<SEC-DOCUMENT>0001317861-18-000047.txt : 20181116
<SEC-HEADER>0001317861-18-000047.hdr.sgml : 20181116
<ACCEPTANCE-DATETIME>20181116161419
ACCESSION NUMBER:		0001317861-18-000047
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181116
FILED AS OF DATE:		20181116
DATE AS OF CHANGE:		20181116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EuroDry Ltd.
		CENTRAL INDEX KEY:			0001731388
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38502
		FILM NUMBER:		181189988

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			151 24
		BUSINESS PHONE:		30-211-1804006

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			151 24
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f111618edry6k.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Constantinos G. Siadimas">
<META NAME="date" CONTENT="11/16/2018">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:432pt"><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>FORM 6-K</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:9pt; font-size:12pt" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>For the month of November 2018</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Commission File Number: &nbsp;001-38502</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=442.8></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>EURODRY LTD.</B></P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Translation of registrant&#146;s name into English)</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>4 Messogiou &amp; Evropis Street</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>151 24 Maroussi, Greece</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Address of principal executive office)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Form 20-F [X] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ &nbsp;].</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ &nbsp;].</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's &quot;home country&quot;), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>1</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt; page-break-before:always" align=center><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by EuroDry Ltd. on November 15, 2018: EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2018.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>2</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=195.7></TD><TD width=42.8></TD><TD width=142.9></TD><TD width=61.4></TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="line-height:14pt; margin:0pt; font-size:12pt">EURODRY LTD.</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="line-height:14pt; margin:0pt; font-size:12pt">Dated: November 16, 2018</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">/s/ Aristides J. Pittas</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Name: &nbsp;</P>
</TD><TD valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">Aristides J. Pittas</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Title:</P>
</TD><TD valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">President</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>3</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=right><FONT FACE="Arial"><B>Exhibit 1</B></FONT></P>
<P style="margin:0pt" align=center><img src="f111618edry6k001.jpg" alt="[f111618edry6k001.jpg]" align=middle height=199.867 width=250.467></P>
<P style="margin:0pt; font-family:Arial" align=center><B>EuroDry Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reports Results for the Nine-Month Period and Quarter Ended September 30, 2018</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Maroussi, Athens, Greece &#150; November 15, 2018</B>&#150; EuroDry Ltd. (NASDAQ: EDRY, the &#147;Company&#148; or &#147;EuroDry&#148;), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and nine month period ended September 30, 2018. Euroseas Ltd. (&#147;Euroseas&#148; or &#147;Former Parent Company&#148;) contributed to the Company its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004 (the &#147;Spin-off&#148;). The Company was spun-off from Euroseas Ltd. on May 30, 2018. The results below refer to the above fleet for the periods presented. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Third Quarter 2018 Highlights:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Total net revenues of $6.8 million. Net income of $1.7 million; net earnings attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $1.4 million or $0.63 earnings per share basic and diluted. Adjusted net income attributable to common shareholders</FONT><SUP>1 </SUP>for the period was $1.4 million or $0.62 per share basic and diluted. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Adjusted EBITDA</FONT><SUP>1</SUP>was $3.8 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">An average of 6.0 vessels were owned and operated during the third quarter of 2018 earning an average time charter equivalent rate of $13,839 per day.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">The Company declared its second dividend of $0.2 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:normal; margin:0pt"><FONT FACE="Times New Roman"><SUP>1</SUP></FONT><FONT FACE="Arial">Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry&#146;s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><FONT FACE="Arial"><B>Recent Developments</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial">The Company recently announced that it signed a memorandum of agreement to acquire M/V Star of Nippon (to be renamed M/V Starlight), a panamax size drybulk carrier of 75,845 dwt built in 2004 in Japan. The vessel is expected to be delivered to the Company by the end of November 2018. The Company expects to finance the acquisition with funds on hand and debt which it is in the process of arranging; additionally, as previously announced, the Company is in the customary documentation phase to complete the refinancing of certain of its Panamax vessels. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial" align=justify><B>Aristides Pittas, Chairman and CEO of EuroDry commented</B><FONT FACE="Times New Roman"><B>: </B></FONT>&#147;Since EuroDry started operating as a separately listed public company in May 2018, we have focused on positioning the Company to capitalize on market opportunities. By refinancing certain of our debt, we have raised the required funds to pursue selected vessel acquisitions like the recently announced M/V Star of Nippon.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;We expect that the drybulk markets could offer opportunities for realizing significant returns in the medium term as the fleet supply is expected to grow only modestly in the next 2-3 years leaving the focus on trade demand developments, which partly depend on geopolitical factors. With the effects of the implementation of the emissions and ballast water treatment regulations over the next two years possibly further squeezing vessel supply, a solid trade demand growth could create a very rewarding market environment for vessel owners.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;At the same time, EuroDry&#146;s stock continues to trade at a significant discount to its NAV. This discount, we believe, will start shrinking as the performance of EuroDry is appreciated by the public markets and our fleet grows, either through single vessel acquisitions like the recent one or by exploiting our public platform to consolidate other fleets, thus offering additional returns to our shareholders.&#148; </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Tasos Aslidis, Chief Financial Officer of EuroDry commented: </B>&#147;The results of the third quarter of 2018 reflect the improved rates most of our vessels earned as a result of the recovering state of the drybulk market. Comparing our results for the third quarter of 2018 with the same period of 2017, our net revenues increased by about $1.5 million and we also incurred significantly lower voyage expenses. Operating expenses, including management fees and general and administrative expenses increased by approximately $0.9 million as compared to the third quarter of 2017. This was mainly due to the operation of 6.0 vessels during the third quarter of 2018 versus 5.0 vessels during the same period of last year; on a per-vessel-per-day basis, operating expenses, including management fees and general and administrative expenses increased by 15.4% during the third quarter of 2018 as compared to the same period in 2017 which was primarily attributable to higher general and administrative expenses per-vessel-per-day due to the operation of the Company as a separate public company following the completion of the Spin-off. We believe that we maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;Adjusted EBITDA during the third quarter of 2018 was $3.8 compared to $2.3 million achieved for the third quarter of last year. Finally, as of September 30, 2018, our outstanding debt (excluding the unamortized loan fees) is about $51.8 million versus restricted and unrestricted cash of about $5.1 million.&#147;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Third Quarter 2018 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the third quarter of 2018, the Company reported total net revenues of $6.8 million representing a 27.2% increase over total net revenues of $5.3 million during the third quarter of 2017 which was the result of the increased average number of vessels and the increase in the average time charter equivalent rate our vessels earned due to increase in dry bulk market rates. The Company reported net income for the period of $1.7 million and net income attributable to common shareholders of $1.4 million, as compared to net income and net income attributable to common shareholders of $0.7 million for the same period of 2017. Depreciation expenses for the third quarter of 2018 amounted to $1.4 million compared to $1.2 million for the same period of 2017. Increased general and administrative expenses reflected mainly the operation of the Company as a separate public company following the completion of the Spin-off.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Interest and other financing costs for the third quarter of 2018 amounted to $0.8 million compared to $0.4 million for the same period of 2017. Interest during the third quarter of 2018 was higher due to higher debt and higher Libor during the period as compared to the same period of last year. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>On average, 6.0 vessels were owned and operated during the third quarter of 2018 earning an average time charter equivalent rate of $13,839 per day compared to 5.0 vessels in the same period of 2017 earning on average $11,109 per day. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the third quarter of 2018 was $3.8 million compared to $2.3 million achieved during the third quarter of 2017. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2018 was $0.63 calculated on 2,236,785 basic and 2,238,442 diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.29 for the third quarter of 2017, calculated on 2,218,734 basic and diluted weighted average number of shares outstanding. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK4"></A><P style="margin:0pt; font-family:Arial" align=justify>Excluding the effect on the earnings attributable to common shareholders for the quarter of the gain / loss on derivatives, the adjusted earnings attributable to common shareholders for the quarter ended September 30, 2018 would have been $0.62 per share basic and diluted compared to adjusted earnings of $0.29 per share basic and diluted for the quarter ended September 30, 2017. Usually, security analysts do not include the above items in their published estimates of earnings per share. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Fleet Profile: </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">The EuroDry Ltd. fleet profile is as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=117></TD><TD width=63></TD><TD width=50.4></TD><TD width=36></TD><TD width=84.6></TD><TD width=87.4></TD></TR>
<TR><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF><B>Name </B></FONT></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Type</B></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Dwt</B></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Built</B></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Employment(*)</B></P>
