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Global Ship Lease Reports Results for the Third Quarter of 2022

Declares Dividend of $0.375 per Common Share

LONDON, ENGLAND — November 9, 2022 - Global Ship Lease, Inc. (NYSE: GSL) (the "Company", "Global Ship Lease" or "GSL"), an owner of containerships, announced today its unaudited results for the three and nine month periods ended September 30, 2022.

Third Quarter 2022 and Year to Date Highlights

- Reported operating revenue of $172.5 million for the third quarter 2022, an increase of 24.5% on revenue of $138.6 million for the prior year period. For the nine months ended September 30, 2022, operating revenue was $480.6 million, up 63.2% from $294.4 million in the prior year period.

- Reported net income available to common shareholders of $89.6 million for the third quarter of 2022, an increase of 42.4% or 1.4 times net income of $62.9 million for the prior year period. Normalized net income (a non-U.S. GAAP financial measure, described below) was $87.5 million, 1.4 times normalized net income of $63.1 million for the prior year period.

- For the nine months ended September 30, 2022, net income available to common shareholders was $210.8 million, an increase of 117.1% or 2.2 times net income of $97.1 million for the prior year period. Normalized net income for the same period was $221.0 million, 2.1 times normalized net income for the prior year period of $104.6 million.

- Generated $111.4 million of Adjusted EBITDA (a non-U.S. GAAP financial measure, described below) for the third quarter of 2022, 1.7 times Adjusted EBITDA of $64.5 million for the prior year period. Adjusted EBITDA for the nine months ended September 30, 2022 was $298.4 million, 1.9 times Adjusted EBITDA of $158.1 million for the prior year period.

- Earnings per share for the three months ended September 30, 2022 was $2.44, 1.4 times the earnings per share of $1.73 for the prior year period. Normalized earnings per share (a non-U.S. GAAP financial measure, described below) for the three months ended September 30, 2022 was $2.38, as compared to the normalized earnings per share of $1.74 for the prior year period. Earnings per share for the nine months ended September 30, 2022 was $5.75, 2.1 times the earnings per share of $2.80 for the prior year period. Normalized earnings per share for the nine months ended September 30, 2022 was $6.03, as compared to the Normalized earnings per share of $3.01 for the prior year period.

- Declared a dividend of $0.375 per Class A common share for the third quarter of 2022 to be paid on December 2, 2022 to common shareholders of record as of November 22, 2022. Paid a dividend of $0.375 per Class A common share for the first quarter of 2022 on June 2, 2022 and paid a dividend of $0.375 per Class A common share for the second quarter of 2022 on September 2, 2022.

- During the third quarter, added $770.6 million of firm contracted revenues with the addition of new forward charter fixtures on 10 ships: four Panamaxes, each for a firm period of five years, scheduled to commence between the fourth quarter of 2022 and first quarter of 2023, and six ECO-6,900 TEU ships, each for a firm period of five years with two 12-month extensions periods at the option of the charterers, scheduled to commence between the fourth quarter of 2023 and 2024. Year-to-date, and including the above, a total of $920.3 million of contracted revenues has been added to the Company's forward charter cover, assuming median redelivery dates for the charters. Included are 11 forward fixtures of four to seven years duration each (one 8,600 TEU ship, six 6,900 TEU ships, and four 4,000 – 4,250 ships), one prompt fixture of just over three years for a 2,200 TEU feeder, and three charter-extension options of 12 months each exercised by the charterers on three ships of 5,900 – 7,800 TEU.

- Continued to utilize the $40.0 million authorization (the "Buy-back Authorization") for opportunistic share repurchases, repurchasing a total of 875,956 Class A common shares during September and October 2022 for a total investment of $15.1 million. Re-purchase prices ranged between $15.51 and $17.95 per common share, with an average price of $17.22. A total of 1,060,640 Class A common shares have been repurchased under the Buy-back Authorization, for approximately $20.0 million.

- Between July 14, 2022 and August 1, 2022 the Company's corporate family credit ratings were improved by Moody's, from B1 / Stable to B1 / Positive, and by S&P Global, from BB- / Stable to BB / Stable.

