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Noble Group announcement regarding 6.75% US dollar fixed rate senior notes due 2020

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Dry Bulk,

The Board of Directors of Noble Group Limited refers to the company’s US$1 176 920 000 in principal amount of 6.75% US dollar fixed rate senior notes due 2020 (ISIN: USG6542TAE13, US65504RAD61).

The Board announced that the trustee in relation to the 2020 notes has issued a notice to holders of the 2020 notes informing them that an event of default has occurred under section 5.01(g) of the 2020 notes indenture as a result of the filing by the company of a petition seeking recognition in the United States of the scheme of arrangement commenced by the company in England (the English Scheme) pursuant to Chapter 15 of the United States Bankruptcy Code. If an event of default under section 5.01(g) is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the 2020 notes is immediately due and payable without any declaration or other act on the part of the trustee or any holders of the 2020 notes.

As previously announced by the company, claims in respect of the 2020 notes (and the company’s other senior unsecured debts) will be released in exchange for new debt instruments and equity pursuant to the terms of the English Scheme and the scheme of arrangement commenced by the company in Bermuda. The Chapter 15 filing does not itself compromise or restructure any debt or impact the process or timeline of the proposed Restructuring as already disclosed by the company, but seeks instead legal recognition of the English Scheme in order to give the English Scheme, once approved by the requisite majorities of creditors and sanctioned by the English Court, full force and effect in the United States.

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