</TD><TD style="background-color:#333333; border:0.5pt solid #000000" width=116.533><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>TCE&nbsp;Rate ($/day)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><FONT COLOR=#000000><B><U>Dry Bulk Vessels</U></B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=116.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Vessels in the water</U></B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">XENIA</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Kamsarmax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Jan-2020<BR>
+ 1 year in Charterers Option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$14,100<BR>
$14,350</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EIRINI P</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>76,466</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Aug-19</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Hire 103%<BR>
of Average<BR>
BPI** 4TC</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">TASOS</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>75,100</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Nov-18</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$15,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">PANTELIS</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>74,020</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Dec-18</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$11,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ALEXANDROS P.</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Ultramax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>63,500</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2017</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Guardian Navigation GMax LLC &nbsp;Pool</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Pool revenue from August 2018</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EKATERINI</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Kamsarmax</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2018</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Apr-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$13,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Dry Bulk Vessels</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>6</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>453,086</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Note:<FONT FACE="Times New Roman"> &nbsp;</FONT></P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; font-family:Arial; font-size:9pt">(*)</P>
<P style="line-height:11pt; margin:0pt; text-indent:36pt; font-family:Arial; font-size:9pt">Represents the earliest redelivery date</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-36pt; font-family:Arial; font-size:9pt">(**)&nbsp;</P>
<P style="line-height:11pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:9pt">BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four time charter routes.&nbsp;</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">4</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT FACE="Arial"><B>Summary Fleet Data:</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK5"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=199.1></TD><TD width=72></TD><TD width=72></TD><TD width=72></TD><TD width=74.05></TD></TR>
<TR><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><FONT COLOR=#FFFFFF><B>3 months, ended </B></FONT></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>September 30, 2017</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>3 months, ended </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>September 30, 2018</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>9 months, ended &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>September 30, 2017</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>9 months, ended &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>September 30, 2018</B></P>
</TD><A NAME="OLE_LINK2"></A></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><FONT COLOR=#000000><B>FLEET DATA</B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Average number of vessels (1)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>5.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>6.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>4.9</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>5.5</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Calendar days for fleet (2)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>460.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>552.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,342.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>1,512.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Scheduled off-hire days incl. laid-up (3)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>43.7</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Available days for fleet (4) = (2) - (3)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>460.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>552.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,342.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>1,468.3</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Commercial off-hire days (5)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.3</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>0.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Operational off-hire days (6)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.8</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1.6</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>21.1</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>5.2</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Voyage days for fleet (7) = (4) - (5) - (6) </P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>459.2</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>550.4</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,320.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>1,463.1</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization (8) = (7) / (4)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.8%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.7%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.4%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>99.6%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, commercial (9) = ((4) - (5)) / (4)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>100.0%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>100.0%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>100.0%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>100.0%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, operational (10) = ((4) - (6)) / (4)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.8%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.7%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.4%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="margin:0pt; font-family:Arial" align=right>99.6%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><B>AVERAGE DAILY RESULTS</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=98.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Time charter equivalent rate (11)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>11,109</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>13,839</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>9,631</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>12,473</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">Vessel operating expenses excl. drydocking expenses (12)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-right:0.2pt; font-family:Arial" align=right>4,905</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; padding-right:0.2pt; font-family:Arial" align=right>5,035</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>4,902</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>5,306</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">General and administrative expenses (13)</P>
</TD><TD style="border-left:0.5pt solid #000000" width=96><P style="margin:0pt; font-family:Arial" align=right>450</P>
</TD><TD width=96><P style="margin:0pt; font-family:Arial" align=right>1,147</P>
</TD><TD width=96><P style="margin:0pt; font-family:Arial" align=right>517</P>
</TD><TD style="border-right:0.5pt solid #000000" width=98.733><P style="margin:0pt; font-family:Arial" align=right>1,206</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Total vessel operating expenses (14)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,355</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,182</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,419</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>6,512</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Drydocking expenses (15)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>48</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>3</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>77</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial" align=right>955</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(1) Average number of vessels is the number of vessels that constituted the Company&#146;s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company&#146;s fleet during the period divided by the number of calendar days in that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(11) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is determined by dividing revenue generated from charters net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(12) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(13) Daily general and administrative expense is calculated by dividing other general and administrative expense by fleet calendar days for the relevant time period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, management fees and other general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(15) Drydocking expenses, which include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">5</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><FONT FACE="Arial"><B>Conference Call and Webcast:</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=justify>Tomorrow, November 16, 2018 at 12:00 p.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>Conference Call details:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote &quot;EuroDry&quot; to the operator.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
A replay of the conference call will be available until November xx, 2018. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.&nbsp;&nbsp;<BR>
<BR>
<B>Audio webcast - Slides Presentation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>There will be a live and then archived audio webcast of the conference call, via the internet through the EuroDry website (www.eurodry.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. A slide presentation on the Third Quarter 2018 results in PDF format will also be available 10 minutes prior to the conference call and webcast accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.<FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">6</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>EuroDry Ltd. </B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited Consolidated Condensed Statements of Operations</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=172.55></TD><TD width=74.95></TD><TD width=80.7></TD><TD width=0.3></TD><TD width=81></TD><TD width=81></TD><TD width=1></TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=bottom width=230.067><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=99.933><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
September 30,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
September 30,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended <BR>
September 30,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended <BR>
September 30,</B></P>
</TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=230.067><P style="margin:0pt; font-family:Arial; color:#FFFFFF">&nbsp;</P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=99.933><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2017</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2018</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2017</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2018</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=207.933 colspan=3><P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#000000>(unaudited)</FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=217.333 colspan=3><P style="margin:0pt; font-family:Arial" align=center>(unaudited)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial"><B>Revenues</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><A NAME="OLE_LINK6"></A></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Voyage revenue</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>5,647,240</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>7,186,756</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>14,198,548</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>18,566,127</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Commissions</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>(307,601)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(394,026)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(797,035)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,036,924)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net revenues</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>5,339,639</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>6,792,730</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right><B>13,401,513</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>17,529,203</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=107.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108.4 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial"><B>Operating expenses</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Voyage expenses, net</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=99.933><P style="margin:0pt; font-family:Arial" align=right>545,954</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(430,211)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>1,476,925</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>317,442</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Vessel operating expenses</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=99.933><P style="margin:0pt; font-family:Arial" align=right>1,883,902</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,338,733</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>5,545,469</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>6,781,736</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Drydocking expenses</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=99.933><P style="margin:0pt; font-family:Arial" align=right>22,190</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,533</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>103,015</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,444,190</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Vessel depreciation</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>1,205,139</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,410,721</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>3,581,133</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>3,942,499</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>372,168</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>440,796</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,033,151</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,241,417</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Other general and administrative expenses</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>206,983</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>633,222</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>693,560</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,822,942</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial"><B>Total Operating expenses</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>(4,236,336)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(4,394,794)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(12,433,253)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(15,550,226)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial"><B>Operating income </B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>1,103,303</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>2,397,936</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>968,260</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>1,978,977</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial"><B>Other income / (expenses)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Interest and finance cost</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>(441,288)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(784,303)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(1,381,524)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(1,832,089)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>(Loss) / Gain on derivatives, net</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>(2,286<B>)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>37,598</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(2,286)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>151,126</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Foreign exchange (loss) / gain</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>(8,807)</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>3,268</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(11,070)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>6,843</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Interest income</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>1,905</P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>10,750</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right><B>Other expenses, net</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>(452,381)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(741,532)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(1,394,880)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(1,663,370)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right><B>Net income / (loss)</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>650,922</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>1,656,404</B></P>
</TD><TD style="border-left:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(426,620)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>315,607</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; font-family:Arial" align=right>Dividend Series B Preferred shares</P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(240,994)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(321,198)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align=right><B>Net income / (loss) attributable to common shareholders</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right><B>650,922</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>1,415,410</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(426,620)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>(5,591)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align=right>Earnings / (loss) per share, basic </P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>0.29</P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>0.63</P>
</TD><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(0.19)</P>
</TD><TD style="border:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(0.00)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align=right>Weighted average number of shares, basic </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>2,218,734</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,236,785</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>2,210,391</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,230,137</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align=right>Earnings / (loss) per share, diluted </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>0.29</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>0.63</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(0.19)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>(0.00)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=230.067><P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align=right>Weighted average number of shares, diluted </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=99.933><P style="margin:0pt; font-family:Arial" align=right>2,218,734</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,238,442</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>2,210,391</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=109.333 colspan=2><P style="margin:0pt; font-family:Arial" align=right>2,230,137</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">7</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>EuroDry Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited Consolidated Condensed Balance Sheets</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=83.6></TD><TD width=92.15></TD><TD width=11.8></TD></TR>
<TR><TD style="background-color:#000000" valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#000000" valign=bottom width=111.467><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>December 31,<BR>
2017</B></FONT></P>
</TD><TD style="background-color:#000000" valign=top width=138.6 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2018</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><FONT COLOR=#000000><B>ASSETS</B></FONT></P>
</TD><TD valign=bottom width=250.067 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current Assets:</B></P>
</TD><TD valign=bottom width=111.467><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,257,058</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,631,802</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>593,787</P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,446,915</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net </P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>644,062</P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>192,351</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Inventories </P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>452,191</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>553,446</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>894,499</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>628,826</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>72,520</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>175,770</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:10.7pt; font-family:Arial; font-size:9pt">Due from related companies</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,706,259</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,478,761</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current assets</B></P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>7,620,376</B></P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>10,107,871</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fixed assets:</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Vessels, net</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>81,979,636</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>101,906,519</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Advances for vessels under construction and &nbsp;&nbsp;</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;vessel acquisition deposits</P>
</TD><TD valign=top width=111.467><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,051,211</P>
</TD><TD valign=top width=138.6 colspan=2><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term assets:</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,750,000</P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,850,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>51,453</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>190,272</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>97,452,676</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>115,054,662</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current liabilities:</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt, current portion</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>7,967,267</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>9,403,887</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>346,968</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>660,973</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,037,027</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>739,275</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>289,738</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>882,712</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current liabilities</B></P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>9,641,000</B></P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>11,686,847</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term liabilities:</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Long term debt, net of current portion</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>30,364,035</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>41,906,031</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Due to Former Parent Company</P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt" align=right>24,585,518</P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-right:18pt; font-family:Arial; font-size:9pt"><B>Total long-term liabilities</B></P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>54,949,553</B></P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>41,906,031</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total liabilities</B></P>
