SAFE BULKERS INC

Ticker: SB CUSIP: Y7388L103 Class: Common Stock

Kopernik Global Investors, LLC's Holding History (CIK: 0001599814)

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

Q1 2017

Shares 119,416 Value ($000) $263 Avg Close $1.54 Range $1.17 - $2.55

Q4 2016

Shares 3,713,027 Value ($000) $4,272 Avg Close $1.37 Range $1.09 - $2.38

Q3 2016

Shares 4,324,189 Value ($000) $6,098 Avg Close $1.29 Range $1.01 - $1.67

Q2 2016

Shares 4,331,124 Value ($000) $4,548 Avg Close $1.05 Range $0.70 - $1.53

Q1 2016

Shares 4,306,671 Value ($000) $3,461 Avg Close $0.59 Range $0.30 - $0.95

Q4 2015

Shares 4,261,989 Value ($000) $3,453 Avg Close $2.09 Range $0.80 - $3.75

Q3 2015

Shares 2,004,823 Value ($000) $5,534 Avg Close $3.33 Range $2.70 - $4.13

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	119,416	$263	$1.54	$1.17 - $2.55
Q4 2016	3,713,027	$4,272	$1.37	$1.09 - $2.38
Q3 2016	4,324,189	$6,098	$1.29	$1.01 - $1.67
Q2 2016	4,331,124	$4,548	$1.05	$0.70 - $1.53
Q1 2016	4,306,671	$3,461	$0.59	$0.30 - $0.95
Q4 2015	4,261,989	$3,453	$2.09	$0.80 - $3.75
Q3 2015	2,004,823	$5,534	$3.33	$2.70 - $4.13