Royal Olympic Cruise Lines, Inc. (ROCLF)

[ThoroughBread]

(i)Little Wing, L.P. and Quilcap
Corp. beneficially owned 548,353 shares of the Common Stock, constituting
approximately 3.9% of the shares outstanding based on the Issuer's Proxy
Statement filed with the Commission on November 6, 2003; and (ii)Tradewinds Fund
Ltd. and Quilcap International Corp. beneficially owned 135,377 shares of Common
Stock constituting approximately .97% of the shares outstanding based on the
Issuer's Proxy Statement filed with the Commission on November 6, 2003.

(b) Little Wing, L.P. has the power to vote and dispose of the Common
Shares owned by it, which power may be exercised by Quilcap Corp., the general
partner of Little Wing, L.P. Tradewinds Fund Ltd. has the power to vote and
dispose of the Common Shares owned by it, which power may be exercised by
Quilcap International Corp., the investment manager of Tradewinds Fund Ltd.

(c) Little Wing, L.P. sold 145,000 shares of the Common Stock on
December 23, 2003 on The NASDAQ Stock Market, Inc. at $.31 per share.