AMSC ASA — Capital/Financing Update 2020

Jul 2, 2020

AMERICAN TANKER, INC. 415 McFarlan Road, Suite 205 Kennett Square, PA 19348 Tel: (484) 732-3021

Nordic Trustee AS P.O: Box 1470 Vika N‐0116 Oslo Norway

2 July 2020

ISIN NO 0010777519 ‐ AMERICAN TANKER, INC. SENIOR UNSECURED CALLABLE BOND ISSUE 2017/2022 – EXERCISE OF CALL OPTION

We refer to the Bond Terms for the abovementioned Bond Issue originally dated 17 February 2017 (as amended from time to time) and made between Nordic Trustee AS as Bond Trustee on behalf of the Bondholders, and the undersigned as Issuer.

Capitalised terms used herein shall have the same meaning as in the Bond Terms.

We hereby give you notice that we will exercise our Call Option. The entire Bond Issue will be repaid at the call price of 104.00 per cent of the nominal amount of each redeemed Bond, together with accrued but unpaid interest, with a Call Option Repayment Date of 16 July 2020. 7

Yours faithfully,

American Tanker, Inc.

Name: Leigh Jaros Title: CEO