Global Ship Lease Announces Excess Cash Flow Offer to Purchase Up to $20M of First Priority Secured Notes

Global Ship Lease, Inc.

(the "Company") today announced that it is commencing a cash tender offer (the "Excess Cash Flow Offer") to purchase up to $20 million aggregate amount (the "Maximum Offer Amount") with respect to its outstanding 10.000% First Priority Secured Notes due 2019 (the "Notes") at a purchase price of 102% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the purchase date. The Excess Cash Flow Offer is being made pursuant to requirements set forth in the indenture governing the Notes that require the Company to offer to purchase Notes, subject to there being at least $1.0 million of Excess Cash Flow, up to a maximum of $20 million and subject to certain limitations, within 120 days following the end of each fiscal year. The Company had at least $20 million of Excess Cash Flow in fiscal year 2014. The Excess Cash Flow Offer will expire at 5:00 p.m., New York City time, on May 20, 2015, unless extended by the Company, in its sole discretion (the "Offer Expiration Date"). If the aggregate amount with respect to the Notes validly tendered (and not validly withdrawn) in the Excess Cash Flow Offer exceeds the Maximum Offer Amount, the trustee under the indenture governing the Notes will select the Notes to be accepted for purchase on a pro rata basis (with such adjustments as may be needed so that only Notes in minimum amounts of $200,000 and integral multiples of $1,000 in excess thereof will be so purchased). Tenders of the Notes must be made on or prior to the Offer Expiration Date and may be validly withdrawn at any time on or prior to the Offer Expiration Date. In the event that the aggregate amount with respect to tendered and accepted Notes is less than the Maximum Offer Amount, any amount less than the Maximum Offer Amount not used for the purchase of Notes pursuant to the Excess Cash Flow Offer will be available by the Company for use in any manner permitted under the indenture. The Excess Cash Flow Offer is being made pursuant to an Offer to Purchase, dated April 21, 2015, and related documents (collectively, the "Offer Documents"), which set forth the complete terms and conditions of the Excess Cash Flow Offer. The Excess Cash Flow Offer is made only by and pursuant to the terms set forth in the Offer Documents, and the information in this press release is qualified by reference to those documents. Subject to applicable law, the Company may amend, extend or terminate the Excess Cash Flow Offer. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Notes. THE EXCESS CASH FLOW OFFER IS BEING MADE ONLY PURSUANT TO THE OFFER DOCUMENTS THAT THE COMPANY WILL DISTRIBUTE TO ITS NOTEHOLDERS AND NOTEHOLDERS SHOULD READ CAREFULLY THE OFFER DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE EXCESS CASH FLOW OFFER. NOTEHOLDERS ARE URGED TO CAREFULLY READ THESE MATERIALS PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE EXCESS CASH FLOW OFFER.