SHIP FINANCE INTERNATIONAL L

Ticker: SFL 3.25 02/01/18 CUSIP: G81075AE6 Class: NOTE 3.250% 2/0

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

Note: Option positions (PUT/CALL) are excluded.

Q4 2017
Shares 5,567,000 Value ($000) $6,440 Avg Close — Range —
Q3 2017
Shares 5,567,000 Value ($000) $6,096 Avg Close — Range —
Q2 2017
Shares 8,757,000 Value ($000) $9,288 Avg Close — Range —
Q1 2017
Shares 8,757,000 Value ($000) $9,523 Avg Close — Range —
Q4 2016
Shares 8,757,000 Value ($000) $9,567 Avg Close — Range —
Q3 2016
Shares 8,802,000 Value ($000) $9,489 Avg Close — Range —
Q2 2016
Shares 8,802,000 Value ($000) $9,280 Avg Close — Range —
Q1 2016
Shares 9,127,000 Value ($000) $8,727 Avg Close — Range —
Q4 2015
Shares 9,173,000 Value ($000) $9,752 Avg Close — Range —
Q3 2015
Shares 8,798,000 Value ($000) $9,210 Avg Close — Range —
Q2 2015
Shares 9,148,000 Value ($000) $9,714 Avg Close — Range —
Q1 2015
Shares 9,210,000 Value ($000) $9,158 Avg Close — Range —
Q4 2014
Shares 9,320,000 Value ($000) $9,186 Avg Close — Range —
Q3 2014
Shares 8,600,000 Value ($000) $9,320 Avg Close — Range —
Q2 2014
Shares 5,600,000 Value ($000) $6,331 Avg Close — Range —
Q1 2014
Shares 4,600,000 Value ($000) $5,069 Avg Close — Range —