- On June 17, 2022, announced the full redemption of the 8.00% Senior Unsecured Notes due 2024 (the "2024 Notes") of $89.0 million aggregate principal amount. The redemption was completed on July 15, 2022 at a price of 102.00% of the principal amount plus accrued and unpaid interest, up to but not including, the redemption date. Previously, on April 5, 2022, completed the partial redemption of $28.5 million principal amount of the 2024 Notes at a price equal to 102.00% of the principal amount plus accrued and unpaid interest.

- On June 16, 2022, an indirect wholly-owned subsidiary of the Company closed the private placement of $350.0 million of privately rated investment grade 5.69% Senior Secured Notes due 2027 (the "2027 USPP Notes") to a limited number of accredited investors. Pricing on June 1, 2022 was based on the 3.2 year Interpolated US Treasury Yield (ICUR3.2) plus a spread of 2.85%. A portion of the net proceeds was used to repay the remaining outstanding balance of the Hayfin Facility, which bore interest at LIBOR + 7.00%, and the outstanding balance of the Hellenic Facility, which bore interest at LIBOR + 3.90%, resulting in five unencumbered ships. The remaining net proceeds were used to redeem all of the outstanding 2024 Notes in July 2022 and for general corporate purposes.

- On May 12, 2022, announced the investment and participation in a carbon capture initiative led by Aqualung Carbon Capture AS ("Aqualung"), an innovator in carbon dioxide capture and separation technology, alongside other industry leaders in shipping, energy generation and infrastructure, and lithium production. The Company was invited to invest in Aqualung and to pool its technical expertise to support the application of Aqualung's carbon capture solution to the maritime sector, with a particular focus on the development of containerized carbon capture units to be retrofit-able to containerships and other seagoing vessels.

- In February 2022, entered into USD 1 month LIBOR interest rate caps of 0.75% through fourth quarter 2026 on $507.9 million of floating rate debt, which reduces over time and represented the remaining balance of the outstanding floating rate debt, after entering a similar interest rate cap in December 2021, on $484.1 million of floating rate debt, which also reduces over time, leaving us fully hedged on our floating rate debt.

- In January 2022, agreed an amendment to the existing $268.0 million Syndicated Senior Secured Credit Facility with an outstanding balance of $213.2 million, to extend the maturity date from September 2024 to December 2026, favorably amend certain covenants, and release three vessels from the facility's collateral basket, at an unchanged rate of LIBOR + 3.00%. The three vessels were subsequently used as collateral for a new $60.0 million syndicated senior secured debt facility, maturing in July 2026 and bearing interest at LIBOR + 2.75%, which was used to fully repay our 10.00% Blue Ocean junior debt facility and for general corporate purposes.

George Youroukos, Executive Chairman of Global Ship Lease stated: "These are uncertain times, with the world facing macro headwinds, geopolitical tensions, rising interest rates, and inflation. Against this backdrop, we have continued to focus on making Global Ship Lease as resilient as possible, by building our forward contract cover, fortifying our balance sheet, and positioning ourselves to weather the challenges and take advantage of the opportunities that arise in a cyclical industry such as ours. During the quarter, our high-quality ships, and strong relationships with our customers, allowed us to forward fix 10 ships, on firm charters of five years each, off positions in late-2022, 2023, and even 2024. These new charters add over $770 million of contracted revenues, and bring our total forward cover to more than $2.2 billion, spread over almost three years, providing further support for our sustainable annualized dividend of $1.50 per common share. Our focus on long-term charters, and deep customer relationships, will also underpin collective efforts to decarbonize shipping, in step with an evolving regulatory and commercial environment that will hinge on ever closer cooperation between owners and charterers".

