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Navigator Holdings Ltd Obtain approval to amend one of its Covenants on $100m unsecured bond.
30th Sep 19

London, England, September 25, 2019 – Navigator Holdings Ltd. (“Navigator”) (NYSE: NVGS) today
announced that a Written Resolution for the proposed amendments under the company’s USD
100,000,000 Senior Unsecured Callable Bond Issue 2017/2022 with ISIN NO 001 0785959 (the “Bond
Issue”) was passed pursuant to a notice of Written Resolution dated 10 September 2019 (the
“Notice”).

Today the Proposed Resolution reached the requisite majority of the total number of Voting Bonds
as voted in favour of the Proposal, and the Proposal was adopted according to the voting
requirements set out in the Bond Agreement. The Bond Agreement will therefore be changed as set
out in the Written Resolution.

By way of the Notice, the Company sought, and obtained approval to amend one of the covenants in
the Bond Terms. The covenant, requiring the ratio of Earnings before Interest, Tax, Depreciation and
Amortization (“EBITDA”) to be at least two and twenty-five hundredths times interest has been
amended to a requirement of two times interest, up to and including September 30, 2020. In
addition, the definition of interest under these facilities now excludes interest due or payable
relating to debt financing expected to be obtained by the Company in relation to its obligations
associated with the construction of the Export Marine Terminal. Under the terms of these
amendments, the payment of dividends by the Company are prohibited until on or after December
31, 2020.

Attached is the Notice of the Written Resolution to be distributed to bondholders. Nordea Bank Abp,
filial i Norge and Pareto Securities AS acted as advisors to the company.

For further information, please contact: Niall Nolan, CFO, +44 (0)7958 910812