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Item Related to Company’s Credit Agreement |
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| March 20, 2006 Solely for the purpose of providing information to correct an erroneous analyst’s report, the fair market value on December 31, 2005 of the Company’s fleet, calculated in accordance with its Credit Agreement, was $817 million and the total market adjusted assets amounted to $862.8 million. The Company’s total liabilities on that date were $553.6 million. As a consequence, the Company was not in breach of its loan covenant requiring that total liabilities do not exceed 65% of total market adjusted assets. The Company is not in the practice of reporting the market value of its fleet or its total market adjusted assets and does not intend to continue to do so. |
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