<SEC-DOCUMENT>0000919574-19-007296.txt : 20191114
<SEC-HEADER>0000919574-19-007296.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114170807
ACCESSION NUMBER:		0000919574-19-007296
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Ship Lease, Inc.
		CENTRAL INDEX KEY:			0001430725
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234343
		FILM NUMBER:		191221497

	BUSINESS ADDRESS:	
		STREET 1:		TRUST COMPANY COMPLEX
		STREET 2:		AJELTAKE ROAD, AJELTAKE ISLAND
		CITY:			MAJURO
		STATE:			1T
		ZIP:			MH96960
		BUSINESS PHONE:		44 (0) 20 3998 0060

	MAIL ADDRESS:	
		STREET 1:		C/O GLOBAL SHIP LEASE SERVICES LTD.
		STREET 2:		25 WILTON ROAD
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1V 1LW

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSL Holdings, Inc.
		DATE OF NAME CHANGE:	20080326

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Ship Lease, Inc.
		CENTRAL INDEX KEY:			0001430725
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		TRUST COMPANY COMPLEX
		STREET 2:		AJELTAKE ROAD, AJELTAKE ISLAND
		CITY:			MAJURO
		STATE:			1T
		ZIP:			MH96960
		BUSINESS PHONE:		44 (0) 20 3998 0060

	MAIL ADDRESS:	
		STREET 1:		C/O GLOBAL SHIP LEASE SERVICES LTD.
		STREET 2:		25 WILTON ROAD
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1V 1LW