</TD><TD valign=top width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>64,590,553</B></P>
</TD><TD valign=top width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>53,592,878</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Mezzanine equity:</B></P>
<P style="line-height:11pt; margin:0pt; padding-left:10.7pt; font-family:Arial; font-size:9pt">Series B Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 0 and 19,362 shares issued and outstanding, respectively)</P>
</TD><TD valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>18,513,327</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Shareholders' equity:</B></P>
</TD><TD valign=bottom width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:10.7pt; font-family:Arial; font-size:9pt">Common stock (par value $0.01, 200,000,000 shares authorized, 0 and 2,254,130 issued and outstanding, respectively)</P>
</TD><TD valign=top width=111.467><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=122.867><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>22,541</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:10.7pt; font-family:Arial; font-size:9pt">Additional paid-in capital</P>
</TD><TD valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>42,518,895</P>
</TD><TD valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>52,588,279</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:10.7pt; font-family:Arial; font-size:9pt">Accumulated deficit</P>
</TD><TD valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(9,656,772)</P>
</TD><TD valign=bottom width=122.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(9,662,363)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>32,862,123</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>42,948,457</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total liabilities, mezzanine equity and shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=111.467><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>97,452,676</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=138.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>115,054,662</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=111.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=138.6 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">8</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>EuroDry Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited Consolidated Condensed Statements of Cash Flows</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=217.8></TD><TD width=85.5></TD><TD width=85.5></TD><TD width=0.75></TD></TR>
<TR><TD style="background-color:#0C0C0C" valign=top width=290.4 rowspan=2><P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><FONT COLOR=#FFFFFF><B>Nine Months Ended September 30,</B></FONT></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=115 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>Nine Months Ended September 30,</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C" valign=top width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>2017</B></P>
</TD><TD style="background-color:#0C0C0C" valign=top width=115 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>2018</B></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><FONT COLOR=#000000><B>Cash flows from operating activities:</B></FONT></P>
</TD><TD valign=top width=229 colspan=3><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net (loss) / income</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(426,620)</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">315,607</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin:0pt; font-family:Arial">Adjustments to reconcile net (loss) / income to net cash provided by operating activities:</P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Vessel depreciation </P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">3,581,133</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">3,942,499</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of deferred charges</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">160,300</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">159,045</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Share-based compensation</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">107,517</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Unrealized loss / (gain) on derivatives</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(138,819)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Changes in operating assets and liabilities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(2,407,955)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,476,534)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash provided by operating activities</I></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial"><B>906,858</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>2,909,315</B></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from investing activities:</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Cash paid for vessels under construction and vessel acquisition</P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
<P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(9,201,220)</P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
<P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(18,818,171)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash used in investing activities</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial"><B>(9,201,220)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(18,818,171)</B></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from financing activities:</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net increase in Former Parent Company investment</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">692,577</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">3,298,356</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Due to Former Parent Company</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(639,313)</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loan arrangement fees paid</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:43.8pt; font-family:Arial">(42,125)</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(147,200)</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from long term debt</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">10,862,500</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">18,400,000</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Repayment of long-term debt</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,653,486)</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(5,433,229)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; padding-left:50.4pt; text-indent:-50.4pt"><B><I>Net cash provided by financing activities</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>9,220,153</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>16,117,927</B></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=115 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net increase in cash, cash equivalents and restricted cash</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">925,791</P>
</TD><TD valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">209,071</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin:0pt; font-family:Arial">Cash, cash equivalents and restricted cash at beginning of period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">2,343,415</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">4,901,557</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash, cash equivalents and restricted cash at end of period</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>3,269,206</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115 colspan=2><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>5,110,628</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial"><B>Cash breakdown</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=217.8></TD><TD width=85.5></TD><TD width=85.5></TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,631,802</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Restricted cash, current</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">519,206</P>
</TD><TD valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">628,826</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Restricted cash, long term</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">2,750,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">2,850,000</P>
</TD></TR>
<TR><TD valign=top width=290.4><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Total cash, cash equivalents and restricted cash shown in the statement of cash flows</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
<P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>3,269,206</B></P>
</TD><TD valign=top width=114><P style="margin:1.1pt"><BR></P>
<P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>5,110,628</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">9</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>EuroDry Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Adjusted EBITDA to </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Net income / (loss)</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=131.15></TD><TD width=89.85></TD><TD width=89.85></TD><TD width=89.65></TD><TD width=90.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:1pt double #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2017</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2018</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=119.533><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2017</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120.667><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2018</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net income / (loss)</B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>650,922</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>1,656,404</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=119.533><P style="margin:0pt; font-family:Arial" align=right><B>(426,620)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=120.667><P style="margin:0pt; font-family:Arial" align=right><B>315,607</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Interest and finance costs, net (incl. interest income)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>441,288</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>782,398</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>1,381,524</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>1,821,339</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Vessel depreciation </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>1,205,139</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>1,410,721</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>3,581,133</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>3,942,499</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Unrealized and realized loss / (gain) on derivatives, net</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>2,286</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right>(37,598)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right>2,286</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right>(151,126)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:1pt double #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:1pt double #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>2,299,635</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:1pt double #000000" valign=bottom width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>3,811,925</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:1pt double #000000" valign=bottom width=119.533><P style="margin:0pt; font-family:Arial" align=right><B>4,538,323</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:1pt double #000000" valign=bottom width=120.667><P style="margin:0pt; font-family:Arial" align=right><B>5,928,319</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Adjusted EBITDA Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>EuroDry Ltd. considers Adjusted EBITDA to represent net income / (loss) before interest, income taxes, depreciation and gain / loss on derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income / (loss), as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, gain/loss on derivatives, and depreciation. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">10</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>EuroDry Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Net income / (loss) to Adjusted net income / (loss)</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except share data and number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=175></TD><TD width=75.9></TD><TD width=78.6></TD><TD width=97.25></TD><TD width=75.25></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:1pt double #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2017</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2018</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2017</B></P>
