SAFE BULKERS INC

Ticker: SB CUSIP: Y7388L103 Class: Common Stock

GUGGENHEIM CAPITAL LLC's Holding History (CIK: 0001283072)

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

Q1 2014

Shares 14,405 Value ($000) $137 Avg Close $9.93 Range $8.65 - $11.48

Q4 2013

Shares 19,786 Value ($000) $206 Avg Close $7.94 Range $6.21 - $10.95

Q3 2013

Shares 22,145 Value ($000) $151 Avg Close $5.88 Range $4.78 - $7.65

Q2 2013

Shares 26,167 Value ($000) $139 Avg Close $5.08 Range $4.59 - $5.75

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	14,405	$137	$9.93	$8.65 - $11.48
Q4 2013	19,786	$206	$7.94	$6.21 - $10.95
Q3 2013	22,145	$151	$5.88	$4.78 - $7.65
Q2 2013	26,167	$139	$5.08	$4.59 - $5.75