DGAP-Ad-hoc: Marenave Schiffahrts AG / Key word(s): Agreement/Capital Reorganisation Marenave Schiffahrts AG: Conclusion of definitive agreements for the release of Marenave from liability 31-March-2017 / 23:26 CET/CEST Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Today, Marenave Schiffahrts AG (Marenave or Company) laid down the definitive contractual basis for a full release of the Company's financial liabilities by entering into an agreement on restructuring and release of liability and a waiver and liquidation agreement with the majority of the Marenave fleet's financing banks. The subject-matter of the agreements entered into by and between Marenave, the majority of the financing banks and the single-ship companies includes the sale of the entire Marenave fleet. The agreements provide under which conditions Marenave will be released from all liability in connection with the obligations taken on to secure the ship financing loans and will receive a certain amount to finance its business as a going concern. As part of the sale of the ships at single-ship company level, the banks are set to waive under certain conditions the outstanding claims resulting from the ship financing loans to the extent that is necessary to allow for a solvent liquidation of each relevant single-ship company. In part, the validity of the agreements is still subject to conditions which include the withdrawal of one financing bank, that is not party to the agreements, as lender. The agreements also grant various rights of termination, including for the event that certain milestones are not achieved by the relevant deadline. Under the investment agreement already entered into by Marenave, the release of liability is itself a key condition for bringing investors on board by way of capital measures (see the ad-hoc disclosure of 20 February 2017) and the conclusion of the agreements stated above now represents a major milestone to do just that. The Management Board --------------------------------------------------------------------------- 31-March-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Marenave Schiffahrts AG Caffamacherreihe 7 20355 Hamburg Germany Phone: 040 / 28 41 93 0 Fax: 040 / 28 41 93 297 E-mail: [email protected] Internet: www.marenave.com ISIN: DE000A0H1GY2 WKN: A0H1GY Listed: Regulated Market in Hamburg; Regulated Unofficial Market in Berlin, Munich; Open Market in Frankfurt End of Announcement DGAP News Service --------------------------------------------------------------------------- 560973 31-March-2017 CET/CEST