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Global Ship Lease Reports Results For The Fourth Quarter Of 2012

Reconciliation of Non-U.S. GAAP Financial Measures

A. Adjusted EBITDA

Adjusted EBITDA represents Net income (loss) before interest income and expense including amortization of deferred finance costs, realized and unrealized gain (loss) on derivatives, income taxes, depreciation, amortization and impairment charges. Adjusted EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company's ability to generate cash from its 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 US GAAP and should not be considered to be an alternate to Net income (loss) or any other financial metric required by such accounting principles.

ADJUSTED EBITDA - UNAUDITED
           
(thousands of U.S. dollars)
           
    Three Three    
    months months Year Year
    ended ended Ended Ended
    Dec 31, Dec 31, Dec 31, Dec 31,
    2012 2011 2012 2011
           
Net income 8,121 10,860 31,928 9,071
           
Adjust: Depreciation 10,066 10,076 40,343 40,131
  Impairment charge -- -- -- 13,645
  Interest income (14) (20) (79) (56)
  Interest expense 5,091 5,136 21,178 20,564
  Realized loss on interest rate derivatives 4,663 4,788 18,402 19,393
  Unrealized (gain) loss on interest rate derivatives (4,650) (4,049) (9,725) 881
  Income tax 38 (212) 128 74
           
Adjusted EBITDA 23,315 26,579 102,175 103,703

B. Normalized net income

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