SAFE BULKERS INC

Ticker: SB CUSIP: Y7388L103 Class: Common Stock

KENNEDY CAPITAL MANAGEMENT LLC's Holding History (CIK: 0000884589)

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

Q1 2015

Shares 301,422 Value ($000) $1,082 Avg Close $3.61 Range $3.13 - $4.07

Q4 2014

Shares 301,803 Value ($000) $1,180 Avg Close $5.02 Range $3.77 - $6.77

Q3 2014

Shares 202,251 Value ($000) $1,347 Avg Close $8.06 Range $6.65 - $9.92

Q2 2014

Shares 205,188 Value ($000) $2,003 Avg Close $8.70 Range $7.76 - $10.18

Q1 2014

Shares 203,200 Value ($000) $1,934 Avg Close $9.93 Range $8.65 - $11.48

Q4 2013

Shares 153,213 Value ($000) $1,593 Avg Close $7.94 Range $6.21 - $10.95

Q3 2013

Shares 150,000 Value ($000) $1,020 Avg Close $5.88 Range $4.78 - $7.65

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	301,422	$1,082	$3.61	$3.13 - $4.07
Q4 2014	301,803	$1,180	$5.02	$3.77 - $6.77
Q3 2014	202,251	$1,347	$8.06	$6.65 - $9.92
Q2 2014	205,188	$2,003	$8.70	$7.76 - $10.18
Q1 2014	203,200	$1,934	$9.93	$8.65 - $11.48
Q4 2013	153,213	$1,593	$7.94	$6.21 - $10.95
Q3 2013	150,000	$1,020	$5.88	$4.78 - $7.65