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSL Holdings, Inc.
		DATE OF NAME CHANGE:	20080326
</SEC-HEADER>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif;">Issuer Free Writing Prospectus dated November 14, 2019</div>
    <div style="text-align: right; font-family: 'Times New Roman', serif;">Filed Pursuant to Rule&#160;433</div>
    <div style="text-align: right; font-family: 'Times New Roman', serif;">Registration No. 333-234343</div>
    <div style="text-align: right; font-family: 'Times New Roman', serif;">Supplementing the Preliminary Prospectus<br>
      Supplement dated November 13, 2019</div>
    <div style="text-align: right; font-family: 'Times New Roman', serif;">(To Prospectus dated November 7, 2019)</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">GLOBAL SHIP LEASE, INC.</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">8.00% SENIOR UNSECURED NOTES DUE 2024</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">PRICING TERM SHEET</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Dated: November 14, 2019</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;">This pricing term sheet supplements Global Ship Lease, Inc.&#8217;s preliminary prospectus supplement, dated November 13, 2019 (the &#8220;Preliminary
      Prospectus Supplement&#8221;), including the documents incorporated by reference therein, relating to the offering of the Notes (as defined below), and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the
      information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the
      respective meanings as set forth in the Preliminary Prospectus Supplement. Unless the context otherwise requires, references to the &#8220;Issuer,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; in this pricing term sheet mean Global Ship Lease, Inc. and not its subsidiaries.</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Issuer:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Global Ship Lease, Inc., a corporation organized in the Republic of the Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Title of Securities:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">8.00% Senior Unsecured Notes due 2024 (the &#8220;Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Aggregate Principal Amount:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$27,500,000 (or $31,625,000 if the underwriters&#8217; option to purchase additional Notes is exercised in full)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">&#160;</td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Trade Date:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">November&#160;14, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Settlement Date (T+3):</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">November 19, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Maturity:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">December&#160;31, 2024</div>
          </td>
        </tr>
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          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Interest Payment Dates:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Last day of February, May, August and November&#160;of each year, commencing on February 29, 2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Interest Rate:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">8.00% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months, from the Settlement Date</div>
          </td>
        </tr>
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          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Issue Price to Investors:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">$25.00 per Note</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Optional Redemption Provision:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">We may redeem for cash all or any portion of the Notes, at our option, (i) on or after December&#160;31, 2021 and before December&#160;31, 2022, at a redemption
              price equal to 102% of the principal amount of the Notes to be redeemed, (ii) on or after December 31, 2022 and prior to December 31, 2023, at a price equal to 101% of the principal amount being redeemed, and (iii) on or after December&#160;31,
              2023, at a price equal to 100% of the principal amount of the Notes to be redeemed, in each case, plus accrued and unpaid interest to, but excluding, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Optional Redemption in Case of Change of Control:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">We may redeem the Notes, in whole, but not in part, at any time prior to December 31, 2021, at our option, at a redemption price of 104% of the principal
              amount being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption, upon the occurrence of certain change of control events, as described in the preliminary prospectus supplement.</div>
          </td>
        </tr>
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          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Denominations:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">$25.00 minimum denominations and $25.00 integral multiples thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Underwriters&#8217; Discount:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">$0.875 per Note</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Proceeds to Issuer (before expenses):</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">$26,537,500 (or $30,518,125 if the underwriters&#8217; option to purchase additional Notes is exercised in full)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Use of Proceeds:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">We intend to use the net proceeds from this offering to repay a portion of our 9.875% First Priority Secured Notes due 2022.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Listing:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">We have applied to list the Notes on the NYSE under the symbol &#8220;GSLD.&#8221; If the listing is approved, we expect trading of the Notes on the NYSE to commence
              within 30 days after the original issue date.</div>
          </td>
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        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">CUSIP/ISIN:</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Y27183147/ USY271831478</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.08%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.26%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
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            <div style="font-family: 'Times New Roman', serif;">Joint Book-Running Managers:</div>
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            <div style="font-family: 'Times New Roman', serif;">B. Riley FBR,&#160;Inc.<br>
              Ladenburg Thalmann &amp; Co. Inc.<br>
              Janney Montgomery Scott LLC<br>
              William Blair &amp; Company, L.L.C.</div>
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            <div style="font-family: 'Times New Roman', serif;">Co-Managers:</div>
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            <div style="font-family: 'Times New Roman', serif;">Incapital LLC<br>
              Boenning &amp; Scattergood, Inc.<br>
              National Securities Corp.<br>
              Wedbush Securities Inc.<br>
              Clarksons Platou Securities AS<br>
              Fearnley Securities</div>
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          <td style="width: 3.26%; vertical-align: top;">&#160;</td>
          <td style="width: 72.66%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif;">Conflict of Interest:</div>
          </td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 72.66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">B. Riley FBR or its affiliate intends to purchase $2,000,000 aggregate principal amount of the Notes in this offering from us at the public offering
              price. B. Riley Financial, Inc., the parent company of B. Riley FBR, is the beneficial owner of approximately 11% of our outstanding Class A common shares. An aggregate of 1,816,159 of such shares were acquired by B. Riley Financial, Inc. and
              its affiliate in our offering of common shares that was completed on October 1, 2019 and are subject to lock-up agreements with Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;) pursuant to FINRA Rule 5110(g) until March 24, 2020. Under
              FINRA Rule 5121(f)(6), a beneficial owner of 10 percent or more of the outstanding common equity of an entity is deemed to &#8220;control&#8221; such entity. In addition, B. Riley Financial, Inc. and B. Riley FBR have entered into a Board Observer
              Agreement, which (i) amended the prior engagement letter and underwriting agreement between B. Riley FBR and the Issuer to eliminate the right of B. Riley FBR and its affiliate to appoint a director to our Board of Directors; and (ii) granted
              a right to B. Riley Financial, Inc. to designate an observer to our Board of Directors, provided that B. Riley Financial, Inc. owns more than 5% of the outstanding voting power of the Issuer.</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">As a result of its &#8220;control&#8221; of the Issuer under FINRA Rules, B. Riley FBR is deemed to have a &#8220;conflict of interest&#8221; within the meaning of Rule 5121, and
              this offering will be conducted in accordance with the requirements of Rule 5121(a). That rule requires that a &#8220;qualified independent underwriter&#8221; meeting specified requirements must participate in the preparation of this prospectus and
              exercise its usual standard of due diligence with respect thereto. Ladenburg Thalmann &amp; Co. Inc. has agreed to act as the qualified independent underwriter for this offering and has agreed in so acting to undertake the legal
              responsibilities and liabilities of an underwriter under the Securities Act of 1933. Ladenburg Thalmann &amp; Co. Inc. will not receive a fee for acting as the qualified independent underwriter for this offering.</div>
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    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these
      securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">The Issuer has filed a shelf registration statement (including a prospectus dated November 7, 2019 and a preliminary prospectus supplement
      dated November&#160;13, 2019) on Form&#160;F-3 (File No.&#160;333-234343) with the Securities and Exchange Commission (the &#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement,
      the related preliminary prospectus supplement and the documents incorporated by reference therein for more complete information about the Issuer and this offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at
      www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it from B. Riley FBR,&#160;Inc. at 1300 North 17th Street,
      Suite&#160;1300, Arlington, Virginia 22209 or by calling 1-703-312-9580, or by email at <font style="color: #0000FF;"><u>prospectuses@brileyfbr.com</u></font>; Ladenburg Thalmann &amp; Co. Inc. at
      Attention:&#160; Syndicate Department, 277 Park Avenue, 26th Floor, New York, New York 10172 or by calling 1-800-573-2541, or by email at <font style="color: #0000FF;"><u>prospectus@ladenburg.com</u></font>;
      Clarksons Platou Securities AS at Munkedamsveien 62C, 0270 Oslo, Norway and 280 Park Avenue, 21st floor, New York, New York 10017, United States or by calling 47-2201-6300 and 1-212-317-7080, or by email at <font style="color: #0000FF;"><u>elisabeth.wiger@clarksons.com</u></font> and <font style="color: #0000FF;"><u>maureen.Obrien@clarksons.com</u></font>; Janney Montgomery
      Scott LLC at 1717 Arch Street, Philadelphia, Pennsylvania 19103 or by calling 1-215-665-4450, or by email at <font style="color: #0000FF;"><u>prospectus@janney.com</u></font>; William Blair
      &amp; Company, LLC at Attention:&#160; Prospectus Department or by calling 1-800-621-0687, or by email at <font style="color: #0000FF;"><u>prospectus@williamblair.com</u></font>; or Fearnley
      Securities AS at 880 Third Ave, 16th Floor, New York, New York 10022 or by calling 1-212-277-3600, or by email at <font style="color: #0000FF;"><u>prospectus@fearnleys.com</u></font>.</div>
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