SAFE BULKERS INC

Ticker: SB CUSIP: Y7388L103 Class: Common Stock

TEACHER RETIREMENT SYSTEM OF TEXAS's Holding History (CIK: 0000796848)

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

Q3 2014

Shares 563,500 Value ($000) $3,753 Avg Close $8.06 Range $6.65 - $9.92

Q2 2014

Shares 563,500 Value ($000) $5,500 Avg Close $8.70 Range $7.76 - $10.18

Q1 2014

Shares 563,500 Value ($000) $5,365 Avg Close $9.93 Range $8.65 - $11.48

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	563,500	$3,753	$8.06	$6.65 - $9.92
Q2 2014	563,500	$5,500	$8.70	$7.76 - $10.18
Q1 2014	563,500	$5,365	$9.93	$8.65 - $11.48