Fjord Defence Group ASA

Notice of Dividend Amount • Jul 9, 2018

Key information relating to the dividend in kind to be paid by Songa Bulk ASA (the "Company")

Key information relating to the dividend in kind to be paid by Songa Bulk ASA (the "Company")

Dividend amount: USD 4.2108 per share, payable in either (i) 0,31589 Star Bulk shares per Songa share; or (ii) the NOK equivalent of USD 4.2108 on the payment date.

Last day including right: 10 July 2018

Ex-date: 11 July 2018

Record date: 12 July 2018

Payment date:

- the first distribution will be effected on 13 July 2018 to Songa Shareholders who complete and submit Representation and Warranties Letter by 12:00 p.m. (noon CET) on 13 July 2018

- 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, 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, is planned to be effected on or about 14 September 2018.

Date of approval: 6 July 2018

Other information:

Reference is made to the stock exchange notices made by Songa Bulk ASA ("Songa" or the "Company") on 25 June 2018 and 6 July 2018 regarding the distribution of dividends following closing of the transaction with Star Bulk Carriers Corp.

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

This information is published in accordance with the requirements of the Continuing Obligations.

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.

For further information, please contact:

Herman Billung hb@blystad.no

Thomas Rønningen tr@blystad.no