Ian Webber, Chief Executive Officer, commented: "Our conservative, risk-averse business model, and disciplined approach to capital allocation, have continued to inform our focus upon building and protecting shareholder value through the cycle. Even as central banks have raised interest base rates to the highest levels seen in over a decade, we have successfully reduced our overall cost of debt to 4.53%, which is only slightly higher than the Federal Reserve's benchmark interest rate, and have fully hedged our exposure to floating interest rates. Furthermore, we have no re-financing requirements before 2026. During the course of this year, we have added over $920 million of contracted revenues, supporting our sustainable dividend and allowing us to repurchase an additional $15 million of common shares since our previous earnings release, bringing total share repurchases since we established our $40 million buy-back authorization in second quarter to $20 million".

(1) Operating Revenue is net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities. Brokerage commissions are included in "Time charter and voyage expenses".

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA and Normalized Net Income are non-U.S. Generally Accepted Accounting Principles ("U.S. GAAP") financial measures, as explained further in this press release, and are considered by Global Ship Lease to be a useful measure of its performance. For reconciliations of these non-U.S. GAAP financial measure to net income or earnings per share as reported, the most directly comparable U.S. GAAP financial measures, please see "Reconciliation of Non-U.S. GAAP Financial Measures" below.

Revenue and Utilization

Revenue from fixed-rate, mainly long-term, time-charters was $172.5 million in the three months ended September 30, 2022, up $33.9 million (or 24.5%) on revenue of $138.6 million for the prior year period. The period-on-period increase in revenue was principally due to (i) a 12.1% increase in ownership days, due to the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021, resulting in 5,980 ownership days in the third quarter of 2022, compared to 5,334 in the third quarter of 2021, (ii) increased revenue on charter renewals at higher rates on nine vessels, (iii) a decrease in unplanned off hire days from 137 in the third quarter of 2021 to 102 in the same quarter of 2022 partially offset by $15.3 million reduction in the credit from amortization of intangible liabilities arising on below-market charters attached to certain vessel additions and $3.5 million reduction in the credit from straightlining the effect of timecharter modifications. The 102 days of unplanned offhire in the third quarter of 2022 include mainly an incident of 49 days for diesel generators repairs in one ship and the remaining days relate to operational and technical incidents. The 47 days of planned offhire for drydockings in the third quarter of 2022 were attributable to two regulatory drydockings completed, while in the comparative period of 2021, the 190 days of planned offhire were mainly attributable to five regulatory drydockings. Idle time was nil in the third quarter of 2022, compared to 13 days in the comparative period. Utilization for the third quarter of 2022 was 97.5% compared to utilization of 93.6% in the same period of the prior year.

For the nine months ended September 30, 2022, revenue was $480.6 million, up $186.2 million (or 63.2%) on revenue of $294.4 million in the comparative period, mainly due to the factors noted above.

The table below shows fleet utilization for the three and nine months ended September 30, 2022 and 2021, and for the years ended December 31, 2021, 2020, 2019 and 2018.

Two drydockings to meet regulatory requirements were completed in the third quarter 2022 and, as of September 30, 2022, none were in progress. In 2022, we anticipate six further drydockings.

Vessel Operating Expenses

Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 19.6% to $41.0 million for the third quarter of 2022, compared to $34.3 million in the comparative period. The increase of $6.7 million was mainly due to 646, or 12.1%, additional ownership days in the third quarter of 2022 as the result of the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021 plus increased crew expenses as a result of COVID-19 and the conflict in Ukraine, increased insurance costs and increased lubricant expenses as a result of higher oil prices. The average cost per ownership day in the quarter was $6,855, compared to $6,428 for the prior year period, up $427 per day, or 6.6%.

For the nine months ended September 30, 2022, vessel operating expenses were $121.9 million, or an average of $6,869 per day, compared to $86.7 million in the comparative period, or $6,441 per day, an increase of $428 per ownership day, or 6.6%.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner's account when a ship is off-hire or idle and miscellaneous owner's costs associated with a ship's voyage. Time charter and voyage expenses were $5.1 million for the third quarter of 2022, compared to $4.4 million in the third quarter of 2021. The increase was mainly due to the commissions of the 22 vessels acquired in 2021, 17 of which were delivered after June 30, 2021, increased commissions on charter renewals at higher rates plus additional voyage administration costs and other voyage expenses mainly related to COVID-19 port restrictions and additional operational requests from charterers.

