EuroDry Ltd.Company PresentationMay 2018

Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties including, but not limited to, the need to manage our growth and integrate additional capital, acquire additional vessels, volatility in the dry-bulk shipping business and vessel charter rates, our ability to obtain sufficient capital, the volatility of our stock price, and other risks and factors. Forward-looking statements made during this presentation speak only as of the date on which they are made, and Euroseas does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation. Because forward-looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any forward-looking statements. All written or oral forward-looking statements by Euroseas or persons acting on its behalf are qualified by these cautionary statements.This presentation also contains historical data about the dry bulk and containerized trade, dry bulk and containership fleet and dry bulk and containership rates. These figures have been compiled by the Company based on available data from a variety of sources like broker reports and various industry publications or represent Company’s own estimates. The Company exercised reasonable care and judgment in preparing these estimates, however, the estimates provided herein may not match information from other sources.

Euroseas - Introduction & Milestones Euroseas Ltd. (“Euroseas”), the parent company of EuroDry Ltd. (“EuroDry”) until effectiveness of the spin off of EuroDry, has been a provider of worldwide ocean-going transportation services:Drybulk carriers – transport major bulks (iron ore, coal and grains) and minor bulks (e.g., steel products, bauxite, phosphate and fertilizers)Containerships – transport dry and refrigerated cargoes (manufactured products and perishables)Formed by industry veterans in 2005 / Pittas family has owned/operated vessels since 1870Managed to navigate through the longest depressed earnings period in both the drybulk and containership sectors Vessel management through Eurobulk & Eurobulk FE, affiliated companies Eurobulk founded in 1995 by the 4th generation of the Pittas family Established and well-respected within the industry

4 Panamax 1-yr TC Rates Source: Clarksons Markets fluctuated widely over the past 2 decades

Pillar of Success: Euroseas Fleet Management & Operational Performance Fleet utilization rate of Euroseas in excess of 99.4% over last 5 yearsOutstanding safety and environmental recordFor 2018Q1, operational fleet utilization 99.7% and commercial 98.4%Overall costs achieved are amongst the lowest of the public shipping companies (2) (3) Includes running cost, management fees and G&A expenses (not drydocking expenses)2009 figure was increased by abt $600/day to account for the lower cost of the 3 laid-up vessels; 2010 figure was increased by abt $300/day to account for the lower cost of the laid-up vessels (2 in 2010H1 and 1 in 2010Q3);Peer group currently includes DCIX, DSX, SSW, CMRE, SBLK, DAC & SB based on company filings. Focus on cost control & quality operations

A Strategic Evolution A traditional Greek shipping company that has adapted its strategy to the changing times and opportunities… BULKERS CONTAINER-SHIPS PUBLIC MARKETS PRIVATE EQUITY 1990’s 2000’s 2005-2007 2010 … building on its time-tested strengths: love for operating ships, cost control and low risk investments, enhanced by careful market timing…. NEW EQUITY / FLEET RENEWAL 2014 BULKERS (EURODRY LTD) 2018: Planned separation of fleets CONTAINERSHIPS(EUROSEAS LTD)

Decided to spin-off of Euroseas’ drybulk fleet in a separate company, EuroDry Drybulk vessels (except Monica P which has been sold and will delivered in June 2018) will be contributed to EuroDry along with their respective loans and other assets and liabilitiesEuroDry’s fleet will consist of: 3 newbuild ships, 2 Kamsarmax and 1 Ultramax, built according our specifications; and, 3 high quality Japanese-built Panamax vessels all built post-2000Euroseas will continue with the current containership fleet of 11 vesselsWill be the only public feeder containership focused companyFeeder sector is facing favorable demand/supply balanceEuroDry’s Series B Preferred Shares will be acquired by preferred shareholders of Euroseas as per agreement with preferred shareholdersAbout $19m in each company expected as of the effective date of the spin-off Both companies will have approximately the same overall leverage (treating the preferred securities as debt) 2018 - Spin-off of our Drybulk Fleet 7

