Fjord Defence Group ASA

Share Issue/Capital Change • Oct 24, 2018

Share capital decrease - third payment date

Share capital decrease - third payment date

Reference is made to the stock exchange notice made by Songa Bulk ASA ("Songa") on 20 August 2018, regarding key information relating to the distribution of NOK 178,300,000 (the "Reduction Amount") following closing of the transaction with Star Bulk Carriers Corp. ("Star Bulk").

The third payment date for the distribution of the Reduction Amount is today. The Reduction Amount will be distributed in the form of Consideration Shares to eligible Songa Shareholders who submitted the Representation and Warranties Letter prior to 17:00 (CET) on 22 October 2018.

Approximately NOK 818,630 of the Reduction Amount, will be distributed, which includes 7,617 Consideration Shares and approximately NOK 500 in cash to cover fractions thereof. The Consideration Shares will be tradable on the Oslo Stock Exchange upon delivery.

For Songa Shareholders who did not complete and submit the Representation and Warranties Letter prior to 22 October 2018, the Company will seek to facilitate further distribution and in due course

inform the market through Newsweb.

No distribution of any kind will be made to any person or entity that is a Songa Shareholder before such 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 Bulk and Songa). New shareholders in Songa and Songa Shareholders who have not previously completed and submitted the Representations and Warranties Letter are, regardless of nationality and place of residence, kindly requested to send a completed version of the attached Representations and Warranties Letter to Clarksons Platou Securities AS (songa@clarksons.com).

* * *

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

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

Thomas Rønningen (CEO), tr@blystad.no