Belships — Capital/Financing Update 2011

Feb 8, 2011

NORSK TILLITSMANN ASA
www.trustece.no

Dette brevet til obligasjonseierne er kun utarbeidet på engelsk. For ytterligere informasjon vennligst ta kontakt med Norsk Tillitsmann ASA på telefon +47 22 87 94 00.

To the bondholders in:

ISIN NO 001 032210.0 – FRN Belships ASA 06/11

Oslo, 8 February 2011

Ad. Interest payment due 4 April 2011 as Payment-in-Kind

Norsk Tillitsmann ASA (“NTM”) acts as Loan Trustee for the above-captioned bond issue (the “Loan”) where Belships ASA is issuer (the “Issuer”).

Pursuant to the amendment agreement dated 15 June 2009, the Issuer has the opportunity to make any of the interest payments as Payment-in-Kind (i.e. as additional bonds). The Issuer has decided to make the interest payment due 4 April 2011 as Payment-in-Kind.

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