Business: Global Ship Lease, Inc., 8.75% Depositary Shares, each representing 1/100th of one share of Series B Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 8/20/2019 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 8.75% per annum ($2.1875 per annum or $0.546875 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be the fifth business day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. This company may lose its preferential tax rate if it is classified as a Passive Foreign Investment Company in this or a future tax year (see page S-37 of the prospectus for further information). <p> Upon the occurrence of a fundamental change the issuer will have the option within 180 days to redeem the preferred shares at $25 per depositary share plus accrued and unpaid dividends whether or not declared (see prospectus for further information). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.