Fjord Defence Group ASA

Major Shareholding Notification • Feb 6, 2019

Disclosure of Partial Disposition of Large Shareholding - Songa Bulk ASA

Disclosure of Partial Disposition of Large Shareholding - Songa Bulk ASA

Evermore Global Advisors, LLC (“EGA”), a U.S. SEC-registered investment adviser, is the investment adviser to the Evermore Global Value Fund (the “Fund”), an investment company registered under the Investment Company Act of 1940, as well as to the Evermore Global Opportunities Fund, L.P. (the “LP”) and several institutional separate accounts (the “Fund”, the “LP” and EGA’s institutional separate accounts are collectively referred to as “EGA’s Managed Accounts”). Pursuant to investment management agreements with EGA’s Managed Accounts, EGA has the power to make investment decisions and vote shares on behalf of EGA’s Managed Accounts.

On 5 February 2019, several of EGA’s Managed Accounts disposed of 277,500 shares of Songa Bulk ASA (“Songa Bulk”). After this transaction, EGA’s Managed Accounts held 3,357,961 shares of Songa Bulk or 9.36% of Songa Bulk’s total number of shares outstanding and EGA had voting rights equivalent to 9.36% of the total votes. After the transaction, the Fund held 1,896,375 shares of Songa Bulk or 5.29% of Songa Bulk’s total number of shares outstanding.