the payment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Articles of Incorporation and Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our purpose is to engage in any lawful act or activity for which corporations may now or
hereafter be organized under the Marshall Islands Business Corporations Act, or BCA. Our articles
of incorporation and bylaws do not impose any limitations on the ownership rights of our
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws, annual stockholder meetings will be held at a time and place selected by our
Board of Directors. The meetings may be held in or outside of the Marshall Islands. Special
meetings may be called by the Board of Directors. Our Board of Directors may set a record date
between 15 and 60&nbsp;days before the date of any meeting to determine the stockholders that will be
eligible to receive notice and vote at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Directors</I>. Our directors are elected by a plurality of the votes cast at a meeting of the
stockholders by the holders of shares entitled to vote in the election. There is no provision for
cumulative voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may change the number of directors by a vote of a majority of the
entire board. Each director shall be elected to serve until his successor shall have been duly
elected and qualified, except in the event of his death, resignation, removal, or the earlier
termination of his term of office. The Board of Directors has the authority to fix the amounts
which shall be payable to the members of our Board of Directors for attendance at any meeting or
for services rendered to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dissenters&#146; Rights of Appraisal and Payment</I>. Under the BCA, our stockholders have the right
to dissent from various corporate actions, including any merger or sale of all or substantially all
of our assets not made in the usual
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our articles of incorporation, a
stockholder also has the right to dissent and receive payment for his or her shares if the
amendment alters certain rights in respect of those shares. The dissenting stockholder must follow
the procedures set forth in the BCA to receive payment. In the event that we and any dissenting
stockholder fail to agree on a price for the shares, the BCA procedures involve, among other
things, the institution of proceedings in the circuit court in the judicial circuit in the Marshall
Islands in which our Marshall Islands office is situated. The value of the shares of the dissenting
stockholder is fixed by the court after reference, if the court so elects, to the recommendations
of a court-appointed appraiser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stockholders&#146; Derivative Actions</I>. Under the BCA, any of our stockholders may bring an action
in our name to procure a judgment in our favor, also known as a derivative action, provided that
the stockholder bringing the action is a holder of common stock both at the time the derivative
action is commenced and at the time of the transaction to which the action relates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anti-takeover Provisions of our Charter Documents</I>. Several provisions of our articles of
incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid
costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the
ability of our Board of Directors to maximize stockholder value in connection with any unsolicited
offer to acquire us. However, these anti-takeover provisions, which are summarized below, could
also discourage, delay or prevent (1)&nbsp;the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a stockholder may consider in
its best interest and (2)&nbsp;the removal of incumbent officers and directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blank Check Preferred Stock</I>. Under the terms of our articles of incorporation, our Board of
Directors has authority, without any further vote or action by our stockholders, to issue up to
5,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of
preferred stock on terms calculated to discourage, delay or prevent a change of control of our
company or the removal of our management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Classified Board of Directors</I>. Our articles of incorporation provide for a Board of Directors
serving staggered, three-year terms. Approximately one-third of our Board of Directors will be
elected each year. This classified board provision could discourage a third party from making a
tender offer for our shares or attempting to obtain control of our company. It could also delay
stockholders who do not agree with the policies of the Board of Directors from removing a majority
of the Board of Directors for two years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Election and Removal of Directors</I>. Our articles of incorporation and bylaws prohibit
cumulative voting in the election of directors. Our bylaws require parties other than the Board of
Directors to give advance written notice of nominations for the election of directors. Our bylaws
also provide that our directors may be removed only for cause and only upon the affirmative vote of
the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for
those directors. These provisions may discourage, delay or prevent the removal of incumbent
officers and directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Calling of Special Meetings of Stockholders</I>. Our bylaws provide that special meetings of our
stockholders may be called only by resolution of our Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advance Notice Requirements for Stockholder Proposals and Director Nominations</I>. Our bylaws
provide that stockholders seeking to nominate candidates for election as directors or to bring
business before an annual meeting of stockholders must provide timely notice of their proposal in
writing to the corporate secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, to be timely, a stockholder&#146;s notice must be received at our principal executive
offices not less than 90&nbsp;days or more than 120&nbsp;days prior to the first anniversary date of the date
on which we first mailed our proxy materials for the previous year&#146;s annual meeting. Our bylaws
also specify requirements as to the form and content of a stockholder&#146;s notice. These provisions
may impede stockholders&#146; ability to bring matters before an annual meeting of stockholders or make
nominations for directors at an annual meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business Combinations</I>. Although the BCA does not contain specific provisions regarding
&#147;business combinations&#148; between companies organized under the laws of the Marshall Islands and
&#147;interested stockholders,&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">we have included these provisions in our articles of incorporation. Specifically, our articles of incorporation prohibit us from engaging in a &#147;business combination&#148;
with certain persons for three years following the date the person becomes an interested
stockholder. Interested stockholders generally include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons who are the beneficial owners of 15% or more of the outstanding voting stock of
the corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons who are affiliates or associates of the corporation and who hold 15% or more of
the corporation&#146;s outstanding voting stock at any time within three years before the date
on which the person&#146;s status as an interested stockholder is determined.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain exceptions, a business combination includes, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain mergers or consolidations of the corporation or any direct or indirect
majority-owned subsidiary of the company;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets
having an aggregate market value equal to 10% or more of either the aggregate market value
of all assets of the corporation, determined on a consolidated basis, or the aggregate
value of all the outstanding stock of the corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain transactions that result in the issuance or transfer by the corporation of any
stock of the corporation to the interested stockholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any transaction involving the corporation that has the effect of increasing the
proportionate share of the stock of any class or series, or securities convertible into the
stock of any class or series, of the corporation that is owned directly or indirectly by
the interested stockholder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any receipt by the interested stockholder of the benefit (except as a stockholder) of
any loans, advances, guarantees, pledges or other financial benefits provided by or through
the corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These provisions of our articles of incorporation do not apply to a business combination if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before a person becomes an interested stockholder, the board of directors of the
corporation approves the business combination or transaction in which the stockholder
became an interested stockholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon consummation of the transaction that resulted in the interested stockholder
becoming an interested stockholder, the interested stockholder owned at least 85% of the
voting stock of the corporation outstanding at the time the transaction commenced, other
than certain excluded shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following a transaction in which the person became an interested stockholder, the
business combination is (a)&nbsp;approved by the board of directors of the corporation and (b)
authorized at a regular or special meeting of stockholders, and not by written consent, by
the vote of the holders of at least two-thirds of the voting stock of the corporation not
owned by the stockholder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transaction with a stockholder that was or became an interested stockholder prior to
the consummation of our initial public offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of each material contract that we entered into outside the ordinary
course of business during the two year period immediately preceding the date of this Annual Report,
or which we have otherwise determined are material. Such summaries are not intended to be complete
and reference is made to the contracts themselves, which are included as exhibits to this Annual
Report:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(a)&nbsp;Amended and Restated Management Agreement</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Management Agreement dated as of June&nbsp;20, 2005, as amended by Addendum
No.&nbsp;1 thereto dated as of January&nbsp;1, 2007, between the Company and Stealth Maritime S.A. for an
initial term expiring June&nbsp;20, 2010. Unless six months&#146; notice of non-renewal is given by either
party prior to the end of the then current term, this agreement automatically extends for
additional 12-month periods. No such notice has been given, and accordingly this agreement will
extend to June&nbsp;2011. Pursuant to our management agreement with Stealth Maritime, Stealth Maritime
is responsible for the administration of our affairs and the commercial and technical management of
our fleet. Under the agreement, we pay Stealth Maritime a fixed management fee of $440 per day per
vessel operating under a voyage or time charter and $125 per vessel per day for any vessel on
bareboat charter, in advance on a monthly basis, pro rated for the calendar days we own the
vessels. We are also obligated to pay Stealth Maritime a fixed fee equal to 1.25% of the gross
freight, demurrage and charter hire collected from the employment of our vessels. Stealth Maritime
will also earn a fee equal to 1.0% calculated on the price as stated in the relevant memorandum of
agreement for any vessel bought or sold by them on our behalf. We currently reimburse Stealth
Maritime for its payment of the compensation to our Chief Executive Officer, Deputy Chairman and
Executive Director, Chief Financial Officer and Internal Auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(b)&nbsp;Right of First Refusal Agreement</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of First Refusal Agreement dated as of August&nbsp;26, 2005 among the Company, Harry N.
Vafias and Stealth Maritime S.A. Under the Right of First Refusal Agreement, Stealth Maritime has
granted the Company a right of first refusal to acquire any LPG carrier which Stealth Maritime may acquire in the
future. In addition, under the agreement, Stealth Maritime agreed that it will not charter-in any
LPG carrier without first offering the opportunity to charter-in such vessel to the Company. Under
the agreement, Stealth Maritime is not prohibited from managing vessels owned by unaffiliated third
parties in competition with us, nor does it cover product carriers. The agreement is effective for
as long as Stealth Maritime (or any entity with respect to which Harry Vafias is an executive
officer, director or principal shareholder) manages vessels owned or chartered in by the Company
and Harry N. Vafias is an executive officer or director of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(c)&nbsp;Nike Investments Corporation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a letter agreement, dated August&nbsp;2, 2006, with Nike Investments Corporation, which
is beneficially owned by one of our then-directors, Thanassis J. Martinos, we sold 400,000 shares
of our common stock in a transaction exempt from the registration requirements of the Securities
Act. Under the registration rights provisions of the letter agreement for the sale of the 400,000
shares, as amended, we agreed to register the shares of our common stock held by Nike Investments
Corporation and, in connection therewith, to indemnify Nike Investments Corporation and Nike
Investments Corporation agreed to indemnify us against specified liabilities arising under the
Securities Act. We agreed, among other things, to bear all expenses, other than underwriting
discounts and selling commissions, in connection with the registration and sale of the shares of
common stock held by Nike Investments Corporation. We registered the 400,000 shares of our common
stock held by Nike Investments Corporation under the Securities Act on the Registration Statement
on Form F-3 which we filed with the SEC as described in a prospectus supplement covering the
400,000 shares filed with the SEC on November&nbsp;12, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(d)&nbsp;Fortis Bank</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;16, 2005, we entered into a loan agreement with Fortis Bank, the outstanding balance
of which was repaid on May&nbsp;31, 2006 with borrowings under a $79.9&nbsp;million loan agreement with
Fortis Bank Athens Branch entered into in May&nbsp;2006. For additional information regarding the terms
and conditions of our loan agreement with Fortis Bank Athens Branch, see &#147;Item&nbsp;5. Operating and
Financial Review and Prospects &#151; Credit Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(e)&nbsp;DnB NOR Bank ASA</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2005, we entered into a loan agreement with DnB NOR Bank ASA in which it agreed to
provide a credit facility of up to $50.0&nbsp;million, which was supplemented in March&nbsp;2006 by a $14.0
million supplemental agreement dated February&nbsp;27, 2006, increasing the total amount available under
that facility to $64.0&nbsp;million. On
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;30, 2007, we entered into a further supplemental loan agreement with DnB NOR Bank ASA in the amount of $20.3&nbsp;million. On March&nbsp;14, 2008, we entered into a third supplemental loan agreement to our December&nbsp;2005 loan agreement with DnB NOR Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2006, we entered into a term loan agreement with DnB NOR Bank ASA in an amount of $6.6
million. On January&nbsp;30, 2009, we entered into a loan agreement with DnB NOR Bank for a senior
secured term loan facility for the lesser of the amount of $43.0&nbsp;million or 75% of the vessel&#146;s
charter free market value at the time of delivery. For additional information regarding the terms
and conditions of our loan agreements with DnB NOR Bank ASA, see &#147;Item&nbsp;5. Operating and Financial
Review and Prospects &#151; Credit Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(f)&nbsp;Brave Maritime Corp.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>For a description of the Brave Maritime Corp. </I>Bridge Loan, see &#147;Item&nbsp;7. Major Shareholders
and Related Party Transactions &#151; Related Party Transactions &#151; Brave Maritime Corp. Bridge Loan.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(g)&nbsp;Scotiabank Credit Facility</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;21, 2007, we entered into a $46.9&nbsp;million facility agreement with the Scotiabank
(Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and The Bank of Nova
Scotia, as swap bank. On December&nbsp;21, 2007, this facility agreement was amended and increased to
provide for a $49.6&nbsp;million non-revolving term loan, which we refer to as the Scotiabank Facility.
For additional information regarding the terms and conditions of our Scotiabank Credit Facility agreement, see &#147;Item&nbsp;5. Operating and Financial Review and
Prospects &#151; Credit Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(h)&nbsp;Deutsche Bank</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;12, 2008, we entered into a $40.25&nbsp;million loan agreement with Deutsche Bank. For
additional information regarding the terms and conditions of our loan agreement with Deutsche Bank,
see &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Credit Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(i)&nbsp;Emporiki Bank</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;28, 2008, we entered into a $29.44&nbsp;million facility agreement with Emporiki Bank of
Greece S.A. For additional information regarding the terms and conditions of our loan agreement
with Emporiki Bank, see &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Credit
Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(j)&nbsp;National Bank of Greece</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;30, 2008, we entered into a $33.2&nbsp;million credit facility agreement with the National
Bank of Greece. For additional information regarding the terms and conditions of our loan agreement
with National Bank of Greece, see &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Credit
Facilities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(k)&nbsp;EFG Eurobank Ergasias S.A.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our loan agreement, dated February&nbsp;19, 2009, with EFG Eurobank Ergasias
S.A., see &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Credit Facilities &#151; EFG
Eurobank Ergasias S.A. Credit Facility.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(l)&nbsp;DVB Bank S.E. Nordic Branch</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our loan agreement, dated February&nbsp;18, 2009, with DVB Bank S.E. Nordic
Branch, see &#147;Item&nbsp;5. Operating and Financial Review and Prospects &#151; Credit Facilities &#151; New DVB
Bank S.E. Nordic Branch Credit Facility.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(m)&nbsp;NIBC Bank N.V</I></B>
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our loan agreement, dated June&nbsp;25, 2009 with NIBC Bank N.V. see &#147;Item&nbsp;5.
Operating and Financial Review and Prospects &#151; Credit Facilities&#151; New NIBC Bank N.V. Credit
Facility.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>(n)&nbsp;Vessel Acquisition Agreements</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to separate memoranda of agreement each dated March&nbsp;30, 2007, we agreed to acquire
the <I>Gas Kalogeros, </I>a 5,000 cbm fully pressurized newbuilding LPG carrier delivered ex-shipyard to
its previous owner in March 200<I>7</I>, and the <I>Gas Sikousis </I>a 2006-built 3,500 cbm fully pressurized LPG
carrier, from Dreamship Inc. and Stellar Management Limited, respectively, each an affiliate of
ours, for an aggregate of $34.5&nbsp;million. We took delivery of the <I>Gas Kalogeros </I>and the <I>Gas Sikousis</I>
on July&nbsp;27, 2007 and August&nbsp;3, 2007, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;29, 2008, we entered into agreements to acquire the <I>Gas Defiance</I>, a 5,000 cbm
fully pressurized newbuilding LPG carrier, the <I>Gas Shuriken</I>, a 5,000 cbm fully pressurized
newbuilding LPG carrier, the <I>Gas Astrid</I>, a 3,500 cbm fully pressurized newbuilding LPG carrier, and
the <I>Gas Exelero</I>, a 3,500 cbm fully pressurized newbuilding LPG carrier from Newgas Limited,
Galactic Imports Limited, Lullaby Products Inc and Evolution Inc, respectively, each an affiliate
of ours, for an aggregate of $81.92&nbsp;million. The <I>Gas Defiance</I>, <I>Gas Shuriken </I>and <I>Gas Astrid </I>were
delivered to us in August&nbsp;2008, November&nbsp;2008 and April&nbsp;2009, respectively. The <I>Gas Exelero </I>is
scheduled to be delivered to us in June&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;29, 2008, we entered into an agreement with Event Holdings Inc, an affiliate of
ours, to acquire the <I>Gas Natalie</I>, a 3,213 cbm fully pressurized 1997-built LPG carrier, which was
delivered to us in January&nbsp;2009, subject to a bareboat charter until September&nbsp;2011. The vessel was
subsequently sold in January&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;4, 2010, we entered into a memorandum of agreement to acquire from an affiliated
entity an under construction Aframax tanker named &#147;Spike&#148; (formerly &#147;Hull No 1757&#148;) which is
scheduled to be delivered in the third quarter of 2010. The purchase price of this vessel is
$56,500,000. As provided by the relate memorandum of agreement, no advance payment will be given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all cases, the acquisition price for vessels described above was set at the average of the
assessed value of the acquired vessels by two unaffiliated international sale and purchase brokers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange Controls and Other Limitations Affecting Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Marshall Islands and Greek law, there are currently no restrictions on the export or
import of capital, including foreign exchange controls or restrictions that affect the remittance
of dividends, interest or other payments to non-resident holders of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not aware of any limitations on the rights to own our common stock, including rights of
non-resident or foreign stockholders to hold or exercise voting rights on our common stock, imposed
by foreign law or by our articles of incorporation or bylaws.
</DIV>


