PREMUDA SHAREHOLDERS MEETING - ORDINARY PART: Appointment of a Director as per Italian law, art. 2386 c.c - EXTRAORDINARY PART Writing down of Share Capital – provisions pursuant to Italian law, art. 2446 c.c.

ORDINARY SESSION

Appointment of a Director as per Italian law, art. 2386 c.c

EXTRAORDINARY SESSION

Reduction of Share Capital - provision pursuant to Italian law, art. 2446 c.c.

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Ordinary session:

The Shareholders have today unanimously appointed prof. Corrado Gatti, as Independent Director as per "Testo Unico Finanza (TUF)" of the Italian law.

The declaration of independence produced by the elected Director was previously evaluated upon co-optation by the Board of Directors. The Board of Directors and the Board of Auditors, in office until the approval of the financial statement at December 2016, comply with requirements of balance between genders

. Extraordinary session:

During the extraordinary session, the Assembly, after having examined the assets and the financial and economical Company situation as of September 30, 2016, noted that the whole cumulative losses at September 30, 2016 amounted to 19,697,144 Euro - of which 9,999,519 already realized at March 31,2016 and covered by the share capital reduction resolved by the Shareholders Meeting on June 7, 2016 - also that the capital is decreased by more than one third, has unanimously resolved to provide for covering the residual losses by reducing the Company share capital for a corresponding amount, from 17,349,283,50 Euro to 7,651,658.50 Euro.

Although at November 30, 2016 the further losses of the period were compensated by a positive exchange rate effect, it is once more emphasized that, under the current conditions of the shipping market of reference, the forecasts for the 2016 financial year final results and the subsequent 2017 year can only be with negative figures. Such a market trend and the subsequent assets impairment make more than likely the Share Capital total loss, with unavoidable effects on the share fixing. The ongoing negotiations for the debts restructuring envisage an equity injection aimed to cover the realized losses and to reinstate the Share Capital, without option rights and reserved to Pillastone (with consequential possible effects in terms of share delisting), within a financial maneuver also contemplating a debt to equity swap and a debt waiver.

Company contacts: Marco Tassara/Elena Bertone tel [phone] Email: [e-mail] - Web site: www.premuda.net