For the nine months ended September 30, 2022, time charter and voyage expenses were $14.6 million, or an average of $822 per day, compared to $8.3 million in the comparative period, or $617 per day, an increase of $205 per ownership day, or 33.2%.

Depreciation and Amortization

Depreciation and amortization for the third quarter of 2022 was $20.5 million, compared to $16.8 million in the third quarter of 2021. The increase was mainly due to the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021 and the 12 drydockings that have been completed since October 1, 2021.

Depreciation for the nine months ended September 30, 2022 was $60.6 million, compared to $42.3 million in the comparative period, with the increase being due to the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021.

Gain on sale of vessel

The 2001-built, 2,272 TEU containership, La Tour, was sold on June 30, 2021 for net proceeds of $16.5 million resulting in a gain of $7.8 million.

General and Administrative Expenses

General and administrative expenses were $4.2 million in the third quarter of 2022, compared to $3.4 million in the third quarter of 2021. The increase was mainly due to the non-cash effect of stock-based compensation expense due to vesting recorded in the third quarter of 2022. The average general and administrative expense per ownership day for the third quarter of 2022 was $695, compared to $642 in the comparative period, an increase of $53 or 8.3%.

For the nine months ended September 30, 2022, general and administrative expenses were $14.4 million, compared to $9.6 million in the comparative period mainly due to the non-cash effect of stock-based compensation expenses due to vesting recorded in 2022. The average general and administrative expense per ownership day for the nine-month period ended September 30, 2022 was $814, compared to $710 in the comparative period, an increase of $104 or 14.6%.

Adjusted EBITDA

Adjusted EBITDA  (a non-GAAP financial measure) was $111.4 million for the third quarter of 2022, up from $64.5 million for the third quarter of 2021, with the net increase being mainly due the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021 and increased revenue from charter renewals at higher rates.

Adjusted EBITDA for the nine months ended September 30, 2022 was $298.4 million, compared to $158.1 million for the comparative period, with the increase being due to the net acquisition of 22 vessels in 2021, 17 of which were delivered after June 30, 2021.

Interest Expense and Interest Income

Debt as at September 30, 2022 totaled $999.5 million, comprising $498.7 million of secured bank debt collateralized by vessels, $350.0 million of 2027 USPP Notes collateralized by vessels, $150.8 million under sale and leaseback financing transactions. As of September 30, 2022, five of our vessels were unencumbered.

Debt as at September 30, 2021 totaled $1,093.4 million, comprising $820.0 million secured debt collateralized by vessels, $155.9 million from sale and leaseback financing transactions and $117.5 million of unsecured indebtedness on our 2024 Notes. As of September 30, 2021, none of our vessels were unencumbered.

Interest and other finance expenses for the third quarter of 2022 was $16.1 million, up from $15.0 million for the third quarter of 2021. The increase in other finance expenses was mainly due to the non-cash write-off of deferred financing charges of $2.1 million plus $1.8 million premium paid following the full repayment of our 2024 Notes in July 2022 offset by $1.3 million of accelerated amortization of premium, compared to a prepayment fee of $0.2 million on the repayment of Hayfin Facility. In addition, our blended cost of debt has decreased from approximately 4.93% for third quarter 2021 to 4.53% for third quarter of 2022, as a result of the refinancings despite an increase in three month Libor in third quarter of 2022 to 3.0%, but capped to 0.75%, as compared to three month Libor of 0.13% in third quarter of 2021.