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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Marshall Islands Tax Consequences</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated in the Marshall Islands. Because we and our subsidiaries do not, and we do
not expect that we and our subsidiaries will, conduct business or operations in the Republic of The
Marshall Islands, under current Marshall Islands law we are not subject to tax on income or capital
gains and no Marshall Islands withholding tax will be imposed upon payments of dividends by us to
our stockholders so long as such stockholders do not reside in, maintain offices in, or engage in
business in the Republic of The Marshall Islands. In addition, holders of shares of our common
stock will not be subject to Marshall Islands stamp, capital gains or other taxes on the purchase,
ownership or disposition of shares of our common stock and will not be required by the Republic of
The Marshall Islands to file a tax return relating to such common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>United States Federal Income Tax Consequences</I></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise noted, this discussion is based on the assumption that we will not
maintain an office or other fixed place of business within the United States. We have no current
intention of maintaining such an office. References in this discussion to &#147;we&#148; and &#147;us&#148; are to
StealthGas Inc. and its subsidiaries on a consolidated basis, unless the context otherwise
requires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>United States Federal Income Taxation of Our Company</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxation of Operating Income: In General</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless exempt from United States federal income taxation under the rules discussed below, a
foreign corporation is subject to United States federal income taxation in respect of any income
that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time,
voyage or bareboat charter basis, from the participation in a pool, partnership, strategic
alliance, joint operating agreement or other joint venture it directly or indirectly owns or
participates in that generates such income, or from the performance of services directly related to
those uses, which we refer to as &#147;shipping income,&#148; to the extent that the shipping income is
derived from sources within the United States. For these purposes, 50% of shipping income that is
attributable to transportation that begins or ends, but that does not both begin and end, in the
United States constitutes income from sources within the United States, which we refer to as
&#147;United States-source shipping income.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipping income attributable to transportation that both begins and ends in the United States
is generally considered to be 100% from sources within the United States. We do not expect to
engage in transportation that produces income which is considered to be 100% from sources within
the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipping income attributable to transportation exclusively between non-United States ports is
generally considered to be 100% derived from sources outside the United States. Shipping income
derived from sources outside the United States will not be subject to any United States federal
income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the absence of exemption from tax under Section&nbsp;883, our gross United States-source
shipping income, unless determined to be effectively connected with the conduct of a United States
trade or business, as described below, would be subject to a 4% tax imposed without allowance for
deductions as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exemption of Operating Income from United States Federal Income Taxation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;883 of the Code, an entity, such as us and our vessel-owning subsidiaries, that
is treated for United States federal income tax purposes as a non-United States on-United States
corporation will be exempt from United States federal income taxation on its United States-source
shipping income if:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the entity is organized in a country other than the United States (an &#147;equivalent
exemption jurisdiction&#148;) that grants an exemption to corporations organized in the United States
that is equivalent to that provided for in Section&nbsp;883 of the Code (an &#147;equivalent exemption&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;either (A)&nbsp;for more than half of the days in the relevant tax year more than 50% of the
value of the entity&#146;s stock is owned, directly or under applicable constructive ownership rules, by
individuals who are residents of equivalent exemption jurisdictions or certain other qualified
shareholders (the &#147;50% Ownership Test&#148;) and certain ownership certification requirements are
complied with or (B)&nbsp;for the relevant tax year the entity&#146;s stock is &#147;primarily and regularly
traded on an established securities market&#148; in an equivalent exemption jurisdiction or the United
States (the &#147;Publicly-Traded Test&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe, based on Revenue Ruling 2008-17, 2008-12 IRB 626, and the exchanges of notes
referred to therein, that each of Malta, the Marshall Islands, Hong Kong, the Bahamas, Cyprus and
Panama, the jurisdictions in which we and our vessel-owning subsidiaries are organized, is an
equivalent exemption jurisdiction with respect income from bareboat and time or voyage charters.
Under the rules described in the preceding paragraph, our wholly-owned vessel-owning subsidiaries
that are directly or indirectly wholly-owned by us throughout a taxable year will be entitled to
the benefits of Section&nbsp;883 for such taxable year if we satisfy the 50% Ownership Test or the
Publicly-Traded Test for such year. Due to the widely-held ownership of our stock, it may be
difficult for us to satisfy the 50% Ownership Test. Our ability to satisfy the Publicly-Traded Test
is discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Section&nbsp;883 regulations provide, in pertinent part, that stock of a foreign corporation
will be considered to be &#147;primarily traded&#148; on an established securities market in a particular
country if the number of shares of each class of stock that are traded during any taxable year on
all established securities markets in that country exceeds the number of shares in each such class
that are traded during that year on established securities markets in any other single country. Our
common stock, which is the sole class of our issued and outstanding stock is &#147;primarily traded&#148; on
the NASDAQ Global Select Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the regulations, our common stock will be considered to be &#147;regularly traded&#148; on an
established securities market if one or more classes of our stock representing more than 50% of our
outstanding shares, by total combined voting power of all classes of stock entitled to vote and
total value, is listed on the market. We refer to this as the listing threshold. Since our common
stock is the sole class of stock listed on the NASDAQ Global Select Market, we will satisfy the
listing requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is further required that with respect to each class of stock relied upon to meet the
listing threshold (i)&nbsp;such class of the stock is traded on the market, other than in minimal
quantities, on at least 60&nbsp;days during the taxable year or 1/6 of the days in a short taxable year;
and (ii)&nbsp;the aggregate number of shares of such class of stock traded on such market is at least
10% of the average number of shares of such class of stock outstanding during such year or as
appropriately adjusted in the case of a short taxable year. We believe we will satisfy the trading
frequency and trading volume tests. Even if this were not the case, the regulations provide that
the trading frequency and trading volume tests will be deemed satisfied if, as we believe to be the
case with our common stock, such class of stock is traded on an established market in the United
States and such stock is regularly quoted by dealers making a market in such stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the regulations provide, in pertinent part, that a class of our
stock will not be considered to be &#147;regularly traded&#148; on an established securities market for any
taxable year in which 50% or more of such class of our outstanding shares of the stock is owned,
actually or constructively under specified stock attribution rules, on more than half the days
during the taxable year by persons who each own 5% or more of the value of such class of our
outstanding stock, which we refer to as the &#147;5% Override Rule.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of being able to determine the persons who own 5% or more of our stock, or &#147;5%
Stockholders,&#148; the regulations permit us to rely on those persons that are identified on Schedule
13G and Schedule&nbsp;13D filings with the United States Securities and Exchange Commission, or the
&#147;SEC,&#148; as having a 5% or more beneficial interest in our common stock. The regulations further
provide that an investment company which is registered under the Investment Company Act of 1940, as
amended, will not be treated as a 5% Stockholder for such purposes.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares of common stock are currently and may in the future also be, owned, actually or
under applicable attribution rules, such that 5% Stockholders own, in the aggregate, 50% or more of
our common stock. In such circumstances, we will be subject to the 5% Override Rule unless we can
establish that among the shares included in the closely-held block of our shares of common stock
are a sufficient number of shares of common stock that are owned or treated as owned by &#147;qualified
stockholders&#148; that the shares of common stock included in such block that are not so treated could
not constitute 50% or more of the shares of our common stock for more than half the number of days
during the taxable year. In order to establish this, such qualified stockholders would have to
comply with certain documentation and certification requirements designed to substantiate their
identity as qualified stockholders. For these purposes, a &#147;qualified stockholder&#148; includes (i)&nbsp;an
individual that owns or is treated as owning shares of our common stock and is a resident of a
jurisdiction that provides an exemption that is equivalent to that provided by Section&nbsp;883 of the
Code and (ii)&nbsp;certain other persons. There can be no assurance that we will not be subject to the
5% Override Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Chief Executive Officer, who is treated under applicable ownership attribution rules as
owning approximately 19.9% of our shares of common stock, has entered into an agreement with us
regarding his compliance, and the compliance by certain entities that he controls and through which
he owns our shares, with the certification requirements designed to substantiate status as
qualified stockholders. In certain circumstances, his compliance and the compliance of such
entities he controls with the terms of that agreement may enable us and our subsidiaries to qualify
for the benefits of Section&nbsp;883 even where persons each of whom owns, either directly or under
applicable attribution rules, 5% or more of our shares own, in the aggregate, more than 50% of our
outstanding shares. There can be no assurance, however, that his compliance and the compliance of
such entities he controls with the terms of that agreement will enable us or our subsidiaries to
qualify for the benefits of Section&nbsp;883.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not believe that we or our subsidiaries derived a material amount of United
States-source shipping income in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that we or any of our subsidiaries will qualify for the benefits of
Section&nbsp;883 for any year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent the benefits of Section&nbsp;883 are unavailable, our United States-source shipping
income and that at our subsidiaries, to the extent not considered to be &#147;effectively connected&#148;
with the conduct of a United States trade or business, as described below, would be subject to a 4%
tax imposed by Section&nbsp;887 of the Code on a gross basis, without the benefit of deductions. Since
under the sourcing rules described above, we expect that no more than 50% of our shipping income
and that of our subsidiaries would be treated as being derived from United States-sources, we
expect that the maximum effective rate of United States federal income tax on such gross shipping
income would never exceed 2% under the 4% gross basis tax regime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent the benefits of the Section&nbsp;883 exemption are unavailable and our United
States-source shipping income or that of our subsidiaries is considered to be &#147;effectively
connected&#148; with the conduct of a United States trade or business, as described below, any such
&#147;effectively connected&#148; United States-source shipping income, net of applicable deductions, would
be subject to the United States federal corporate income tax currently imposed at rates of up to
35%. In addition, we or our subsidiaries may be subject to the 30% &#147;branch profits&#148; taxes on
earnings effectively connected with the conduct of such trade or business, as determined after
allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the
conduct of a United States trade or business by us or our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our United States-source shipping income and that of our subsidiaries, other than leasing
income, will be considered &#147;effectively connected&#148; with the conduct of a United States trade or
business only if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we or our subsidiaries have, or are considered to have, a fixed place of business in the
United States involved in the earning of shipping income; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>substantially all (at least 90%) of our United States-source shipping income, other than
leasing income or that of a subsidiary, is attributable to regularly scheduled
transportation, such as the operation of a vessel</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that follows a published schedule with repeated sailings at regular intervals between the
same points for voyages that begin or end in the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not intend to have, or permit circumstances that would result in having, any vessel
operating to the United States on a regularly scheduled basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our United States-source shipping income from leasing or that of our subsidiaries will be
considered &#147;effectively connected&#148; with the conduct of a United States trade or business only if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we or our subsidiaries have, or are considered to have a fixed place of business in the
United States that is involved in the meaning of such leasing income; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>substantially all (at least 90%) of our United States-source shipping income from
leasing or that of a subsidiary is attributable to such fixed place of business.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For these purposes, leasing income is treated as attributable to a fixed place of business
where such place of business is a material factor in the realization of such income and such income
is realized in the ordinary course of business carried on through such fixed place of business.
Based on the foregoing and on the expected mode of our shipping operations and other activities, we
believe that none of our United States-source shipping income or that of our subsidiaries is
&#147;effectively connected&#148; with the conduct of a United States trade or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>United States Taxation of Gain on Sale of Vessels</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of whether we qualify for exemption under Section&nbsp;883, we will not be subject to
United States federal income taxation with respect to gain realized on a sale of a vessel, provided
the sale is considered to occur outside of the United States under United States federal income tax
principles. In general, a sale of a vessel will be considered to occur outside of the United States
for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the
buyer outside of the United States. It is expected that any sale of a vessel will be so structured
that it will be considered to occur outside of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>United States Federal Income Taxation of United States Holders</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the term &#147;United States Holder&#148; means a beneficial owner of common stock that
is a United States citizen or resident, United States corporation or other United States entity
taxable as a corporation, an estate the income of which is subject to United States federal income
taxation regardless of its source, or a trust if a court within the United States is able to
exercise primary jurisdiction over the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership holds our common stock, the tax treatment of a partner will generally depend
upon the status of the partner and upon the activities of the partnership. If you are a partner in
a partnership holding our common stock, you are encouraged to consult your tax advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Distributions</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the discussion of passive foreign investment companies below, any distributions
made by us with respect to our common stock to a United States Holder will generally constitute
dividends, which may be taxable as ordinary income or &#147;qualified dividend income&#148; as described in
more detail below, to the extent of our current or accumulated earnings and profits, as determined
under United States federal income tax principles. Distributions in excess of our earnings and
profits will be treated first as a nontaxable return of capital to the extent of the United States
Holder&#146;s tax basis in his common stock on a dollar for dollar basis and thereafter as capital gain.
Because we are not a United States corporation, United States Holders that are corporations will
not be entitled to claim a dividends received deduction with respect to any distributions they
receive from us. Dividends paid with respect to our common stock will generally be treated as
passive category income or, in the case of certain types of United States Holders, general category
income for purposes of computing allowable foreign tax credits for United States foreign tax credit
purposes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on our common stock to a United States Holder who is an individual, trust or
estate (a &#147;United States Individual Holder&#148;) should be treated as &#147;qualified dividend income&#148; that
is taxable to such United States Individual Holders at preferential tax rates (through 2010)
provided that (1)&nbsp;the common stock is readily tradable on an established securities market in the
United States (such as the NASDAQ Global Select Market); (2)&nbsp;we are not a passive foreign
investment company, or PFIC, for the taxable year during which the dividend is paid or the
immediately preceding taxable year see the discussion under the heading &#147;PFIC Status and
Significant Tax Consequences&#148; below for a discussion of our potential qualification as a PFIC; and
(3)&nbsp;the United States Individual Holder owns the common stock for more than 60&nbsp;days in the 121-day
period beginning 60&nbsp;days before the date on which the common stock becomes ex-dividend. Special
rules may apply to any &#147;extraordinary dividend&#148;. Generally, an extraordinary dividend is a dividend
in an amount which is equal to or in excess of ten percent of a stockholder&#146;s adjusted basis (or
fair market value in certain circumstances) in a share of common stock paid by us. If we pay an
&#147;extraordinary dividend&#148; on our common stock that is treated as &#147;qualified dividend income,&#148; then
any loss derived by a United States Individual Holder from the sale or exchange of such common
stock will be treated as long-term capital loss to the extent of such dividend. There is no
assurance that any dividends paid on our common stock will be eligible for these preferential rates
in the hands of a United States Individual Holder. Any dividends paid by us which are not eligible
for these preferential rates will be taxed to a United States Individual Holder at the standard
ordinary income rates. Legislation has been proposed which, if enacted into law in its present
form, would likely preclude, prospectively from the date of enactment, our dividends from being
treated as &#147;qualified dividend income&#148; eligible for the preferential tax rates described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Sale, Exchange or other Disposition of Common Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming we do not constitute a PFIC for any taxable year, a United States Holder generally
will recognize taxable gain or loss upon a sale, exchange or other disposition of our common stock
in an amount equal to the difference between the amount realized by the United States Holder from
such sale, exchange or other disposition and the United States Holder&#146;s tax basis in such stock.
Such gain or loss will be treated as long-term capital gain or loss if the United States Holder&#146;s
holding period is greater than one year at the time of the sale, exchange or other disposition.
Such capital gain or loss will generally be treated as United States-source income or loss, as
applicable, for United States foreign tax credit purposes. A United States Holder&#146;s ability to
deduct capital losses is subject to certain limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>PFIC Status and Significant Tax Consequences</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special United States federal income tax rules apply to a United States Holder that holds
stock in a foreign corporation classified as a PFIC for United States federal income tax purposes.
In general, we will be treated as a PFIC with respect to a United States Holder if, for any taxable
year in which such holder held our common stock, either:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 75% of our gross income for such taxable year consists of passive income (e.g.,
dividends, interest, capital gains and rents derived other than in the active conduct of a
rental business); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 50% of the average value of our assets during such taxable year produce, or are
held for the production of, passive income.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining whether we are a PFIC, we will be treated as earning and owning
our proportionate share of the income and assets, respectively, of any of our subsidiary
corporations in which we own at least 25&nbsp;percent of the value of the subsidiary&#146;s stock. Income
earned, or deemed earned, by us in connection with the performance of services will not constitute
passive income. By contrast, rental income will generally constitute &#147;passive income&#148; unless we are
treated under specific rules as deriving our rental income in the active conduct of a trade or
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may hold, directly or indirectly, interests in other entities that are PFICs (&#147;Subsidiary
PFICs&#148;). If we are a PFIC, each United States Holder will be treated as owning its pro rata share
by value of the stock of any such Subsidiary PFICs.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with determining our PFIC status we treat and intend to continue to treat the
gross income that we derive or are deemed to derive from our time chartering activities as services
income, rather than rental income. We believe that our income from time chartering activities does
not constitute &#147;passive income&#148; and that the assets that we own and operate in connection with the
production of that income do not constitute assets held for the production of passive income. We
treat and intend to continue to treat, for purposes of the PFIC rules, the income that we derive
from bareboat charters as passive income and the assets giving rise to such income as assets held
for the production of passive income. We believe there is substantial authority supporting our
position consisting of case law and IRS pronouncements concerning the characterization of income
derived from time charters and voyage charters as services income for other tax purposes. There is,
however, no legal authority specifically under the PFIC rules regarding our current and proposed
method of operation and it is possible that the Internal Revenue Service, or IRS, may not accept
our positions and that a court may uphold such challenge, in which case we and certain of our
subsidiaries could be treated as PFICs. In this regard we note that a recent federal court
decision, <I>Tidewater Inc. and Subsidiaries v. United States</I>, 565 F.3d 299 (5th Cir. 2009), held that
income derived from certain time chartering activities should be treated as rental income rather
than services income for purposes of the &#147;foreign sales corporation&#148; rules under the Code. The IRS
has stated that it disagrees with and will not acquiesce to the <I>Tidewater </I>decision, and in its
discussion stated that the time charters at issue in <I>Tidewater </I>would be treated as producing
services income for PFIC purposes. However, the IRS&#146;s statement with respect to the <I>Tidewater</I>
decision was an administrative action that cannot be relied upon or otherwise cited as precedent by
taxpayers. Consequently, in the absence of any binding legal authority specifically relating to
the statutory provisions governing PFICs, there can be no assurance that the IRS or a court would
agree with the Tidewater decision. However, if the principles of the <I>Tidewater </I>decision were
applicable to our time charters, we would likely be treated as a PFIC. Moreover, although we intend
to conduct our affairs in a manner to avoid being classified as a PFIC, we cannot assure you that
the nature of our assets, income and operations will not change, or that we can avoid being treated
as a PFIC for any taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not believe that we were a PFIC for 2009. This belief is based in part upon our beliefs
regarding the value of the assets that we hold for the production of or in connection with the
production of passive income relative to the value of our other assets. Should these beliefs turn
out to be incorrect, then we and certain or our subsidiaries could be treated as PFICs for 2009. In
this regard we note that our beliefs and expectations regarding the relative values of our assets
place us close to the threshold for PFIC status, and thus a relatively small deviance between our
beliefs and expectations and actual values could result in the treatment of us and certain of our
subsidiaries as PFICs. There can be no assurance that the IRS or a court will not determine values
for our assets that would cause us to be treated as a PFIC for 2009 or a subsequent year. Moreover,
we may qualify as a PFIC for 2010 or a subsequent year if there were to be a change in the nature
of our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a
United States Holder would be subject to different taxation rules depending on whether the United
States Holder makes an election to treat us as a &#147;Qualified Electing Fund,&#148; which election we refer
to as a &#147;QEF election.&#148; As an alternative to making a QEF election, a United States Holder should
be able to make a &#147;mark-to-market&#148; election with respect to our common stock, as discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Taxation of United States Holders Making a Timely QEF Election</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a United States Holder makes a timely QEF election, which United States Holder we refer to
as an &#147;Electing Holder,&#148; the Electing Holder must report each year for United States federal income
tax purposes his pro-rata share of our ordinary earnings and our net capital gain, if any, for our
taxable year that ends with or within the taxable year of the Electing Holder, regardless of
whether or not distributions were received from us by the Electing Holder. Generally, a QEF
election should be made on or before the due date for filing the electing United States Holder&#146;s
U.S. federal income tax return for the first taxable year in which our common stock is held by such
United States Holder and we are classified as a PFIC. The Electing Holder&#146;s adjusted tax basis in
the common stock will be increased to reflect taxed but undistributed earnings and profits.
Distributions of earnings and profits that had been previously taxed will result in a corresponding
reduction in the adjusted tax basis in the common stock and will not be taxed again once
distributed. An Electing Holder would generally recognize capital gain or loss on the sale,
exchange or other disposition of our common stock. A United States Holder would make a QEF election
with respect to any year that our company and any PFIC Subsidiary is a PFIC by filing one copy of
IRS Form&nbsp;8621 with his United States federal income tax return and a second copy in accordance with
the instructions to such form. If we
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">were aware that we were to be treated as a PFIC for any taxable year, we would provide each
United States Holder with all necessary information in order to make the QEF election described
above with respect to our common stock and the stock of any Subsidiary PFIC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Taxation of United States Holders Making a &#147;Mark-to-Market&#148; Election</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate,
our common stock is treated as &#147;marketable stock,&#148; a United States Holder would be allowed to make
a &#147;mark-to-market&#148; election with respect to our common stock, provided the United States Holder
completes and files IRS Form&nbsp;8621 in accordance with the relevant instructions and related Treasury
Regulations. If that election is made, the United States Holder generally would include as ordinary
income in each taxable year the excess, if any, of the fair market value of the common stock at the
end of the taxable year over such holder&#146;s adjusted tax basis in the common stock. The United
States Holder would also be permitted an ordinary loss in respect of the excess, if any, of the
United States Holder&#146;s adjusted tax basis in the common stock over its fair market value at the end
of the taxable year, but only to the extent of the net amount previously included in income as a
result of the mark-to-market election. A United States Holder&#146;s tax basis in his common stock would
be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other
disposition of our common stock would be treated as ordinary income, and any loss realized on the
sale, exchange or other disposition of the common stock would be treated as ordinary loss to the
extent that such loss does not exceed the net mark-to-market gains previously included by the
United States Holder. A mark-to-market election under the PFIC rules with respect to our common
stock would not apply to a Subsidiary PFIC, and a United States Holder would not be able to make
such a mark-to-market election in respect of its indirect ownership interest in that Subsidiary
PFIC. Consequently, United States Holders of our common stock could be subject to the PFIC rules
with respect to income of the Subsidiary PFIC, the value of which already had been taken into
account indirectly via mark-to-market adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Taxation of United States Holders Not Making a Timely QEF or Mark-to-Market Election</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we were to be treated as a PFIC for any taxable year, a United States Holder who does not
make either a QEF election or a &#147;mark-to-market&#148; election for that year, whom we refer to as a
&#147;Non-Electing Holder,&#148; would be subject to special rules with respect to (1)&nbsp;any excess
distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our
common stock in a taxable year in excess of 125&nbsp;percent of the average annual distributions
received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the
Non-Electing Holder&#146;s holding period for the common stock), and (2)&nbsp;any gain realized on the sale,
exchange or other disposition of our common stock. Under these special rules:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the excess distribution or gain would be allocated ratably over the Non-Electing
Holder&#146;s aggregate holding period for the common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to the current taxable year or to any portion of the United States
Holder&#146;s holding period prior to the first taxable year for which we were a PFIC would be
taxed as ordinary income; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to each of the other taxable years would be subject to tax at the
highest rate of tax in effect for the applicable class of taxpayer for that year, and an
interest charge for the deemed deferral benefit would be imposed with respect to the
resulting tax attributable to each such other taxable year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These penalties would not apply to a pension or profit sharing trust or other tax-exempt
organization that did not borrow funds or otherwise utilize leverage in connection with its
acquisition of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
PFIC Elections.</i>
</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a United States Holder held our stock during a period when we were treated as a PFIC but
the United States Holder did not have a QEF election in effect with respect to us, then in the
event that we failed to qualify as a PFIC for a subsequent taxable year, the United States Holder
could elect to cease to be subject to the rules described above with respect to those shares by
making a &#147;deemed sale&#148; or, in certain circumstances, a &#147;deemed dividend&#148; election with respect to
our stock. If the United States Holder makes a deemed sale election, the United States Holder will
be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">treated, for purposes of applying the rules described above under the heading &#147;Taxation of
United States Holders Not Making a Timely QEF or Mark-to-Market Election&#148;, as having disposed of
our stock for its fair market value on the last day of the last taxable year for which we qualified
as a PFIC (the &#147;termination date&#148;). The United States Holder would increase his, her or its basis
in such common stock by the amount of the gain on the deemed sale described in the preceding
sentence. Following a deemed sale election, the United States Holder would not be treated, for
purposes of the PFIC rules, as having owned the common stock during a period prior to the
termination date when we qualified as a PFIC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we were treated as a &#147;controlled foreign corporation&#148; for United States federal income tax
purposes for the taxable year that included the termination date, then a United States Holder could
make a &#147;deemed dividend&#148; election with respect to our common stock. If a deemed dividend election
is made, the United States Holder is required to include in income as a dividend his, her or its
pro rata share (based on all of our stock held by the United States Holder, directly or under
applicable attribution rules, on the termination date) of our post-1986 earnings and profits as of
the close of the taxable year that includes the termination date (taking only earnings and profits
accumulated in taxable years in which we were a PFIC into account). The deemed dividend described
in the preceding sentence is treated as an excess distribution for purposes of the rules described
above under the heading &#147;Taxation of United States Holders Not making a Timely QEF or
Mark-to-Market Election&#148;. The United States Holder would increase his, her or its basis in our
stock by the amount of the deemed dividend. Following a deemed dividend election, the United States
Holder would not be treated, for purposes of the PFIC rules, as having owned the stock during a
period prior to the termination date when we qualified as a PFIC. For purposes of determining
whether the deemed dividend election is available, we generally will be treated as a controlled
foreign corporation for a taxable year when, at any time during that year, United States persons,
each of whom owns, directly or under applicable attribution rules, shares having 10% or more of the
total voting power of our stock, in the aggregate own, directly or under applicable attribution
rules, shares representing more than 50% of the voting power or value of our stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A deemed sale or deemed dividend election must be made on the United States Holder&#146;s original
or amended return for the shareholder&#146;s taxable year that includes the termination date and, if
made on an amended return, such amended return must be filed not later than the date that is three
years after the due date of the original return for such taxable year. Special rules apply where a
person is treated, for purposes of the PFIC rules, as indirectly owning our common stock.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;<I>United States Federal Income Taxation of &#147;Non-United States Holders&#148;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial owner of common stock that is not a United States Holder and is not treated as a
partnership for United States federal income tax purposes is referred to herein as a &#147;Non-United
States Holder.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Dividends on Common Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-United States Holders generally will not be subject to United States federal income tax or
withholding tax on dividends received from us with respect to our common stock, unless that income
is effectively connected with the Non-United States Holder&#146;s conduct of a trade or business in the
United States. If the Non-United States Holder is entitled to the benefits of a United States
income tax treaty with respect to those dividends, that income generally is taxable only if it is
attributable to a permanent establishment maintained by the Non-United States Holder in the United
States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;<I>Sale, Exchange or Other Disposition of Common Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-United States Holders generally will not be subject to United States federal income tax or
withholding tax on any gain realized upon the sale, exchange or other disposition of our common
stock, unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain is effectively connected with the Non-United States Holder&#146;s conduct of a trade
or business in the United States. If the Non-United States Holder is entitled to the
benefits of an income tax treaty with respect to that gain, that gain generally is taxable
only if it is attributable to a permanent establishment maintained by the Non-United States
Holder in the United States; or</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Non-United States Holder is an individual who is present in the United States for
183&nbsp;days or more during the taxable year of disposition and other conditions are met.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Non-United States Holder is engaged in a United States trade or business for United States
federal income tax purposes, the income from the common stock, including dividends and the gain
from the sale, exchange or other disposition of the stock that is effectively connected with the
conduct of that trade or business will generally be subject to regular United States federal income
tax in the same manner as discussed in the previous section relating to the taxation of United
States Holders. In addition, in the case of a corporate Non-United States Holder, such holder&#146;s
earnings and profits that are attributable to the effectively connected income, which are subject
to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at
a lower rate as may be specified by an applicable income tax treaty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Backup Withholding and Information Reporting</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, dividend payments, or other taxable distributions, made within the United States
to a non corporate United States holder will be subject to information reporting requirements and
backup withholding tax if such holder:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fails to provide an accurate taxpayer identification number;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is notified by the Internal Revenue Service that you have failed to report all interest
or dividends required to be shown on your federal income tax returns; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in certain circumstances, fails to comply with applicable certification requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-United States Holders may be required to establish their exemption from information
reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8ECI or W-8IMY,
as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a holder sells our common stock to or through a United States office or broker, the payment
of the proceeds is subject to both United States backup withholding and information reporting
unless the holder certifies that it is a non-United States person, under penalties of perjury, or
the holder otherwise establishes an exemption. If a holder sells our common stock through a
non-United States office of a non-United States broker and the sales proceeds are paid outside the
United States then information reporting and backup withholding generally will not apply to that
payment. However, United States information reporting requirements, but not backup withholding,
will apply to a payment of sales proceeds, even if that payment is made outside the United States,
if a holder sells our common stock through a non-United States office of a broker that is a United
States person or has some other contacts with the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup withholding tax is not an additional tax. Rather, a holder generally may obtain a
refund of any amounts withheld under backup withholding rules that exceed such stockholder&#146;s income
tax liability by filing a refund claim with the Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends and Paying Agents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statement by Experts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Documents on Display</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act. In accordance with these
requirements, we file reports and other information as a foreign private issuer with the SEC. You
may inspect and copy our public filings without charge at the public reference facilities
maintained by the Securities and Exchange Commission at
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 85 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the
public reference room by calling 1 (800)&nbsp;SEC-0330, and you may obtain copies at prescribed rates
from the Public Reference Section of the SEC at its principal office at 100 F Street, N.E.,
Washington, D.C. 20549. The SEC maintains a website (http://www.sec.gov) that contains reports,
proxy and information statements and other information regarding registrants that file
electronically with the SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subsidiary Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our risk management policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary market risks relate to adverse movements in freight rates in the Handy Size LPG
Carrier sector and any declines that may occur in the value of our assets which are made up
primarily of Handy Size LPG Carriers. Our policy is to also continuously monitor our exposure to
other business risks, including the impact of changes in interest rates, currency rates, and bunker
prices on earnings and cash flows. We assess these risks and, when appropriate, enter into
derivative contracts with credit-worthy counter parties to minimize our exposure to the risks. In
regard to bunker prices, as our employment policy for our vessels has continued to be and is
expected to continue with a high percentage of our fleet on period employment, we are not directly
exposed for the majority of our fleet to increases in bunker fuel prices as these are the
responsibility of the charterer under period charter arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest rate risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to market risks relating to changes in interest rates, because we have floating
rate debt outstanding under our loan agreements on which we pay interest based on LIBOR plus a
margin. In order to manage our exposure to changes in interest rates due to this floating rate
indebtedness, we enter into interest rate swap agreements. Set forth below is a table of our
interest rate swap arrangements converting floating interest rate exposure into fixed as of
December&nbsp;31, 2007, 2008 and 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Floating Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Notional Amount on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fixed Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(StealthGas</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fair Value December</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fair Value December</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fair Value December</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Counterparty</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Contract Trade Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Effective Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Termination Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Effective Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(StealthGas Pays)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Receives)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FORTIS</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;31, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;30, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;30, 2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$22.5&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.55</TD>
    <TD nowrap valign="top">%(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(0.3) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.0) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.0) million</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;23, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;9, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;9, 2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$22.5&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.52</TD>
    <TD nowrap valign="top">%(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(0.3) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.7) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.3) million</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;22, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;11, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;11, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.0&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.42</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.2) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(2.6) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;22, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;11, 2012
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.0&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.58</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.5) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(3.5) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FORTIS</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;15, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;17, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January&nbsp;17, 2013
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$41.7&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.66</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(2.4) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.8) million</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DEUTSCHE BANK</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;18, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;20, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;20, 2013
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$40.3&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.09</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.5) million
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(1.1) million</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DNB NOR BANK ASA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;16, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;9, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;9, 2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$53.3&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.73</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(4.8) million</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NIBC BANK N.V</B>.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;16, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;20, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;2, 2014
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$23.9&nbsp;million
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.77</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3&nbsp;month U.S. dollar
LIBOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$(0.3) million</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>If the United States dollar three month LIBOR is less than 7.5%,
the fixed rate is 4.55%. If the United States dollar three month
LIBOR is equal to or higher than 7.5%, then the fixed rate would
be the United States dollar three month LIBOR.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>If the United States dollar six month LIBOR is less than or equal
to 5.75%, the fixed rate is 4.52%. If the United States dollar six
month LIBOR is higher than 5.75%, then the fixed rate would be the
United States dollar six month LIBOR less 123 basis points.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, total bank indebtedness of the Company was $345.8&nbsp;million, of
which $178.0&nbsp;million was covered by the interest rate swap agreements described above. As set forth
in the above table, as of December&nbsp;31, 2009, we paid fixed rates ranging from 2.77% to 4.73% and
received floating rates based on LIBOR of approximately 0.83% for three month LIBOR and 1.59% for
six month LIBOR under our six floating-to-fixed rate interest rate swap agreements. As of December
31, 2009 and April&nbsp;30, 2010, our interest rate swap agreements are, on an average basis, above the
prevailing three-month and six-month LIBOR rates over which our loans are priced due to the steep
reduction in prevailing interest rates during 2009 and the first half of 2010. Accordingly, the
effect of these interest rate swap agreements in 2009 and the first half of 2010 has been to
increase our interest expense.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 86 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Specifically, we incurred additional interest expense of $4.8&nbsp;million and $1.2&nbsp;million for the
years ended December&nbsp;31, 2009 and 2008, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the amount of our outstanding indebtedness as of December&nbsp;31, 2009, and our interest
swap arrangements as of December&nbsp;31, 2009, a hypothetical one percentage point increase or decrease
in relevant interest rates (three and six month U.S. dollar LIBOR) would increase our interest rate
expense, on an annualized basis, by approximately $0.5&nbsp;million and decrease our interest rate
expense by approximately $2.8&nbsp;million, respectively. We have not and do not intend to enter into
interest rate swaps for speculative purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign exchange rate fluctuation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate all of our revenues in U.S. dollars and incur less than 10% of our expenses in
currencies other than U.S. dollars. For accounting purposes, expenses incurred in Euros are
converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. At
December&nbsp;31, 2009, less than 10% of our outstanding accounts payable was denominated in currencies
other than the U.S. dollar mainly in Euros. Other than with regard to five LPG carrier construction
contracts denominated in Japanese Yen, which are discussed below, we have not hedged currency
exchange risks associated with our revenues and expenses from operations and our operating results
could be adversely affected as a result. Due to our relatively low percentage exposure, other than
with regard to the five LPG carrier construction contracts denominated in Japanese Yen, to
currencies other than our base currency, which is the U.S. dollar we believe that such currency
movements will not otherwise have a material effect on us. As such, we do not hedge these exposures
as the amounts involved do not make hedging economic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2008, we signed contracts with Mitsubishi Corporation of Japan for the
construction of five LPG carriers scheduled for delivery between February&nbsp;2011 and May&nbsp;2012, at an
aggregate contract price of Yen 12,008,000,000 ($111,185,185, based upon the prevailing USD/JPY
exchange rate of $1.00:JPY 108 as of February&nbsp;25, 2008). On February&nbsp;29, 2008, we paid the first
10% installment of Yen 1,200,800,000 ($11,118,519, based upon the prevailing USD/JPY exchange rate
of $1.00:JPY108 as of February&nbsp;25, 2008). On August&nbsp;5, 2008, we entered into 14 foreign currency
forward contracts to hedge part of our exposure to fluctuations of our anticipated cash payments in
Japanese Yen relating to the construction of the five LPG carriers. The contracts which have
different forward value dates are at different rates of exchange, the weighted average rate for
these contracts is 98.86 JPY/USD. Under the 14 contracts, we will convert approximately JPY5.4
billion of cash outflows to U.S. dollars at various dates from 2009 to 2011. As of December&nbsp;31,
2009, we recorded an asset of $3.64&nbsp;million in respect of the fair value of these forward contracts
on our balance sheet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into forward foreign exchange contracts covering Japanese Yen 4,803,200,000,
which represents 50% of the remaining amounts to be paid under our Japanese Yen-denominated
newbuilding construction contracts with Mitsubishi Corporation of Japan at an overall rate of
JPY98.40 to the US$1.00. The remaining amount payable under these newbuilding construction
contracts is unhedged. A hypothetical 10% movement in the outright USD/JPY exchange rate would
result in a reduction in the cost of the vessels of $4.4&nbsp;million should the USD/JPY exchange rate
move higher (i.e., JPY appreciates against the dollar), and an increase in the cost of the vessels
of $5.46&nbsp;million should the USD/JPY exchange rate move lower (i.e., JPY depreciates against the
dollar)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As our forward foreign exchange contracts do not qualify for hedge accounting any marked to
market fluctuations in their value will be recognized in our statement of income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not and do not intend to enter into foreign currency contracts for speculative
purposes.
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;12. Description of Securities Other than Equity Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 87 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Disclosure Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StealthGas&#146;s management, with the participation of its Chief Executive Officer and Chief
Financial Officer, has evaluated the effectiveness of the design and operation of the Company&#146;s
disclosure controls and procedures, as defined in Rules&nbsp;13a-15(e) and 15d-15(e) under the Exchange
Act, as of December&nbsp;31, 2009. Disclosure controls and procedures are defined under SEC rules as
controls and other procedures that are designed to ensure that information required to be disclosed
by a company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within required time periods. Disclosure controls and procedures include
controls and procedures designed to ensure that information required to be disclosed by an issuer
in the reports that it files or submits under the Exchange Act is accumulated and communicated to
the issuer&#146;s management, including its principal executive and principal financial officers, or
persons performing similar functions, as appropriate, to allow timely decisions regarding required
disclosure. There are inherent limitations to the effectiveness of any system of disclosure
controls and procedures, including the possibility of human error and the circumvention or
overriding of the controls and procedures. Accordingly, even effective disclosure controls and
procedures can only provide reasonable assurance of achieving their control objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the Company&#146;s evaluation, the Chief Executive Officer and the Chief Financial Officer
have concluded that the Company&#146;s disclosure controls and procedures were effective as of December
31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management&#146;s Report on Internal Control over Financial Reporting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s management is responsible for establishing and maintaining adequate internal
control over financial reporting, as defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Exchange
Act, and for the assessment of the effectiveness of internal control over financial reporting. The
Company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles in the
United States (&#147;GAAP&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company&#146;s internal control over financial reporting includes those policies and procedures
that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable
assurance that transactions are recorded as necessary to permit the preparation of financial
statements in accordance with GAAP, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company; and (iii)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company&#146;s assets that could have a material effect on the financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making its assessment of the Company&#146;s internal control over financial reporting as of
December&nbsp;31, 2009, management, including the Chief Executive Officer and Chief Financial Officer,
used the criteria set forth in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 88 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Internal Control &#151; Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (&#147;COSO&#148;) and evaluated the internal control over financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management concluded that, as of December&nbsp;31, 2009 the Company&#146;s internal control over
financial reporting was effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attestation Report of the Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of our internal control over financial reporting as of December&nbsp;31, 2009 has
been audited by Deloitte Hadjipavlou, Sofianos &#038; Cambanis S.A., an independent registered public
accounting firm, as stated in their report which appears herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Changes in Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period covered by this Annual Report on Form 20-F, we have made no changes to our
internal control over financial reporting that have materially affected or are reasonably likely to
materially affect our internal control over financial reporting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Board of Directors and Stockholders of StealthGas Inc., Majuro, Republic of the Marshall Islands
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the internal control over financial reporting of StealthGas Inc. and
subsidiaries (the &#147;Company&#148;) as of December&nbsp;31, 2009, based on criteria established in Internal
Control &#151; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission. The Company&#146;s management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management&#146;s Report on Internal Control over Financial
Reporting. Our responsibility is to express an opinion on the Company&#146;s internal control over
financial reporting based on our audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk,
and performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company&#146;s internal control over financial reporting is a process designed by, or under the
supervision of, the company&#146;s principal executive and principal financial officers, or persons
performing similar functions, and effected by the company&#146;s board of directors, management, and
other personnel to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company&#146;s internal control over financial reporting includes
those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company&#146;s assets that could have a material effect on the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the inherent limitations of internal control over financial reporting, including
the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any
evaluation of the effectiveness of the internal
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 89 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">control over financial reporting to future periods are subject to the risk that the controls
may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the Company maintained, in all material respects, effective internal control
over financial reporting as of December&nbsp;31, 2009, based on the criteria established in Internal
Control &#151; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the consolidated financial statements as of and for the year ended
December&nbsp;31, 2009 of the Company and our report dated June&nbsp;28, 2010 expressed an unqualified
opinion on those financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Deloitte. Hadjipavlou, Sofianos &#038; Cambanis S.A.<BR>
Athens, Greece<BR>
June&nbsp;28, 2010

