On June 24, 2015, the Board of Directors of Steel Excel Inc., a Delaware corporation (the “Company”), approved the repurchase of up to an aggregate of 500,000 shares of the Company's common stock (the “2015 Repurchase Program”). The 2015 Repurchase Program supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any repurchases under the 2015 Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the 2015 Repurchase Program, the Company may enter into a Stock Purchase Plan in conformity with the provisions of Rule 10b5-1 and Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The 2015 Repurchase Program is expected to continue indefinitely, unless shortened by the Board of Directors.

The Company’s previously announced application for listing on the Nasdaq Capital Market tier continues to be reviewed by Nasdaq. The Company’s Board of Directors has approved the addition of Robert J. Valentine as a third independent director on the Company’s Audit Committee, joining John Mutch (Chairman of the Committee ) and Gary Ullman, in the event the application is approved. No assurance can be given as to the timing of such listing, or whether the Company’s application will ultimately be accepted by Nasdaq.