Spin-Off Mechanics 8 EuroDry shares distributionRecord Date is expected to be May 23, 2018 (“Record Date”)Euroseas shareholders of record as of Record Date will receive 1 EuroDry share for every 5 Euroseas shareThere are 11,274,126 shares of Euroseas outstanding as of May 9th, thus, there will be approximately 2,254,825 shares of EuroDry distributedActual distribution expected to happen on or about May 30, 2018 (“Distribution Date”), subject to effectiveness of registration statementEuroDry has applied for listing on the NASDAQ Capital Market under the symbol “EDRY”We direct you to the registration statement filed by EuroDry for further informationhttps://www.sec.gov/Archives/edgar/data/1731388/000091957418003321/d7869256_f-1.htmConference call to discuss the spin-off in more detail on: Monday, May 14, 2018 at 10:00am EDT

Reasons for the Spin-Off 9 The objective of Euroseas is to maximize shareholder valueCurrently, Euroseas stock trades around 40% of NAV while most public peers - which are all “pure-play” companies - trade close to their NAVEuroseas mixed fleet strategy is likely the main reason for the trading discount Another reason may be the small company size Thus, the spin-off may reduce, or even, eliminate the discount to NAVPure platforms are more attractive to potential partnersIt has been our strategy to use our operating expertise and public listing as potential platforms to consolidate other private fleets or vesselsWe believe that, having a single segment focused platform is more attractive to potential partnersAfter the Spin-off, we believe we may have a larger universe of possibilities and strategic optionsWill provide our shareholders and investors more flexibility and optionality..which may increase the attractiveness of our stock Euroseas will provide a unique opportunity to investment in the feeder containership sector  EuroDry will be focused on the drybulk sector up to Kamsarmax size

Fleets After Spin-Off Note: Fleets do not include Monica P, a 46,667dwt bulker, that entered in an agreement to be sold (to be delivered to the buyers by June 30, 2018)

EuroDry Ltd. – A Drybulk Platform for Growth

Point in Market Cycle – Drybulk Panamax 1-Year Time Charter Rate $m $/day Source: Clarksons Panamax 10-Year Historical Price Range ?

Drybulk 1-Yr Charter Rates, 2010-2018 Source: Clarksons Note: Since April-1 the tess-58 Supra rates have replaced tess-52 in the Supramax index Drybulk Markets Have Recovered From All Time Historical Lows

World GDP & Shipping Demand Growth Sources: GDP - International Monetary Fund: 2012-2017, 2018/19 /20 IMF Forecasts (Apr-18). Trade – Drybulk: 2012-2017: Clarksons 2018– Clarksons (Mar-18), 2019 /20- Company Estimates. Synchronized World Economic Recovery for the First Time Since 2010

15 Orderbook-to-Fleet Ratio, Drybulk Fleet Source: Clarksons Orderbook as Percentage of Total Fleet Near Lowest Level of the Last 20+ Years

Drybulk Age Profile & Orderbook Delivery Schedule Large Vessels Dominate Orderbook Large bulkers are still young Dry Bulk Orderbook Dry Bulk Age Profile 7% of the fleet is over 20 yrs old 9.2% 16.0% 14.2% 11.1% 6.0% 4.9% 2.4% 2.2% 3% 4.1% For delivery in 18/19/20+ as of Mar-18):Cape 47/63/70Panamax 73/84/47H/S/Umax 82/60/40Handies 88/45/22 3.2% 7% 13% 44% 29% 2.3 %

Outlook Summary – Bulkers Market in 2017 was characterized by robust demand and a depleting orderbook1-Yr TC Earnings averaged 70% higher than 2016 still well below historical average levels For 2018 and 2019, we expect further improvements in the demand/supply balance Barring any significant slow-down in Chinese iron ore and coal imports we should see a stronger marketChina remains the main source of drybulk trade growthIron ore imports, the largest contributor of dry bulk trade growth, have been strong but not as expected due to weather disruptions in Brazil, however expect to grow again in the second half of 2018Similar trends are witnessed in coal imports as local coal mines have been shut down due to inefficiencies and pollution concerns. However, the reversal of this trend could negatively affect the very positive outlook.Just recently the Chinese government announced restrictions for coal imports in 5 Southern and Eastern Chinese ports with unknown duration aiming to boost local coal prices/production. These policies are contradicting with Beijing's effort to curb pollution as local coal is of lower quality