</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16A. Audit Committee Financial Expert</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has determined that Markos Drakos is an Audit Committee financial expert as defined
by the U.S. Securities and Exchange Commission and meets the applicable independence requirements
of the U.S. Securities and Exchange Commission and the NASDAQ Stock Market.
</DIV>
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16B. Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Code of Business Conduct and Ethics, a copy of which are posted on our
website, and may be viewed at http://www.stealthgas.com. We will also provide a paper copy free of
charge upon written request by our stockholders. Stockholders may direct their requests to the
attention of Andrew J. Simmons, Chief Financial Officer, 331 Kifissias Avenue, Erithrea 14561
Athens, Greece. No waivers of the Code of Business Conduct and Ethics were granted to any person
during the fiscal year ended December&nbsp;31, 2009.
</DIV>
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16C. Principal Accountant Fees and Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remuneration of Deloitte Hadjipavlou, Sofianos &#038; Cambanis S.A., an Independent Registered
Public Accounting Firm (in thousands):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Further assurance/audit related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>713</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>661</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(1) </B><B><I>Audit fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees paid to Deloitte Hadjipavlou, Sofianos &#038; Cambanis S.A., which we refer to as
Deloitte, in 2009 and 2008 were compensation for professional services rendered for the audits of
the Company&#146;s financial statements for the years ended December&nbsp;31, 2009 and 2008 and review of the
quarterly financial information for the first three quarters of 2009 included in reports on Form
6-K furnished to the SEC by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(2) </B><B><I>Further Assurance /Audit Related Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte did not provide any services that would be classified in this category in 2009 and
2008
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(3) </B><B><I>Tax Fees</I></B>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 90 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte did not provide any tax services in 2009 and 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(4) </B><B><I>All Other Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte did not provide any other services that would be classified in this category in 2009
and 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Non-audit services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of our Board of Directors has the authority to pre-approve permissible
audit-related and non-audit services not prohibited by law to be performed by our independent
auditors and associated fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engagements for proposed services either may be separately pre-approved by the audit committee
or entered into pursuant to detailed pre-approval policies and procedures established by the audit
committee, as long as the audit committee is informed on a timely basis of any engagement entered
into on that basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval for other permitted non-audit services has to be sought on an ad hoc basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where no Audit Committee meeting is scheduled within an appropriate time frame, the approval
is sought from the Chairman of the Audit Committee subject to confirmation at the next meeting.
</DIV>
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16D. Exemptions from the Listing Standards for Audit Committees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We did not repurchase any shares of our common stock in 2009. On March&nbsp;22, 2010, our Board of
Directors approved a stock repurchase program of up to $15.0&nbsp;million. As at June&nbsp;18, 2010,
1,205,229 common shares had been repurchased at an average price of $5.21 per share. We may
discontinue or cancel this program at any time.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Part of Publicly</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Announced</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Plans or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the Plans or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Programs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Programs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(c)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(d)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;22, to April&nbsp;29, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May&nbsp;6, to May&nbsp;28, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">658,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;2010 (through June&nbsp;18, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,205,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD nowrap>(1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Approximately $8.72&nbsp;million remains unused under the approved stock repurchase program as
of the date of this report.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16F. Change in Registrant&#146;s Certifying Accountant</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16G. Corporate Governance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Statement of Significant Differences Between our Corporate Governance Practices and Nasdaq
Corporate Governance Standards for Non-Controlled U.S. Issuers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to certain exceptions for foreign private issuers, we are not required to comply with
certain of the corporate governance practices followed by U.S. companies under Nasdaq corporate
governance standards, however, we voluntarily comply in full with all applicable Nasdaq corporate
governance standards.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 91 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see &#147;Item&nbsp;6. Directors, Senior Management and Employees&#148; for a description of our
current non-compliance with certain corporate governance standards due to the resignation of one of
our independent directors on April&nbsp;22, 2010 and our reliance on a Nasdaq exemption from such
compliance until October&nbsp;19, 2010, prior to which time we expect to elect a new independent director
and regain compliance with these corporate governance standards.
</DIV>

<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART III</B>
</DIV>

<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;17. Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;18. Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to pages F-1 through F-37 incorporated herein by reference.
</DIV>

<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;19. Exhibits</B>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 92 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of Incorporation of the Company*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">1.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of the Company*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Management Agreement between the Company and Stealth Maritime S.A.,
as amended***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Right of First Refusal among the Company, Harry Vafias and Stealth Maritime S.A.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">StealthGas Inc.&#146;s 2005 Equity Compensation Plan, amended and restated*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement with Fortis Bank (Nederland) N.V. and Deed of Release of Security and
Obligations*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated December&nbsp;5, 2005 with DnB Nor Bank ASA**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Agreement, dated February&nbsp;27, 2006, with DnB Nor Bank ASA**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated May&nbsp;17, 2006, with Fortis Bank-Athens Branch***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated June&nbsp;28, 2006, with DnB Nor Bank ASA***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement, dated August&nbsp;2, 2006, with Nike Investments Corporation, as amended***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated March&nbsp;30, 2007, for the <I>Gas Kalogeros</I>***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated March&nbsp;30, 2007, for the <I>Gas Sikousis</I>***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Promissory Note dated May&nbsp;16, 2007 issued in favor of Brave Maritime Corp.***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Agreement, between Empire Spirit Ltd., Independent Trader Ltd.,
Triathlon Inc., Soleil Trust Inc., Jungle Investment Limited and Northern Yield Shipping
Limited and DnB NOR Bank ASA, dated January&nbsp;30, 2007****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated as of June&nbsp;21, 2007, between StealthGas Inc., as borrower,
Scotiabank (Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and
The Bank of Nova Scotia, as swap bank*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Agreement, dated January&nbsp;8, 2008, between StealthGas Inc., as borrower,
Scotiabank (Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and
The Bank of Nova Scotia, as swap bank*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated February&nbsp;29, 2008, for the <I>Gas Defiance</I>*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated February&nbsp;29, 2008, for the <I>Gas Shuriken</I>*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated February&nbsp;29, 2008, for the <I>Gas Astrid</I>*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated February&nbsp;29, 2008, for the <I>Gas Exelero</I>*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum of Agreement, dated February&nbsp;29, 2008, for the <I>Gas Natalie</I>****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated July&nbsp;30, 2008, between StealthGas Inc., as borrower, and National
Bank of Greece, as lender*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated August&nbsp;28, 2008, between StealthGas Inc., as borrower, and
Emporiki Bank of Greece, S.A., as lender*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Agreement, dated March&nbsp;14, 2008, Empire Spirit Ltd., Independent
Trader Ltd., Triathlon Inc., Soleil Trust Inc., Jungle Investment Limited and Northern
Yield Shipping Limited, as joint and several borrowers, and DnB NOR Bank ASA, as
lender*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated January&nbsp;30, 2009, between Casteli Castle Inc., as borrower, DnB
NOR Bank ASA, as lender, DnB NOR Bank ASA, as Agent, Account Bank and Security Trustee,
and DnB NOR Bank ASA as Swap Bank*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated February&nbsp;12, 2008, between StealthGas Inc., as borrower, and
Deutsche Bank AG Filiale Deutschlandgeschaft, as lender*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.26
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated February&nbsp;19, 2009, between EFG Eurobank Ergasias S.A., as lender,
and StealthGas Inc., as borrower*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.27
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Agreement, dated February&nbsp;18, 2009, between StealthGas Inc., as borrower, DVB Bank
S.E., Nordic Branch, as lender, and DVB BANK S.E., Nordic Branch as Arranger, Agent,
Security Trustee and Swap Bank*****</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.28
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum for Agreement, dated June&nbsp;4, 2010, for the M/V <I>Spike</I>, and Addendum No. 1 thereto, date June 22, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.29
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment Letter, dated March&nbsp;18, 2010, between StealthGas and Scotiabank (Ireland)
Limited, in respect of Loan Agreement, dated June&nbsp;21, 2007, as amended</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.30
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Agreement, dated
October 21, 2009, between StealthGas Inc., as borrower, and Deutsche
Bank AG Filiale Deutschlandgeschaft</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.31
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Agreement, dated April&nbsp;27, 2010, between StealthGas Inc., as
borrower, and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 93 - <!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG Filiale Deutschlandgeschaft in respect of loan agreement,
dated February&nbsp;12, 2008, as amended, as supplemented by a supplemental agreement dated
October&nbsp;21, 2009.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">11.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Business Conduct and Ethics***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of the Chief Executive Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">12.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of the Chief Financial Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">13.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section&nbsp;1350 as added
by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">13.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section&nbsp;1350 as added
by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">15.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Registration
Statement on Form F-1 (File No.&nbsp;333-127905) filed with the SEC and
hereby incorporated by reference to such Registration Statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Annual Report on
Form 20-F for the year ended December&nbsp;31, 2005 filed with the SEC on
April&nbsp;20, 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Annual Report on
Form 20-F for the year ended December&nbsp;31, 2007 filed with the SEC on
June&nbsp;5, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">****</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Report on Form 6-K
filed with the SEC on July&nbsp;17, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*****</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Annual Report on
Form 20-F for the year ended December&nbsp;31, 2008 filed with the SEC on
June&nbsp;11, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*****</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed as an exhibit to the Company&#146;s Annual Report on
Form 20-F for the year ended December&nbsp;31, 2009 filed with the SEC on
June&nbsp;18, 2009.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 94 - <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F
and that it has duly caused and authorized the undersigned to sign this annual report on its
behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>STEALTHGAS INC.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/  Harry N. Vafias</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Harry N. Vafias
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: June
29, 2010
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 95 - <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Consolidated Financial Statements</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Index to consolidated financial statements</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pages</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Consolidated Balance Sheets &#151; As of December&nbsp;31, 2008 and December&nbsp;31, 2009</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">F-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Consolidated Statements of Operations for the years ended December&nbsp;31,
2007, 2008 and 2009</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">F-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Consolidated Statement of Changes in Stockholders&#146; Equity for the years
ended December&nbsp;31, 2007, 2008 and 2009</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">F-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Statements of Cash Flows for the years ended December&nbsp;31,
2007, 2008 and 2009</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Notes to the Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">F-7 &#151; F-37</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Board of Directors and Stockholders of StealthGas Inc., Majuro, Republic of the Marshall Islands
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying consolidated balance sheets of StealthGas Inc. and
subsidiaries (the &#147;Company&#148;) as of December&nbsp;31, 2009 and 2008, and the related consolidated
statements of operations, changes in stockholders&#146; equity, and cash flows for each of the three
years in the period ended December&nbsp;31, 2009. These financial statements are the responsibility of
the Company&#146;s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, such consolidated financial statements present fairly, in all material
respects, the financial position of StealthGas Inc. and subsidiaries as of December&nbsp;31, 2009 and
2008, and the results of their operations and their cash flows for each of the three years in the
period ended December&nbsp;31, 2009, in conformity with accounting principles generally accepted in the
United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the Company&#146;s internal control over financial reporting as of
December&nbsp;31, 2009, based on the criteria established in Internal Control &#151; Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated
June&nbsp;28, 2010 expressed an unqualified opinion on the Company&#146;s internal control over financial
reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Deloitte. Hadjipavlou, Sofianos &#038; Cambanis S.A.<BR>
Athens, Greece<BR>
June&nbsp;28, 2010<U></U>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
<!-- xbrl,bs -->
<DIV align="left">
<A name="300"></A>
</DIV>

Consolidated Balance Sheets<BR>
<!-- xbrl,body -->
As of December&nbsp;31, 2008 and 2009 (Expressed in United States Dollars, except for share data)</B>

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Note</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,848,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,076,339</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,685,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Claims receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493,852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,146,919</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances and prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">625,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,672,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,399,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vessels held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,829,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,774,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>52,458,518</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>69,031,753</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances for vessels under construction and acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,009,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,485,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vessels, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,771,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">594,931,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,550,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred finance charges, net of accumulated
amortization of $267,118 and $469,888</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,466,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,711,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,861,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total non current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>581,888,605</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>623,465,257</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>634,347,123</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>692,497,010</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Stockholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,407,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,310,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,256,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,223,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,518,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,095,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,436,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,522,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,776,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,643,963</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,061,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,380,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,612,718</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt associated with vessel held for
sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,554,270</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>40,774,931</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>69,023,455</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,762,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,327,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,467,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of below market acquired time charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other non current liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,688,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,313,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,655,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total non current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>275,724,867</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>322,671,624</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>316,499,798</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>391,695,079</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Commitments and contingencies</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5,000,000 preferred shares authorized and zero outstanding
with a par value of $0.01 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">100,000,000
common shares authorized 22,310,110 and 22,310,110 shares issued and outstanding with a par value of $0.01 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,526,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,100,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,910,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,415,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(812,206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(936,424</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>317,847,325</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>300,801,931</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>634,347,123</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>692,497,010</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<!-- /xbrl,bs -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
<!-- xbrl,op -->
<DIV align="left">
<A name="301"></A>
</DIV>

Consolidated Statements of Operations<BR>
<!-- xbrl,body -->
For the years ended December&nbsp;31, 2007 2008 and 2009<BR>
(Expressed in United States Dollars, except for share data)</B>

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Note</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Voyage revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,995,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,551,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,045,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Voyage expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,369,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,180,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,522,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vessels&#146; operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,435,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,178,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,001,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dry-docking costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,112,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,266,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,126,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,618,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,024,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,772,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,564,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,546,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,283,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,766,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,867,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeiture of vessel deposit and
contract termination fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Charter termination fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(753,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net (gain)/loss on sale of vessels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,673,321</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>56,817,519</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>70,472,843</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>111,759,386</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>33,177,604</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>42,079,058</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>1,286,575</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other income and (expenses)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest and finance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,831,404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,962,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,109,222</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,573,992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,713,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,478,163</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,171</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(159,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(261,401</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other expenses, net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(10,639,497</b></TD>
    <TD nowrap><b>)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(12,091,574</b></TD>
    <TD nowrap><b>)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(14,598,460</b></TD>
    <TD nowrap><b>)</b></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Income / (Loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>22,538,107</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>29,987,484</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(13,311,885</b></TD>
    <TD nowrap><b>)</b></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings / (Loss) per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151; Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151; Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Weighted average number of shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151;Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,900,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,130,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,219,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151;Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,943,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,182,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,219,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash dividends declared per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,op -->


<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
<!-- xbrl,se -->

<DIV align="left">
<A name="302"></A>
</DIV>

Consolidated Statement of Changes in Stockholders&#146; Equity<BR>
<!-- xbrl,body -->
For the years ended December&nbsp;31, 2007, 2008 and 2009<BR>
(Expressed in United States Dollars, except for share data)</B>

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-in Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 14)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 14)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 14)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Earnings</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income/(Loss)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance as of January&nbsp;1, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,607,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,826,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,802,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Follow-on public offering net of issuance cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,860,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,932,958</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriters&#146; over-allotment option
exercised net of issuance cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,821,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,826,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of restricted shares and
and related stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,322,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid ($0.75 per share per year)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,714,540</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,714,540</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151; Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(628,334</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(628,334</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(628,334</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,760</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,859,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,284,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,612,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,650,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(455,332</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,030,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of restricted shares and
and related stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,913,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,913,634</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid ($0.75 per share per year)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,727,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,727,707</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151; Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(347,162</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(347,162</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(347,162</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,712</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,630,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,310,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,526,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,910,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(812,206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,847,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">573,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">573,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid ($0.1875 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,183,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,183,146</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#151; Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(293,043</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(293,043</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(293,043</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,436,103</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,310,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,100,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,415,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(936,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,801,931</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<!-- /xbrl,se -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
<!-- xbrl,cf -->
<DIV align="left">
<A name="303"></A>
</DIV>

Consolidated Statements of Cash Flows<BR>
<!-- xbrl,body -->
For the years ended December&nbsp;31, 2007 2008 and 2009<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income / (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Items included in net income not affecting cash flows:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization of deferred finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,621,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,388,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,969,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of fair value of time charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,377,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,005,865</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(181,552</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeiture of vessel deposit and contract termination fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,913,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">573,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in fair value of derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,573,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,467,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,454,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,867,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Gain)/loss on sale of vessels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,673,321</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Changes in operating assets and liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>(Increase)/decrease in</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,252,630</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(222,382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716,483</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Claims receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,041</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(561,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(642,259</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(89,491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(417,777</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(892,777</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances and prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(599,735</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Increase/(decrease) in</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,648,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,439,314</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,902,720</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,356,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(150,246</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">967,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(753,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,577,225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">803,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,132,396</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>47,704,497</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>48,080,792</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>48,347,343</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insurance proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">755,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances for vessel under construction and acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,450,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,009,597</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,976,308</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of vessels, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,883,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,669,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition of vessels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(133,846,574</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(167,509,111</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,335,745</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Decrease/(increase) in restricted cash account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,609,934</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,654,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,676,749</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(149,636,615</b></TD>
    <TD nowrap><b>)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(159,979,986</b></TD>
    <TD nowrap><b>)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><b>(101,563,715</b></TD>
    <TD nowrap><b>)</b></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Follow-on offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,528,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Underwriters&#146; over allotment option exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,277,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock Issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,122,546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,714,540</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,727,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,183,146</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(145,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(304,549</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,119,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,190,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(270,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,381,099</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan repayment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,757,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,866,656</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,021,803</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from short-term bridge facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,067,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,802,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,150,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>123,900,119</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>120,632,381</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>55,444,652</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,968,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,733,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,228,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,146,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,114,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,848,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>33,114,872</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>41,848,059</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b>44,076,339</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental Cash Flow Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash paid during the year for interest, net of amounts capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,329,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,743,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,716,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non cash items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of below market acquired time charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,572,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->



<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl,ns -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>StealthGas Inc.</B>
</DIV>

