Cyrus Capital Partners Boosts Stake In Overseas Shipholding Group

* The number of shares reported
in this Schedule 13D/A reflects: (i) the stock dividend of 0.01
share of Class A Common Stock paid on December 17, 2015 for each share of Class A Common Stock held by the Reporting Persons
as of the record date of December 3, 2015 (the “Stock Dividend“) and (ii) the 1-for-6 reverse stock split
effective on June 13, 2016 (the “Reverse Stock Split“). Includes 13,851,382 Warrants to purchase 2,636,376
shares of Class A Common Stock (see Item 6). However, the Warrants may be exercised subject to certain restrictions set forth in the terms of the Warrants and the Issuer’s organizational
documents.

** The applicable percentage beneficially
owned by the Reporting Persons as shown herein is computed based on an aggregate of 68,569,517 shares of Class A Common Stock
outstanding as of June 21, 2016 according to information provided by the Issuer to the Reporting Persons in writing.