ASL Marine : Results Of Consent Solicitation Exercise

ASL MARINE HOLDINGS LTD.

(Incorporated in the Republic of Singapore) Co. Reg. No. 200008542N

RESULTS OF CONSENT SOLICITATION EXERCISE RELATING TO THE S$100,000,000 4.75 PER CENT. NOTES DUE 2017 COMPRISED IN SERIES 006 (ISIN: SG6Z90991217) (THE "SERIES 006 NOTES") AND S$50,000,000 5.35 PER CENT. NOTES DUE 2018 COMPRISED IN SERIES 007 (ISIN: SG6TC3000008) (THE "SERIES 007 NOTES" AND, TOGETHER WITH THE SERIES 006 NOTES, THE "NOTES"), IN EACH CASE, ISSUED PURSUANT TO THE S$500,000,000 MULTICURRENCY DEBT ISSUANCE PROGRAMME (THE "PROGRAMME")

1. INTRODUCTION

   The Company refers to the announcement made on 29 December 2016 ("Announcement") and the notice of meeting published in The Business Times on 29 December 2016 and which was attached (as Appendix 1) to the Announcement ("Notice of Meeting") in relation to the Consent Solicitation by the Company in connection with the Notes. Capitalised or other terms used but not defined herein shall, unless the context otherwise requires, have the meanings as set out in the Announcement and the Notice of Meeting.

2. ANNOUNCEMENT OF RESULTS

   The Company is pleased to announce that:

3. in respect of the Series 006 Notes, the Extraordinary Resolution tabled at the Meeting of the holders of the Series 006 Notes on 20 January 2017 has been duly passed. Holders of the Series 006 Notes representing S$96,250,000 in principal amount of the Series 006 Notes outstanding (representing 96.25 per cent. in principal amount of the Series 006 Notes outstanding) had submitted voting instructions or were present at the meeting. Voting by show of hands and by poll was called for at the meeting, and out of the total 385 votes cast, 380 votes (representing 98.70 per cent. of the votes cast) were cast in favour of the Extraordinary Resolution in respect of the Series 006 Notes.

4. in respect of the Series 007 Notes, the Extraordinary Resolution tabled at the Meeting of the holders of the Series 007 Notes on 20 January 2017 has been duly passed. Holders of the Series 007 Notes representing S$48,000,000 in principal amount of the Series 007 Notes outstanding (representing 96.00 per cent. in principal amount of the Series 007 Notes outstanding) had submitted voting instructions or were present at the meeting. Voting by show of hands and by poll was called for at the meeting, and out of the total 192 votes cast, 192 votes (representing 100.00 per cent. of the votes cast) were cast in favour of the Extraordinary Resolution in respect of the Series 007 Notes.

   In light of the passing of the Extraordinary Resolution in respect of the Series 006 Notes and the Extraordinary Resolution in respect of the Series 007 Notes at the relevant Meetings by the Noteholders, the Company and the Trustee will in due course, execute

   (a) the Series 006 Amendment and Restatement Trust Deed and the Series 007 Second Amendment and Restatement Trust Deed to provide for the relevant amendments to the Trust Deed; and (b) other relevant documents (including security documents) to give effect to the amendments, all as more particularly set out in the Consent Solicitation Statement.

   The Board of Directors of the Company would like to convey its sincere appreciation to the Noteholders, Shareholders, financial institutions and business partners for their support.

5. CAUTION IN TRADING
6. Shareholders are advised to exercise caution in trading their Shares and Noteholders are advised to exercise caution in trading their Notes. Shareholders and Noteholders are advised to read this announcement and any further announcements by the Company carefully. Shareholders and Noteholders should consult their stock brokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take. BY ORDER OF THE BOARD

   Ang Kok Tian

   Chairman, Managing Director and CEO 20 January 2017