<DIV align="left">
<A name="304"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Basis of Presentation and General Information</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying consolidated financial statements include the accounts of StealthGas Inc. and its
wholly owned subsidiaries (collectively, the &#147;Company&#148;) which, as of December&nbsp;31, 2009 owned a
fleet of thirty nine liquefied petroleum gas (LPG)&nbsp;carriers and three medium range (M.R.) type
product carriers providing worldwide marine transportation services under long, medium or
short-term charters. StealthGas Inc. was formed under the laws of Marshall Islands on December&nbsp;22,
2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2009, StealthGas Inc. included the ship-owing companies listed below:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><U>LPG carriers</U></B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Disposition Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>cbm</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VCM Trading Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ming Long</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 12, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,515.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gaz De Brazil Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Prodigy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 15, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,014.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LPGONE Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Tiny</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 29, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,319.96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Geneve Butane Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Courchevel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 24, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,102.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Matrix Gas Trading Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Shanghai</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December 7, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,525.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Gases Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Emperor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 2, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,009.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Semichlaus Exports Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Ice</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 7, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,434.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ventspils Gases Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Arctic</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 7, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,434.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrial Materials Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Texiana</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 11, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,013.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Independent Trader Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Oracle</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 26, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,014.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(sold on January 28, 2008)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aracruz Trading Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Amazon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 19, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,562.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continent Gas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Chios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 20, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,562.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Empire Spirit Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Monarch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,018.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jungle Investment Limited</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Cathar</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 27, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,517.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Northern Yield Shipping Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Legacy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 27, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">15.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Triathlon Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Marathon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 2, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,572.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">16.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Iceland Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Crystal</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 11, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,211.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">17.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soleil Trust Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Sincerity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 14, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,128.98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">18.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">East Propane Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Catterick</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 24, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,001.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">19.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Petchem Trading Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Spirit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December 16, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,112.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malibu Gas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Feisty Gas*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December 16, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,111.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">20.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Balkan Holding Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Czar</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 14, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,509.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transgalaxy Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Fortune</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 24, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,512.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(sold on December 9, 2009)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">21.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">International Gases Inc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Zael*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 03, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,111.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">22.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Balkan Profit Ltd</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Eternity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 09, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,528.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">23.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oxfordgas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lyne</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 19, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,013.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">24.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Energetic Peninsula Limited</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sir Ivor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 26, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ocean Blue Limited</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Nemesis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 15, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,016.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(sold on January 29, 2008)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">25.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Baroness Holdings Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Pasha</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 30, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,244.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">26.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evolution Crude Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Flawless</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 1, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,300.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">27.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aura Gas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sea Bird II</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 18, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,518.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">European Energy Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Renovatio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 29, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,312.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(sold on March 19, 2008)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">28.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fighter Gas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Icon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">29.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Luckyboy Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chiltern</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 28, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,312.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Basis of Presentation and General Information &#151; Continued</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Disposition Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>cbm</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">30.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Italia Trades Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Evoluzione</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 23, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,517.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">31.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Studio City Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Kalogeros</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">32.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gastech Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Sikousis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 03, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Espace Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Sophie</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 15, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(sold on June 10, 2009)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">33.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cannes View Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Haralambos</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 30, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">34.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ecstasea Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Premiership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 19, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,200.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">35.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Spacegas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Defiance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 1, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">36.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Power Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Shuriken</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 3, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">37.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tankpunk Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Natalie</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 22, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,213.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">38.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sound Effex Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Astrid</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 16, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">39.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revolution Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gas Exelero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>To be delivered on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>cbm</B></TD>
    <TD>&nbsp;</TD>
</TR>



<TR style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pelorus Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hull K 421</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rising Sun Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hull K 422</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carinthia Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hull K 423</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tatoosh Beauty Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hull K 424</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Octopus Gas Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hull K 425</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500.00</TD>
    <TD>&nbsp;</TD>
</TR>


<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="center"><u><B>M.R. type product carriers</B></U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>





<TR><TD>&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Acquisition Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>dwt</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">40.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clean Power Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Navig8 Fidelity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 9, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,754.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">41.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MR Roi Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Navig8 Faith</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 27, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,754.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">42.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">King of Hearts Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alpine Endurance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 14, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Vessel Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Cancelled on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>dwt</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Castell Castle Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stealth Argentina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December 18, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,500.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>On April&nbsp;3, 2006, the &#147;Feisty Gas&#148; was delivered to International Gases Inc., subsidiary of
StealthGas Inc., and renamed to &#147;Gas Zael&#148;.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s vessels are managed by Stealth Maritime Corporation S.A. &#151; Liberia (the &#147;Manager&#148;), a
related party. The Manager is a company incorporated in Liberia and registered in Greece on May&nbsp;17,
1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by the
article 4 of law 2234/94. (See Note 3).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2007, 2008 and 2009, four charterers individually accounted for more than 10% of the
Company&#146;s voyage revenues as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Charterer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-8<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Principles of Consolidation: </I></B>The accompanying consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States of America (&#147;US
GAAP&#148;) and include the accounts of the StealthGas Inc. and its wholly owned subsidiaries referred
to in note 1 above. All inter-company balances and transactions have been eliminated upon
consolidation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Use of Estimates: </I></B>The preparation of consolidated financial statements in conformity with US GAAP
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Other Comprehensive Income: </I></B>The Company follows the provisions of guidance regarding reporting
comprehensive income/(loss) which requires separate presentation of certain transactions, such as
unrealized gains and losses from effective portion of cash flow hedges, which are recorded directly
as components of stockholders&#146; equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Foreign Currency Translation: </I></B>The functional currency of the Company and each of its subsidiaries
is the U.S. Dollar because the Company&#146;s vessels operate in international shipping markets, which
utilize the U.S. Dollar as the functional currency. The accounting books of the Company are
maintained in U.S. Dollars. Transactions involving other currencies during the year are converted
into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the
balance sheet dates, monetary assets and liabilities, which are denominated in other currencies,
are translated to reflect the current exchange rates. Resulting gains or losses are separately
reflected in the accompanying consolidated statements of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Cash and Cash Equivalents: </I></B>The Company considers highly liquid investments such as time deposits
and certificates of deposit with original maturity of three months or less to be cash equivalents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Restricted Cash: </I></B>Restricted cash reflects deposits with certain banks that can only be used to pay
the current loan installments or are required to be maintained as a certain minimum cash balance
per mortgaged vessel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Trade Receivables: </I></B>The amount shown as trade receivables includes estimated recoveries from
charterers for hire, freight and demurrage billings, net of allowance for doubtful accounts. During
2008 and 2009, all potentially un-collectible accounts are assessed individually for purposes of
determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was
required at December&nbsp;31, 2007, 2008 and 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Claims Receivable: </I></B>Claims receivable are recorded on the accrual basis and represent the claimable
expenses, net of deductibles, incurred through each balance sheet date, for which recovery from
insurance companies is probable and claim is not a subject to litigation. Any remaining costs to
complete the claims are included in accrued liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Inventories: </I></B>Inventories consist of bunkers (for vessels under voyage charter) and lubricants. The
cost is determined by the first-in, first-out method. The Company considers victualling and stores
as being consumed when purchased and, therefore, such costs are expensed when incurred.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-9<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Vessels Acquisitions: </I></B>Vessels are stated at cost, which consists of the contract price less
discounts and any material expenses incurred upon acquisition (initial repairs, improvements,
acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent
expenditures for conversions and major improvements are also capitalized when they appreciably
extend the life, increase the earning capacity or improve the efficiency or safety of the vessels,
or otherwise are charged to expenses as incurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company records all identified tangible and intangible assets associated with the acquisition
of a vessel or liabilities at fair value. Where vessels are acquired with existing time charters,
the Company allocates the purchase price to the time charters based on the present value (using an
interest rate which reflects the risks associated with the acquired charters) of the difference
between (i)&nbsp;the contractual amounts to be paid pursuant to the charter terms and (ii)&nbsp;management&#146;s
estimate of the fair market charter rate, measured over a period equal to the remaining term of the
charter. The capitalized above-market (assets)&nbsp;and below-market (liabilities)&nbsp;charters are
amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of
the charter (Note 9).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Impairment or Disposal of Long-lived Assets: </I></B>The Company follows the standard about the Impairment
or Disposal of Long-lived Assets. The standard requires that long-lived assets and certain
identifiable intangible assets held and used or disposed of by an entity be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of the assets may not
be recoverable. An impairment loss for an asset held for use should be recognized when the estimate
of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the
asset is less than its carrying amount. Measurement of the impairment loss is based on the fair
value of the asset. In this respect, management reviews the carrying amount of the vessels when
events or changes in circumstances indicate that the carrying amount of the vessels may not be
recoverable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company evaluates the carrying amounts of its vessels and the periods over which they are
depreciated to determine if events have occurred which would require modification to their carrying
values or useful lives. In evaluating useful lives and carrying values of long-lived assets,
management reviews certain indicators of potential impairment, such as undiscounted projected
operating cash flows, vessel sales and purchases, business plans and overall market conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company determines undiscounted projected net operating cash flows for each vessel and compares
it to the vessel&#146;s carrying value. In developing estimates of future cash flows, the Company must
make assumptions about future charter rates, vessel operating expenses, fleet utilization, vessel
scrap values and the estimated remaining useful lives of the vessels. These assumptions are based
on historical trends as well as future expectations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company performed an impairment review of the Company&#146;s long-lived and
intangible assets, due to the global economic downturn and the prevailing conditions in the
shipping industry. As a result of the impairment review, undiscounted net operating cash flows
exceeded each vessel&#146;s carrying value with the exception of the one which was scheduled to be
delivered in 2010 and the Company identified and recorded an impairment loss of $160,237 in 2009.
In 2009 the Company recorded impairment on assets held for sale in the amount of $9,707,540. The
total amount of $9,867,777 is presented under the caption &#147;Impairment loss&#148; in the consolidated
statements of operations. No impairment was identified or recorded in 2008 and 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Vessels&#146; Depreciation: </I></B>The cost of each of the Company&#146;s vessels is depreciated on a straight-line
basis over the vessels&#146; remaining economic useful life, after considering the estimated residual
value. Management estimates the useful life of each of the Company&#146;s vessels, LPG and product
carriers, to be 30 and 25&nbsp;years, respectively, from the date of their construction.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-10<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Assets held for sale: </I></B>It is the Company&#146;s policy to dispose of vessels when suitable opportunities
occur and not necessarily to keep them until the end of their useful life. The Company classifies
vessels as being held for sale when the following criteria are met: (i)&nbsp;management possessing the
necessary authority has committed to a plan to sell the vessels, (ii)&nbsp;the vessels are available for
immediate sale in its present condition, (iii)&nbsp;an active program to find a buyer and other actions
required to complete the plan to sell the vessels have been initiated, (iv)&nbsp;the sale of the vessels
is probable, and transfer of the asset is expected to qualify for recognition as a completed sale
within one year and (v)&nbsp;the vessels are being actively marketed for sale at a price that is
reasonable in relation to its current fair value and actions required to complete the plan indicate
that it is unlikely that significant changes to the plan will be made or that the plan will be
withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount
or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to
be classified as held for sale. Furthermore, in the period a vessel meets the held for sale
criteria of guidance, a loss is recognized for any reduction of the vessel&#146;s carrying amount to its
fair value less cost to sell. Except for 2009, no such adjustments were identified for the years
ended December&nbsp;31, 2008 (Note 6).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Trade Accounts Payable: </I></B>The amount shown as trade accounts payable at the balance sheet date
includes payables to suppliers of port services, bunkers, and other goods and services payable by
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Segmented Reporting: </I></B>The Company reports financial information and evaluates its operations by
total charter revenues and not by the type of vessel, length of vessel employment, customer or type
of charter. As a result, management, including the chief operating decision makers, reviews
operating results solely by revenue per day and operating results of the fleet, and thus, the
Company has determined that it operates under one reportable segment. Furthermore, when the Company
charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a
result, the disclosure of geographical information is impracticable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Accounting for Special Survey and Dry-docking Costs: </I></B>Special survey and dry-docking costs and all
non-capitalizable repair and maintenance expenses are expensed in the period incurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Deferred Finance Charges: </I></B>Fees incurred for obtaining new loans or refinancing existing ones are
deferred and amortized to interest expense over the life of the related debt using the effective
interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period
the repayment or refinancing is made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Pension and Retirement Benefit Obligations &#151; Crew: </I></B>The ship-owning companies included in the
consolidation employ the crew on board under short-term contracts (usually up to seven months) and
accordingly, they are not liable for any pension or any post-retirement benefits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Accounting for Revenue and Related Expenses: </I></B>The Company generates its revenues from charterers for
the charter hire of its vessels. Vessels are chartered using either voyage charters, where a
contract is made in the spot market for the use of a vessel for a specific voyage for a specified
charter rate, or time and bareboat charters, where a contract is entered into for the use of a
vessel for a specific period of time and a specified daily or monthly charter hire rate payable
monthly in advance. If a charter agreement exists and the price is fixed, service is provided and
collection of the related revenue is reasonably assured, revenue is recognized as it is earned
ratably on a straight-line basis over the duration of the period of each voyage or period charter.
A voyage is deemed to commence upon the completion of discharge of the vessel&#146;s previous cargo and
is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents
payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated
time in the voyage charter and is recognized ratably as earned during the related voyage charter&#146;s
duration period. Deferred income includes cash received prior to the balance sheet date and is
related to revenue earned after such date.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-11<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular
charter. Commissions in all cases are paid by the Company and are recognized on a pro-rata basis.
All other voyage expenses are paid by the charterer under time charter arrangements or by the
Company under voyage charter arrangements and are recognized as incurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vessel operating expenses comprise all expenses relating to the operation of the vessel, including
crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel
operating expenses are paid by the Company and are accounted for on an accrual basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating
expenses and risk of operation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Leasing: </I></B>Leases are classified as capital leases whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee. All other leases are classified
as operating leases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Stock Incentive Plan: </I></B>Share-based compensation includes vested and non-vested shares granted to
employees and to non-employee directors, for their services as directors, is included in General
and administrative expenses in the consolidated statements of operations. These shares are measured
at their fair value, which is equal to the market value of the Company&#146;s common stock on the grant
date. The shares that do not contain any future service vesting conditions are considered vested
shares and a total fair value of such shares is recognized in full on the grant date. The shares
that contain a time-based service vesting condition are considered non-vested shares on the grant
date and a total fair value of such shares recognized over the vesting period on a straight-line
basis over the requisite service period for each separately portion of the award as if the award
was, in substance, multiple awards (graded vesting attribution method). In addition, non-vested
awards granted to non-employees are measured at its then-current fair value as of the financial
reporting dates until non-employees complete the service (Note 15).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Earnings/(Loss) per Share: </I></B>Basic earnings per share are computed by dividing net income by the
weighted average number of common shares outstanding during the period. Diluted earnings per share
reflect the potential dilution that could occur if securities or other contracts to issue common
stock were exercised. Dilution has been computed by the treasury stock method whereby all of the
Company&#146;s dilutive securities are assumed to be exercised or converted and the proceeds used to
repurchase common shares at the weighted average market price of the Company&#146;s common stock during
the relevant periods. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted
earnings per share computation. The treasury stock method is used in calculating diluted earnings
per share for convertible senior notes as the Company expects to settle the principle partially or
wholly in cash (Note 16).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;1, 2009, the Company adopted new guidance which clarified that unvested share-based
payment awards that contain rights to receive non forfeitable dividends or dividend equivalents
(whether paid or unpaid) are participating securities, and thus, should be included in the
two-class method of computing earnings per share (EPS). This standard was applied retroactively to
all periods presented, for the years ended December&nbsp;31, 2005, 2006, and reduced basic EPS by
$0.01 for the years ended December&nbsp;31,2007 and 2008 respectively
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Income Taxes: </I></B>The Company is not liable for any income tax on its net income derived from shipping
operations because the countries in which the subsidiaries ship-owning companies are incorporated
do not levy tax on income, but rather a tonnage tax on the vessel (Note 19).
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Derivatives: </I></B>The guidance, &#147;Accounting for Derivative Instruments and Hedging Activities&#148; as
amended, establishes accounting and reporting standards requiring that every derivative instrument
(including certain derivative instruments embedded in other contracts) be recorded in the balance
sheet as either an asset or liability measured at its fair value, with changes in the derivatives&#146;
fair value recognized currently in earnings unless specific hedge accounting criteria are met.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008 and 2009, the Company engaged in six interest rate swap agreements in order to hedge
the exposure of interest rate fluctuations associated with the cash flows on a portion of the
Company&#146;s variable rate borrowings (Notes 12, 13). These swap agreements are designated and qualify
as cash flow hedges. Their fair value is included in financial instruments in the accompanying
consolidated balance sheets at December&nbsp;31, 2008 and December&nbsp;31, 2009 with changes in the
effective portion of the instruments&#146; fair value recorded in accumulated other comprehensive
income/(loss). The ineffective portion of the change in fair value of the derivative financial
instruments is immediately recognized in the consolidated statements of operations under the
caption &#147;Change in fair value of derivatives&#148;. If the hedged items are forecasted transactions that
later no longer expected to occur, then the derivative financial instrument no longer qualifies as
a cash flow hedge. As a result, fair value changes that were previously recorded in accumulated
other comprehensive income are immediately recognized in earnings. In all other instances, when a
derivative financial instrument ceases to be designated or to qualify as an effective cash flow
hedge but if it is still possible the hedged forecasted transaction may occur, hedge accounting
ceases from that date and the instrument is prospectively marked to market through earnings, but
previously recorded changes in fair value remain in accumulated other comprehensive income until
the hedged item affects earnings or until it becomes probable that the hedged forecasted
transaction will not occur. It is the Company&#146;s intention to hold these swap agreements to
maturity. For interest rate swap agreements, which did not qualify for cash flow hedge accounting,
the Company recorded the change in fair values currently in earnings under the caption &#147;Change in
fair value of derivatives&#148;. Additional interest paid or received on interest rate swaps is also
recognized under the caption &#147;Change in fair value of derivatives&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, the Company entered into forward exchange contract to hedge foreign currency risks of
anticipated cash payments in Japanese Yen relating to certain vessels under construction for
periods consistent with these committed exposures. The Company has not applied cash flow hedge
accounting to the foreign exchange derivative instruments, and therefore, recorded the change in
fair value currently in earnings under the caption &#147;Change in fair value of derivatives&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fair Value Measurements</I></B>: Effective January&nbsp;1, 2008, the Company adopted the guidance &#147;Fair Value
Measurements and Disclosures&#148;. In addition, on January&nbsp;1, 2008, the Company made no election to
account for its monetary assets and liabilities at fair values as allowed by FASB guidance for
financial instruments. (Note 13).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Recent Accounting Pronouncements: </I></B>In March&nbsp;2008, new guidance was issued with the intent to improve
financial reporting about derivative instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand their effects on an entity&#146;s financial
position, financial performance, and cash flows. It is effective for financial statements issued
for fiscal years and interim periods within those fiscal years, beginning after November&nbsp;15, 2008,
with early application allowed. The new guidance allows but does not require comparative
disclosures for earlier periods at initial adoption. The Company adopted the new guidance in 2009
and included the required disclosures (Note 13).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;16, 2008, new guidance clarified that all unvested share-based payment awards that contain
non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are
participating securities and shall be included in the computation of earnings per share pursuant to
the two-class method. The new guidance is effective for fiscal years beginning after December&nbsp;15,
2008, and interim periods within those fiscal years. Early adoption is prohibited.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company adopted the new guidance in 2009 and presents earnings per share pursuant to the
two-class method (Note 16).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2009, new guidance was issued for interim disclosures about fair value of financial
instruments, which amends previous guidance for disclosures about fair value of financial
instruments to require disclosures about fair value of financial instruments for interim reporting
periods of publicly traded companies as well as in annual financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The guidance also requires those disclosures in summarized financial information at interim
reporting periods. The new guidance is effective for interim reporting periods ending after June
15, 2009, with early adoption permitted for periods ending after March&nbsp;15, 2009. The Company
adopted the new guidance in the second quarter of 2009 and included the required disclosures (Note
13).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2009, new guidance was issued relating to management&#146;s assessment of subsequent events.
This new guidance is intended to establish general standards of accounting for and disclosure of
events that occur after the balance sheet date but before financial statements are issued or are
available to be issued. Specifically, the new guidance sets forth the period after the balance
sheet date during which management of a reporting entity should evaluate events or transactions
that may occur for potential recognition or disclosure in the financial statements, the
circumstances under which an entity should recognize events or transactions occurring after the
balance sheet date in its financial statements, and the disclosures that an entity should make
about events or transactions that occurred after the balance sheet date. The new guidance is
effective for fiscal years and interim periods ended after June&nbsp;15, 2009 and will be applied
prospectively. The Company adopted the new guidance in the second quarter of 2009 and included the
required disclosures (Note 22).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued <I>Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles</I>, which became the single
source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities.
The Codification&#146;s content will carry the same level of authority, effectively superseding previous
guidance. In other words, the GAAP hierarchy will be modified to include only two levels of GAAP:
authoritative and non-authoritative. The new guidance is effective for financial statements issued
for interim and annual periods ending after September&nbsp;15, 2009. The Company adopted the new
guidance in the third quarter of 2009 and updated references to U.S. GAAP in these consolidated
financial statements to reflect the guidance in the Codification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2009, new guidance was issued with regards to the consolidation of variable interest
entities (&#147;VIE&#148;). This guidance responds to concerns about the application of certain key
provisions of the FASB Interpretation, including those regarding the transparency of the
involvement with VIEs. The new guidance revises the approach to determining the primary beneficiary
of a VIE to be more qualitative in nature and requires companies to more frequently reassess
whether they must consolidate a VIE. Specifically, the new guidance requires a qualitative approach
to identifying a controlling financial interest in a VIE and requires ongoing assessment of whether
an entity is a VIE and whether an interest in a VIE makes the holder the primary beneficiary of the
VIE. In addition, the standard requires additional disclosures about the involvement with a VIE and
any significant changes in risk exposure due to that involvement. The guidance is effective as of
the beginning of the first fiscal year that begins after November&nbsp;15, 2009 and early adoption is
prohibited. The Company is evaluating the impact of this guidance on the Company&#146;s consolidated
financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2009, clarifying guidance was issued on multiple-element revenue arrangements. The
revised guidance primarily provides two significant changes: 1) eliminates the need for objective
and reliable evidence of the fair value for the undelivered element in order for a delivered item
to be treated as a separate unit of accounting, and 2) eliminates the residual method to allocate
the arrangement consideration. In addition, the guidance also
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expands the disclosure requirements for revenue recognition. The new guidance will be effective for
the first annual reporting period beginning on or after June&nbsp;15, 2010, with early adoption
permitted provided that the revised guidance is retroactively applied to the beginning of the year
of adoption. The Company is currently assessing the future impact of this new accounting
pronouncement to its consolidated financial statements.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Transactions with Related Party</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Manager provides the vessels with a wide range of shipping services such as chartering,
technical support and maintenance, insurance, consulting, financial and accounting services, for a
fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel
operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and
demurrage per vessel, effective after an amendment on January&nbsp;1, 2007 of the Management Agreement.
For the years ended December&nbsp;31, 2007, 2008 and 2009, total brokerage commissions of 1.25% amounted
to $1,096,426, $1,385,767 and $1,418,024, respectively, and were included in voyage expenses. For
the years ended December&nbsp;31, 2007, 2008 and 2009, the management fees were $4,126,610, $4,618,025
and $5,230,990, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Manager also acts as a sales and purchase broker of the Company in exchange for a commission
fee equal to 1% of the gross sale or purchase price of vessels or companies. For the years ended
December&nbsp;31, 2007, 2008 and 2009 commission fees of $1,008,090, $1,340,000 and $575,000,
respectively, were incurred and capitalized to the cost of the vessels. For the years ended
December&nbsp;31, 2008 and 2009 the amounts of $272,750 and $121,000, respectively, were recognized as
expenses relating the sale of vessels and are included in the consolidated statements of operations
under the caption &#147;Net (gain)/loss on sale of vessels&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Manager has subcontracted the technical management some of the vessels to two unaffiliated
ship-management companies, EMS Ship Management (&#147;EMS&#148;) and Swan Shipping Corporation (Manila).
These companies provide technical management to the Company&#146;s vessels for a fixed annual fee per
vessel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to management services, the Company reimburses the Manager for compensation of our
Chief Executive Officer, our Chief Financial Officer, our Internal Auditor and our Deputy Chairman
and Executive Director for the amounts of $1,966,497, $1,295,739 and $1,267,981 for the years ended
December&nbsp;31, 2007, 2008 and 2009, respectively, and are included in the consolidated statements of
operations under the caption &#147;General and administrative expenses&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current account balance with the Manager at December&nbsp;31, 2008 and at December&nbsp;31, 2009 was a
liability of $2,407,377 and $7,310,097, respectively. The liability represents revenues collected
less payments made by the Manager on behalf of the ship-owning companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company occupies office space that is owned by an affiliated company of the Vafias Group with
which it has a new two-year cancelable agreement for the provided office facilities. Rental expense
for the years ended December&nbsp;31, 2007, 2008 and 2009 amounted to $33,388, $48,201 and $45,102,
respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;29, 2008, the Company entered into separate memoranda of agreement with its affiliate
Brave Maritime Corporation Inc. to acquire one second hand LPG carrier named &#147;Gas Natalie&#148; which
was delivered on January&nbsp;22, 2009 and four under construction LPG carriers, the &#147;Gas Defiance&#148;, the
&#147;Gas Shuriken which were delivered on August&nbsp;1, 2008 and November&nbsp;3, 2008, respectively, Gas Astrid
(formerly Hull &#147;K411&#148;) and the Gas Exelero (formerly Hull &#147;K412&#148;) which were delivered on April&nbsp;16,
2009 and June&nbsp;30, 2009, respectively. There
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-15<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Transactions with Related Party &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">were no advance payments made for these vessels. The aggregate purchase price of the vessels
delivered in 2008 and 2009 was $44,320,000 and $48,300,000,respectively.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Inventories</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bunkers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lubricants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,190,016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">

    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,254,142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,146,919</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Advances for Vessels Under Construction and Acquisitions</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the year ended December&nbsp;31, 2009, the movement of the account, advances for vessels under
construction and acquisitions, was as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances for vessels acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances for vessels under construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,120,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,595</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessels delivered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,450,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">


    <TD nowrap colspan="4" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,009,597</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances for vessels under construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,375,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessel delivered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,750,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeiture of vessel deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,750,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">