</TD><TD style="background-color:#0C0C0C; border-left:0.5pt solid #000000; border-top:1pt double #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Nine Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>September 30, 2018</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net income / (loss)</B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt; font-family:Arial" align=right><B>650,922</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt; font-family:Arial" align=right><B>1,656,404</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt; font-family:Arial" align=right><B>(426,620)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt; font-family:Arial" align=right><B>315,607</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Unrealized and realized loss / (gain) on derivatives</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.2><P style="margin:0pt; font-family:Arial" align=right>2,286</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.8><P style="margin:0pt; font-family:Arial" align=right>(37,598)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=129.667><P style="margin:0pt; font-family:Arial" align=right>2,286</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.333><P style="margin:0pt; font-family:Arial" align=right>(151,126)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial"><B>Adjusted net income / (loss) </B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.2><P style="margin:0pt; font-family:Arial" align=right><B>653,208</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.8><P style="margin:0pt; font-family:Arial" align=right><B>1,618,806</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=129.667><P style="margin:0pt; font-family:Arial" align=right><B>(424,334)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.333><P style="margin:0pt; font-family:Arial" align=right><B>164,481</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Preferred dividends</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt; font-family:Arial" align=right>(240,994)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt; font-family:Arial" align=right>(321,198)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted net income &nbsp;/ (loss) attributable to common shareholders</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.2><P style="margin:0pt; font-family:Arial" align=right><B>653,208</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.8><P style="margin:0pt; font-family:Arial" align=right><B>1,377,812</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=129.667><P style="margin:0pt; font-family:Arial" align=right><B>(424,334)</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.333><P style="margin:0pt; font-family:Arial" align=right><B>(156,717)</B></P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Adjusted earnings / (loss) per share, basic </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.29</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.8><P style="margin:0pt; font-family:Arial" align=right>0.62</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=129.667><P style="margin:0pt; font-family:Arial" align=right>(0.19)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=bottom width=100.333><P style="margin:0pt; font-family:Arial" align=right>(0.07)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt; font-family:Arial" align=right>2,218,734</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt; font-family:Arial" align=right>2,236,785</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt; font-family:Arial" align=right>2,210,391</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt; font-family:Arial" align=right>2,230,137</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Adjusted earnings / (loss) per share, diluted </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.29</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt; font-family:Arial" align=right>0.62</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt; font-family:Arial" align=right>(0.19)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt; font-family:Arial" align=right>(0.07)</P>
</TD></TR>
<TR><TD style="border-left:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=233.333><P style="margin:0pt; font-family:Arial">Weighted average number of shares, diluted </P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="margin:0pt; font-family:Arial" align=right>2,218,734</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.8><P style="margin:0pt; font-family:Arial" align=right>2,238,442</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=129.667><P style="margin:0pt; font-family:Arial" align=right>2,210,391</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:1pt double #000000; border-bottom:0.5pt solid #000000" valign=top width=100.333><P style="margin:0pt; font-family:Arial" align=right>2,230,137</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial"><B>&#147;Adjusted net income/(loss) and &#147;Adjusted earnings/(loss) per share Reconciliation:</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>EuroDry Ltd. considers &#147;Adjusted net income / (loss)&#148; to represent net income / (loss) before gain / loss on derivatives. &#147;Adjusted net income / (loss)&#148; and &#147;Adjusted earnings / (loss) per share&#148; is included herein because we believe it assists our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of gain / loss on derivatives, which items may significantly affect results of operations between periods. &#147;Adjusted net income / (loss)&#148; and &#147;Adjusted earnings / (loss) per share&#148; do not represent and should not be considered as an alternative to net income / (loss) or earnings / (loss) per share, as determined by GAAP. The Company's definition of &#147;Adjusted net income / (loss)&#148; and &#147;Adjusted earnings / (loss) per share&#148; may not be the same as that used by other companies in the shipping or other industries.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">11</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><FONT FACE="Arial"><B>About EuroDry Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=justify>EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
The Company has a fleet of 6 vessels, including 3 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry&#146;s 6 drybulk carriers have a total cargo capacity of 453,086 dwt. </P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>Forward Looking Statement</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as &quot;expects,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;anticipates,&quot; &quot;hopes,&quot; &quot;estimates,&quot; and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Visit our website www.eurodry.gr<FONT COLOR=#0000FF><U></U></FONT></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=221.4></TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Company Contact</B></P>
</TD><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Investor Relations / Financial Media</B></P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Tasos Aslidis</P>
<P style="margin:0pt; font-family:Arial">Chief Financial Officer</P>
<P style="margin:0pt; font-family:Arial">EuroDry Ltd.</P>
<P style="margin:0pt; font-family:Arial">11 Canterbury Lane,</P>
<P style="margin:0pt; font-family:Arial">Watchung, NJ07069</P>
<P style="margin:0pt; font-family:Arial">Tel. (908) 301-9091</P>
<P style="margin:0pt; font-family:Arial">E-mail: aha@eurodry.gr<FONT COLOR=#0000FF><U></U></FONT></P>
</TD><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Nicolas Bornozis</P>
<P style="margin:0pt; font-family:Arial">President</P>
<P style="margin:0pt; font-family:Arial">Capital Link, Inc.</P>
<P style="margin:0pt; font-family:Arial">230 Park Avenue, Suite 1536</P>
<P style="margin:0pt; font-family:Arial">New York, NY10169</P>
<P style="margin:0pt; font-family:Arial">Tel. (212) 661-7566</P>
<P style="margin:0pt; font-family:Arial">E-mail: nbornozis@capitallink.com<FONT COLOR=#0000FF><U></U></FONT></P>
</TD><A NAME="OLE_LINK1"></A><A NAME="OLE_LINK3"></A></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:5pt"><BR></P>

<P style="margin-top:0pt; margin-bottom:5pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=right><FONT FACE="Times New Roman">12</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</DIV></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>f111618edry6k001.jpg
<TEXT>
begin 644 f111618edry6k001.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" '* CX# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MKPW]N;]E;5?VJO!^AZ;I6I:?ILFEWCW+M=A]K@IMP-H/->Y45TX/%U<-6C7H
MNTH['/BL-3Q%)T:OPO<****YCH"BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MO$GC'Q!J<=QG? ]XR6^#U B7" >P4"N%J2RLIM2NX[>WAEN)YFVI'&A=W/H
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"FR2*JGY@/QIU?%7_!53]O2;X&^'V\!>$[KRO%6M0;KV[B?$FE6[=-I[2N,@
M'JJ_-U*FO4R;*,1F>+A@\*KRE]R75OR1Y6=9QA\LPDL9B7[L?O;Z)>;/*/\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MW/0UZ57X)4IRIS<)JS3L_4_?:56-2"J0=TU=?,****@T"BBB@ HHHH ****
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M^PEIW_HJ>OU+C;_D43]8_FC\OX+_ .1O#TE^3/U+HHHK\//W **** "BBB@
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M_P#/YGVO ^.=?+_92WINWRW0ZBBBOCS[,**** "BBB@ HHHH **** "BBB@
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M7[7J,+7S/'F.57'JA':"_%ZO\+'TO 6!=+ NO+>;_!:?G<6BBBOAS[H****
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ME>"=P)&.]?=87/LNQ4?W=6+\F[/[F?#XG),PPLK5*4EYI77WHY[PA^US\5O
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MY_IL%%%%>6>L%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1UHHH YGXM_"?0?C7X$O\ PWXDT^'4M)U*
M,QRQ/_">H93U5E."&'((%?CG^W!^Q!KW['?CSRI/.U+PKJ,C?V7JFWAN_DRX
MX651^# 9'<+^V58GC_X>Z/\ $_PM>:+K^FVFK:7?(4FMKF,/&X^A[@X((Y!
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M8KJZT"^G^R7.OR'R;>&4\(54C+1EL N=H Y&1S7U]'*LB @CD>M?SNU^JO\
MP28_;=7XT^"$\ ^(KDMXK\.6X^R32'YM3LUPH)/>2/@-W8;6Y.XCVN//#NGE
M>$AC,NO*,=)W=W_B_1VT6GF>+P+XA5<RQ<L)F+2E+6%M%_A_57U/L^BBBOR$
M_7PHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M9!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M-[5]-?\ !,S_ ()J6_Q;LX/'OQ L6DT D/I.DS H-2 P?/D[^3_=7^/&3\N
M_P"F6B:':^'=+@LK&UM[.SM4$<,$,8CCB4= H'  ]!7W'%7B=1RVH\ORF"E*
M.C;^&-NB2WM\E?N?%<*^&M;,H+'YI-QC+5+[4D^K;O:_W^A^<'@?_@A'KFI:
M7O\ $'Q TW3+PX_=6&F/>(..?G=XC_X[6GJ?_!!:>*V8V?Q.CFF[+-H11/?D
M3D_I7Z,45^8R\2N(G+F^L6\N6-O_ $D_38^&_#ZARNA?SYI7_,_'+XV_\$H/
MBY\'+.ZOK?3;/Q5IEJ&=IM(E,DP0=S"P5R?9 WY<UY/^S=^SGKW[37Q<L?">
MBQM#-,Q>\N70F.P@4C?*XXZ= N02Q [U^\CKO1E]1BL#PW\*_#OA#Q-J>M:7
MHFEZ?JVM;?M]Y;VR1S7A7.#(P&6(R>37T.'\7LRCA9T:\(RJ-6C):6?=K9^5
MK:GSN*\(\ \5"K0G*-._O1>MUV3Z?,3X4> H?A;\.='\.V]U>WT&CVJ6J3W<
MQFGE"@#<S'DD_D.@P !70T#BBOR:4G*3E+=GZU3A&$5".RT04445)04444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 V4;EQ[&OYT_P!E?]GN
M3_@H7_P40D\)>+O%&M*NK7M_<WNHM(;J\EC@WOY8>0G!(7:&.X+_ '3C%?T6
M2=/P-?@[_P $5_\ E+C:?]QK_P!%2U]GPK4E2PN,K4])1@K/JMSXGBRG&KBL
M'1J:QE-IKH]C]@OV;OV"_A/^RKH-I8^#_!6BV=S:K@ZG-;+/J4YSG<]PP,A.