Interest and other finance expenses for the nine months ended September 30, 2022 was $64.9 million, up from $54.3 million for the comparative period. The increase in other finance expenses is mainly due to a prepayment fee and the associated non-cash write off of deferred financing charges of $14.1 million on the full repayment of the Hayfin Credit Facility, the non-cash write off of deferred financing charges of $0.3 million on the full repayment of the Hellenic Credit Facility, $0.6 million premium paid on the redemption in April of $28.5 million of our 2024 Notes, a $1.8 million premium paid on the full redemption of our 2024 Notes in July 2022, the associated non-cash write off of deferred financing charges of $2.1 million and acceleration of premium amortization of $1.3 million and a prepayment fee and the associated non-cash write off of deferred financing charges of $4.1 million on the full repayment of the Blue Ocean Junior Credit Facility compared to $5.8 million premium paid on the redemption in full of the 2022 Notes in January 2021 plus the acceleration of deferred financing charges of $3.7 million, and the acceleration of amortization of original issue discount associated with the redemption of the 2022 Notes of $1.1 million plus the prepayment fee of $1.6 million paid on the partial repayment of the Blue Ocean Junior Credit Facility, plus the prepayment fee of $1.4 million paid on the repayment and completion of the refinancing of the Odyssia Credit Facilities, plus a prepayment fee of $0.2 million on the repayment of Hayfin Facility.

Interest income for the third quarter of 2022 was $0.7 million, up from $0.01 million for the third quarter of 2021.  Interest income for the nine months period ended September 30, 2022 was $1.2 million, compared to $0.4 million for the comparative period.

Other income, Net

Other income, net was $1.0 million in the third quarter of 2022, compared to an income of $0.8 million in the third quarter of 2021. Other income, net was $1.2 million for the nine month period ended September 30, 2022, compared to $1.7 million for the comparative period.

Taxation

Taxation for the three months ended September 30, 2022 was a credit of $0.05 million, compared to a debit of $0.06 million in the third quarter of 2021. Taxation for the nine months ended September 30, 2022 was a credit of $0.05 million, compared to a debit of $0.06 million in the comparative period.

Fair value adjustment on derivatives

In December 2021, we entered into a USD 1 month LIBOR interest rate cap of 0.75% through fourth quarter 2026 on $484.1 million of floating rate debt, which reduces over time and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1 month LIBOR interest rate caps of 0.75% through fourth quarter 2026 on the remaining balance of $507.9 million of floating rate debt. One of these interest rate caps was not designated as a cash flow hedge and therefore the positive fair value adjustment of $4.7 million for the third quarter of 2022 was recorded through our statement of income. The positive fair value adjustment for the nine month period ended September 30, 2022 amounted to $11.3 million.

Earnings Allocated to Preferred Shares

Net Income Available to Common Shareholders

Net income available to common shareholders for the three months ended September 30, 2022 was $89.6 million. Net income available to common shareholders for the three months ended September 30, 2021 was $62.9 million.

Earnings per share for the three months ended September 30, 2022 was $2.44, an increase of 41.0% from the earnings per share for the comparative period, which was $1.73.

For the nine months ended September 30, 2022, net income available to common shareholders was $210.8 million. For the nine months ended September 30, 2021, net income available to common shareholders was $97.1 million.

Earnings per share for the nine months ended September 30, 2022 was $5.75, an increase of 105.4% from the earnings per share for the comparative period, which was $2.80.

Normalized net income (a non-GAAP financial measure) for the three months ended September 30, 2022, was $87.5 million. Normalized net income for the three months ended September 30, 2021 was $63.1 million.

Normalized earnings per share (a non-GAAP financial measure) for the three months ended September 30, 2022 was $2.38, an increase of 36.8% from normalized earnings per share for the comparative period, which was $1.74.

Normalized net income for the nine months ended September 30, 2022, was $221.0 million. Normalized net income for the nine months period ended September 30, 2021 was $104.6 million.

Normalized earnings per share for the nine months ended September 30, 2022 was $6.03, an increase of 100.3% from normalized earnings per share for the comparative period, which was $3.01.

(1)	Modern design, high reefer capacity, fuel-efficient vessel.

(2)

In many instances charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time ("Offhire Extension") is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to the date of issuance of this release plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated.

(3)

ZIM Norfolk (ex UASC Al Khor) & ZIM Xiamen (ex Maira XL). On November 22, 2021 we announced the forward fixture of these two ships, upon the expiry of their existing charters in the second and third quarters of 2022, respectively, for approximately five years each at a charter rate of $65,000 per day.

