Indenture: Indenture dated as of November 25, 2009 between the Company and the Trustee, as supplemented by the First Supplemental Indenture, to be dated as of November 25, 2009, between the Company and the Trustee Trustee: Law Debenture Trust Company of New York Registration Statement Registration Statement on Form F-3 File No.: (File No. 333-146540) Time of Sale Prospectus Prospectus dated October 17, 2008 relating to the Shelf Securities The preliminary prospectus supplement dated November 17, 2009 relating to the Securities Term Sheet dated November 19, 2009 Securities to be 5.00% Convertible Senior Notes due purchased: 2014 Aggregate Principal $400,000,000 Amount of Firm Securities: Aggregate Principal $60,000,000 Amount of Additional Securities: Purchase Price: 97% of the principal amount of the Securities, plus accrued interest, if any, from November 25, 2009 Maturity: December 1, 2014 Interest Rate: 5.00% per annum, accruing from November 25, 2009 Interest Payment Dates: June 1 and December 1 of each year, commencing June 1, 2010 Closing Date and Time: November 25, 2009 at 10:00 a.m., New York City time Closing Location: Morgan, Lewis & Bockius LLP 101 Park Avenue New York, New York 10019 Address for Notices to Deutsche Bank Securities Inc. Underwriter: 60 Wall Street Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE1 Form Type: 6-K Period End: Nov 30, 2009 New York, New York 10005 Attention: Equity Capital Markets - Syndicate Desk with a copies to: Deutsche Bank Securities Inc. 60 Wall Street New York, New York 10005 Attention: General Counsel VESSELS Country of Ship-Owning Subsidiaries with Incorporation Vessel Vessels in Operations 1.00 Malvina Shipping Company Limited Malta Coronado 2.00 Arleta Navigation Company Malta Xanadu Limited 3.00 Selma Shipping Company Limited Malta La Jolla 4.00 Samsara Shipping Company Limited Malta Ocean Crystal 5.00 Farat Shipping Company Limited Malta Toro 6.00 Borsari Shipping Company Limited Malta Catalina 7.00 Onil Shipping Company Limited Malta Padre 8.00 Fabiana Navigation Company Malta Alameda Limited 9.00 Karmen Shipping Company Limited Malta Sonoma 10.00 Thelma Shipping Company Limited Malta Manasota 11.00 Celine Shipping Company Limited Malta Mendocino 12.00 Lotis Traders Inc. Marshall Delray Islands 13.00 Tempo Marine Co. Marshall Maganari Islands 14.00 Star Record Owning Company Marshall Ligari Limited Islands 15.00 Argo Owning Company Limited Marshall Redondo Islands 16.00 Rea Owning Company Limited Marshall Ecola Islands 17.00 Gaia Owning Company Limited Marshall Samsara Islands 18.00 Kronos Owning Company Limited Marshall Primera Islands 19.00 Trojan Maritime Co. Marshall Brisbane Islands 20.00 Dione Owning Company Limited Marshall Marbella Schedule I-2 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE2 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Islands 21.00 Phoebe Owning Company Limited Marshall Majorca Islands 22.00 Uranus Owning Company Limited Marshall Levanto (ex. Islands Heinrich Oldendorff) 23.00 Selene Owning Company Limited Marshall Bargara Islands 24.00 Tethys Owning Company Limited Marshall Capitola Islands 25.00 Ioli Owning Company Limited Marshall Paros I Islands 26.00 Iason Owning Company Limited Marshall Oregon Islands 27.00 Orpheus Owning Company Limited Marshall Avoca Islands 28.00 Team up Owning Company Limited Marshall Saldanha Islands 29.00 Iokasti Owning Company Limited Marshall Pachino (ex. Islands VOC Galaxy) 30.00 Boone Star Owners Inc. Marshall Samatan Islands 31.00 Norwalk Star Owners Inc. Marshall Capri Islands 32.00 Ionian Traders Inc. Marshall Positano Islands 33.00 NT LLC Investors Ltd. Marshall Conquistador Islands 34.00 Dalian Star Owners Inc. Marshall Mystic Islands 35.00 Aegean Traders Inc. Marshall Sorrento