M>< @#H   *]@2%8UPJX%.HKY"I5G4ESU&V^[U/L:-"G2CR4HI+LAIC4C%<?\
M7_V??!/QZ\//I?C+PKH/B:R=6 CU&S2?RB1C<A891O1E(((R"#7945,92B[Q
M=GY%SIQFN6:NO,_(O]OW_@WK;P]IFH^+/@?=75T(09W\*73F23: 2PM9R<L>
M.(Y,DY.')PIQ_P#@EO\ \%H=?^#7B^Q^$WQNFO9M+AN#IEIK5^K+?:),&"""
M[W ,T88%2[?/&>N5'R_L81D5^=/_  6Z_P""6<?[07@NZ^*G@:QCC\<>'K8M
MJ=I"@#:[:("2<#[T\:Y()Y=1MY(05]AE^=0QT5@,V]Z+^&?VHOIKU7],^+S+
M(YX&3S#*?=:^*'22ZZ?UY'Z)P3I<0K)&RNK $,#D$&GU^8/_  ;V_M[:A\2_
M#6I_!WQ=JTE]J7AZ$7OAR6Y?=+)9 !9+8,>6$+;&4')VR,!\L8 _3X=*^<S/
M+ZF"Q,L-5W7XKHSZ7*LRIX[#1Q-/9].SZH****X#T0HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "AC@
M44V=MD3'&?:@#\F_^"R7QYF^(O[1T?A*":3^R_!< C>/HKW<H$DC8[X0QJ.O
M1L=:\O\ ^">_[-R?M._M,:-H]]&)-#TW_B9ZLIZ26\;+^[_X&[(A]F8]JX?]
MI/QRWQ+_ &@_&NO-NVZIK5U-&#U6,RL$7H.BA1^%>Z?\$W/VTO /['%IXDN_
M$FD>)M2UK6Y(HXI-.MX)(XK>,$XS)*AW,[$D 8PJ\^G]4RP6*RWA2.&RV#E5
M<$DDM>:7Q/Y7;^X_E>GB\-F/$[Q.932I<[;;VY8_"OG9(_7+3-+M]&L(;6UB
MC@M[=!'%'&H5(U' 4 <  <8%6*^+/^'YGPK_ .A:^(/_ ("6G_R32_\ #\SX
M5_\ 0M?$#_P$M/\ Y)K\ _U'S_\ Z!9_<?ORXVR%*RQ4?Z^1]I45\6_\/S/A
M7_T+7Q _\!+3_P"2:3_A^9\*S_S+?Q!_\!+3_P"2:/\ 4?/_ /H%G]P?Z\9#
M_P!!4?O/M.BO ?V3/^"A/A']L3Q9JFD^&])\26$^DVRW<S:E##&K(7" +Y<K
MG.3WQ7OU>!CL#B,'6>'Q4'":W3WUU/>P.88?&T5B,+-2@]FMM )P*^)A_P %
MG]'/Q9_X1/\ X0;4O/.K_P!DBX_M!-N[SO*W[=G3/.,U]L-TK\*4/_&97_<Z
M?^WU?<< \/X+-'B5C(N7)"ZLVK/7MN?#\?<08W+/JOU.7+[25GHGIIW]3]U8
M7+ISC/M3J;'TIU?GA^B!7F_[5_[1,/[+/P5U+QG<Z;+JT.G2P1M;12B)G\R5
M8\[B".-V>E>D5\S?\%>/^3$_%'_7U8?^E<5>ID>%IXG,:&'J_#.<4_1M)GDY
M]BJF&RZOB*+M*,)-/S2N2_L4_P#!1G3_ -L_QOJVC6/AB\T-M)LA>/)/=K,)
M 7"8 "C')S7TH3@5^8/_  0G_P"2Y>-/^P&G_H]*_3UC7M\=93ALLSBI@\&K
M0BHV5V]XIO5GC<#9MB<RRB&+Q<N:;<KNR6S:6B/C/X\_\%B]'^!?QA\0>$9_
M!&I:A-X?NVM'N8]02-9B #D*4)'7UKD/^'\>@_\ 1.]6_P#!I'_\17QW_P %
M"/\ D]3XC_\ 88D_]!6OK#X:_P#!$OP[X[^'F@ZU+XYUJWDUC3K>]:);&)EC
M,D:N5!W=!NQ7Z/6X=X2R[+L+B<TC).K%/1R=WRIO9Z;GYQ1XBXLS#,,1ALMG
M%JG)JS4%97:6K6NQJ_\ #^/0?^B=ZM_X-(__ (W6IX4_X+I>"]3U-(=7\'^(
M=)MW8+Y\,T5T$'.25^0\<=,GK]#1_P"'#_AG_HH&N_\ @!%_\57,?$G_ ((3
MW%IH\LWA3QT+J^1,I;:I8^7'*WH98V)7M_ :\WV?A[4_=ISC?K[^GWW7X'HR
MJ<?TOWDE&273W-?NL_Q/N;X+?M#^#_V@_#0U7PCKEGK%JI"R"+*R0,>SQL R
M'_> SVS7; Y%?A3X>U_Q]^PO\?MVVZT'Q)H%P%NK61CY-Y'G)1P#B2)UZ$<$
M$$$$ C]H/V>/C9IO[0?P;T#Q=I>5M]8MA(T3-N:WD!*R1L?57#+[XS7R?&'!
M[R=PQ.'J>TH5/AE^-G;35:IK?4^KX.XQ_M?GPV)A[.O3^*/?I==59Z-/8[:B
M@G KY3_X*.?\%"K7]EOP[_PC_AN:WO/'6J1!HE8;TTN(Y_?N,8+''RH>IY(P
M,-\OE>5XG,,3'"82/-.7]7?9+JSZK-<TPV78:6+Q4N6,?Q\EW;['NGQB_:.\
M%_ +2%O/%WB+3=$CDSY,<[YFN,8SY<:Y=\9'W0<5\L^,O^"Y7@+1]0N(='\,
M>)-:CB;;'._EVL<PSR1N9F ],J#["O@/P=X"^)7[;OQ5N%L8]5\8>(KA?-NK
MFXF!6"/.,O(Y"HHZ!<@=@.U?6WPW_P""%&I7VG0S>+/'%O873',MKIMB;A5&
M/^>KLO(/7Y,<=>]?J\N#N&LEBHY[B7*J]XQOI\DG+YNU^Q^3KC#B7.9.61X?
