SAFE BULKERS INC

Ticker: SB CUSIP: Y7388L103 Class: Common Stock

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

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

Q1 2015

Shares 290,204 Value ($000) $1,042 Avg Close $3.61 Range $3.13 - $4.07

Q4 2014

Shares 290,204 Value ($000) $1,135 Avg Close $5.02 Range $3.77 - $6.77

Q3 2014

Shares 290,204 Value ($000) $1,932 Avg Close $8.06 Range $6.65 - $9.92

Q2 2014

Shares 290,204 Value ($000) $2,832 Avg Close $8.70 Range $7.76 - $10.18

Q1 2014

Shares 290,204 Value ($000) $2,763 Avg Close $9.93 Range $8.65 - $11.48

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	290,204	$1,042	$3.61	$3.13 - $4.07
Q4 2014	290,204	$1,135	$5.02	$3.77 - $6.77
Q3 2014	290,204	$1,932	$8.06	$6.65 - $9.92
Q2 2014	290,204	$2,832	$8.70	$7.76 - $10.18
Q1 2014	290,204	$2,763	$9.93	$8.65 - $11.48