Drybulk Fleet

Employment Chart – Bulkers As of May, 2018 : 57% in 2018 & 33% in 2019 basis min durations Coverage:

Drybulk Vessel Debt Repayment Profile & Cash Flow Breakeven Drybulk Fleet Debt Repayment Schedule Cash Flow Breakeven (*) Excludes total balloons of $10.8m due in 2018 and 2019 $2.8m $8.8m $8.0m $18.6m Cash Flow Breakeven - budget estimate for next 12 months: $/vessel/dayOPEX $ 5,000G&A $ 1,000Interest $ 1,400Drydock $ 100Loan Rpmt(*) $ 3,300TOTAL $10,800

Cash Flow & NAV Sensitivity to Market Changes Management believes EuroDry is positioned to take advantage of a potential market recoveryAbout 43% of the remaining available days in 2018 are contracted with fixed charter rates leaving significant capacity (days) available to benefit from a market upturn…Estimated vessel equity per share: $17.2 (as per previous slide)

Dividend Policy Consideration 22 Euroseas paid a quarterly dividend to its common stock for thirty-two consecutive quarters from its inception until November 2013 when its Board of Directors decided to suspend its quarterly dividend in order to focus every resource available in exploiting investment opportunities in the market. Euroseas incurred losses during the period 2012 to 2017 which further restricted its ability to continue paying dividends. Our current loan agreements contain dividend restrictions that prohibit the declaration of cash dividends to our shareholders which will be removed when such loans are fully repaid by May 2019 or earlier if certain deferred loan payments are made or if agreed differently with the lender. Thus, we do not expect to pay dividends to EuroDry’s common shareholders in the near future. It is our strategy to restore our dividend paying ability. The exact timing and amount of any future dividend payments to our common shares will be determined by our Board of Directors and will be dependent upon our earnings, financial condition, cash requirement and availability, restrictions in our loan agreements, growth strategy, the provisions of Marshall Islands law affecting the payment of distributions to shareholders and other factors, such as the acquisition of additional vessels.

EuroDry Management & Board of Directors 23 Corporate structure and governance similar to Euroseas Also, same management team and Board of DirectorsManagement teamAristides J. Pittas, Chief Executive Officer & PresidentTasos Aslidis, Chief Financial Officer & TreasurerSimos Pariaros, Chief Administrative OfficerBoard of DirectorsAristides J. Pittas, ChairmanAristides P. Pittas, Vice-ChairmanTasos AslidisPanos Kyriakoulos, Independent director, Chairman of Audit CommitteeGeorge Taniskidis, Independent director ,Audit Committee memberApostolos Tamvakakis, Independent director, Audit Committee memberChristian Donohue, Preferred Shareholder DirectorStefania Karmiri, Corporate Secretary

Looking Ahead: Opportunities & Challenges Start of a new phase for Euroseas & EuroDryFocused platforms with access to the capital marketsBoth shipping sectors at an attractive point in the cycle for expansionOrderbook to one of the lowest levels of the last 15 years  minimal supply side pressuresWorld economies in a synchronized recovery – after a long time – should positively influence demand for shippingFocus on maximizing shareholder value“Pure play” investment opportunities targeted to increase stock attractiveness and move valuation closer to NAVNext challenge is to execute on strategy to grow size, market capitalization & trade volume

Euroseas Contacts EuroDry Ltd.c/o Eurobulk Ltd4, Messogiou & Evropis Street151 24 Maroussi, Greecewww.eurodry.grinfo@eurodry.grTel. +30-211-1804005 Fax.+30-211-1804097or, Tasos AslidisChief Financial Officer EuroDry Ltd.11 Canterbury LaneWatchung, NJ 07069aha@eurodry.gr Tel: 908-3019091 Fax: 908-3019747 Nicolas BornozisInvestor RelationsCapital Link, Inc.230 Park Avenue, Suite 1536New York, NY 10169nbornozis@capitallink.comTel: 212- 6617566 Fax: 212-6617526