Fjord Defence Group ASA

Notice of Dividend Amount • Oct 17, 2018

Payment date for extraordinary dividend resolved on 3 October 2018

Payment date for extraordinary dividend resolved on 3 October 2018

Reference is made to the extraordinary general meeting in Songa Bulk ASA ("Songa") held on 3 October 2018 and the pertaining stock exchange notice, whereby Songa resolved to distribute an extraordinary dividend in a total amount of USD 10,446,357.10, corresponding to USD 0.2913 per share in Songa, payable in either (i) 0.0196 Star Bulk shares per Songa share; or (ii) the NOK equivalent of USD 0.2913 on the payment date. Further, reference is made to the stock exchange notice published on 3 October 2018 regarding updated key information about the extraordinary dividend.

For the shareholders that have completed and submitted the Representations and Warranties Letter by 16:30 (CET) on 12 October 2018, the payment date for the extraordinary dividend is today, 17 October 2018. Approximately USD 10.17 million of the total dividend amount has been distributed, which includes 683,473 Consideration Shares and approximately NOK 121,313 in cash to cover fractions thereof and cash to Ineligible Shareholders. These numbers do not include the shares and fractions corresponding to a total of approximately USD 145,195 withheld to cover withholding tax.

The Consideration Shares will be tradable on the Oslo Stock Exchange upon delivery.

For the shareholders that have not completed and submitted the Representations and Warranties Letter by 16:30 (CET) on 12 October 2018, the payment date for the extraordinary dividend will be settled successively and communicated to the market in due course.

New shareholders in Songa and shareholders that have not previously completed and submitted the Representations and Warranties Letter (as attached to the stock exchange notice of 3 October 2018 regarding updated key information on the extraordinary dividend) are, regardless of nationality and place of residence, requested to send a completed version of the Representations and Warranties Letter to Clarksons Platou Securities AS (songa@clarksons.com).

* * *

This information is published in accordance with the requirements of the Continuing Obligations of Oslo Børs.

This notice does not constitute an offer to sell or the solicitation of any offer to buy any securities of Star Bulk or any other entity. Any offering of securities would be made pursuant to separate documentation and any such securities would not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Shares of Star Bulk to be distributed in connection with the previously announced transaction with Songa will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under that.

For further information, please contact:

Thomas Rønningen (CEO), tr@blystad.no