Global Ship Lease

GSL has two classes of common shares: Class A and Class B. Dividends are payable on Class A common shares and, starting from fourth quarter of 2008, providing certain financial tests are met, also on the subordinated Class B common shares.

It is GSL's objective to grow dividend payments over the long term through accretive acquisitions of additional vessels deployed on long-term time charters. However, the declaration and payment of any dividend is subject at all times to the discretion of GSL's Board of Directors and will depend on, among other things, GSL's earnings, financial condition and anticipated cash requirements and availability, additional acquisitions of vessels, restrictions under the Company's credit facility, provisions in Marshall Islands law affecting the payment of distributions to shareholders, reserves established by GSL's Board of Directors, increased or unanticipated expenses, a change in dividend policy, additional borrowings or future issuances of securities and other factors, many of which are beyond the Company's control.

In connection with the amendment to our credit facility agreed with our lenders on August 20, 2009 GSL will not be permitted to pay common dividends until the later of November 30, 2010 or such a time as the loan-to-value ratio under the credit facility is at or below 75%. At that time the dividend policy will be reviewed by the Board of Directors.