Havila Shipping ASA

Capital/Financing Update • Feb 12, 2016

We, hereby appoint Nordic Trustee ASA to vote on our behalf at the Bondholders' meeting in the bond issue Havila Shipping ASA 12/16 FRN (HAVI08) with ISIN NO0010657174.

The meeting will be held on 26 February 2016 at 1300 hours (Oslo time), and Nordic Trustee shall vote in the following manner:

In favour of the Proposal

In disfavour of the Proposal.

Amount of bonds owned
Account number at Custodian
Day time telephone number
Email

Enclosed to this proxy is the complete printout from our custodian/VPS,¹ verifying our bondholding in the bond issue as of . . , which also is our bondholding as the date of the Bondholders' Meeting.

We acknowledge that Nordic Trustee ASA in relation to the Bondholders' meeting for verification purposes may obtain information regarding our holding of bonds on the above stated account in the securities register VPS.

Place, date Signature

................................... .......................................................................................

Return:

Nordic Trustee ASA P.O.Box 1470 Vika N-0116 Oslo

¹ If the bonds are held in custody other than in the VPS, an evidence provided from the custodian – confirming that (i) you are the owner of the bonds, (ii) in which account number the bonds are hold, and (iii) the amount of bonds owned.

We, hereby appoint Nordic Trustee ASA to vote on our behalf at the Bondholders' meeting in the bond issue Havila Shipping ASA 11/17 8.60% (HAVI06) with ISIN NO0010605025.

The meeting will be held on 26 February 2016 at 1300 hours (Oslo time), and Nordic Trustee shall vote in the following manner:

In favour of the Proposal

In disfavour of the Proposal.

Amount of bonds owned
Account number at Custodian
Day time telephone number
Email

Enclosed to this proxy is the complete printout from our custodian/VPS,² verifying our bondholding in the bond issue as of . . , which also is our bondholding as the date of the Bondholders' Meeting.

We acknowledge that Nordic Trustee ASA in relation to the Bondholders' meeting for verification purposes may obtain information regarding our holding of bonds on the above stated account in the securities register VPS.

Place, date Signature

................................... .......................................................................................

Return:

Nordic Trustee ASA P.O.Box 1470 Vika N-0116 Oslo

² If the bonds are held in custody other than in the VPS, an evidence provided from the custodian – confirming that (i) you are the owner of the bonds, (ii) in which account number the bonds are hold, and (iii) the amount of bonds owned.

We, hereby hereby appoint Nordic Trustee ASA to vote on our behalf at the Bondholders' meeting in the bond issue Havila Shipping ASA 11/17 FRN C (HAVI10) with ISIN NO0010605033.

The meeting will be held on 26 February 2016 at 1300 hours (Oslo time), and Nordic Trustee shall vote in the following manner:

In favour of the Proposal

In disfavour of the Proposal.

ISIN ISIN NO0010605033	Amount of bonds owned
Custodian name	Account number at Custodian
Company/Person	Day time telephone number
	Email

Enclosed to this proxy is the complete printout from our custodian/VPS,³ verifying our bondholding in the bond issue as of . . , which also is our bondholding as the date of the Bondholders' Meeting.

We acknowledge that Nordic Trustee ASA in relation to the Bondholders' meeting for verification purposes may obtain information regarding our holding of bonds on the above stated account in the securities register VPS.

Place, date Signature

................................... .......................................................................................

Return:

Nordic Trustee ASA P.O.Box 1470 Vika N-0116 Oslo

³ If the bonds are held in custody other than in the VPS, an evidence provided from the custodian – confirming that (i) you are the owner of the bonds, (ii) in which account number the bonds are hold, and (iii) the amount of bonds owned.

We, hereby hereby appoint Nordic Trustee ASA to vote on our behalf at the Bondholders' meeting in the bond issue Havila Shipping ASA 10/16 FRN C with ISIN NO0010590441.

The meeting will be held on 26 February 2016 at 1300 hours (Oslo time), and Nordic Trustee shall vote in the following manner:

In favour of the Proposal

In disfavour of the Proposal.

ISIN	Amount of bonds owned
ISIN NO0010590441
Custodian name	Account number at Custodian
Company/Person	Day time telephone number
	Email

Enclosed to this proxy is the complete printout from our custodian/VPS,⁴ verifying our bondholding in the bond issue as of . . , which also is our bondholding as the date of the Bondholders' Meeting.

We acknowledge that Nordic Trustee ASA in relation to the Bondholders' meeting for verification purposes may obtain information regarding our holding of bonds on the above stated account in the securities register VPS.

Place, date Signature

................................... .......................................................................................

Return:

Nordic Trustee ASA P.O.Box 1470 Vika N-0116 Oslo

⁴ If the bonds are held in custody other than in the VPS, an evidence provided from the custodian – confirming that (i) you are the owner of the bonds, (ii) in which account number the bonds are hold, and (iii) the amount of bonds owned.