AMSC ASA — AGM Information 2014

Dec 1, 2014

Unauthorized translation. In the event of any discrepancy between the Norwegian and English text, the Norwegian takes precedence.

MINUTES OF

EXTRAORDINARY GENERAL MEETING IN

AMERICAN SHIPPING COMPANY ASA

An Extraordinary General Meeting of American Shipping Company ASA was held on Monday December 1, 2014, at 11:00 a.m. (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo.

The following issues were on the agenda:

1. OPENING OF THE GENERAL MEETING FOR AMERICAN SHIPPING COMPANY ASA, INCLUDING THE APPROVAL OF NOTICE AND AGENDA

Arne Tjaum, appointed by the Chairperson of the Board of Directors Annette Malm Justad, opened the general meeting and informed about the attendance. The list over attending shareholders showed that 21,952,662 shares, corresponding to 36.22% of the issued shares were represented. The list of attending shareholders is set out on page 3. The voting result for each respective item is set out on page 4.

No objections were made to the notice and the agenda, and the general meeting was declared duly constituted.

2. ELECTION OF PERSON TO CO-SIGN THE MINUTES OF THE MEETING ALONG WITH THE CHAIRPERSON OF THE MEETING

Pernille Woxen Burum was elected to co-sign the minutes together with the Chairperson of the meeting.

3. ELECTION OF NEW MEMBER TO THE BOARD OF DIRECTORS

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

"Lars Solbakken shall resign from the Board of Directors. Kristian Røkke is elected as new board member for a period up to the Company's Annual General Meeting in 2016. The Board of Directors of American Shipping Company ASA will thus consist of the following members:

Annette Malm Justad (Chairman)

Peter D. Knudsen

Kristian Røkke."

4. ELECTION OF THE NEW MEMBER TO THE NOMINATION COMMITTEE

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

"Kjetil Kristiansen shall resign from the Nomination Committee. Trond Brandsrud is elected as new chair of the Nomination Committee for a period up to the Company's Annual General Meeting in 2016. The Nomination Committee of American Shipping Company ASA will thus consist of the following members:

Trond Brandsrud (chair)

Christine Rødsæther."

There were no further items on the agenda. The Chairperson of the meeting thanked the

participants for their attendance, and the General Meeting was thereafter adjourned.

Oslo, December 1, 2014

* * *

(sign.) (sign.) Arne Tjaum, Chairperson Pernille Woxen Burum, co-signer

Total Represented

ISIN:	NO0010272065 AMERICAN SHIPPING COMPANY ASA
General meeting date:	01/12/2014 11.00
Today:	01.12.2014

Number of persons with voting rights represented/attended : 2

	Number of shares	% sc
Total shares	60,616,505
- own shares of the company	0
Total shares with voting rights	60,616,505
Represented by own shares	70,884	0.12 %
Represented by advance vote	12,290,929	20.28 %
Sum own shares	12,361,813	20.39 %
Represented by proxy	1,556,315	2.57 %
Represented by voting instruction	8,034,534	13.26 %
Sum proxy shares	9,590,849	15.82 %
Total represented with voting rights	21,952,662	36.22 %
Total represented by share capital	21,952,662	36.22 %

Registrar for the company:

_______________________________

Signature company:

DNB Bank ASA

AMERICAN SHIPPING COMPANY ASA

_______________________________

Protocol for general meeting AMERICAN SHIPPING COMPANY ASA

ISIN:	NO0010272065 AMERICAN SHIPPING COMPANY ASA
General meeting date: 01/12/2014 11.00
Today:	01.12.2014
Shares class	FOR	Against Poll in				Abstain Poll not registered Represented shares with voting rights
Agenda item 1 Opening of the extraordinary general meeting of American Shipping Company ASA, including
approval of the notice and agenda.
Ordinær	21,952,662	0	21,952,662	0	0	21,952,662
votes cast in %	100.00 %	0.00 %		0.00 %
representation of sc in %	100.00 %	0.00 %	100.00 %	0.00 %	0.00 %
total sc in %	36.22 %	0.00 %	36.22 %	0.00 %	0.00 %
Total	21,952,662		0 21,952,662	0	0	21,952,662
Agenda item 2 Election of a person to co-sign the meeting minutes along with the meeting chair.
Ordinær	21,952,662	0	21,952,662	0	0	21,952,662
votes cast in %	100.00 %	0.00 %		0.00 %
representation of sc in %	100.00 %	0.00 %	100.00 %	0.00 %	0.00 %
total sc in %	36.22 %	0.00 %	36.22 %	0.00 %	0.00 %
Total	21,952,662		0 21,952,662	0	0	21,952,662
Agenda item 3 Election of new member to the Board of Directors.
Ordinær	21,952,562	0	21,952,562	100	0	21,952,662
votes cast in %	100.00 %	0.00 %		0.00 %
representation of sc in %	100.00 %	0.00 %	100.00 %	0.00 %	0.00 %
total sc in %	36.22 %	0.00 %	36.22 %	0.00 %	0.00 %
Total	21,952,562		0 21,952,562	100	0	21,952,662
Agenda item 4 Election of new member to the Nomination Committee.
Ordinær	21,952,562	0	21,952,562	100	0	21,952,662
votes cast in %	100.00 %	0.00 %		0.00 %
representation of sc in %	100.00 %	0.00 %	100.00 %	0.00 %	0.00 %
total sc in %	36.22 %	0.00 %	36.22 %	0.00 %	0.00 %
Total	21,952,562		0 21,952,562	100	0	21,952,662

Registrar for the company: DNB Bank ASA Signature company: AMERICAN SHIPPING COMPANY ASA

Share information

Name	Total number of shares Nominal value Share capital		Voting rights
Ordinær	60,616,505	10.00 606,165,050.00 Yes
Sum:

§ 5-17 Generally majority requirement

requires majority of the given votes

§ 5-18 Amendment to resolution

Requires two-thirds majority of the given votes like the issued share capital represented/attended on the general meeting