    <TD nowrap colspan="4" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,485,905</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap colspan="4" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts shown in the accompanying consolidated balance sheets as of December&nbsp;31, 2008 and
December&nbsp;31, 2009 amounting to $23,009,597 and $23,485,905, respectively, represent advance
payments to a ship-builder for five LPG carriers under construction and to sellers for two new
re-sale M.R. product tankers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;25, 2008, the Company signed contracts with Mitsubishi Corporation of Japan for the
construction of five LPG carriers at an aggregate contract price of Yen 12,008,000,000 (approx.
$124,486,017 based upon an aggregate average USD/JPY exchange rate of $1.00:JPY 96.46). The
vessels, after an agreement signed on February&nbsp;27, 2009, are scheduled for delivery between
February&nbsp;2011 and May&nbsp;2012, On February&nbsp;29, 2008, the Company paid the first 10% installment of Yen
1,200,800,000 ($11,120,002) to the shipbuilding yard and on February&nbsp;27, 2009, the Company paid the
second 10% installment of Yen 1,200,800,000 ($11,375,989).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;18, 2008, the Company entered into a memorandum of agreement to acquire from an
unaffiliated entity an under construction M.R. type product carrier named &#147;Alpine Endurance&#148;
(formerly &#147;Hull No.&nbsp;2139&#148;) which was delivered on July&nbsp;14, 2009. The purchase price of this vessel
is $57,500,000. On March&nbsp;27, 2008, the Company paid 10% of the purchase price, to a joint escrow
account in the name of the seller and buyer.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Advances for Vessels Under Construction and Acquisitions &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;25, 2008, the Company entered into a memorandum of agreement to acquire from an
unaffiliated entity an under construction M.R. type product carrier named &#147;Stealth Argentina&#148;
(formerly &#147;Hull No 061&#148;) which was scheduled to be delivered in the fourth quarter of 2009. The
purchase price of this vessel was $57,500,000. On June&nbsp;30, 2008, the Company paid 10% of the
purchase price, to a joint escrow account in the name of the seller and buyer. In December&nbsp;2009 the
Company began negotiations with the seller to cancel the acquisition of the vessel due to various
technical deficiencies identified in vessel&#146;s design. In December&nbsp;2009, the Company and the seller
mutually agreed to cancel the memorandum of agreement to acquire the vessel. The cancellation fee
consisted of forfeiture of the Company&#146;s deposit totaling $5,750,000, plus a cash payment of
$10,750,000. The total cancellation fee of $16,500,000 is included in the consolidated statements
of operations under the caption &#147;Forfeiture of vessel deposit and contract termination fees&#148;.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Vessels, net</B>
</DIV>

<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vessel cost</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net Book Value</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,842,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33,747,002</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,095,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,959,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,959,111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,283,393</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,283,393</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">

    <TD colspan="13" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,801,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,030,395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,771,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,085,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,085,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,271,256</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,441,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,829,512</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,741,063</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,280,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,461,033</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,867,777</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,867,777</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,766,672</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,766,672</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">

    <TD colspan="13" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>674,007,084</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(79,075,293</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>594,931,791</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">

    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the year ended December&nbsp;31, 2009, the Company acquired the vessels &#147;Gas Natalie&#148;, &#147;Gas
Astrid&#148;, &#147;Gas Exelero&#148; and &#147;Alpine Endurance&#148; for a total consideration of $106,085,745.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;19, 2009 the Company concluded a memorandum of agreement for the disposal of the vessel &#147;Gas
Sophie&#148; to an unaffiliated third party for $6,500,000. The vessel was delivered to her new owners
on June&nbsp;10, 2009 and the Company realized an aggregate loss from the sale of vessel of $791,659
which is included in the Company&#146;s consolidated statement of operations in the second quarter of
2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;22, 2009, the Company concluded a memorandum of agreement for the disposal of the vessel
&#147;Gas Fortune&#148; to an unaffiliated third party for $5,600,000. The vessel was delivered to her new
owners on December&nbsp;09, 2009. The Company recorded an impairment charge of $2,501,503 to write down
the carrying amount of the vessel to fair market value less costs to sell and was included in the
Company&#146;s consolidated statement of operations in the fourth quarter of 2009.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-17<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Vessels, net &#151; Continued</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;10, 2009, the Company concluded a memorandum of agreement for the disposal of the
vessel &#147;Gas Natalie&#148; to an unaffiliated third party for $6,800,000. The vessel was classified as
vessel held for sale in the fourth quarter of 2009 and was delivered to her new owners on January
15, 2010. The Company recorded an impairment charge of $3,616,878 to write down the carrying amount
of the vessel to fair market value less costs to sell and was included in the Company&#146;s
consolidated statement of operations in the fourth quarter of 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;31, 2009, the Company concluded a memorandum of agreement for the disposal of the
vessel &#147;Gas Eternity&#148; to an unaffiliated third party for $7,300,000. The vessel was classified as
vessel held for sale in the fourth quarter of 2009 and was delivered to her new owners on May&nbsp;6,
2010. The Company recorded an impairment charge of $3,589,159 to write down the carrying amount of
the vessel to fair market value less costs to sell and was included in the Company&#146;s consolidated
statement of operations in the fourth quarter of 2009. The Company will prepay $4,554,270 to the
DnB Bank in order to release the mortgage of the vessel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;26, 2010, the Company concluded a memorandum of agreement for the disposal of the vessel
&#147;Gas Prophet&#148; to an unaffiliated third party for $6,800,000. Although the vessel was not classified
as vessel held for sale in the fourth quarter of 2009, the Company determined that the carrying
value of the vessel exceeded its fair value which was calculated on the basis of agreed price to
sell the vessel. Therefore, the Company recorded an impairment charge of $160,237 to write down the
carrying amount of the vessel to fair market value less costs to sell and was included in the
Company&#146;s consolidated statement of operations in the fourth quarter of 2009. The vessel was
delivered to her new owners on March&nbsp;16, 2010.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Deferred Finance Charges</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross deferred finance charges amounting to $817,344 and $1,936,644 as at December&nbsp;31, 2008 and
December&nbsp;31, 2009, respectively, represent fees paid to the lenders for obtaining the related
loans, net of amortization. For the years ended December&nbsp;31, 2007, 2008 and 2009, the amortization
of deferred financing charges amounted to $74,708, $104,986 and $202,770, respectively and is
included in Interest and finance costs in the accompanying consolidated statements of operations.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Accrued Liabilities</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,358,831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">377,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessels&#146; operating and voyage expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,358,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,518,097</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,095,322</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

 <!-- xbrl -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Fair value of acquired time charter</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the time charters acquired at below / (above)&nbsp;fair market charter rates on
the date of vessels&#146; acquisition is summarized below. These amounts are amortized on a
straight-line basis to the end of the charter period. For the years ended December&nbsp;31, 2007, 2008
and 2009, the amounts of $1,377,146, $1,005,865 and $181,552, respectively, are included in voyage
revenues.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unamortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unamortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for the year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unamortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for the year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unamortized</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>value of Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>balance as at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortization for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>balance as at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>balance as at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>balance as at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End of Time</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the year ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Vessel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Fair value of
acquired time
charter &#151; Asset</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Catterick</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">January 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(421,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(421,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>397,282</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23,718</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Fair value of
acquired time
charter &#151; Liability</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Sir Ivor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(98,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,010</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,459</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Lyne</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">April 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,732</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,303</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,751</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52,214</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Gas Pasha</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">June 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(85,581</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(169,767</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(84,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Sea Bird II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">May 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127,008</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(204,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Gas Renovatio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">January 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(271,093</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,907</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Chiltern</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">March 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(201,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(98,556</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Gas Kalogeros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">May 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(231,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,720</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Gas Sikousis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">May 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,959</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,041</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,874,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(285,719</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,400,864</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,187,417</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,005,865</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181,552</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(181,552</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,453,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111,563</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,377,146</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,187,417</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,005,865</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181,552</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(181,552</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Deferred Income</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts shown in the accompanying consolidated balance sheets amounted to $4,776,359 and
$3,643,963 represent time charter revenues received in advance as of December&nbsp;31, 2008 and as of
December&nbsp;31, 2009, respectively.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Customer Deposits</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These amounts represent deposits received from charterers as guarantees and are comprised as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;On January&nbsp;30, 2007 an amount of $367,500 was received from the bareboat charterer of LPG
carrier &#147;Gas Eternity&#148; which is equal to three-months hire. This amount followed by a subsequent
receipt of a nine-months hire on April&nbsp;12, 2007 amounted to $1,102,500 plus any interest earned
($151,166 up to December&nbsp;31, 2009) will be returned to the charterer at the end of the three-year
bareboat charter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;On June&nbsp;8, 2007 an amount of $449,978 was received from the bareboat charterer of LPG carrier
&#147;Gas Monarch&#148; which is equal to three-months hire. This amount followed by a subsequent receipt of
an nine-months hire on October&nbsp;23, 2007 amounted to $1,349,978 plus any interest earned ($101,165
up to December&nbsp;31, 2009) will be returned to the charterer at the end of the three-year bareboat
charter.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt</B>
</DIV>

<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Movement in 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Additions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Repayments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"> <B>Fortis Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,635,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,921,680</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,713,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"> <B>DnB Nor Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,139,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,547,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,592,371</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"> <B>Scotia Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,867,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,755,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,111,514</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"> <B>Deutsche Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,375,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,500,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,875,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"> <B>National Bank of Greece</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,939,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,301,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"> <B>Emporiki Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,437,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,717,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,719,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"> <B>DVB Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,041,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,158,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><B>NIBC</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,700,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"> <B>EFG Eurobank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(600,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,650,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"> <B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>283,693,873</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88,150,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(26,021,803</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345,822,070</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>a. </B>In May&nbsp;2006, the Company entered into a $79,850,000 loan agreement with Fortis Bank Athens
Branch (the &#147;Fortis-Athens Loan&#148;). The term loan was fully drawn down in four tranches. The three
tranches of $11,000,000, $15,700,000 and $6,800,750 were drawn down on May&nbsp;19, 2006, May&nbsp;26, 2006,
June&nbsp;12, 2006, respectively in order to finance the acquisition of three LPG vessels, and the forth
tranche of $46,349,250 was drawn down on May&nbsp;31, 2006 in order to refinance the previous
outstanding balance with Fortis Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan is repayable from August&nbsp;2006 through June&nbsp;2016 in forty quarterly installments. The
total facility loan will be repaid in four quarterly installments of $2,200,000 each, eight
quarterly installments of $1,640,000 each, and twenty-eight quarterly installments of $1,560,000
each plus a balloon payment of $14,250,000 payable together with the last installment. The interest
rate margin over LIBOR on the Fortis-Athens Loan varies with the ratio of the outstanding balance
of the loan to the aggregate market value of the vessels mortgaged there under as follows: if the
ratio is less than 67% the interest rate is 0.75% over LIBOR; if the ratio is more than 67% but
less than 77% the interest rate is 0.80% over LIBOR and if the ratio exceeds 77% the interest rate
is 0.90% over LIBOR. The applicable interest rate during the years ended December&nbsp;2007, 2008 and
2009 has been 0.75% over LIBOR.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan is secured by a first priority mortgage over the eleven vessels involved plus the
assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention accounts.
The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels at all times exceed 130% of the amount outstanding under the
term loan, to maintain minimum cash balance equivalent to 6&nbsp;months interest in a pledged account
with the Bank at all times, the leverage of the Company defined as Total Debt net of Cash should
not exceed 80% of total market value adjusted assets, the Interest Coverage Ratio of the Company to
be at all times greater than to 2.5:1 and that at least 15% of the Company is to always be owned by
members of the Vafias family. There are also restrictions on the payment of dividends. Dividends
paid by the Company or Guarantor will not exceed 50% of free cash flow of the Company. No
subsidiary of the Company or borrower will pay any dividend or make any other form of distribution
or effect any form of retention, purchase or return of share capital except in accordance with the
above clause.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
amount outstanding of $50,713,600 bore an average interest rate (including the margin) of 1.70%.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>b. </B>In December&nbsp;2005, the Company entered into a $50,000,000 loan agreement with DnB NOR bank (the
&#147;DnB Loan&#148;). The term loan was fully drawn down in two tranches, an amount of $28,000,000 was drawn
down on December&nbsp;7, 2005, and an amount of $22,000,000 was drawn down on December&nbsp;8, 2005 and was
repayable from June&nbsp;2006 through December&nbsp;2015.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2006, in January&nbsp;2007 and in February&nbsp;2008, the Company increased its facility by
$14,000,000, $20,317,500 and $15,750,000, respectively, for a total of $100,067,500 by DnB NOR
bank. These additional facilities were fully drawn down on March&nbsp;9, 2006, on January&nbsp;30, 2007 and
on March&nbsp;19, 2008, respectively, and the total loan is repayable from March&nbsp;2008 through March
2016.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;10, 2008, following the delivery of &#147;Gas Oracle&#148; to her new owners, the Company repaid
$3,500,000 of the then outstanding amount of the loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total facility loan will be repaid in two semi-annual installments of $4,362,378 each, thirteen
semi-annual installments of $3,632,110 each, and one semi-annual installment of $690,000 plus a
balloon payment of $23,184,811 payable together with the last installment. The interest rate margin
over LIBOR on the DnB Loan varies with the ratio of the amount outstanding under the loan to the
aggregate market value of the vessels mortgaged there under. If the ratio is equal to or lower than
130%, the interest rate will be 0.85% over LIBOR; if the ratio is between 130% and 150%, the
interest rate is 0.75% over LIBOR and if the ratio is equal to or higher than 150%, the interest
rate is 0.70% over LIBOR. The prevailing interest rate during the years ended December&nbsp;2007, 2008
and 2009 has been 0.70% over LIBOR.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan is secured by a first priority mortgage over the vessels involved plus the
assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention accounts,
and the guarantee of StealthGas Inc. The term loan contains financial covenants requiring the
Company to ensure that the aggregate market value of the mortgaged vessels at all times exceeds
125% of the amount outstanding under the term loan, the leverage of the Company defined as Total
Debt net of Cash should not exceed 80% of total market value adjusted assets, the Interest Coverage
Ratio of the Company to be at all times equal or greater than to 2.5:1, and that at least 15% of
the Company is to always be owned by members of the Vafias family. The Company should maintain
minimum cash balance equivalent to 6&nbsp;months interest in a pledged account with the Bank. Dividends
paid by the Company or Guarantor to investors cannot exceed 50% of consolidated free cash flow of
the Company per annum. Subsidiaries or Borrowers will only be restricted to pay dividends if an
event of default has occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
amount outstanding was $67,460,131 and bore an average interest rate (including the margin) of
2.63%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>c. </B>In June&nbsp;2006, the Company entered into a $6,580,000 loan agreement with DnB NOR bank to finance
the acquisition of one LPG vessel. The term loan was fully drawn down on June&nbsp;29, 2006 and is
repayable in two semi-annual installments of $473,760 each, four semi-annual installments of
$315,840 each, and fourteen semi-annual installments of $236,880 each plus a balloon payment of
$1,052,800 payable together with the last installment. The term loan charges interest at LIBOR plus
0.75% and is secured by a first priority mortgage over the vessel involved plus the assignment of
the vessel&#146;s insurances, earnings and the vessel&#146;s operating and retention account, and the
guarantee of StealthGas Inc.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessel at all times exceeds 125% of the amount outstanding under the
term loan the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company to be at all times
greater than to 2.5:1, and that at least 15% of the Company is to always be owned by members of the
Vafias family. There are also restrictions to the Company or Guarantor on the payment of dividends
to investors to pay amount exceeding 50% of its consolidated free cash flow. Subsidiaries or
Borrowers will only be restricted to pay dividends if an event of default has occurred. The Company
should maintain minimum cash balance equivalent to 6&nbsp;months interest in a pledged account with the
Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
amount outstanding was $4,132,240 and bore an average interest rate (including the margin) of
1.83%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>d. </B>On June&nbsp;21, 2007, the Company entered into a $46,875,000 facility agreement with the Scotiabank
(Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and The Bank of Nova
Scotia, as swap bank. On December&nbsp;21, 2007, this facility agreement was amended and increased to a
$49,622,514 non revolving term loan (the &#147;Scotiabank Facility&#148;). The Scotiabank Facility was fully
drawn down no later than four months from the date of commitment letter in two advances in order to
partially finance the acquisition of two vessels by the Company&#146;s wholly owned subsidiaries. The
first advance amounted to $6,750,000 was drawn down on June&nbsp;21, 2007 to part finance the
acquisition of the &#147;Gas Icon&#148; (formerly &#147;Dorado Gas&#148;) and as of December&nbsp;31, 2007 the outstanding
amount was $6,497,514. This amount is repayable in fifteen consecutive semi-annual installments of
$336,500 each, starting on June&nbsp;23, 2008 plus a balloon payment of $1,450,014 payable together with
the last installment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second advance, which was drawn down on January&nbsp;8, 2008, amounts to $43,125,000 and is
repayable in twenty consecutive semi-annual installments of $1,541,250 each, starting in June&nbsp;2008,
plus a balloon payment of $12,300,000 payable together with the last installment. The term loan
charges interest at LIBOR plus 0.70% and is secured by first priority mortgages over the vessels
&#147;Gas Icon&#148; and &#147;Navig8 Fidelity&#148;, plus the assignment of the vessels&#146; insurances, earnings and the
vessels&#146; operating and retention account, specific assignment of the bareboat charter and the
corporate guarantee of StealthGas Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels &#147;Gas Icon&#148; and &#147;Navig8 Fidelity&#148; at all times exceeds 125%
and 100% of the first and second advances outstanding under the term loan, respectively, the
leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market
value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to interest
expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is to always
be owned by members of the Vafias family.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company should maintain minimum cash balance of $200,000 per mortgaged vessel in an earnings
account with the Bank and dividends paid by the borrower will not exceed 50% of free cash flow of
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2010 the Company was not in compliance with the aggregate market value covenant
contained in the loan agreement. On March&nbsp;18, 2010, the Company signed an agreement with Scotiabank
whereby it obtained a waiver until September&nbsp;30, 2010 for the aggregate market value covenant
contained in the loan agreement to be reduced to 90% from 100% of the outstanding facility. The
waiver letter increases the applicable margin, with effect from January&nbsp;1, 2010, for the duration
of this facility to 2%. Management has the intention and the ability to cure this breach in
the event that the Company is still not in compliance with this covenant upon the expiry of this
existing waiver, and has not renegotiated the waiver, and therefore this loan has not been
classified as current liabilities on the Company&#146;s consolidated balance sheet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the outstanding amount of $42,111,514 bore an average interest rate
(including the margin) of 1.85%.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;12, 2008 the Company entered into a $40,250,000 facility agreement with the Deutsche
Bank (the &#147;Deutsche Facility&#148;) to partially finance the acquisition of one new M.R. product
carrier, named &#147;Navig8 Faith&#148;, by one of the Company&#146;s wholly owned subsidiaries. The Deutsche
Facility was fully drawn down in one tranche on February&nbsp;19, 2008. The tranche is repayable in
forty-seven consecutive quarterly installments of $625,000 each, starting in May&nbsp;2009, plus a
balloon payment of $10,875,000 payable together with the last installment. The term loan charges
interest at LIBOR plus 0.70% and is secured by first priority mortgage over the vessel involved,
plus the assignment of the vessel insurances, earnings and the pledge of the Company&#146;s earnings
account with the lender, and the guarantee of the ship-owning company, as owner of the vessel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessel &#147;Navig8 Faith&#148; at all times exceeds 125% of the amount
outstanding under the term loan, the leverage of the Company defined as Total Debt net of Cash
should not exceed 80% of total assets, the Interest Coverage Ratio of the Company defined as EBITDA
to interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company
is to always be owned by members of the Vafias family. The Company should maintain minimum cash
balance of $200,000 per mortgaged vessel in an earnings account with the Bank and dividends paid by
the borrower will not exceed 50% of free cash flow of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;7, 2009, the Company entered into an agreement with Deutsche Bank to obtain waiver for
certain covenant amendments contained in loan agreement until September&nbsp;30, 2010. The waiver letter
increased the applicable margin on this facility to 2% for the remaining duration of the term loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2010 the Company was not in compliance with the aggregate market value covenant
contained in the loan agreement. On March&nbsp;11, 2010, the Company obtained a further waiver from
Deutsche Bank reducing the aggregate market value covenant contained in the loan agreement through
September&nbsp;30, 2010 to zero from 125% of the outstanding facility<B>. </B>The covenant will revert to the
125% level after September&nbsp;30, 2010. The new waiver letter increases the applicable margin, with
effect from January&nbsp;1, 2010, for the duration of this facility to 2.5%. Management has the
intention and the ability to cure this breach in the event that the Company is still not in
compliance with this covenant upon the expiry of this existing waiver, and has not renegotiated the
waiver and therefore this loan has not been classified as current liabilities on the Company&#146;s
consolidated balance sheet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the outstanding amount of $35,875,000 bore an average interest rate
(including the margin) of 2.04%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>e. </B>On July&nbsp;30, 2008 the Company entered into a $33,240,000 facility agreement with the National
Bank of Greece (the &#147;NBG Facility&#148;) to partially finance the acquisition of two under construction
LPG carriers, named &#147;Gas Defiance&#148;, and &#147;Gas Shuriken&#148; by two of the Company&#146;s wholly owned
subsidiaries. The NBG facility was fully drawn down in two tranches of $16,620,000 on August&nbsp;1,
2008 and November&nbsp;3, 2008 upon delivery of each vessel. The NBG Facility is repayable in
twenty-four consecutive semi-annual installments of $969,500 each, starting in May&nbsp;2009, plus a
balloon payment of $9,972,000 payable together with the last installment. The term loan charges
interest at LIBOR plus 0.95% until the repayment of the third installment and 0.80% thereafter and
is secured by first priority mortgage over the vessels involved, plus the assignment of the
vessels&#146; insurances, earnings and the pledge of the Company&#146;s earnings account with the lender, and
the guarantee of the ship-owning companies, as owners of the vessels.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels at all times exceeds 125% of the amount outstanding under the
term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to
interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is
to always be owned by members of the Vafias family. The Company should maintain on a monthly basis
cash balance of a proportionate amount of the next installment and relevant interest in an earnings
account with the Bank and dividends paid by the borrower will not exceed 50% of free cash flow of
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
outstanding amount of $31,301,000 bore an average interest rate (including the margin) of 2.70%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>f. </B>On August&nbsp;28, 2008, the Company entered into a $29,437,000 facility agreement with the Emporiki
Bank, secured by the Gas Sikousis and the Gas Kalogeros, two vessels already owned by two of the
Company&#146;s wholly-owned subsidiaries. The senior secured term loan facility was drawn down in full
on October&nbsp;9, 2008 in connection with the part funding of deposits required for vessels under
construction as ordered by the Company. The term loan is repayable in twenty four semi-annual
installments of $858,583 each plus a balloon payment of $8,831,008 payable together with the last
installment. The term loan&#146;s interest rate is LIBOR plus 0.90%. In addition to first priority
mortgages over the Gas Sikousis and the Gas Kalogeros, the term loan is secured by the assignment
of these vessels&#146; insurances, earnings and operating and retention accounts and Company&#146;s
guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels at all times exceeds 125% of the amount outstanding under the
term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to
interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is
to always be owned by members of the Vafias family. The Company should maintain on a monthly basis
cash balance of a proportionate amount of the next installment and relevant interest in an earnings
account with the Bank and dividends paid by the borrower will not exceed 50% of free cash flow of
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
outstanding amount of $27,719,834 bore an average interest rate (including the margin) of 3.01%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>g. </B>On February&nbsp;18, 2009, the Company entered into an up to $33,880,000 facility agreement with DVB
Bank SE Nordic Branch to partially finance the acquisition of a second-hand and two under
construction LPG carriers, named &#147;Chiltern&#148;, &#147;Gas Astrid&#148; (formerly Hull &#147;K411&#148;) and &#147;Gas Exelero&#148;
(formerly Hull &#147;K412&#148;), respectively, by three of the Company&#146;s wholly owned subsidiaries. The
senior secured term loan facility will be the lesser of the amount of $33,880,000 and the 70% of
the vessels&#146; charter free market value at the time of delivery. The term loan was drawn down in two
tranches upon the delivery of each vessel. The first tranche amounted to $19,250,000 was drawn down
on April&nbsp;16, 2009 and the second tranche of $12,950,000 was drawn down on July&nbsp;1, 2009. The total
facility of $32,200,00 is repayable, with the first installment commencing three months after the
drawdown, in twenty consecutive quarterly installments of $628,541 each plus a balloon payment of
$19,629,180 payable together with the last installment. The term loan&#146;s interest rate is LIBOR plus
2.85%. In addition to a first priority mortgage over the vessels, the term loan is secured by the
assignment of the vessels&#146; insurances, earnings, operating and retention accounts and the guarantee
of the ship owning subsidiary.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels at all times exceeds 125% of the amount outstanding under the
term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to
interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is
to always be owned by members of the Vafias family. The Company should maintain on a monthly basis
cash balance of a proportionate amount of the next installment and relevant interest in an earnings
account with the Bank and dividends paid by the borrower will not exceed 50% of free cash flow of
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
outstanding amount of $31,158,751 bore an average interest rate (including the margin) of 3.80%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>h. </B>On February&nbsp;19, 2009, the Company entered into a $37,500,000 facility agreement with EFG
Eurobank Ergasias S.A. to partially finance the acquisition of the under construction M.R. type
product carrier named &#147;Alpine Endurance&#148; (formerly &#147;Hull No.&nbsp;2139&#148;). Following a revaluation of the
vessel on April&nbsp;13, 2009, the senior secured term loan facility will be the lesser of the amount of
$31,500,000 and the 75% of the vessel&#146;s charter free market value at the time of delivery. The term
loan, amounted to $29,250,000, was fully drawn down in one tranche upon the delivery of the vessel,
which was delivered on July&nbsp;14, 2009, and is repayable, with the first installment commencing three
months after the drawdown, in ten consecutive quarterly installments of $600,000 each and thirty
consecutive quarterly installments of $390,000 each plus a balloon payment of $11,550,000 payable
together with the last installment. The term loan&#146;s interest rate is LIBOR plus 2.50%. In addition
to first priority mortgage over the vessel, the term loan is secured by the assignment of this
vessel&#146;s insurances, earnings, operating and retention accounts and the guarantee of the ship
owning subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessel at all times exceeds 125% of the amount outstanding under the
term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to
interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is
to always be owned by members of the Vafias family. The Company should maintain on a monthly basis
cash balance of a proportionate amount of the next installment and relevant interest plus a minimum
cash balance of $200,000 in an earnings account with the Bank and dividends paid by the borrower
will not exceed 50% of free cash flow of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
outstanding amount of $28,650,000 bore an average interest rate (including the margin) of 2.90%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>i. </B>On May&nbsp;25, 2009, the Company entered into a $26,700,000 facility agreement with NIBC, secured by
the Gas Haralambos, Gas Spirit and the Gas Natalie, (which subsequently replaced by Sea Bird II)
three vessels already owned by three of the Company&#146;s wholly-owned subsidiaries. The senior secured
term loan facility will be the lesser of the amount of $26,700,000 or 65% of the vessels&#146; market
value at the time of drawdown and was drawn down in three tranches on July&nbsp;2, 2009 in connection
with the part funding of deposits required for vessels under construction as ordered by the
Company. The term loan is repayable in five semi-annual installments of $1,637,634 each and five
semi-annual installments of $1,077,634 each plus a balloon payment of $13,123,660 payable together
with the last installment. The term loan&#146;s interest rate is LIBOR plus 3.00%. In addition to
first priority mortgages over the vessels, the term loan is secured by the assignment of these
vessels&#146; insurances, earnings and operating and retention accounts and the guarantee of the ship
owning subsidiaries.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>