(4)	MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems ("scrubbers").

(5)	GSL Ningbo chartered to MSC at $22,500 per day to July 2023. Thereafter, the charter has been extended by 48 to 52 months, at a rate expected to generate annualized Adjusted EBITDA of approximately $16.2 million.

(6)

GSL Eleni (delivered 2Q 2019) is chartered for five years; GSL Kalliopi (delivered 4Q 2019) and GSL Grania (delivered 3Q 2019) are chartered for three years plus two successive periods of one year each, at the option of the charterer. For GSL Kalliopi and GSL Grania the first option periods were exercised in May 2022. During the option periods the charter rates for GSL Kalliopi and GSL Grania are $18,900 per day and $17,750 per day respectively, with these new rates to apply from 3Q 2022 for GSL Grania and 4Q 2022 for GSL Kalliopi.

(7)

Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I were forward fixed to Hapag-Lloyd for five years, followed by two periods of 12 months each at the option of the charterer. The new charters are scheduled to commence, on a staggered basis, between late 2023 and late 2024, following the expiration of existing charters. The charters are expected to generate average annualized Adjusted EBITDA of approximately $12.7 million per ship.

(8)

Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by – and terminating prior to – each vessel's 25th year drydocking & special survey.

(9)	Tasman. 12-month extension at charterer's option was declared in May 2022, at an increased rate of $20,000 per day. The new rate applied from 3Q 2022.

(10)	Ultra-high reefer ships of 5,470 TEU each. Contract cover on each ship is for a firm period of three years at a rate of $36,500 per day, with a period of an additional three years (at $17,250 per day) at charterers' option.

(11)	Orca I. Chartered at $21,000 per day through to the median expiry of the charter in 2Q2024; thereafter the charterer has the option to charter the vessel for a further 12-14 months at the same rate.

(12)

GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America. In July 2022, these four vessels were forward fixed for five years +/- 45 days at charter rates expected to generate annualized Adjusted EBITDA of approximately $10.9 million per vessel. The new charter for GSL Susan is scheduled to commence in late 2022, while those for the other three ships are due to commence towards the end of 1Q 2023.

(13)	GSL Valerie. Chartered to ZIM at an average rate of $35,600 per day-$40,000 for the first 12 months, $36,000 for the next 12 months and $32,000 for the remaining period.

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three and nine months ended September 30, 2022 today, Wednesday November 9, 2022 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1)  Dial-in: (800) 715-9871 or (646) 307-1963; Passcode: 8514573

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

The webcast will also be archived on the Company's website: http://www.globalshiplease.com.

Annual Report on Form 20-F

The Company's Annual Report for 2021 was filed with the Securities and Exchange Commission (the "Commission") on March 24, 2022. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company's website at http://www.globalshiplease.com or on the Commission's website at www.sec.gov.  Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, care of Global Ship Lease Services Limited, 25 Wilton Road, London SW1V ILW.

About Global Ship Lease

Reconciliation of Non-U.S. GAAP Financial Measures

To supplement our financial information presented in accordance with U.S. GAAP, we use certain "non-GAAP financial measures" as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as impairment charges, contract termination costs or items outside of our control.

We believe that the presentation of the following financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivatives, the effect of the straight lining of time charter modifications, and impairment losses. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.

Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure because such U.S. GAAP financial measure on a forward-looking basis is not available to us without unreasonable effort.

Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.

Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate", "believe", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "should", "project", "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

The risks and uncertainties include, but are not limited to:

•	geo-political events such as the conflict in Ukraine;

•	the length and severity of the ongoing outbreak of the novel coronavirus (COVID-19) around the world and governmental responses thereto;

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication.

Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.

GLOBAL SHIP LEASE, INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PERIOD ENDED SEPTEMBER 30, 2022

GLOBAL SHIP LEASE, INC.

Index	Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT SEPTEMBER 30, 2022 AND DECEMBER 31, 2021	F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-4
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-5
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-7

See accompanying notes to interim unaudited condensed consolidated financial statements