MEI+[4K:_.7N_)7]3N?#_ /P77\&W=R%U3P7XDL8RP&^WGAN,#N2"4Z>@ZU]-
M? K]LCX=_M&P8\*^)K&^O57?)8R9@NXAQDF)\-@9'S $>]?'GCG_ ((1^7IL
MK^&_'SR7BH?+BU'3@L<K>\B/E1[A&KY ^-_[-'Q&_8X\96K:[8WFBW$<V_3]
M6L)B89''(:*9,%6XS@[6'7%.'"O">=?NLFQ#IU>BE?7Y25W\F_0FIQ3Q7DW[
MS-Z"J4^K5M/G'3[T?NFIR**^$_\ @F=_P4QG^*MY;^ OB%?QGQ"V%TK5)!M_
MM3L(7P,>:.S<;QU^;[WW6K;A7Y;G62XO*L5+"8N-I+KT:Z-/JC]3R/.\+FN%
M6+PKNGNNJ?9^8DG3\#7X._\ !%?_ )2X6G_<:_\ 14M?O%)T_ U^#O\ P17_
M .4N%I_W&O\ T5+7M<-_[ACO\"_4\+B;_?\  _XW^A^\E%%%?'GV@4444 %-
ME7S$V^M.HZT ?@5^VGX,D_X):?\ !5^S\0^&T:'1XKZW\5:=;1?+_H5Q(ZSV
MHZ?+E;B(?[.WO7[R>$?$]CXS\+Z=JVFSK=:?J=K%=VTR_=EBD0,C#V*D'\:_
M*O\ X.=O %LL7PG\41QQI=$ZAI<[;?FD3]S+&,^BGS>O]_ZU]F_\$@?B3)\4
M?^"=/POU"9F:2STLZ0Q/?[)*]LO8?PQ+_B>M?99[?%95A<?+XE>#?>VWY?B?
M%9#;"9KB<!'X7::7:]K_ )_@1?\ !2'_ (*7Z7_P3GL/"-QJ7A74/%'_  EL
MMU%&MK>);_9_($).=RMG/FCITQ7RU_Q$V^&?^B2>(OQU>+_XW6[_ ,%\.?C%
M^R[_ -C9/_Z/T^OTACB78/E7\JX8_4,/@Z-2M1YY3YFWS..TK;*YVREF&)QM
M:E0K\D8<NG*GND^I^8/_ !$V>&_^B2>(O_!Q%_\ &ZVO ?\ P<L?#C6=;BM_
M$7@/Q;X=M9G"_:H98;Y8QSEF7*-@''"ACR?3!_2;RE_NK^5<[\2?A%X8^+^@
M3:5XG\/:+K^GW$9BD@U"RCN$9202,.#W /'< ]JR^O94]'A6O-5'?\58V^H9
MM'58I/R<%;\'<Q?V?OVG_ G[4?@Y->\">)-/\1:<S;)&MR5D@?\ NR1L \;>
MS*,CGI7=74C10,R*&95) /0GM7Y#_MC_ +&FO?\ !'3XTZ3\>O@W=WLG@-=1
M2VUG0);B1A;1R9'DNV?WEN^2JE\M'(8S\QP1^J'P-^+NC_'SX0^'/&6@S>?I
M/B33X;^W+$;D5U!*-C@.IRK#LRD=JY,PP%.E".(PTN:G+9O1IK>+\_S.K+<P
MJ5I2PV)CRU8;VV:>S7E^1X+^Q;_P4_TG]K#XW^-/ASJGA:^\"^,O!K,)-/OK
MI)FNPDC1S%"H'W&V'IR) 1QFOJ:OR]_X+)_"/6_V/OVFO!7[57@&U*S6-Y%9
M^)HD^6.8A!%&TF/X)H=T#$]"(\<FOT8^"7Q=T7X^?"O0?&7AZY%UHOB*S2\M
M9 >0K#E6]&4Y5AV92.U5F6$I1I4\7AO@FK-;\LENOU7DR<LQE5U:F$Q+]^#N
MGM>+V?Z,ZJBBL3XB^/M)^&'@;5_$&N7T.GZ1HMI+>WES(<+#%&I9F/T /UKR
MDFW9'L2DHKFEL?.W_!0;_@J+X?\ V#-<\*Z')X?O_&7B;Q5(_DZ5I\ZQS11@
MJBN<AB=\C;4 'S%6]*^DO!NKWFO^$M,OM1L#I6H7EK'-<V1E$ILY64%XMX #
M;6)7< ,XS@5^4O\ P35^'FK_ /!3;_@H'XK_ &CO&5C,WA;PG?+%X>M)U)C$
MZC_1HEY(/V>/;(V.LLJMW(K]:T&U:]?-L)1PCAAH_P 1*\WYO[/R6YXN38RO
MB^?%2_AMV@K=%U^;%HHHKQSW HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "H[DX@;C/M4E-E^X:!2U5C^?7X@VLEAX]UR"9&CFAU"='1ARK"1@0
M?H:IZ?H%_JT326MC>7,:G:6BA9P#Z9 KU[_@HA\-Y?AA^V1XZLVA:&#4=0;5
M;?C"NEQ^])')X#,Z_P# 3P.E>[?\$2?CC#X6^+FN^![ZX6.'Q1;K=6*OT:YA
MSN5?=HF)_P"V5?UYBL_J8;A^.:X6"J6A&5KVTLKZV>WZ'\C83(X8G/7E>)G[
M.\Y1O:^MW;JMSXQ_X0S6/^@3J7_@*_\ A1_PAFL?] G4O_ 5_P#"OZ$/)0_P
MK1Y"?W5_*OS'_B-%;_H%7_@;_P#D3]._X@U3_P"@I_\ @'_VQ_/?_P (9K'_
M $"=2_\  5_\*/\ A#-8_P"@3J7_ ("O_A7]"'D)_=7\J/(3^ZOY4?\ $:*W
M_0*O_ W_ /(B_P"(-4_^@I_^ ?\ VQ^9W_!#O0[W2/C/XR:[L[NU5]'B53+"
MR GSUXY%?IG3?(7(.T<=*=7Y?Q)GDLWS">/E#D<K:7OLDM[+MV/T_AG(UE&
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M?89E^YR##47O.3E\E?\ S1\7EJ]OQ!B*T=HQ4?GI_DSXI_X+W_\ )8_V7?\
ML;)__1^GU^D4?W!7YN?\%[_^2R?LN_\ 8V3_ /H_3Z_2.,_(*\G,/]QPOI/_
M -*9ZV7?\C'%^L/_ $E#J*,YHS7BGO'B/_!2#PM8^+?V#/B]:ZDT<=NOA6_N
M0[J2L;Q0M+&W'/#HI_"O#_\ @WT\17FM_P#!.G2;>ZB>.'2=9U"TM78C][&9
M?.)&.>'E=>>?E],5S?\ P71_;?TWP%\#;SX->&[C^U?B%\0C#82:;;(9IK2S
MD?EB%_CE($:)]XAR0.!GZ2_X)R?LW3?LG?L:^!?!5WC^U+"P^TZD <[;N=VG
MF3/<(\C(#W"BOH)1=+)^6IO4G>*\DFF_1MI'S<9*MG7-2VIP:D_-M-+Y+4]"
M^.WP6T3]H?X2:]X,\16_VK1O$-H]I<I_$ >C*>S*P#*>S*#7YV?\$:?C1KG[
M)/[1?C;]E7Q_<,;O2[N6\\-2GY8I2%,DJ)GG;+$5G0=L2YY.*_4$]*_.'_@N
MW^R_JVFV/A?]H?P&KV?BSX93PG49(8R9);590\4QQU\F0G(QRDS$G"8,9-4A
M5YLOK/W:FS[37POY[/U-,\I3I<F8T5[U/==X/=?+='Z/*=PK\S_^"Z?[2>L?
