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TOPT adjustment for $5.00 cash distribution

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No reason to be concerned. TOPT options are being adjusted as discussed below

BOTTOM LINE :

Your APRIL 15 PUT QLT-PC now becomes => April 10 PUT QLT-PB

For further understanding please read below:

RE: TOP Tankers, Inc. ("TOPT/QLT")

CONTRACT ADJUSTMENT FOR SPECIAL CASH DIVIDEND

Ex-Date: March 28, 2006

TOP Tankers, Inc. ("TOPT/QLT") has declared a special cash dividend of $5.00 per share on its outstanding common stock. The special cash dividend has a record date of March 22, 2006 and a payable date of March 27, 2006. The ex-distribution date will be on Tuesday, March 28, 2006. On March 13, 2006, the declaration date for this cash dividend, TOPT closed at a price of $16.66 on the NASDAQ Stock Market (the "NASDAQ"). Based on this price, the $5.00 cash dividend would represent approximately 30% of the TOPT closing price. (Note that this calculation is made solely for the purpose of evaluating a potential option contract adjustment.)

Contract Adjustment for the Special Cash Dividend

Pursuant to OCC rules (Article VI, Section 11), all outstanding QLT option series will be adjusted to reflect this special cash dividend on the ex-distribution date, at 8:30 A.M. Chicago time. On Tuesday, March 28, 2006, each QLT series shall be adjusted by decreasing the strike price by $5.00, the amount of the cash dividend. The option symbol for the adjusted contracts will remain QLT. Premiums and strike-price amounts for the adjusted QLT options will continue to be calculated on the basis of a multiplier of 100,

EXISTING SERIES ADJUSTED SERIES*

MONTH/STRIKE CALLS PUTS MONTH/STRIKE CALLS PUTS

Apr 10 QLTDB QLTPB -> Apr 5 QLTDA QLTPA

Apr 12 1/2 QLTDV QLTPV -> Apr 7 1/2 QLTDU QLTPU

Apr 15 QLTDC QLTPC -> Apr 10 QLTDB QLTPB

Apr 17 1/2 QLTDW QLTPW -> Apr 12 1/2 QLTDV QLTPV

Apr 20 QLTDD QLTPD -> Apr 15 QLTDC QLTPC

Your APRIL 15 PUT QLTPC => becomes April 10 PUT QLTPB

You should see this adjustment in your statement from your broker-dealer.

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