Islands 36.00 Cretan Traders Inc. Marshall Flecha Islands 37.00 Monteagle Shipping S.A. Marshall Oliva Islands 38.00 Roscoe Marine Ltd. Marshall Rapallo Islands 39.00 Iguana Shipping Company Limited Malta Iguana SCHEDULE II Flag State Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Schedule I-2 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE2 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Ship-Owning Subsidiaries with Vessels under Construction 40.00 Drillship Hydra Owners Inc. Marshall Islands Drillship Hull 1837 41.00 Drillship Paros Owners Inc. Marshall Islands Drillship Hull 1838 42.00 Drillship Kithira Owners Inc. Marshall Islands Drillship Hull 1865 43.00 Drillship Skopelos Owners Inc. Marshall Islands Drillship Hull 1866 Ship-Owning Subsidiaries with Vessels Sold 44.00 Felicia Navigation Company Malta Solana Limited 45.00 Zatac Shipping Company Limited Malta Waikiki 46.00 Atlas Owning Company Limited Marshall Islands Menorca 47.00 Maternal Owning Company Limited Marshall Islands Lanzarote 48.00 Royerton Shipping Company Malta Netadola Limited 49.00 Lancat Shipping Company Limited Malta Matira 50.00 Paternal Owning Company Limited Marshall Islands Formentera 51.00 Fago Shipping Company Limited Malta Lanikai 52.00 Hydrogen Shipping Company Malta Mostoles Limited 53.00 Madras Shipping Company Limited Malta Alona 54.00 Seaventure Shipping Limited Marshall Islands Hille Oldendorff 55.00 Classical Owning Company Limited Marshall Islands Delray 56.00 Oxygen Shipping Company Limited Malta Shibumi 57.00 Human Owning Company Limited Marshall Islands Estepona 58.00 Helium Shipping Company Limited Malta Striggla 59.00 Blueberry Shipping Company Malta Panormos Limited 60.00 Platan Shipping Company Limited Malta Daytona 61.00 Silicon Shipping Company Limited Malta Flecha 62.00 Tolan Shipping Company Limited Malta Tonga 63.00 Lansat Shipping Company Limited Malta Paragon 64.00 Annapolis Shipping Company Malta Lanikai Schedule II-1 --------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE3 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Limited (ex Lacerta) Ocean Rig's Subsidiaries 65.00 Ocean Rig ASA Norway 66.00 Ocean Rig Norway AS Norway 67.00 Ocean Rig AS Norway 68.00 Ocean Rig UK Ltd United Kingdom 69.00 Ocean Rig Ltd United Kingdom 70.00 Ocean Rig Ghana Ltd Ghana 71.00 Ocean Rig USA AS Norway 72.00 Ocean Rig 1 AS Norway 73.00 Ocean Rig 2 AS Norway 74.00 Ocean Rig Canada Inc. Canada 75.00 Ocean Rig North Sea AS Norway 76.00 Ocean Rig 1 Inc. Marshall Islands Leiv Eiriksson 77.00 Ocean Rig 2 Inc. Marshall Islands Eirik Raude 78.00 Drill Rigs Holding Inc. Marshall Islands 79.00 Primelead Holding Inc. Marshall Islands 80.00 Ocean Rig Operations Inc. Marshall Islands 81.00 Ocean Rig North Sea Inc. Marshall Islands 82.00 Ocean Rig 1 Shareholders Inc. Marshall Islands 83.00 Ocean Rig 2 Shareholders Inc. Marshall Islands 84.00 Primelead Limited Cyprus 85.00 Ocean Rig UDW Inc. Marshall Islands 86.00 Drillships Investments Inc. Marshall Islands 87.00 Drillships Holding Inc. Marshall Islands Schedule II-1 --------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE3 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Bahamas Bahamas Other Subsidiaries 88.00 Wealth Management Inc. Marshall Islands 89.00 Kerkyra Traders Inc. Marshall Islands 90.00 Thrasymachus Challenge Inc. Marshall Islands 91.00 Hippias Challenge Inc. Marshall Islands 92.00 Prodicus Challenge Inc. Marshall Islands 93.00 Gorgias Challenge Inc. Marshall Islands 94.00 Callicles Challenge Inc. Marshall Islands 95.00 Antiphon Challenge Inc. Marshall Islands 96.00 Protagoras Challenge Inc. Marshall Islands 97.00 Lycophron Challenge Inc. Marshall Islands 98.00 Tinos Traders Inc. Marshall Islands 99.00 Sifnos Traders Inc. Marshall Islands 100.00 