Box Ships Inc (TEUFF)

[temp luvs amy]

The exact number can be calculated based on the formula in the prospectus.

It changes based on the Market Price of TEUFF on the date the conversion is executed. I'm just estimating because the interest rate calculations are not in my spreadsheet. I'm not sure I could even write the code, but somebody could do the math and come up with an accurate number.

My guess is about 8000 to 1 if the "share cap" has reached $40, and the price of TEUFF is locked at .005. "Share Cap" increases daily at an annual rate which cannot be more than 25%. If my estimate is close, it would be $50 a year from now. 6 payments in arrears was the first default date. Interest rate has increased since then. The company also defaulted on the redemption date last year.