In the Meeting of the Board of Directors of Lorenzo Shipping Corporation held on11 August 2017, the Boar accepted the resignation of Mr. Roberto Umali as Director and elected Mr. Rene Buenaventura as Independent Director of LSC. Mr. Buenaventura will serve the unexpired term of Mr. Umali. The resignation of Mr. Umali was not due to any disagreement with LSC on any matter relating to the Corporation's operations, policies or practices. The Board also elected Mr. Buenaventura as a member of the Audit Committee.