Fjord Defence Group ASA

Share Issue/Capital Change • Aug 29, 2018

Share capital decrease – first payment date

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

The first 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 p.m. (CET) on 24 August 2018.

A total of approx. NOK 176.2 million has today been distributed, corresponding to 1,639,595 Consideration Shares in Star Bulk, and approx. NOK 122,000 in cash to cover fractions thereof and cash to Ineligible Shareholders. Approximately NOK 2.1 million of the total Reduction 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 17:00 p.m. (CET) on 24 August 2018, but who have done so prior to 17:00 p.m. (CET) on 24 September 2018, is planned to be effected on or about 26 September 2018.
• The third distribution, for remaining Songa Shareholders who do not complete and submit the Representation and Warranties Letter prior to 17:00 p.m. (CET) on 24 September 2018, but who have done so prior to 17:00 p.m. (CET) on 22 October 2018, is planned to be effected on or about 24 October 2018.

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:

Herman Billung hb@blystad.no Thomas Rønningen tr@blystad.no