Thassos Traders Inc. Marshall Islands 101.00 Milos Traders Inc. Marshall Islands 102.00 Pounta Traders Inc. Marshall Islands 103.00 Kallikrates Owning Company Limited Marshall Islands 104.00 Iktinos Owning Company Limited Marshall Islands Schedule II-2 --------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE4 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 SCHEDULE I Time of Sale Prospectus Prospectus dated October 17, 2008 relating to the Shelf Securities The preliminary prospectus supplement dated November 17, 2009 relating to the Shares Term Sheet dated November 19, 2009 Securities to be purchased: 26,100,000 shares of Common Stock Closing Date and Time: November 25 10:00 a.m., New York City time Closing Location: Morgan, Lewis & Bockius LLP 101 Park Avenue New York, New York 10178 Address for Notices to the Deutsche Bank Securities Inc. Underwriter: 60 Wall Street New York, New York 10005 Attention: Equity Capital Markets - Syndicate Desk with a copies to: Deutsche Bank Securities Inc. 60 Wall Street New York, New York 10005 Attention: General Counsel and Morgan, Lewis & Bockius LLP 101 Park Avenue New York, New York 10178 Attention: Stephen P. Farrell, Esq. and Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, NY 10006 Attention: Leslie Silverman, Esq. Borrower: Winchester house Date Filed: Nov 25, 2009 Registration Statement File No.: Registration Statement on Form F-3 (File No. 333-146540) Address for Notices to the Share Deutsche Bank AG, London Branch Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE5 Form Type: 6-K Period End: Nov 30, 2009 1 Great Winchester Street London, UK EC2N 2DB with a copy to: Deutsche Bank Securities Inc. 60 Wall Street New York, New York 10005 Attention: General Counsel Address for Notices to the DDryShips Inc. Company: 80 Kifissias Avenue Amaroussa 15125 Athens, Greece Attention: Chief Executive Officer with a copy to: Seward & Kissel LLP One Battery Park Plaza New York, New York 10004 Attention: Gary J. Wolfe, Esq. VESSELS Country of Ship-Owning Subsidiaries with Incorporation Vessel Vessels in Operations 1.00 Malvina Shipping Company Limited Malta Coronado 2.00 Arleta Navigation Company Malta Xanadu Limited 3.00 Selma Shipping Company Limited Malta La Jolla 4.00 Samsara Shipping Company Limited Malta Ocean Crystal 5.00 Farat Shipping Company Limited Malta Toro 6.00 Borsari Shipping Company Limited Malta Catalina 7.00 Onil Shipping Company Limited Malta Padre 8.00 Fabiana Navigation Company Malta Alameda Limited 9.00 Karmen Shipping Company Limited Malta Sonoma 10.00 Thelma Shipping Company Limited Malta Manasota 11.00 Celine Shipping Company Limited Malta Mendocino 12.00 Lotis Traders Inc. Marshall Delray Islands 13.00 Tempo Marine Co. Marshall Maganari Islands 14.00 Star Record Owning Company Marshall Ligari Limited Islands 15.00 Argo Owning Company Limited Marshall Redondo Islands 16.00 Rea Owning Company Limited Marshall Ecola Islands 17.00 Gaia Owning Company Limited Marshall Samsara Islands 18.00 Kronos Owning Company Limited Marshall Primera Islands 19.00 Trojan Maritime Co. Marshall Brisbane Islands 20.00 Dione Owning Company Limited Marshall Marbella Islands 21.00 Phoebe Owning Company Limited Marshall Majorca Islands 22.00 Uranus Owning Company Limited Marshall Levanto (ex. Islands Heinrich Oldendorff) Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE6 Form Type: 6-K Period End: Nov 30, 2009 23.00 Selene Owning Company Limited Marshall Bargara Islands 24.00 Tethys Owning Company Limited Marshall Capitola Islands 25.00 Ioli Owning Company Limited Marshall Paros I Islands 26.00 Iason Owning Company Limited Marshall Oregon Islands 27.00 Orpheus Owning Company Limited Marshall Avoca Islands 28.00 Team up Owning Company Limited Marshall Saldanha Islands 