</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Long-term Debt &#150; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term loan contains financial covenants requiring the Company to ensure that the aggregate
market value of the mortgaged vessels at all times exceeds 130% of the amount outstanding under the
term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of
total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to
interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is
to always be owned by members of the Vafias family. The Company should maintain on a monthly basis
cash balance of a proportionate amount of the next installment and relevant interest plus a minimum
cash balance of $250,000 per mortgage vessel in an earnings account with the Bank and dividends
paid by the borrower will not exceed 50% of free cash flow of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company was in compliance with all covenants under the term loan and the
outstanding amount of $26,700,000 bore an average interest rate (including the margin) of 3.44%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bank loan interest expense for the above loans for the year ended December&nbsp;31, 2007, 2008 and 2009
amounted to $9,521,720, <B>$</B>9,944,394 and $8,010,850, respectively. Of these amounts, for the years
ended December&nbsp;31, 2008 and 2009, the amounts of $389,595 and $600,320, respectively, were
capitalized as part of advances paid for vessels under construction. Interest expense, net of
interest capitalized, is included in interest and finance costs in the accompanying consolidated
statements of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;30, 2009, the Company entered into a $43,000,000 facility agreement with DnB NOR Bank to
partially finance the acquisition of one under construction M.R. type product carrier named
&#147;Stealth Argentina&#148; (formerly &#147;Hull No 061&#148;) to be constructed in Korea for delivery in the fourth
quarter of 2009. Due to the cancellation of delivery (see note 5), the drawn down of the facility
was cancelled and the Company was charged a commitment fee of $174,389 for the year ended December
31, 2009, which was included in interest and finance costs in the accompanying consolidated
statements of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The annual principal payments to be made, for the ten loans, after December&nbsp;31, 2009 are as
follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>December  31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,166,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,822,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,895,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,125,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,837,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,974,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345,822,070</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Derivatives and Fair Value Disclosures</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;16, 2009, the Company entered into an amortizing interest rate swap agreement for a
notional amount of $53,330,131 in regard to &#147;DnB&#148; facility. The agreement was effective starting
September&nbsp;9, 2009 and expires on March&nbsp;9, 2016; under this agreement the Company receives each
quarter interest on the notional amount based on the three month LIBOR rate and pays interest based
on a fixed interest rate of 4.73%. This agreement replaces the two un-amortizing interest rate swap
agreements with notional amounts of $25,000,000 each, dated May&nbsp;22, 2006
and June&nbsp;22, 2007, which were due to expire on September&nbsp;9, 2011 and September&nbsp;11, 2012,
respectively, and which bore fixed interest rates of 5.42% and 5.58%, respectively.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Derivatives and Fair Value Disclosures &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;16, 2009, the Company as a condition of its facility with NIBC Bank, entered into an
amortizing interest rate swap agreement for a notional amount of $23,900,000. The agreement was
effective starting July&nbsp;20, 2009 and expires on July&nbsp;20, 2014; under this agreement the Company
receives each quarter interest on the notional amount based on the three month LIBOR rate and pays
interest based on a fixed interest rate of 2.77%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company uses interest rate swaps for the management of interest rate risk exposure. The
interest rate swaps effectively convert a portion of the Company&#146;s debt from a floating to a fixed
rate and are designated as cash flow hedges. The Company is a party to six floating-to-fixed
interest rate swaps with various major financial institutions covering notional amounts aggregating
approximately $177,948,731 at December&nbsp;31, 2009 pursuant to which it pays fixed rates ranging from
2.77% to 4.73% and receives floating rates based on the London interbank offered rate (&#147;LIBOR&#148;)
(approximately 1.25% at December&nbsp;31, 2009). These agreements contain no leverage features and have
maturity dates ranging from February&nbsp;2013 to March&nbsp;2016.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company enters into foreign currency forward contracts in order to manage risks associated with
fluctuations in foreign currencies. On August&nbsp;5, 2008 the Company entered into a series of foreign
currency forward contracts to hedge part of its exposure to fluctuations of its anticipated cash
payments in Japanese Yen relating to certain vessels under construction described in note 7. Under
the contracts the Company will convert U.S. dollars to approximately JPY5.4&nbsp;billion of cash
outflows at various dates from 2009 to 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s swap agreements did not meet hedge accounting criteria. All derivatives are recorded
in the consolidated balance sheet at fair value at each period end with the resulting unrealized
gains (losses)&nbsp;during the period reflected in &#147;Change of fair value of derivatives&#148; on its
consolidated statement of operations. The following tables present information on the location and
amounts of derivatives fair values reflected in the consolidated balance sheet and with respect to
gains and losses on derivative positions reflected in the consolidated condensed statement of
operations or in the consolidated balance sheet, as a component of accumulated other comprehensive
loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tabular disclosure of financial is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives not designated as hedging</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Asset</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liability</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Asset</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liability</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance Sheet Location</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Foreign Currency Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Current assets - Fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,774,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Foreign Currency Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Non current assets - Fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,711,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,861,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Non current liabilities - Fair value
of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,762,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,327,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Total derivatives not designated as
hedging instruments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,650,003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,762,979</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,635,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,327,792</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Total derivatives</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,650,003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,762,979</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,635,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,327,792</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The effect of derivative instrument on the consolidated balance sheets as of December&nbsp;31, 2008
and 2009 is as follows:
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-27<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Derivatives and Fair Value Disclosures &#151; Continued</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Derivatives designated as hedging instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Amount of Gain / (Loss) Recognized in OCL on Derivative (Effective Portion)</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Rate Swap Agreement
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>(356,874</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>(124,218</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The effect of derivative instruments on the consolidated statements of operations for the year
ended December&nbsp;31, 2008 and 2009 are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Derivatives designated as hedging instruments</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">Location of Gain / (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="6">Amount of Gain / (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Swap
Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Change in fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>203,699</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>484,369</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Location of Gain / (Loss)
Recognized in Income on Derivative
(Ineffective Portion)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left">Amount of Gain / (Loss) Recognized in
Income on Derivative (Ineffective
Portion)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Swap
Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Change in fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(193,987</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(191,325</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives not designated as hedging instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Location of Gain / (Loss) Recognized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Swap
- - Fair Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Change in fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,126,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,266,362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Swap
- - Realized loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Change in fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,245,942</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,023,270</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign Currency
Contract &#151; Fair
Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Change in fair value of derivatives</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,650,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,014,299</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total loss on
derivatives not
designated as
hedging instruments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,722,767</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,771,207</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total loss on
derivatives</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,713,055</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,478,163</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fair Value of Financial Instruments: </I></B>The carrying values of cash, accounts receivable and accounts
payable are reasonable estimates of their fair value due to the short term nature of these
financial instruments. The fair value of long term bank loans bearing interest at variable interest
rates approximates the recorded values. Additionally, the Company considers the creditworthiness
when determining the fair value of the credit facilities. The carrying value approximates the fair
market value of the floating rate loans. The Company&#146;s interest rate swap agreements are based on
LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms
of the swap and therefore are considered Level 2 items. The fair values of the interest rate swaps
determined through Level 2 of the fair value hierarchy are derived principally from or corroborated
by observable market data. Inputs include quoted prices for similar assets, liabilities (risk
adjusted) and market-corroborated inputs, such as market
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Derivatives and Fair Value Disclosures &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">comparables, interest rates, yield curves and other items that allow value to be determined. The
fair value of the interest rate swaps is determined using a discounted cash flow method based on
market-base LIBOR swap yield curves. The fair value of the Company&#146;s interest rate swaps and
foreign currency contracts was the estimated amount the Company would pay or receive to terminate
the swap agreements and contracts at the reporting date, taking into account current interest rates
and the prevailing USD/JPY exchange rate, respectively, and the current creditworthiness of the
Company and its counter parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fair Value Disclosures: </I></B>The Company has categorized our assets and liabilities recorded at fair
value based upon the fair value hierarchy specified by the guidance. The levels of fair value
hierarchy are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Level 1:
Quoted market prices in active markets for identical assets or
liabilities.</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market
data.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Level 3: Unobservable inputs that are not corroborated by market data.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the fair values for assets and liabilities measured on a recurring
basis categorized into a Level based upon the lowest level of significant input to the valuations
as of December&nbsp;31, 2009:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value Measurements Using</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair Value as of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets/(Liabilities):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Currency Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,635,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,774,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,861,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Swap
Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,327,792</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,327,792</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(6,692,088</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(8,553,277</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,861,189</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company determined the fair value of the derivative contracts using standard valuation models
that are based on market-based observable inputs including forward and spot exchange rates and
interest rate curves. Level 2 derivative assets include interest rate swaps and foreign currency
forward contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the foreign currency forward contracts with various potential levels of profit
participating in the Deutsche Bank &#147;Harvest Fund&#148; were determined by using Black-Scholes option
valuation model. The inputs into the valuation model included USD/JPY currency forward rates,
contract expiration dates, strike price, risk free interest rate and harvest volatility. This asset
is included in Level 3 because some of the inputs into the valuation model represent significant
unobservable inputs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents additional information about assets measured at fair value on a
recurring basis and for which we utilized Level 3 inputs to determine fair value:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Derivatives and Fair Value Disclosures  &#151; Continued</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair Value Measurements Using Significant Unobservable Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Foreign Currency Contract</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, January&nbsp;1, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,514,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total unrealized (losses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Included in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,653,334</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,861,189</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The amount of total (losses)&nbsp;for the period included in earnings
attributable to the change in unrealized (losses)&nbsp;relating to
assets still held at the reporting date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,653,334</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the fair values for assets measured on a non-recurring basis as of
December&nbsp;31, 2009:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value Measurements Using</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair Value as of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vessels and
vessels held for
sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,728,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,728,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,867,777</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,728,913</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,728,913</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(9,867,777</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the provisions of relevant guidance, the vessels and vessels held for sale with
a carrying amount of $35,596,690 were written down to their fair value of $25,728,913, resulting in
an impairment charge of $9,867,777 which was included in accompanying consolidated statement of
operations for December&nbsp;31, 2009.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Common Stock and Additional Paid-in Capital</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts shown in the accompanying consolidated balance sheets, as additional paid-in capital,
represent payments made by the stockholders for the acquisitions of the Company&#146;s vessels, or
investments in the Company&#146;s common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total authorized common stock of the Company is 100,000,000 shares. On October&nbsp;5, 2005 the
Company completed its initial public offering. It issued eight million additional shares bringing
the total number of shares outstanding to fourteen million. The holders of the shares are entitled
to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if
any.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Common Stock and Additional Paid-in Capital &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;3, 2006, Nike Investments Corporation agreed to purchase 400,000 newly issued shares of
common stock from the Company at a price of $12.54 per share, representing the average of the
closing prices of the common stock over the five trading days ended August&nbsp;1, 2006. Mr.&nbsp;Thanassis
J. Martinos, a director of StealthGas Inc., is the President and principal owner of Nike
Investments Corporation. The transaction took place on August&nbsp;7, 2006 and as of December&nbsp;31, 2006
the Company had 14,400,000 common shares outstanding with par value of $0.01.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;18, 2007, the Company completed a follow-on public offering of 7,200,000 shares at par
value of $0.01 for $18.00 per share. The gross proceeds from the offering amounted to $129,600,000,
the net proceeds after the underwriters&#146; discounts and commissions and other related expensed
amounted to $121,932,958. The Company also granted the underwriters a 30&nbsp;day option to purchase up
to an additional 1,080,000 shares of common stock to cover any over allotments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;1, 2007 the underwriters partially exercised the over-allotment option, purchasing from
the Company 460,105 shares at par value of $0.01 of the Company&#146;s common stock. The gross proceeds
from the sale of these shares amounted to $8,281,890, the net proceeds after the underwriters&#146;
discounts and commissions amounted to $7,826,386.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Equity Compensation Plan</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s board of directors has adopted an Equity Compensation Plan (&#147;the Plan&#148;), under which
the Company&#146;s employees, directors or other persons or entities providing significant services to
the Company or its subsidiaries are eligible to receive stock-based awards including restricted
stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock
appreciation rights. The Plan is administered by the Compensation Committee of the Company&#146;s board
of directors and the aggregate number of shares of common stock reserved under this plan cannot
exceed 10% of the number of shares of Company&#146;s common stock issued and outstanding at the time any
award is granted. The Company&#146;s board of directors may terminate the Plan at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2009 a total of 250,005 restricted shares had been granted under the Plan since
the first grant in the third quarter of 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;14, 2007, the Company granted 112,000 of non-vested restricted shares to the Company&#146;s
CEO and non-executive members of Board of Directors of the Company. The fair value of each share
granted was $17.10 which is equal to the market value of the Company&#146;s common stock on that day.
The restricted shares will be vested over 3&nbsp;years from the grant date (54,000 restricted shares on
October&nbsp;1, 2007, 29,000 restricted shares on October&nbsp;1, 2008 and 29,000 restricted shares on
October&nbsp;1, 2009).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;20, 2007, the Company granted 112,000 of non-vested restricted shares to the Company&#146;s
CEO and non-executive members of Board of Directors of the Company. The fair value of each share
granted was $15.95 which is equal to the market value of the Company&#146;s common stock on that day.
The restricted shares will be vested over 3&nbsp;years from the grant date, (54,000 restricted shares on
October&nbsp;31, 2008, 29,000 restricted shares on October&nbsp;31, 2009 and 29,000 restricted shares on
October&nbsp;1, 2010).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;18, 2008, the Company granted 9,396 of non-vested restricted shares to the Deputy Chairman
of the Board and Executive Director of the Company and 16,609 restricted shares to certain
employees of the &#147;Manager&#148; (a related party) under the Plan, treated as non-employees for stock
based compensation recording purposes. The fair value of each share granted was $13.52 which is
equal to the market value of the Company&#146;s common stock on the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Equity Compensation Plan &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">day of a grant. The restricted shares will be vested over 3&nbsp;years from the grant date, (13,003
shares on March&nbsp;18, 2009, 6,501 shares on March&nbsp;18, 2010 and 6,501 shares on March&nbsp;18, 2011).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All unvested restricted shares are conditional upon the option holder&#146;s continued service as an
employee of the Company, or as a director until the applicable vesting date. Until the forfeiture
of any restricted shares, the grantee has the right to vote such restricted shares, to receive and
retain all regular cash dividends paid on such restricted shares and to exercise all other rights
provided that the Company will retain custody of all distributions other than regular cash
dividends made or declared with respect to the restricted shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company pays dividends on all restricted shares regardless of whether it has vested and there
is no obligation of the employee to return the dividend when employment ceases. As of December&nbsp;31,
2008 and 2009, the Company paid dividends on all non-vested shares, amounted to $111,003 and
$21,188, respectively. As restricted share grantees retained dividends on awards that are expected
vest, such dividends were charged to retained earnings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company estimates the forfeitures of restricted shares to be immaterial. The Company will,
however, re-evaluate the reasonableness of its assumption at each reporting period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management has selected the accelerated method allowed by the guidance with respect to recognizing
stock based compensation expense for restricted share awards with graded vesting because it
considers that this method to better match expense with benefits received.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, non-vested awards granted to non-employees are measured at its then-current fair value
as of the financial reporting dates until non-employees complete the service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The stock based compensation expense for the restricted vested and non-vested shares for the period
from inception (August&nbsp;14, 2007 and November&nbsp;20, 2007) to December&nbsp;31, 2008 and for the year ended
December&nbsp;31, 2009 amounted to $1,913,634 and $573,855, respectively, and is included in the
consolidated statements of operations under the caption &#147;General and administrative expenses&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A summary of the status of the Company&#146;s vested and non-vested restricted shares as of December&nbsp;31,
2009, is presented below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>grant date fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>value per</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>restricted shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>non-vested share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested, January&nbsp;1, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-vested, December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42,002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2009, there was $241,060 of total unrecognized compensation cost related to
non-vested restricted shares granted under this Plan. That cost is expected to be recognized over
an average period of 1.1&nbsp;years. The total fair value of shares vested during the years ended
December&nbsp;31, 2008 and 2009 was $1,357,200 and $1,134,296, respectively.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. Earnings per share</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Basic earnings per share is computed by dividing net income available to common shareholders by the
weighted-average number of common shares outstanding during the period. Diluted earnings per share
give effect to all potentially dilutive securities. Our non-vested restricted shares were
potentially dilutive securities during the year ended December&nbsp;31, 2009. All of the Company&#146;s
shares (including non-vested common stock issued under the Plan) participate equally in dividend
distributions and in undistributed earnings. Non-vested common stock does not have a contractual
obligation to share in the losses and therefore, excluded from the basic loss per share calculation
for the year ended December&nbsp;31, 2009 due to the losses in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;1, 2009 the Company adopted new guidance which clarified that unvested share-based
payment awards that contain rights to receive non forfeitable dividends or dividend equivalents
(whether paid or unpaid) are participating securities, and thus, should be included in the
two-class method of computing earnings per share (EPS). This standard was applied retroactively to
all periods presented and reduced basic EPS by $0.01 for the years ended December&nbsp;31, 2007 and
2008, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividends declared during the period for non-vested common stock as well as undistributed earnings
allocated to non-vested stock are deducted from net income for the purpose of the computation of
basic earnings per share in accordance with two-class method as required by the new guidance. The
denominator of the basic earnings per common share excludes any non-vested shares as such are not
considered outstanding until the time-based vesting restriction has elapsed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of calculating diluted earnings per share, dividends declared during the period for
non-vested common stock and undistributed earnings allocated to non-vested stock are not deducted
from net income as reported since such calculation assumes non-vested common stock is fully vested
from the grant date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company calculates the number of shares outstanding for the calculation of basic and diluted
earnings / (loss)&nbsp;per share as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Numerator</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,538,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,987,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Dividends declared and undistributed
Earnings allocated to
non-vested shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(114,899</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(217,727</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income/(loss) attributable to common
shareholders, basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,423,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,769,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,311,885</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Denominator</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic Weighted average shares &#151; outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,900,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,130,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,219,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect on dilutive securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested restricted shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted Weighted average shares &#151; outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,943,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,182,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,219,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings /(loss) per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings /(loss) per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.60</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. Dividends Paid</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;19, 2009 the Company&#146;s Board of Directors declared a cash dividend for 22,310,110
common shares outstanding of $0.1875 per common share, payable on March&nbsp;9, 2009 to stockholders of
record on March&nbsp;2, 2009. The total amount of $4,183,146 was paid on March&nbsp;06, 2009.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. Voyage Expenses and Vessel Operating Expenses</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts in the accompanying consolidated statements of operations are analyzed as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Voyage Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Port expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,227,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">773,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,015,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bunkers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,546,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,265,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,065,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commissions charged by third parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,397,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,598,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731,276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commissions charged by related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,385,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,418,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other voyage expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,255</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,369,546</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,180,754</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,522,573</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Vessels&#146; Operating Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crew wages and related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,009,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,227,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,706,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,561,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,497,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,696,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repairs and maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,386,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,104,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,574,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spares and consumable stores</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,185,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,967,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,641,944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,293,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,381,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,382,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,435,578</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32,178,385</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,001,481</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. Income Taxes</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the laws of the countries of the companies&#146; incorporation and/or vessels&#146; registration, the
companies are not subject to tax on international shipping income, however, they are subject to
registration and tonnage taxes, which have been included in Vessel operating expenses in the
accompanying consolidated statements of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Internal Revenue Code of the United States (the &#147;Code&#148;), U.S. source income from
the international operations of ships is generally exempt from U.S. tax if the Company operating
the ships meets certain requirements. Among other things, in order to qualify for this exemption,
the Company operating the ships must be incorporated in a country, which grants an equivalent
exemption from income taxes to U.S. corporations. All the Company&#146;s ship-operating subsidiaries
satisfy these initial criteria. In addition, these companies must be more than 50% owned by
individuals who are residents, as defined, in the country of incorporation or another foreign
country that grants an equivalent exemption to U.S. corporations. These companies also currently
satisfy the more than 50% beneficial ownership requirement.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. Income Taxes &#151; Continued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the management of the Company believes that by virtue of a special rule applicable to
situations where the ship-operating companies are beneficially owned by a publicly traded company
like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on
the trading volume and the anticipated widely-held ownership of the Company&#146;s shares, but no
assurance can be given that this will remain so in the future, since continued compliance with this
rule is subject to factors outside the Company&#146;s control.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. Financial Instruments</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal financial assets of the Company consist of cash, accounts receivable due from
charterers, and fair value of derivatives. The principal financial liabilities of the Company
consist of accounts payable due to suppliers, payable to related party, customer deposits, fair
value of derivatives and the loan repayable to the bank. The recorded value of all of the Company&#146;s
financial assets and liabilities except derivatives approximate their fair value due to their
short-term nature and the variable interest rate of the loan. The fair value of the derivatives at
December&nbsp;31, 2009, is determined based on observable Level 2 and unobservable Level 3 inputs, as
defined in relative guidance (Note 13).
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. Commitments and Contingencies</B>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From time to time the Company expects to be subject to legal proceedings and claims in
the ordinary course of its business, principally personal injury and property casualty
claims. Such claims, even if lacking merit, could result in the expenditure of significant
financial and managerial resources. The Company is not aware of any such claims or
contingent liabilities which should be disclosed, or for which a provision should be
established in the accompanying consolidated financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In January&nbsp;2005, the Company entered into a three-year cancelable operating lease for
its office facilities that terminated in January&nbsp;2008. In January&nbsp;2008, the Company entered
into a new two-year cancelable operating lease for its office facilities that terminated in
January&nbsp;2010. In January&nbsp;2010, the Company entered into a new two-year cancelable operating
lease for its office facilities that terminates in January&nbsp;2012. Rental expense for the
years ended December&nbsp;31, 2007, 2008 and 2009 was $33,388, $48,201 and $45,102,
respectively. In October&nbsp;2005, the Company entered into a three-year cancelable operating
lease for an armored car that terminated in October&nbsp;2008. In October&nbsp;2008 the Company
entered into a new three-year cancelable operating lease for an armored car that terminates
in October&nbsp;2011. Rental expense for the years ended December&nbsp;31, 2007, 2008 and 2009 was
$46,642, $50,016 and $47,955 and are recorded in the consolidated statements of operations
under the caption &#147;General and administrative expenses&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future rental commitments were payable as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>December 31,</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Office Lease</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Car Rent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2010</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60,488</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49,255</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">109,743</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2011</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60,488</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41,046</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">101,534</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>120,976</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>90,301</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>211,277</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As described in Note 5, as of December&nbsp;31, 2009 the Company has long-term outstandings
commitments for installment payments for five vessels under construction, as follows:
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->
<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. Commitments and Contingencies &#151; Continued</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shipbuilding Contracts</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,216,631</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68,734,683</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2012
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21,205,681</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>104,156,995</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of December&nbsp;31, 2009, the Company&#146;s long term obligations due under the shipbuilding
contracts with Mitsubishi Corporation of Japan totaled to JPY9,606,400,000 were converted to
US Dollars based upon the foreign currency forward contracts entered into by the Company and
the prevailing USD/JPY exchange rate as at December&nbsp;31, 2009. The total obligation under
these contracts was $104,156,995.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based upon the above the prevailing USD/JPY exchange rate used for the calculation of the
total obligation was 92.23 JPY to $1.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future minimum contractual charter revenue, based on vessels committed to noncancelable,
long-term time and bareboat charter contracts as of December&nbsp;31, 2009, will be $62,575,271
during 2010, $28,045,200 during 2011, $17,278,684 during 2012, $11,678,200 during 2013 and
$11,198,200 during 2014. These amounts do not include any assumed off-hire.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. Subsequent Events</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has evaluated the following subsequent events:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;15, 2010, the Company sold the vessel &#147;Gas Natalie&#148;. The Company had previously
recorded an impairment charge of $3,616,878 to write down the carrying amount of this vessel
to fair market value less costs to sell and this was included in the Company&#146;s consolidated
statement of operations in the fourth quarter of 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;26, 2010, the Company concluded a memorandum of agreement for the disposal of the
vessel &#147;Gas Prophet&#148; to an unaffiliated third party for $6,800,000. The vessel was delivered
to her new owners on March&nbsp;16, 2010 and the Company realized a gain from the sale of this
vessel of $11,118 which was included in the Company&#146;s consolidated statement of income in the
first quarter of 2010. The Company had previously recorded an impairment charge of $160,237 to
write down the carrying amount of the vessel to fair market value less costs to sell and was
included in the Company&#146;s consolidated statement of operations in the fourth quarter of 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;18, 2010, the Company concluded a memorandum of agreement for the disposal of the
vessel &#147;Gas Texiana&#148; to an unaffiliated third party for $11,180,000. The vessel was delivered
to her new owners on April&nbsp;6, 2010 and the Company realized a gain from the sale of this
vessel of $1,048,415 which will be included in the Company&#146;s consolidated statement of income
in the second quarter of 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;26, 2010, before the delivery of &#147;Gas Prophet&#148; to her new owners, the Company
prepaid $3,756,563 of the then outstanding amount of the Fortis-Athens loan.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-36<!-- /Folio -->
</DIV>
<!-- /xbrl,ns -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>StealthGas Inc.<BR>
Notes to the consolidated financial statements<BR>
(Expressed in United States Dollars)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. Subsequent Events &#151; Continued</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On March&nbsp;3, 2010, before the delivery of &#147;Gas Texiana&#148; to her new owners, the Company prepaid
$6,091,665 of the then outstanding amount of the Fortis-Athens loan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On March&nbsp;9, 2010, before the delivery of &#147;Gas Eternity&#148; to her new owners, the Company
prepaid $4,554,270 of the then outstanding amount of the DnB loan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On March&nbsp;22, 2010, the Company&#146;s Board of Directors adopted a new stock repurchase plan for
up to $15,000,000 to be used for repurchasing the Company&#146;s common shares. All repurchased
common shares shall be cancelled and removed from the Company&#146;s capital stock. As of June&nbsp;18,
2010, the Company had completed the repurchase of 1,205,229 shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(h)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On March&nbsp;26, 2010, the Company concluded a memorandum of agreement for the disposal of the
vessel &#147;Gas Prodigy&#148; to an unaffiliated third party for $6,050,000. The vessel was delivered
to her new owners on April&nbsp;9, 2010. The Company had previously recorded an impairment charge
of $83,852 to write down the carrying amount of the vessel to fair market value less costs to
sell which was included in the Company&#146;s consolidated statement of income in the first quarter
of 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On June&nbsp;4, 2010, the Company entered into a memorandum of agreement to acquire from an
affiliated entity an under construction Aframax crude oil tanker named &#147;Spike&#148; (formerly &#147;Hull
No 1757&#148;) which is scheduled to be delivered in the third quarter of 2010. The purchase price
of this vessel is $56,500,000. As provided by the relate memorandum of agreement, no advance
payment will be given.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(j)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On June&nbsp;8, 2010, the Company signed a commitment letter with the DnB NOR Bank to partially
finance the acquisition of an under construction Aframax tanker named &#147;Spike&#148; (formerly &#147;Hull
No 1757&#148;), by one of the Company&#146;s wholly owned subsidiary and secured by the Gas Zael, a
vessel already owned by a Company&#146;s wholly owned subsidiary. The senior secured term loan
facility comprised of two tranches aggregating up to $45,000,000. The one tranche will be the
lesser of the amount of $40,000,000 or 70% of the under construction tanker market value at
the time of delivery and the second tranche will be the lesser of the amount of $5,000,000 or
50% of Gas Zael&#146;s market value at the same time. The senior secured term loan will be fully
drawn down in a single tranche no later than September&nbsp;15, 2010 and will be repayable in
twenty four consecutive quarterly installments of $850,000 each plus a balloon payment of
$24,600,000 payable together with the last installment. The term loan charges interest at
LIBOR plus 2.40% and is secured by a first priority mortgage over the vessels involved and
cross-collateralized with security vessels under the &#147;DnB Loan&#148; plus the assignment of the
vessel&#146;s insurances, earnings and the vessel&#146;s operating and retention account, and the
guarantee of StealthGas Inc.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-37<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.28
<SEQUENCE>2
<FILENAME>y03665exv4w28.htm
<DESCRIPTION>EX-4.28
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w28</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.28</B>
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="30%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Norwegian Shipbrokers&#146; Association Memorandum of Agreement for sale and purchase of ships. Adopted
by the Baltic and International Maritime Council (BIMCO)&nbsp;in 1956.</DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Code-name</DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><B>SALEFORM 1993</B></DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Revised 1966, 1983, 1986/87.</DIV></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MEMORANDUM OF AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dated: 4 June&nbsp;2010</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Stealth
maritime or nominee hereunder called the Sellers, have agreed to sell, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Stealthgas inc or nominee, hereunder called the Buyers, have agreed to buy
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name: Samsung aframax nb tbn SPIKE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Classification Society/Class:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Built: 2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: SAMSUNG SHIPYARD</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Flag:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Place of Registration:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Call Sign:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grt/Nrt:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Register Number:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px">hereunder called the Vessel, on the following terms and conditions:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Definitions</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Banking days&#148; are days on which banks are open both in the country of the currency stipulated for
the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;in writing&#148; or &#147;written&#148; means a letter handed over from the Sellers to the Buyers or vice versa,
a registered letter, telex, telefax or other modern form of written
communication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Classification Society&#148; or &#147;Class&#148; means the Society referred to in line 4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.
Purchase Price $56,500,0000</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Deposit standard deposit clause</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>N/A</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Payment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The said full Purchase Price shall be paid in full free of bank charges to sellers bank account of
3 banking days in advance of delivery of the Vessel, in accordance with the terms and conditions of
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Inspections</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NA
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. Notices, time and place of delivery</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sellers shall keep the Buyers well informed of the Vessel&#146;s itinerary and shall provide the
Buyers with approximate 20/15/10/7/5/3 and definite 2 and 1&nbsp;days notice of the estimated time of
arrival at the intended place of underwater inspection/delivery. When the Vessel is at the place of
delivery and in every respect physically ready for delivery in accordance with this Agreement, the
Sellers shall give the Buyers a written Notice of Readiness for
delivery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Vessel shall be delivered and taken over safely afloat at a safe and accessible
international berth or anchorage at/in SAMSUNG shipyard KOREA .</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the Sellers&#146; option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected time of delivery: back to back with shipbuilding contract</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date of cancelling NA</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Should the Vessel become an actual, constructive or compromised total loss before delivery the
deposit together with interest earned shall be released immediately to the Buyers</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This contract is a computer generated copy of the SALEFORM 1993 form, printed under license from
the  Norwegian Shipbrokers&#146; Association, using the BIMCO Charter Party Editor. Any insertion or
deletion to the Form must be clearly visible. In event of any modification being made to the
preprinted text of this document, which is not clearly visible, the original document, as
recommended by BIMCO, shall apply. The Norwegian Shipbrokers&#146; Association and BIMCO assume no
responsibility for any loss or damage caused as  a result of
discrepancies between the  original document and
this document.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">where after this Agreement shall be null and void.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Drydocking/Divers Inspection</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">b) **</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;The Vessel is to be delivered without drydocking. However, the Buyers shall have the
right at their expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost make
the Vessel available for such Inspection. The extent of the inspection and the conditions under
which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the port of delivery are unsuitable for such inspection, the Sellers
shall make the Vessel available at a suitable alternative place near to the delivery port.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel&#146;s class, then unless repairs can be
carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for
the Vessel to be drydocked at their expense for inspection by the Classification Society at the
Vessel&#146;s underwater parts below the deepest load line, the extent of the inspection being in
accordance with the Classification Society&#146;s rules. If the rudder, propeller, bottom or other
underwater parts below the deepest load line are found broken, damaged or defective so as to affect
the Vessel&#146;s class, such defects shall be made good by the Sellers at their expense to the
satisfaction of the Classification Society without condition/recommendation*. In such event the Sellers are to pay also for the cost of the underwater
inspection and the Classification Society&#146;s attendance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii)&nbsp;and no suitable dry-docking
facilities are available at the port of delivery, the Sellers shall
take the Vessel to a port where
suitable drydocking facilities are available, whether within or outside the delivery range as per
Clause 5 b). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within
the delivery range as per <BR>
Clause 5 b) which shall, for the purpose of this Clause, become the new
port of delivery. In such event the cancelling date provided for in
Clause 5 b) shall be extended
by the additional time required for the drydocking and extra steaming, but limited to a maximum of
14 running days.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;the Classification Society may require survey of the tailshaft system, the extent of the survey
being to the satisfaction of the Classification surveyor. If such survey is not required by the
Classification Society, the Buyers shall have the right to require the tailshaft to be drawn and
surveyed by the Classification Society, the extent of the survey being in accordance with the
Classification Society&#146;s ruled for tailshaft survey and consistent with the current stage of the
Vessel&#146;s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and
surveyed not later  than by the completion of the inspection by the Classification Society. The
drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the
tailshaft system be condemned or found defective so as to affect the Vessel&#146;s class, those parts
shall be renewed or made good at the Sellers&#146; expense to the satisfaction of the Classification
Society without condition/recommendation*.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;the expenses relating to the survey of the tailshaft system shall be borne by the Buyers
unless the Classification Society requires such survey to be carried out, In which case the Sellers
shall pay these expenses. The Sellers shall also pay the expenses if the Buyers require the survey
and parts of the system are condemned or found defective or broken so as to affect the Vessel&#146;s
class*.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;the expenses in connection with putting the Vessel in and taking her out of drydock,
including the drydock dues and the Classification Society&#146;s fees shall be paid by the Sellers if
the Classification Society issues any condition/recommendation* as a result of the survey or if it
requires survey Of the tailshaft system. In all other cases the Buyers shall pay the aforesaid
expenses, dues and fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;the Buyers&#146; representative shall have the right to be present in the drydock, but without
interfering with the work or decisions of the Classification surveyor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted
at their risk and expense without interfering with the Sellers&#146; or the Classification surveyor&#146;s
work, if any, and without affecting the Vessel&#146;s timely delivery. If, however, the Buyers&#146; work in
drydock is still in progress when the Sellers have completed the work which the Sellers are
required to do, the additional docking time needed
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This contract is a computer generated copy or the SALEFORM 1993 form, printed under
license from the Norwegian Shipbrokers&#146; Association, using the BIMCO Charter Party Editor. Any
insertion or deletion to the form must be clearly visible. In event of any modification being made
to the preprinted text of this document which is not Clearly visible,
the    original document, as
recommended by BIMCO, shall apply. The Norwegian Shipbrokers&#146; Association and BIMCO assume no
responsibility for any loss or damage caused as a result of
discrepancies between the  original
document and this document.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">to complete the Buyers&#146; work shall be for the Buyers&#146; risk and expense. In the event that the
Buyers&#146; work requires such additional time, the Sellers may upon completion of the Sellers&#146; work
tender Notice of Readiness for delivery whilst the Vessel is still in drydock and the Buyers shall
be obliged to lake delivery in accordance with Clause 3, whether the Vessel is in drydock or not
and irrespective of Clause 5 b).
</DIV>