M$GQ5X/\ V9? +23^)O'%Y;R:PL1X\EY,6]NY&2JLX\V3IM2-2?E8U]1>"/\
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M_P#8\_:KT/\ :S^$UKX@TMA;ZA"!!JE@6R]A<8!*^Z'JK=QZ$$#UH'-?@?\
M ;]H#Q1^S=X]M_$7A74&L[N/Y9H6RUO>1]XY4R-R_J#R"#@U^FG[-?\ P6"^
M'OQ;B@L?%;+X%UHJ QO)-UA*WJL_ 4=\2!<>IKY'C#PYQN6UI5\#%U*#U5M7
M'R:WLN_WGUO"'B+A,?1C0Q\E3K+372,O-/9/R?R/KRBLW0/%VF^*].CO-+U"
MRU*TE&4GM9EFC<>S*2*N/>+&/F95K\S=T[-:GZ6JD6N9/0FHKPKX_P#_  45
M^%O[/D5Q#J'B.UU36+<$?V9IA%U<;_[K;3MC/^^RUX5^RG_P5]'QL_:(D\.>
M(]&T_P .Z/KA2WT.19F=XI\D".9S@,9,@ @* 0JX.=U?087A7-<1A9XVG1E[
M.*NVU:Z\K[VWT/ Q7%>58?%0P=2LN>3M9:V?FUHOF?=1Z5^%&H-_87[9-P;S
M_1_L?C-O/W_+Y6V^.[/IC!S]*_=6*3S$W"OQF_X*A_"*;X/?MC^(IX89+>S\
M2.NN6D@&T%I>92".XF$A]>1ZBOM_";$0>-KX.3LZE-I>J_X#O\CXCQ9H3^IX
M?&15U3GK\_\ AC]F87\Q=PIU>+_L,?M06?[3OP"T75S=6C:[;P+;:O;QM\\%
MPF5+%>JA]N]<]CWP:]H!R*_,,9A*N%KSPU96E%M->:/T_ XREBL/#$47>,DF
MOF%?,/\ P5^O([?]AKQ%&[JKW%[8I&"?OM]IC; _!2?P-?3K' K\Y/\ @M9^
MT]I>OV>B_#?1[VWO;BVN?[2U<PR[OLS(K)% V#]X[W9E/(PA[U]#P5@:N+SO
M#0I*_+-2?DHN[?X'SO&^84L+DN(E4?Q1<4N[>FGWF!_P0F@D;XU>-I@C&)-%
MC1G ^56:<$ _4*WY&OTY;K7PS_P0\^#]UX7^$GB3QA=1[$\4WD=M:!D^8Q6P
M<%P>N&DD=?K'7W,U=WB-BX8CB#$2INZ34?G&*3_&YR^'>%G0R"A&:LY7E\FV
MU^!^(/\ P4(_Y/4^(_\ V&)/_05J30_^"A_QH\-Z+9Z?8^/-2M[*QA2WMXE@
MM\1QHH55&8\\  5'_P %!^?VU?B/_P!AB3_T%:_5;X%_LO\ PUU3X*^#[JZ^
M'_@NYN;G1+.66671+9WE=H$)9B4R22223UK]<SK/\!E>3X"6/PRKJ4%:Z6EH
MQONGOY=C\CR7(<=F>;XZ.!Q#HN,W>S>MY/LT?EQ_P\J^.7_10M4_\!K?_P"-
MUR7Q"_:[^)WQ7TBXT_Q!XX\1:EI]X<SVK712&4>A1,*5[[<8]J_9X?LG_"\?
M\TY\"_\ @AM?_C=?F/\ \%6OV08_V=_C%%X@T.RCM?"?BYFDAA@C"16%TN#)
M" HPJD$.H]W &%KEX5XJX?S/'QPD,%"C-IN+M'5K6VRUZKT.KBGA7/<MP+Q5
M3%RJP32DKRT3ZZO;HS0_8=_X):^)OC1XGL=<\=:;>>'_  ;%B?R9QY5WJG<1
MJGWHXSU+L 2/NYSN'ZP:1ID.BZ5;V=M#%;VUK&L,44:[4B11A54=@   *^2_
M^"2O[72_'#X-_P#")ZQ=>9XH\'QI!F1LO>6?2*7W*_<8\GA2>6KZ\4Y%?E?'
MF:YGBLTG1S+1TVTHJ_*EW5][JSN]_P #]2X#RO+<-ED*^7Z^T2<I/=OL[;6?
M0^6/^"Q/A!_$W[%>I74<?F-H>IVE_P )N*C<82?; E.2.V>V:^3O^")GQ)M/
M"G[2.M:'=S>2?$ND,MLI? EFA<.%QW/EF4@]MI]:_3GXI?#[3_BO\/-8\-ZL
MC2:=K=I)9S@<':ZE<CT(SD'L0*_$#Q-H'BC]B_\ :2:W;=9^(/!NI++;RE2(
M[A5.4D'K'(A!QW5B#SFOK^ O9YID6,X?O:H_?CY[?E)*_J?'\>1GEF>87/DK
MP5HR^3?YQ;MZ'[O Y%%>2_LC?M;^'OVL?AG::QI4T$.I(BIJ6F>9NFT^;'*D
M<$H2#M? ##W! ]:K\CQ6%JX:K*A7BXRB[-/HS]=P>,HXJC'$4)*49*Z:"D9M
MHI37&?&WXZ^&_@!X#N_$'BC4K?3[&U'RAR/,N'P2(XUSEW.#A1Z$\ $UG2I3
MJS5.FFY/1);MFM:M3I0=2JTHI7;>R1\6?\%V?B/:_P#".^!_"<=PK7DEU+JT
M\ ?F-%0Q1LR^Y>0 _P"RWO5S_@A+X/DL_A_XZUYH\+J&HV]BCE,;O)C9R W?
M_7#CI_3XG^//Q@\0?MK?M'2:M]C;^T-?N8=/TO3XW+BWCR$BB!/N<D\ LS'
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M2W>FZO:I=6\J_P 2.,C([$="#R""*^=/VK/^"57A3]J/XJ2>+9M<U#P]J%U
MD5VEG;QLETZ9 D;/.[;M4GN$%>F_LA_LM_\ #)GPYF\+V_B34/$.FBY:XM!=
MPK&UGOY=%VG[I;+8[%F/>OT+C;/\LSK#4,;3;CB4DIQL[->3VT>WD_(_/>"\
MAS3)<56P=1<V&DVXRYE=/TWU6_FCUHC-?-O_  4&_8&TW]KGP;]MTN.STWQQ
MI:#[#?,FU;I!D_9YB!G8220W)0\C@L#])45\)EV88C XB.*PLN6<7=/]'W3Z
MH^\S++</C\/+"XJ/-"6_^:[-=&?A)<VGQ._8C^*QR=:\%>);=2@D0X6XCSR
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M?]DSP_\ MI_ K5/ OB1I+>UORDUO>11JT^GSH<I-'NXW#E3ZJS+T)J3]C_\
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M>^_X(KWEC\0_%VO>&/V@/BQX)7QCK5UK=Y9:%>-96_G3R,YR(Y%W%=VT,><
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
(* "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
