Pursuant to the Standstill Agreement, the Company shall, inter alia, provide certain due diligence information to the Ad Hoc Group with a view to the Company and the Ad Hoc Group negotiating the terms of a potential restructuring transaction, and the Ad Hoc Group shall refrain from taking enforcement or repayment actions against the Company. It is contemplated that the Standstill Agreement shall continue until 29 February 2020.

The Company is also engaged in discussions with the lenders (the “Lenders”) under the EUR 260,000,000 term and revolving Senior Facilities Agreement dated 1 February 2016 as amended and restated from time to time entered into by, amongst others, the Company (as Parent and Borrower) and Compagnia Italiana di Navigazione S.p.A. (as Borrower) (the “Senior Facilities Agreement”) regarding a potential restructuring transaction.

In connection with the ongoing discussions with the Lenders, the Company has made a request for the Lenders to standstill during this period. In connection with its ongoing restructuring discussions, the Company will not make in mid-February the scheduled payments due under the Notes and the Senior Facilities Agreement, or the scheduled amortization payment due under the Senior Facilities Agreement. The Company’s business and operations are expected to continue to operate as normal during the restructuring discussions.

The Company will make a further announcement in due course, as appropriate.