<DIV align=left>
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes, if any, in the surveyor&#146;s report which are accepted by the Classification Society without
condition/recommendation are not to be taken into account.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">** 6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions,
alternative 6 a) to apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7. Spares/bunkers, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sellers shall deliver the Vessel to the Buyers with everything belonging 1o her on board and on
shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare
propellers(s)/propeller blade(s). If any. belonging to the Vessel at the lime of inspection used or
unused, whether on board or not shall become the Buyers&#146; property, but spares on order are to be
excluded. Forwarding charges, if any, shall be for the Buyers&#146; account. The Sellers are not
required to replace spare parts including spare tall-end shaft(s) and spare propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced
items shall be the property of the Buyers. The radio Installation and navigational equipment shall
be included in the sale without extra payment if they are the property of the Sellers. Unused
stores and provisions shall be Included in the safe and be taken over by the Buyers without extra
payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles
bearing the Sellers&#146; flag or name, provided they replace same with similar unmarked Items. Library,
forms, etc., exclusively for use in the Sellers&#146; vessel(s), shall be excluded without compensation.
Captain&#146;s, Officers&#146; and Crew&#146;s personal belongings including the slop chest are to be excluded
from the sale, as well as the following additional items (including items on hire):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Buyers shall take over the remaining bunkers and unused lubricating oils in storage tanks and
sealed drums and pay the price paid by sellers as evidenced by invoices/vouchers. Payment under
this Clause shall be made at the same time and place and in the same currency as the Purchase
Price. Excluded items: reverting
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Documentation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The place of closing: the delivery port
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery
documents, namely: (Refer to Addendum No.1 as attached)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of
Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to
the Buyers. Documents to be exchanged to be agreed at a later stage
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as
well as all plans, equipment operating manuals and other technical documentation etc., which are on
board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers to have the right
to take copies. Other technical documentation which may be in the Sellers&#146; possession shall be
promptly forwarded to the Buyers at their expense, if they so request. The Sellers may keep the
Vessel&#146;s log books but the Buyers to have the right to take copies of same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Encumbrances</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sellers warrant that the Vessel, at the time of delivery, is free from all charters,
encumbrances, mortgages and maritime liens or any other debts whatsoever. The Sellers hereby
undertake to indemnify the Buyers against all consequences of claims made against the Vessel which
have been incurred prior to the time of delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10. Taxes, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any taxes, fees and expenses in connection with the purchase and registration under the Buyers&#146;
flag shall be for the Buyers&#146; account, whereas similar charges in connection with the closing of
the Sellers&#146;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This contract is a computer generated copy of the SALEFORM 1993 form printed under license from the
Norwegian Shipbrokers&#146; Association, using the BIMCO Charter Party Editor. Any insertion or deletion
to the form must be clearly visible. In event of any modification
being made to the preprinted text
of this document, which is not clearly visible, the original document, as recommended by BIMCO,
shall apply. The Norwegian Shipbrokers&#146; Association and BIMCO assume no responsibility for any loss
or damage caused as a result of discrepancies between  the original document and this
document.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">register shall be for the Sellers&#146; account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Condition on delivery</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Vessel with everything belonging to her shall be at the Sellers&#146; risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall
be delivered and taken over as she was at the time of inspection, fair wear and tear excepted.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>However, the Vessel shall be delivered with her class maintained</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12 Buyers&#146; default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel
this Agreement, and they shall be entitled to claim compensation for their losses and for all
expenses incurred together with Interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to
cancel the Agreement, in which case the deposit together with interest earned shall be released to
the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim
further compensation for their losses and for all expenses incurred together with interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Sellers&#146; default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 a) or fail to
be ready to validly complete a legal transfer by the date stipulated in line-61 Clause 5 b) date of
cancelling the Buyers shall have the option of cancelling this Agreement provided always that the
Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to
make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for
delivery and is not made physically ready again in every respect by
the date stipulated in line-61
Clause 5 b) date of cancelling and new Notice of

Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect
to cancel this Agreement the deposit together with interest earned shall be released to them
immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should the
Sellers fail to give Notice of Readiness by the date stipulated in line-61 Clause 5 b)
date of cancelling or fail to be ready to validly complete a legal transfer as aforesaid they shall
make due compensation to the Buyers for their loss and for all expenses together with interest if
their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Buyers&#146; representatives</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After this agreement has been signed by both parties and the deposit has been lodged, the Buyers
have the right to place two representatives on board the Vessel at their sole risk and expense
These representative are on board for the purpose of familiarisation and in the capacity of
observers only, and they shall not interfere in any respect with the operation of the Vessel. The
Buyers&#146; representatives shall sign the Sellers&#146; letter of indemnity prior to their embarkation. Max
stay onboard 10&nbsp;days, and reps to pay euro 12 per person per day for as long as they stay onboard
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Arbitration</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> This agreement shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in London in accordance
with the Arbitration Acts 1950 and 1979 or any statutory modification or re-enactment thereof
for the time being in force, one arbitrator being appointed by each party. On the receipt by
one party of the nomination in writing of the other party&#146;s arbitrator, that party shall
appoint their arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree they
shall appoint an umpire whose decision shall be final.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Additional clause 16(A)(B) appearing hereafter are an integral part of this agreement.</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><IMG src="y03665y0366511.gif" alt="(STEALTHGAS INC)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="y03665y0366512.gif" alt="(STEALTHGAS INC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This
contract is a computer generated copy of the SALEFORM 1993 form,
printed under license
from the Norwegian Shipbrokers&#146; Association, using the BIMCO Charter Party Editor. Any insertion
or deletion to the form must be clearly visible. In event of any modification being made to the
preprinted text of this document, which is not clearly visible, the original document, as
recommended by BIMCO, shall apply. The Norwegian Shipbrokers&#146; Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies between

the original document and this document.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16 A. Stealthgas inc will buy the owning co of the sellers ie &#145;tankpunk inc&#146; and sellers will
indemnify buyers for any debts or encubrances that company might have. No deposit will be given but
all the purchase money together with any other costs like bunkers/lubs or supplies will be paid
prior to delivery together with the full purchase price as agreed in this MOA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16 B. the vessel is sold with a 5&nbsp;year bareboat attached to GEDEN, Buyers have read, approved
and accepted the bb cp and its rider clauses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This contract is a computer generated copy of the SALEFORM 1993 form, printed under license
from the Norwegian Shipbrokers&#146; Association, using the BIMCO
Charter Party Editor. Any insertion or
deletion to the form must be clearly visible. In event of any modification being made to the
preprinted text of this document, which is not clearly visible, the original document, as
recommended by BIMCO, shall apply. The Norwegian Shipbrokers&#146; Association and BIMCO assume no
responsibility for any loss or damage caused as a result of discrepancies between

the original document and this document.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>ADDENDUM NO. 1
</b></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Memorandum
of Agreement dated 4<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> June 2010 for &#147;M/T SPIKE&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With the reference to the captioned Memorandum of Agreement, it is THIS DAY HEREBY AGREED
BETWEEN THE PARTIES TO AMEND MEMORANDUM OF AGREEMENT AS FOLLOWS:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clause 16A of this Memorandum of Agreement should read:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Stealthgas Inc. will nominate &#147;Tankpunk Inc.&#148; as buyers and sellers will indemnify buyers for any
debts or encumbrances that company might have. No deposit will be
given  but all the purchase money
together with other costs like bunkers/lubs or supplies will be paid prior to delivery together
with the full purchase price as agreed in this MOA&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties have executed this Addendum No.&nbsp;1 to be duly executed in Athens on
this 22<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of June&nbsp;2010
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><IMG src="y03665y0366513.gif" alt="(STEALTHGAS INC)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="y03665y0366514.gif" alt="(STEALTHGAS INC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.29
<SEQUENCE>3
<FILENAME>y03665exv4w29.htm
<DESCRIPTION>EX-4.29
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w29</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.29
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y03665y0366501.gif" alt="(GRAPHIC)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size:12pt"><B>SCOTIABANK (IRELAND)&nbsp;LIMITED</B></FONT><br>
<B>I.F.S.C. House, Custom House Quay, Dublin 1, Ireland. <br>
Telephone: Dublin 353-1-790 2000 Fax: 353-1-670-0684 <br>
S.W.I.F.T. Address: NOSCIE 2X</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">18 March&nbsp;2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Directors<BR>
Stealthgas Inc<BR>
331 Kifissias Avenue<BR>
Kifissia 14561<BR>
Greece

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>For the attention of Mr.&nbsp;Andrew Simmons</U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sir,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT LETTER</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Stealthgas Inc. Facility Agreement For A USD46,875,000 Term Loan dated June&nbsp;21 2007, as<BR>
amended by, among others, Supplemental Agreement dated 8 January&nbsp;2008</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further to the request from yourselves, Scotiabank (Ireland) Ltd (&#147;SBI&#148;) agrees to the
following amendments:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a period from 1 Jan 2010 to the Maturity Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>by deleting the definition of &#147;Margin&#148; and replacing it with:</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>&#147;Margin&#148;</B> means, in relation to each Interest Period, 2.00% per annum.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a period from 1 Jan 2010 to 30 September&nbsp;2010 only:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>by amending the definition of &#147;Required
Security Amount&#148; to read</U>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>&#147;Required Security Amount&#148; </B>means the amount in USD (as certified by the Lender)
which is ninety percent (90%) of the Loan
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>by amending the definition of &#147;Security Value&#148; to read:</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>&#147;Security Value&#148; </B>means the amount in USD (as certified by the Lender) which is,
at any relevant time, the aggregate of (a)&nbsp;the Valuation Amounts of the
Mortgaged Vessels as most recently determined in accordance with clause 8.2.2
and (b)&nbsp;the net realizable market value of any additional security for the time
being actually provided to the Lender pursuant to clause 8.2. l(b);
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From 1 October&nbsp;2010, the definitions of &#147;Required Security Amount&#148; and &#147;Security Value&#148; will revert
to their definitions immediately prior to signing of this Amendment Letter.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Directors: </b>J.C. Heath &#151; Chairman (Canada), R. Masters &#151; Chief Executive Officer (G.B), W.F.P. Swords.<BR>
R.L. Egan, I.S. Steers (G.B), C.H. Taylor (G.B). P.A. Williams (G.B), G.H. Stlnnes (Germany).<BR><b>
Registered In Ireland 30350, A wholly owned subsidiary of The Bank of Nova Scotia International Limited<BR>
Scotiabank (Ireland) Limited Is authorised and regulated by the Financial Regulator In Ireland</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Stealthgas Inc. agrees with the foregoing, please sign and return to SBI the enclosed copy
of this Amendment Letter no later than 20 March&nbsp;2010. The amendment herein will not take effect
until SBI receives your countersigned letter.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours sincerely<BR>
<BR>
<BR>
<DIV style="border-bottom: 1px solid #000000">/s/ Daniel Muldoon</DIV>
Scotiabank (Ireland) Limited<BR>
<BR>
<BR>
STEALTHGAS INC<BR>
P.O. Box 1405, Majuro<BR>
Ajeltake Road, Ajeltake Island, Majuro<BR>
MH96960, Marshall Islands
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Andrew J. Simmons
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Andrew J. Simmons&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">CFO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For and on behalf of Stealthgas Inc.
</DIV>