29.00 Iokasti Owning Company Limited Marshall Pachino (ex. Islands VOC Galaxy) 30.00 Boone Star Owners Inc. Marshall Samatan Islands 31.00 Norwalk Star Owners Inc. Marshall Capri Islands 32.00 Ionian Traders Inc. Marshall Positano Islands 33.00 NT LLC Investors Ltd. Marshall Conquistador Islands 34.00 Dalian Star Owners Inc. Marshall Mystic Islands 35.00 Aegean Traders Inc. Marshall Sorrento Islands 36.00 Cretan Traders Inc. Marshall Flecha Islands 37.00 Monteagle Shipping S.A. Marshall Oliva Islands 38.00 Roscoe Marine Ltd. Marshall Rapallo Islands 39.00 Iguana Shipping Company Limited Malta Iguana SCHEDULE II Flag State Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE6 Form Type: 6-K Period End: Nov 30, 2009 Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Malta Ship-Owning Subsidiaries with Vessels under Construction 40.00 Drillship Hydra Owners Inc. Marshall Islands Drillship Hull 1837 41.00 Drillship Paros Owners Inc. Marshall Islands Drillship Hull 1838 42.00 Drillship Kithira Owners Inc. Marshall Islands Drillship Hull 1865 43.00 Drillship Skopelos Owners Inc. Marshall Islands Drillship Hull 1866 Ship-Owning Subsidiaries with Vessels Sold 44.00 Felicia Navigation Company Malta Solana Limited 45.00 Zatac Shipping Company Limited Malta Waikiki 46.00 Atlas Owning Company Limited Marshall Islands Menorca 47.00 Maternal Owning Company Limited Marshall Islands Lanzarote 48.00 Royerton Shipping Company Malta Netadola Limited 49.00 Lancat Shipping Company Limited Malta Matira 50.00 Paternal Owning Company Limited Marshall Islands Formentera 51.00 Fago Shipping Company Limited Malta Lanikai 52.00 Hydrogen Shipping Company Malta Mostoles Limited 53.00 Madras Shipping Company Limited Malta Alona 54.00 Seaventure Shipping Limited Marshall Islands Hille Oldendorff 55.00 Classical Owning Company Limited Marshall Islands Delray 56.00 Oxygen Shipping Company Limited Malta Shibumi 57.00 Human Owning Company Limited Marshall Islands Estepona 58.00 Helium Shipping Company Limited Malta Striggla 59.00 Blueberry Shipping Company Malta Panormos Limited 60.00 Platan Shipping Company Limited Malta Daytona 61.00 Silicon Shipping Company Limited Malta Flecha 62.00 Tolan Shipping Company Limited Malta Tonga 63.00 Lansat Shipping Company Limited Malta Paragon 64.00 Annapolis Shipping Company Malta Lanikai Schedule II-1 --------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE7 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Limited (ex Lacerta) Ocean Rig's Subsidiaries 65.00 Ocean Rig ASA Norway 66.00 Ocean Rig Norway AS Norway 67.00 Ocean Rig AS Norway 68.00 Ocean Rig UK Ltd United Kingdom 69.00 Ocean Rig Ltd United Kingdom 70.00 Ocean Rig Ghana Ltd Ghana 71.00 Ocean Rig USA AS Norway 72.00 Ocean Rig 1 AS Norway 73.00 Ocean Rig 2 AS Norway 74.00 Ocean Rig Canada Inc. Canada 75.00 Ocean Rig North Sea AS Norway 76.00 Ocean Rig 1 Inc. Marshall Islands Leiv Eiriksson 77.00 Ocean Rig 2 Inc. Marshall Islands Eirik Raude 78.00 Drill Rigs Holding Inc. Marshall Islands 79.00 Primelead Holding Inc. Marshall Islands 80.00 Ocean Rig Operations Inc. Marshall Islands 81.00 Ocean Rig North Sea Inc. Marshall Islands 82.00 Ocean Rig 1 Shareholders Inc. Marshall Islands 83.00 Ocean Rig 2 Shareholders Inc. Marshall Islands 84.00 Primelead Limited Cyprus 85.00 Ocean Rig UDW Inc. Marshall Islands 86.00 Drillships Investments Inc. Marshall Islands 87.00 Drillships Holding Inc. Marshall Islands Schedule II-1 --------------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE7 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Bahamas Bahamas Other Subsidiaries 88.00 Wealth Management Inc. Marshall Islands 89.00 Kerkyra Traders Inc. Marshall Islands 90.00 Thrasymachus Challenge Inc. Marshall Islands 91.00 Hippias Challenge Inc. Marshall