SAGA Investor Update

Amended term loan and RCF covenants Leverage Interest ratio cover • Covenants tested quarterly if leverage. July 2020 4.75x 2.5x (excluding Cruise) is greater than 4.0x Oct 2020 4.75x 1.75x • No plc dividends if leverage (excluding Cruise) is greater than 3.0x Jan 2021 4.75x 1.0x • Included the ability to provide £50m of intercompany loans to Cruise until July 2021, dropping to £25m £40m available immediately Further £10m if the ship financing standstill is not provided Best endeavours for us to obtain standstill Apr 2021 4.75x 2.0x Jul 2021 4.25x 3.0x Jan 22 4.00x 3.5x Jul 22 & onwards 3.00x 3.5x SAGA Investor update 2 April 2020 28

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