Global Ship Lease

GSL has three classes of common shares. Dividends are payable on Class A common shares and, for the fourth quarter of 2008 and thereafter provided certain financial tests are met, also on the subordinated Class B common shares. Class C common shares are not entitled to dividends but convert to Class A common shares on January 1, 2009.

The Board of Directors intends to declare a quarterly dividend of $0.23 per quarter per share, totaling $0.92 per share per year, payable with respect to the third quarter of 2008 and quarterly thereafter. There can be no assurances, however, that GSL will pay regular dividends in the future.

In addition, a starting dividend of $0.23 per Class A common share is to be declared and paid shortly after the merger takes place.

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