Fjord Defence Group ASA

Notice of Dividend Amount • Jul 13, 2018

The first distribution

The first distribution

Reference is made to the key date announcement made by Songa Bulk ASA ("Songa" or the "Company") supplemented by the stock exchange announcement of 10 July 2018, regarding the distribution of dividends following closing of the transaction with Star Bulk Carriers Corp.

The first distribution of three planned distributions of dividend has been effected today. A total of approx. USD 145,7 million has been distributed, corresponding to 10,929,550 (out of a total of 13,688,000) Consideration Shares in Star, and approx. USD 5,000 in cash to cover fractions thereof. Approximately USD 5,3 million of the total dividend amount remains to be paid upon receipt of Shareholder Representation and Warranties Letters.

- The second distribution, for Songa Shareholders who did not complete and submit the Representation and Warranties Letter prior to 12:00 p.m. (noon CET) on 13 July 2018, but who have done so prior to 15 August 2018, is planned to be effected on or about 17 August 2018.

- The third distribution, for remaining Songa Shareholders who do not complete and submit the Representation and Warranties Letter prior to 15 August 2018, but who has done so prior to 12 September 2018, is planned to be effected on or about 14 September 2018.

No dividend of any kind will be distributed to any individual person or entity that is a Songa Shareholder before such individual Songa Shareholder has completed the Representation and Warranties Letter and such Representation and Warranties Letter is received by Clarksons Platou Securities AS (on behalf of Star and Songa).

This notice does not constitute an offer to sell or the solicitation of any offer to buy any securities of Star Bulk Carriers Corp. 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 Carriers Corp. to be distributed in connection with the previously announced transaction with Songa Bulk ASA 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.