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Seaspan Reports Exercise of Underwriters' Option to Purchase 400K Additional 8.25 percent Series E Cumulative Redeemable Perpetual Preferred Shares

February 20, 2014

Seaspan Corp. announced that in connection with its previously announced public offering of its 8.25 percent Series E Cumulative Redeemable Perpetual Preferred Shares, the underwriters have exercised their option to purchase an additional 400,000 Series E Preferred Shares.

According to the company, the sale of a total of 5,400,000 Series E Preferred Shares, including the additional 400,000 Series E Preferred Shares, closed for total gross proceeds of $135.0 million. The underwriters retain an option, which expires on March 8, to purchase up to an additional 350,000 Series E Preferred Shares.

Seaspan intends to use the net proceeds from the offering for general corporate purposes and has filed an application to list the Series E Preferred Shares on The New York Stock Exchange.

Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley, UBS Securities, and Citigroup Global Markets Inc. acted as joint book- running managers, and Credit Suisse Securities (USA) and Deutsche Bank Securities Inc. acted as joint lead managers for the offering. The co-managers for this offering were Barclays Capital Inc., Incapital, Ladenburg Thalmann & Co. Inc. and Maxim Group.

Seaspan provides shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with ship management services.

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