Top Ships Inc (TOPS)

[trailrunner]

Race Navigation may be deemed to beneficially own 4,662,500 Common Shares, representing approximately 44.8% of the outstanding Common Shares. This percentage ownership is based on 10,402,045 Common Shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 5,752,045 Common Shares outstanding and (ii) 4,650,000 Common Shares issuable upon the exercise of all of the 1,250,000 Warrants currently held by Race Navigation. Race Navigation has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or direct the vote of 4,662,500 Common Shares. Race Navigation has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of 4,662,500 Common Shares.