Islands 92.00 Prodicus Challenge Inc. Marshall Islands 93.00 Gorgias Challenge Inc. Marshall Islands 94.00 Callicles Challenge Inc. Marshall Islands 95.00 Antiphon Challenge Inc. Marshall Islands 96.00 Protagoras Challenge Inc. Marshall Islands 97.00 Lycophron Challenge Inc. Marshall Islands 98.00 Tinos Traders Inc. Marshall Islands 99.00 Sifnos Traders Inc. Marshall Islands 100.00 Thassos Traders Inc. Marshall Islands 101.00 Milos Traders Inc. Marshall Islands 102.00 Pounta Traders Inc. Marshall Islands 103.00 Kallikrates Owning Company Limited Marshall Islands 104.00 Iktinos Owning Company Limited Marshall Islands 0.00 Schedule II-2 --------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE8 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Section 1.02 Other Definitions. Term Defined in Section "Additional Shares" 5.02(a) "Change of Control" 4.01(a) "Closing Sale Price Condition" 6.01(a) "Conversion Agent" 2.03 "Conversion Date" 6.02 "Conversion Notice" 6.02 "Conversion Obligation" 6.02 "Conversion Period" 6.05(b) "Conversion Price" 6.06 "Daily Conversion Value" 6.05(b) "Daily Measurement Value" 6.05(b) "Daily Net Share Settlement Value" 6.05(b) "Daily Settlement Amount" 6.05(b) "Daily VWAP" 6.05(b) "Effective Date" 5.02(a) "Expiration Date" 6.06(e) "Expiration Time" 6.06(e) "Fundamental Change" 4.01(a) "Fundamental Change Purchase Date" 4.01(a) "Fundamental Change Purchase Price" 4.01(a) "Interest Payment Date" 5.01(a) "Make Whole Adjustment Event" 5.02(a) "Merger Event" 6.12 "Reference Property" 6.12(a) "Record Date" 5.01(a) "Settlement Method" 6.05(a) "Specified Dollar Amount" 6.05(b) "Spin-Off" 6.06(c) "Stock Price" 5.02(a) "Termination of Trading" 4.01(a) "Unissued Shares" 4.01(a) "Valuation Period" 6.06(c) "Weighted Average Consideration" 6.12(c) "Fundamental Change Purchase Notice" 4.01(c) "Make Whole Adjustment Event Period" 5.02(a) Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE9 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 Effective Date 5.75 $ 6.00 $ 7.00 $ 8.00 $ 9.00 $ 10.00 $ November 25, 2009 34.78 32.23 24.54 19.68 16.35 13.91 December 1, 2010 34.78 30.60 22.30 17.40 14.24 12.03 December 1, 2011 34.78 29.09 19.76 14.69 11.70 9.76 December 1, 2012 34.78 27.70 16.69 11.29 8.54 6.97 December 1, 2013 34.78 27.61 12.11 6.57 4.49 3.60 December 1, 2014 34.78 27.52 3.72 0.00 0.00 0.00 Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE10 Form Type: 6-K Period End: Nov 30, 2009 Stock Price 12.50 $ 15.00 $ 20.00 $ 25.00 $ 30.00 $ 35.00 $ 40.00 $ 50.00 $ 9.83 7.26 4.13 2.36 1.28 0.63 0.25 0.00 8.50 6.31 3.65 2.11 1.16 0.57 0.22 0.00 6.86 5.13 3.02 1.78 0.99 0.49 0.18 0.00 4.89 3.69 2.21 1.33 0.76 0.38 0.14 0.00 2.57 1.96 1.19 0.73 0.43 0.22 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE10 Form Type: 6-K Period End: Nov 30, 2009 CP = CP0 OS0 OS where CP0 = the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the open of business on the effective date of such subdivision or combination of Common Stock, as the case may be; Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE11 Form Type: 6-K Period End: Nov 30, 2009 CP = the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the effective date of such subdivision or combination of Common Stock, as the case may be; OS0 = the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the open of business on the effective date of such subdivision or combination of Common Stock, as the case may be; and OS = the number of shares of Common Stock outstanding immediately after such dividend or distribution, or immediately after the effective date of such subdivision or combination of Common Stock, as the case may be. Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE12 Form Type: 6-K Period End: Nov 30, 2009 CP = CP0 OS0 + Y OS0 + X where CP0 = the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution; CP = the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such distribution; Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE13 Form Type: 6-K Period End: Nov 30, 2009 OS0 = the number of shares of the Common Stock that are outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution; X = the total number of shares of the Common Stock issuable pursuant to such rights, options or warrants; and Y = the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date relating to such distribution. Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE14 Form Type: 6-K Period End: Nov 30, 2009 CP = CP0 SP0 - FMV SP0 where CP0 = the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution; CP = the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such distribution. SP0 = the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and FMV = the fair market value (as determined by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets or property distributed with respect to each outstanding share of the Common Stock as of the open of business on the Ex-Dividend Date for such distribution. 25 ----------------------------------------------------------------------------------------------------------------------------------------------- Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE15 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009 CP = CP0 MP0 FMV + MP0 where CP0 = the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for the Spin-Off; CP = the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for the Spin-Off; FMV = the average of the Closing Sale Prices of the Capital Stock or similar equity interests distributed to holders of the Common Stock applicable to one share of the Common Stock over the first 10 consecutive Trading Day period immediately following, and including, the Ex-Dividend Date for the Spin-Off (such period, the "Valuation Period"), and Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE16 Form Type: 6-K Period End: Nov 30, 2009 CP = CP0 SP0 - C SP0 where CP0 = the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution; CP = the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution; SP0 = the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and C = the amount in cash per share the Company pays or distributes to holders of its Common Stock. Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE17 Form Type: 6-K Period End: Nov 30, 2009 CP = CP0 OS0 x SP AC + (OS x SP) where CP0 = the Conversion Price in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date; CP = the Conversion Price in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date; AC = the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer; OS0 = the number of shares of Common Stock outstanding immediately prior to the time (the "Expiration Time") such tender or exchange offer expires (prior to giving effect to such tender offer or exchange offer); OS = the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to such tender offer or exchange offer); and SP = the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date. Date Filed: Nov 25, 2009 Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE18 Form Type: 6-K Period End: Nov 30, 2009 this global Security have been made: Principal Amount of this Global Amount of Amount of Security Decrease in Increase in Following Such Principal Principal Decrease Date Authorized Amount Amount of Exchange Signatory of of this Global of this Global (or Increase) Trustee Security Security SCHEDULE OF EXCHANGES OF NOTES The following exchanges, redemptions, repurchases or conversions of a part of Created by EDGAR Online, Inc. DRYSHIPS INC. TABLE19 Form Type: 6-K Period End: Nov 30, 2009 Date Filed: Nov 25, 2009