</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>4
<FILENAME>y03665exv4w30.htm
<DESCRIPTION>EX-4.30
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w30</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.30</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Private and Confidential</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date 21 October&nbsp;2009</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>STEALTHGAS INC.<BR>
as Borrower</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>-and-</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEUTSCHE BANK AG<BR>
FILIALE DEUTSCHLANDGESCH&#196;FT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUPPLEMENTAL AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>in relation to a Loan Agreement<BR>
dated 12 February&nbsp;2008,<BR>
for a loan facility of up to USD40,250,000</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><IMG src="y03665y0366507.gif" alt="(INCE LOGO)">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Index</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Clause</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page No</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INTERPRETATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>AGREEMENT OF THE LENDER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CONDITIONS PRECEDENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REPRESENTATIONS AND WARRANTIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>5</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FURTHER ASSURANCES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>4</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>7</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FEES AND EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NOTICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>9</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SUPPLEMENTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="left" valign="top"><B>10</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LAW AND JURISDICTION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS SUPPLEMENTAL AGREEMENT </B>is made on 21 October&nbsp;2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BETWEEN</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>STEALTHGAS INC</B>. as Borrower (the &#147;Borrower&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCH&#196;FT </B>as
Lender (the &#147;Lender&#148;).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BACKGROUND</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to a loan agreement dated 12 February&nbsp;2008 made between
(i)&nbsp;the Borrower and (ii)&nbsp;the Lender as lender there is outstanding and owing to
the Lender USD36,500,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower has made a request to the Lender to amend the said loan agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement sets out the terms and conditions on which the
Lender agrees at the request of the Borrower to amend the Loan Agreement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IT IS AGREED </B>as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Defined expressions. </B>Words and expressions defined in the Loan Agreement shall have
the same meanings when used in this Agreement unless the context otherwise
requires.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions. </B>In this Agreement, unless the contrary intention appears:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Conditions Satisfaction Date</B>&#148; means, the date on which the Lender shall have
received all of the documents referred to in clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Loan Agreement</B>&#148; means the Loan Agreement dated 12 February&nbsp;2008 referred to
in Recital (A); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Mortgage Addendum</B>&#148; means an addendum to the Mortgage, in such form as the
Lender may require in its sole discretion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Application of construction and Interpretation provisions of Loan
Agreement. </B>Clauses 1.2,1.3 and 1.4 of the Loan Agreement apply, with any
necessary modifications, to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AGREEMENT OF THE LENDER</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agreement of the Lender. </B>The Lender, relying upon each of the representations and
warranties in Clause 4 and subject to Clause 3, agrees to amend the Loan Agreement as
set out in Clauses 5.1 and 5.2 below with effect from the dates stated respectively in
those Clauses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver. </B>The Lender hereby waives the obligations of the Borrower set out in Clause 8.2 of the
Loan Agreement until the earlier of (i)&nbsp;20 October&nbsp;2009 (or such other date as the Lender may agree
in writing) and (ii)&nbsp;the Conditions Satisfaction Date.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONDITIONS PRECEDENT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions precedent. </B>The conditions referred to in Clause 2.1 are that the Lender shall have
received the following documents:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate documents</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certified Copies of all documents which evidence or relate to the constitution of the
Borrower and the Guarantor and its current corporate existence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate authorities</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certified Copies of resolutions of the directors of the Borrower and the Guarantor
approving such of this Agreement and the Mortgage Addendum to which the Borrower or the
Guarantor is a party and authorising the execution and delivery thereof and performance of
the Borrower&#146;s or the Guarantor&#146;s obligations thereunder, additionally certified by an
officer of the Borrower or the Guarantor as having been duly passed at a duly convened
meeting of the directors of the Borrower or the Guarantor and not having been amended,
modified or revoked and being in full force and effect; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>originals of any powers of attorney issued by the Borrower and the Guarantor pursuant to such
resolutions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of incumbency</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a list of directors and officers of the Borrower and the Guarantor specifying the names
and positions of such persons, certified by an officer of the Borrower or the Guarantor
to be true, complete and up to date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mortgage Addendum registration</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence that the Mortgage Addendum has been duly registered against the Vessel in
accordance with the laws of the Marshall Islands;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Laws of the Marshall Islands: opinion</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of the Lender&#146;s nominated special legal advisers in respect of the laws of
the Marshall Islands;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>London Agent</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>documentary evidence that the agent for service of process named in clause 18.2 of the
Loan Agreement has accepted its appointment in respect of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further opinions, etc</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any further opinions, consents, agreements and documents in connection with this
Agreement and the Security Documents which the Lender may request by
notice to the
Borrower;</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fees</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence that all fees due and payable to the Lender have been paid in full;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Endorsement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the endorsement at the end of this Agreement signed by each
Security Party (other than
the Borrower).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS AND WARRANTIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repetition of Loan Agreement representations and warranties. </B>The Borrower
represents and warrants to the Lender that the representations and warranties in Clause <I>7</I>
of the Loan Agreement, as amended and supplemented by this Agreement and updated with
appropriate modifications to refer to this Agreement, remain true and not misleading if
repeated on the date of this Agreement with reference to the circumstances now existing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific amendments to Loan Agreement. </B>With effect on and from the date of this
Agreement the Loan Agreement shall be, and shall be deemed by this Agreement to be,
amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by adding in Clause 1.2 thereof the definition of &#147;Mortgage Addendum&#148;
as set out in Clause 1.2 of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by adding in the definition of &#147;<B>Approved Broker</B>&#148; after the words
&#147;AP Moeller of Copenhagen&#148; the words &#147;and (vi)&nbsp;Allied Shipbroking Inc. of
Athens, Greece&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the definition of &#147;Margin&#148; in Clause 1.2 thereof and
replacing it with &#147;<B>Margin</B>&#148; means two per cent (2%) per annum&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting from the first line of Clause 8.1.6 the words &#147;accounts of
the Guarantor and&#148; and insert in the fifth line thereof after the word &#147;half-year&#148;
the words &#147;and unaudited accounts of the Guarantor in respect of each financial
year, each&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout to &#147;this Agreement&#148;, &#147;hereunder&#148;
and other like expressions as if the same referred to the Loan Agreement as
amended and supplemented by this Clause 5.1 of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific amendments to Loan Agreement. </B>With effect on and from the Conditions
Satisfaction Date the Loan Agreement shall be, and shall be deemed by this Agreement to
be, amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by adding at the end of the definition of &#147;<B>Mortgage</B>&#148; the words &#147;,as amended
by the Mortgage Addendum&#148;;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the definition of &#147;Required Security Amount&#148; and replacing it
with:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;&#147;<B>Required Security Amount</B>&#148; means the amount in USD (as certified by the Lender)
which is, at any relevant time (i)&nbsp;up to 30 September&nbsp;2010 one hundred and five per
cent (105%) of the Loan and (ii)&nbsp;thereafter one hundred and twenty five per cent
(125%) of the Loan&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout to &#147;this Agreement&#148;, &#147;hereunder&#148; and
other like expressions as if the same referred to the Loan Agreement as amended
and supplemented by this Clause 5.2 of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendments to Security Documents. </B>With effect on and from the date hereof each of the Security
Documents other than the Loan Agreement, shall be, and shall be deemed by this Agreement to be,
amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definition of, and references throughout each of the Security Documents to, the Loan
Agreement and any of the other Security Documents shall be construed as if the same referred
to the Loan Agreement and those Security Documents as amended and supplemented by this
Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout each of the Security
Documents to &#147;this Agreement&#148; &#147;this
Deed&#148;, &#147;hereunder&#148;and other like expressions as if the-same-referred to such Security
Documents as amended and supplemented by this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Security Documents to remain in full force and effect. </B>The Security Documents shall remain in full
force and effect as amended and supplemented by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amendments to the Security Documents contained or referred to in Clauses 5.1 and 5.2; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such further or consequential modifications as may be necessary to give full effect to the
terms of this Agreement,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Borrower&#146;s obligation to execute further documents etc. </B>The Borrower shall, and shall procure that
any other party to any Security Document shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and deliver to the Lender (or as it may direct) any assignment, mortgage, power of
attorney, proxy or other document, governed by the law of England or such other country as the
Lender may, in any particular case, specify,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect any registration or notarisation, give any notice or take any other step, which the
Lender may, by notice to the Borrower or other party, specify for any of the purposes
described in Clause 6.2 or for any similar or related purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purposes of further assurances. </B>Those purposes are:</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>validly and effectively to create any Security Interest or right of any kind which
the Lender intended should be created by or pursuant to the Loan Agreement or any
other Security Document, each as amended and supplemented by this Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>implementing the terms and provisions of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of further assurances.</B> The Lender may specify the terms of any document to be executed
by the Borrower or any other party under Clause 6.1, and those terms may include any
covenants, powers and provisions which the Lender considers appropriate to protect its
interests.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Obligation to comply with notice.</B> The Borrower shall comply with a notice under Clause 6.1
by the date specified in the notice.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional corporate action. At the same time as the Borrower or any other party delivers
to the Lender any document executed under Clause 6.1(a), the Borrower or such other party
shall also deliver to the Lender a certificate signed by 1 of the Borrower&#146;s or that other
party&#146;s directors which shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>set out the text of a resolution of the Borrower&#146;s or that other party&#146;s
directors specifically authorising the execution of the document specified by the
Lender, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>state that either the resolution was duly passed at a meeting of the
directors validly convened and held throughout which a quorum of directors entitled
to vote on the resolution was present or that the resolution has been signed by all
the directors and is valid under the Borrower&#146;s or that other party&#146;s articles of
association or other constitutional documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FEES AND EXPENSES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expenses</B> The provisions of Clause 5 (Fees and expenses) of the Loan Agreement shall apply to
this Agreement as if they were expressly incorporated in this Agreement with any necessary
modifications.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fee.</B> The Borrower shall pay to the Lender, on the date of this Agreement, an
arrangement fee of USD25,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General.</B> The provisions of Clause 16 (Notices and other matters) of the Loan
Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as
if they were expressly incorporated in this Agreement with any necessary modifications.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SUPPLEMENTAL</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparts.</B> This Agreement may be executed in any number of counterparts.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Third party rights.</B> A person who is not a party to this Agreement has no right under
the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any
term of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LAW AND JURISDICTION</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing law.</B> This Agreement shall be governed by and construed in accordance with English
law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Incorporation of the Loan Agreement provisions.</B> The provisions of Clause 18 (Governing
Law and Jurisdiction) of the Loan Agreement, as amended and supplemented by
this Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS</B> whereof the parties to this Agreement have caused this Agreement to be duly
executed on the date first above written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y03665y0366508.gif" alt="(IMAGE)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>COUNTERSIGNED</B>
this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of October&nbsp;2009 by the following parties who, by executing the same
confirm and acknowledge that they have read and understood the terms and conditions of the above
Supplemental Agreement, that they agree in all respects to the same and that the Security Documents
to which they are respectively a party shall remain in full force and effect and shall continue to
stand as security for the obligations of the Borrower under the Loan Agreement, as amended by the
above Supplemental Agreement, and they hereby reaffirm the Security Documents to which they are
respectively a party as the same is amended by the above Supplemental Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y03665y0366509.gif" alt="(SIGNATURE)"><BR>
duly authorized on behalf of<BR>
MR ROI INC.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y03665y0366510.gif" alt="(SIGNATURE)"><BR>
duly authorized on behalf of<BR>
 NAVIG8 FAITH CORPORATION

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>5
<FILENAME>y03665exv4w31.htm
<DESCRIPTION>EX-4.31
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w31</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.31
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Private and Confidential
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date 27 April&nbsp;2010
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>STEALTHGAS INC.</B><BR>
as Borrower
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">-and-
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEUTSCHE BANK AG<BR>
FILIALE DEUTSCHLANDGESCH&#196;FT</B>
</DIV>

<DIV align="Center">
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt; border-bottom: 1px solid #000000; width: 26%">&nbsp;
</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECOND<BR>
SUPPLEMENTAL AGREEMENT</B>
</DIV>

<DIV align="Center">
<DIV align="Center" style="font-size: 10pt; margin-top: 1pt; border-bottom: 1px solid #000000; width: 26%">&nbsp;
</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">in relation to a Loan Agreement<BR>
dated 12 February&nbsp;2008 as amended<BR>
by a supplemental agreement dated 21 October&nbsp;2009,<BR>
for a loan facility of up to USD40,250,000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="y03665y0366503.gif" alt="(GRAPHIC)">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>Index</b>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><b>Clause</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Page No</b></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INTERPRETATION
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGREEMENT OF THE LENDER
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONDITIONS PRECEDENT
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">REPRESENTATIONS AND WARRANTIES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FURTHER ASSURANCES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXPENSES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NOTICES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SUPPLEMENTAL
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LAW AND JURISDICTION
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS SECOND SUPPLEMENTAL AGREEMENT </B>is made on 27 April&nbsp;2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BETWEEN</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>STEALTHGAS INC. </B>as borrower (the &#147;<B>Borrower</B>&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCH&#196;FT </B>as lender (the &#147;<B>Lender</B>&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BACKGROUND</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to a loan agreement dated 12 February&nbsp;2008 as amended by a supplemental agreement
dated 21 October&nbsp;2009 made between (i)&nbsp;the Borrower and (ii)&nbsp;the Lender, the Lender has
made available to the Borrower a loan facility of up to USD40,250,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total amount outstanding under the Loan Agreement as at the date hereof is
USD35,250,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower has made a request to the Lender to amend the Loan Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement sets out the terms and conditions on which the Lender agrees at the
request of the Borrower to amend the Loan Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IT IS AGREED </B>as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Defined expressions. </B>Words and expressions defined in the Loan Agreement shall have
the same meanings when used in this Agreement unless the context otherwise requires.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions. </B>In this Agreement, unless the contrary intention appears:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Conditions Satisfaction Date</B>&#148; means, the date on which the Lender shall have received
all of the documents referred to in clause 3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Loan Agreement</B>&#148; means the loan agreement dated 12 February&nbsp;2008 as amended by a
supplemental agreement dated 21 October 2009 referred to in Recital (A); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Second Mortgage Addendum</B>&#148; means a second addendum to the Mortgage, in such form as the
Lender may require in its sole discretion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Application of construction and interpretation provisions of Loan Agreement. </B>Clauses 1.2,
1.3 and 1.4 of the Loan Agreement apply, with any necessary modifications, to this
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AGREEMENT OF THE LENDER</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agreement of the Lender. </B>The Lender, relying upon each of the representations and
warranties in Clause 4 and subject to Clause 3. agrees to amend the Loan Agreement as set
out in Clauses 5.1 and 5.2 below with effect from the dates stated respectively in those
Clauses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver. </B>The Lender hereby waives the obligations of the Borrower set out in Clause 8.2
of the Loan Agreement until the earlier of (i)&nbsp;30th April&nbsp;2010 (or such other date as the
Lender may agree in writing) and (ii) the Conditions Satisfaction
Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONDITIONS PRECEDENT</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions precedent. </B>The conditions referred to in Clause 2.1 are that the Lender shall
have received the following documents:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate documents</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certified Copies of all documents which evidence or relate to the constitution of the
Borrower and the Guarantor and its current corporate existence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate authorities</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certified Copies of resolutions of the directors of the Borrower and the
Guarantor approving such of this Agreement and the Second Mortgage Addendum to
which the Borrower or the Guarantor is a party and authorising the execution and
delivery thereof and performance of the Borrower&#146;s or the Guarantor&#146;s
obligations thereunder, additionally certified by an officer of the Borrower or
the Guarantor as having been duly passed at a duly convened meeting of the
directors of the Borrower or the Guarantor and not having been amended, modified
or revoked and being in full force and effect; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>originals of any powers of attorney issued by the Borrower and the
Guarantor pursuant to such resolutions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of incumbency</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a list of directors and officers of the Borrower and the Guarantor specifying the names
and positions of such persons, certified by an officer of the Borrower or the Guarantor
to be true, complete and up to date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second Mortgage Addendum registration</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence that the Second Mortgage Addendum has been duly registered against the Vessel
in accordance with the laws of the Marshall Islands;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Laws of the Marshall Islands opinion</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of the Lender&#146;s nominated special legal advisers in respect of the laws of
the Marshall Islands;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>London Agent</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>documentary evidence that the agent for service of process
named in clause 18.2 of the
Loan Agreement has accepted its appointment in respect of this Agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further opinions, etc</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any further opinions, consents, agreements and documents in
connection with this
Agreement and the Security Documents which the Lender may request by notice to the
Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Endorsement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the endorsement at the end of this Agreement signed by each Security Party (other than
the Borrower).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS AND WARRANTIES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repetition of Loan Agreement representations and warranties. </B>The Borrower represents and
warrants to the Lender that the representations and warranties in Clause 7 of the Loan
Agreement, as amended and supplemented by this Agreement and updated with appropriate
modifications to refer to this Agreement, remain true and not misleading if repeated on
the date of this Agreement with reference to the circumstances now existing,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific amendments to Loan Agreement. </B>With effect on and from the date of this Agreement
the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by adding in Clause 1.2 thereof the definition of &#147;Second Mortgage
Addendum&#148; as set out in Clause 1.2 of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the definition of &#147;Margin&#148; in Clause 1.2 thereof and replacing it
with: &#147;&#147;<B>Margin</B>&#148; means until and including 31 December&nbsp;2009 two per cent (2%)
per annum, and thereafter two point five per cent (2.5%) per annum&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout to &#147;this Agreement&#148;, &#147;hereunder&#148; and
other like expressions as if the same referred to the Loan Agreement as
amended and supplemented by this Clause 5.1 of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific amendments to Loan Agreement. </B>With effect on and from the Conditions
Satisfaction Date the Loan Agreement shall be, and shall be deemed by this Agreement to
be, amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by adding at the end of the definition of &#147;<B>Mortgage</B>&#148; the words&#148;, and as
further amended by the Second Mortgage Addendum&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by deleting the definition of &#147;Required Security Amount&#148; and replacing it
with:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;&#147;<B>Required Security Amount</B>&#148; means the amount in USD (as certified by the
Lender) which is, at any relevant time (i)&nbsp;up to 30 December&nbsp;2009, one hundred
and five per cent (105%) of the Loan, (ii)&nbsp;from 31 December&nbsp;2009 up</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until and including 30 September&nbsp;2010 zero per cent (0%) of the Loan and
(iii)&nbsp;thereafter one hundred and twenty five per cent (125%) of the Loan&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout to &#147;this Agreement&#148;, &#147;hereunder&#148; and
other like expressions as if the same referred to the Loan Agreement as
amended and supplemented by this Clause 5.2 of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendments to Security Documents. </B>With effect on and from the date hereof each of
the Security Documents other than the Loan Agreement, shall be, and shall be deemed by
this Agreement to be, amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definition of, and references throughout each of the Security Documents
to, the
Loan Agreement and any of the other Security Documents shall be construed as if
the same referred to the Loan Agreement and those Security Documents as
amended and supplemented by this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by construing references throughout each of the Security Documents to &#147;this
Agreement&#148;, &#147;this Deed&#148;, &#147;hereunder&#148; and other like expressions as if the same
referred to such Security Documents as amended and supplemented by this
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Security Documents to remain in full force and effect. </B>The Security Documents shall
remain in full force and effect as amended and supplemented by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amendments to the Security Documents contained or referred to in
Clauses 5.1 and 5.2; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such further or consequential modifications as may be necessary to give
full
effect to the terms of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Borrower&#146;s obligation to execute further documents etc. </B>The Borrower shall, and shall
procure that any other party to any Security Document shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and deliver to the Lender (or as it may direct) any assignment,
mortgage, power of attorney, proxy or other document, governed by the laws of
England or such other country as the Lender may, in any particular case, specify; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect any registration or notarisation, give any notice or take any
other step, which the Lender may, by notice to the Borrower or other party, specify
for any of the purposes described in Clause 6.2 or for any similar or related
purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purposes of further assurances. </B>Those purposes are:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>validly and effectively to create any Security Interest or right of any kind
which the Lender intended should be created by or pursuant to the Loan Agreement or
any other Security Document, each as amended and supplemented by this Agreement; and</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>implementing the terms and provisions of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of further assurances. </B>The Lender may specify the terms of any document to be
executed by the Borrower or any other party under Clause 6.1, and those terms may include
any covenants, powers and provisions which the Lender considers appropriate to protect its
interests.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Obligation to comply with notice. </B>The Borrower shall comply with a notice under
Clause 6.1 by the date specified in the notice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional corporate action. </B>At the same time as the Borrower or any other party
delivers to the Lender any document executed under Clause 6.1(a), the Borrower or such
other party shall also deliver to the Lender a certificate signed by 1 of the Borrower&#146;s
or
that other party&#146;s directors which shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>set out the text of a resolution of the Borrower&#146;s or that other party&#146;s
directors
specifically authorising the execution of the document specified by the Lender,
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>state that either the resolution was duly passed at a meeting of the
directors validly convened and held throughout which a quorum of directors entitled to vote on the
resolution was present or that the resolution has been signed by all the directors
and is valid under the Borrower&#146;s or that other party&#146;s articles of association or
other constitutional documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EXPENSES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expenses </B>The provisions of Clause 5 (Fees and expenses) of the Loan Agreement shall
apply to this Agreement as if they were expressly incorporated in this Agreement with any
necessary modifications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General. </B>The provisions of Clause 16 (Notices and other matters) of the Loan Agreement,
as amended and supplemented by this Agreement, shall apply to this Agreement as if they
were expressly incorporated in this Agreement with any necessary modifications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SUPPLEMENTAL</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparts. </B>This Agreement may be executed in any number of counterparts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Third party rights. </B>A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any
term of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LAW AND JURISDICTION</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing law. </B>This Agreement and any other non-contractual obligations arising out of or in
connection with it shall be governed by and construed in accordance with English law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Incorporation of the Loan Agreement provisions. </B>The provisions of Clause 17 (Governing
Law) and Clause 18 (Jurisdiction) of the Loan Agreement, as amended and supplemented by
this Agreement, shall apply to this Agreement as if they were expressly incorporated in
this Agreement with any necessary modifications.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS </B>whereof the parties to this Agreement have caused this Agreement to be duly
executed on the date first above written.
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by Andrew Simmons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">the duly authorised attorney-in-fact of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top" style="border-bottom: 1px solid #000000">/s/ Andrew Simmons</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>STEALTHGAS INC.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000">/s/ Robin Parry
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNED by Victoria Liaou
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">for and on behalf of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DEUTSCHE BANK AG FILIALE</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top" style="border-bottom: 1px solid #000000">/s/ Victoria Liaou</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DEUTSCHLANDGESCH&#196;FT</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000">/s/ Robin Parry
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>ROBIN</B> <B>PARRY<BR>
Ince &#038; Co</B><br><B>Akti Miaouli 47-49<BR>
Piraeus 185 36<BR>
Greece</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">COUNTERSIGNED this 27&nbsp;day of April&nbsp;2010 by the following parties who, by executing the same
confirm and acknowledge that they have read and understood the terms and conditions of the above
Second Supplemental Agreement, that they agree in all respects to the same and that the Security
Documents to which they are respectively a party shall remain in full force and effect and shall
continue to stand as security for the obligations of the Borrower under the Loan Agreement, as
amended by the above Second Supplemental Agreement, and they hereby reaffirm the Security Documents
to which they are respectively a party as the same are amended by the above Supplemental Agreement.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD></TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD></TR><TR>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ ANNA VAZOU
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">ANNA VAZOU&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD></TR><TR>

    <TD colspan="3" align="left">duly authorized on behalf of<BR>
<b>MR ROI INC.</b>
<br><br>

<div style="border-bottom: 1px solid #000000"><IMG src="y03665y0366504.gif" alt="-signature-"></DIV>
duly authorized on behalf of <br>NAVIG8
<B>FAITH CORPORATION&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>6
<FILENAME>y03665exv8.htm
<DESCRIPTION>EX-8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;8
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subsidiaries of StealthGas Inc.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Jurisdiction of Incorporation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Access Consultants Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aracruz Trading Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Atlas Investments S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aura Gas Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balcan Profit Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balkan Holding Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Baroness Holdings Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cannes View Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carinthia Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Casteli Castle Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cedric Finance Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Celidon Investments Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Clean Power Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Continent Gas Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Delora Trading Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Drew International Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">East Propane Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ecstasea, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Empire Spirit Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Energetic Peninsula Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hong Kong</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Energetic Tank Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Espace Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">European Energy Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Evolution Crude Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fairdeal Enterprises Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fighter Gas Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Power Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Jurisdiction of Incorporation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gastech Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geneve Butane Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grazia Maritime Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heather Trading S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Iceland Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independent Trader Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Gases Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Italia Trades Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jungle Investment Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kalinda Shipmanagement Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">King of Hearts Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leader Investments Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lpgone Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Luckyboy Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lyonet Holdings Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Matrix Gas Trading Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Melvyn Services Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr. Roi Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neutron Marine Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Northern Yield Shipping Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cyprus</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ocean Blue Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Octopus Gas Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oxford Gas Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pacific Gases Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pelorous Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Petchem Trading Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Quinta Trading Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reina Properties Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revolution Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rising Sun Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sabrina Enterprises S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scope International Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Semichlaus Exports Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Jurisdiction of Incorporation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Soleil Trust Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Somer Shipmanagement S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sound Effex Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SpaceGas Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Studio City Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tankpunk Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tatoosh Beauty Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Transgalaxy Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Triathlon Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ventspils Gases Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Malta</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>y03665exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Harry N. Vafias, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of StealthGas Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this annual report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this annual
report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the Company and have;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls
and procedures, or caused such
disclosure controls and
procedures to be designed under
our supervision, to ensure that
material information relating to
the company, including its
consolidated subsidiaries, is
made known to us by others within
those entities, particularly
during the period in which this
annual report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control
over financial reporting, or
caused such internal control over
financial reporting to be
designed under our supervision,
to provide reasonable assurance
regarding the reliability of
financial reporting and the
preparation of financial
statements for external purposes
in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of
the Company&#146;s disclosure controls
and procedures and presented in
this annual report our
conclusions about the
effectiveness of the disclosure
controls and procedures, as of
the end of the period covered by
this report based on such
evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this annual report
any change in the Company&#146;s
internal control over financial
reporting that occurred during
the period covered by the annual
report that has materially
affected, or is reasonably likely
to materially affect, the
Company&#146;s internal control over
financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the Company&#146;s auditors and the audit committee of the Company&#146;s board
of directors (or persons performing the equivalent function):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and
material weaknesses in the design
or operation of internal control
over financial reporting which
are reasonably likely to
adversely affect the Company&#146;s
ability to record, process,
summarize and report financial
information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not
material, that involves
management or other employees who
have a significant role in the
Company&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: June 29, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Harry N. Vafias
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Harry N. Vafias&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>y03665exv12w2.htm
<DESCRIPTION>EX-12.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Andrew J. Simmons, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of StealthGas Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this annual report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this annual
report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the Company and have;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls
and procedures, or caused such
disclosure controls and
procedures to be designed under
our supervision, to ensure that
material information relating to
the company, including its
consolidated subsidiaries, is
made known to us by others within
those entities, particularly
during the period in which this
annual report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control
over financial reporting, or
caused such internal control over
financial reporting to be
designed under our supervision,
to provide reasonable assurance
regarding the reliability of
financial reporting and the
preparation of financial
statements for external purposes
in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of
the Company&#146;s disclosure controls
and procedures and presented in
this annual report our
conclusions about the
effectiveness of the disclosure
controls and procedures, as of
the end of the period covered by
this report based on such
evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this annual report
any change in the Company&#146;s
internal control over financial
reporting that occurred during
the period covered by the annual
report that has materially
affected, or is reasonably likely
to materially affect, the
Company&#146;s internal control over
financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the Company&#146;s auditors and the audit committee of the Company&#146;s board
of directors (or persons performing the equivalent function):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and
material weaknesses in the design
or operation of internal control
over financial reporting which
are reasonably likely to
adversely affect the Company&#146;s
ability to record, process,
summarize and report financial
information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.) &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not
material, that involves
management or other employees who
have a significant role in the
Company&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: June 29, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Andrew J. Simmons
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Andrew J. Simmons&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>y03665exv13w1.htm
<DESCRIPTION>EX-13.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv13w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;13.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report on Form 20-F of StealthGas Inc. (the &#147;Company&#148;) for the
fiscal year ending December&nbsp;31, 2009 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), the undersigned officer of the Company hereby certifies to the
undersigned&#146;s knowledge, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
Section&nbsp;1350), that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in
all material respects, the financial condition and results
of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: June 29, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Harry N. Vafias
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Harry N. Vafias&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>y03665exv13w2.htm
<DESCRIPTION>EX-13.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv13w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;13.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report on Form 20-F of StealthGas Inc. (the &#147;Company&#148;) for the
fiscal year ending December&nbsp;31, 2009 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), the undersigned officer of the Company hereby certifies to the
undersigned&#146;s knowledge, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
Section&nbsp;1350), that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in
all material respects, the financial condition and results
of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: June 29, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Andrew J. Simmons
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Andrew J. Simmons&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>11
<FILENAME>y03665exv15w1.htm
<DESCRIPTION>EX-15.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv15w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;15.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the Registration Statements No.&nbsp;333-143804 on Form
F-3 and No.&nbsp;333-144240 on Form S-8 of our reports dated June&nbsp;28, 2010, relating to the consolidated
financial statements of StealthGas Inc. and subsidiaries (the &#147;Company&#148;), and the effectiveness of
the Company&#146;s internal control over financial reporting, appearing in this Annual Report on Form
20-F of the Company for the year ended December&nbsp;31, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Deloitte. Hadjipavlou, Sofianos &#038; Cambanis S.A.<BR>
Athens, Greece<BR>
June&nbsp;28, 2010

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>y03665y0366506.gif
<DESCRIPTION>GRAPHIC
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