Fjord Defence Group ASA

Notice of Dividend Amount • Feb 28, 2019

Songa Bulk ASA - Q4 2018

Songa Bulk ASA - Q4 2018

FOURTH QUARTER 2018 FINANCIAL HIGHLIGHTS

- The Company reports a net loss of $0.7 million in Q4 2018 compared to net profit of $24.8 million in Q3 2018. The Company sold all its vessels in Q3 2018 with a recognized gain of $24.4 million.

FOURTH QUARTER 2018 EVENTS

- In an extraordinary general meeting held on 3 October 2018 the shareholders resolved to distribute an extraordinary dividend of $10.4 million. On 17 October 2018 a total of 683 473 shares of Star Bulk were distributed to the shareholders. This number do not include the shares corresponding to a total of approximately $145 thousand withheld to cover withholding tax. The distribution equals approximately $10.2 million of the resolved dividend of $10.4 million.

- On 24 October 2018 a total of 7 617 shares of Star Bulk were distributed to the shareholders in connection with the share capital reduction resolved on 5 June 2018. This distribution, together with the distributions on 29 August 2018 and 26 September 2018, equals approximately $20.9 million of the resolved share capital reduction of $21 million.

- In an extraordinary general meeting held on 19 December 2018 the shareholders resolved to pay a cash dividend of NOK 2.25 per share equalling a total distribution amount of approximately $9.3 million.

SUBSEQUENT EVENTS:

- On 4 January 2019 the Company distributed a cash dividend of NOK 2.25 per share to the shareholders, equalling a total distribution of $9.3 million.

- On 29 January a total of 23 820 shares of Star Bulk were distributed to the shareholders in connection with the dividend resolution on 6 July 2018, the share capital reduction resolved on 5 June 2018 and the extraordinary dividend resolved on 3 October 2018. These shares were distributed to shareholders that did not submit the representation and warranties letter within the initial deadline dates for distributions but have submitted such letter prior to 18 January 2019.