Nordic Shipholding — Regulatory Filings 2008

Oct 28, 2008

Stock Exchange Release no. 31 Made public via OMX on 28 October 2008

Supervisory Board withdraws proposal to change objects clause

On 15 October 2008, Nordic Tankers convened an extraordinary general meeting to be held on 31 October 2008

The extraordinary general meeting was convened to consider the appointment of a new CEO, Geir Jansen, and the relocation of the registered office of Nordic Tankers to Copenhagen. In this connection, the management wished to update the company's articles of association, including the objects clause.

The proposal to change the object of the company was submitted because the Supervisory Board found it expedient to expand the company's corporate mission. The management believes that the success of the tonnage provider model to a high degree is determined by factors outside the control of the company and characterised by lack of correlation between risk and return. If the corporate mission is expanded, a business model could be implemented which makes it possible for the company to optimise earnings without unduly increasing risk.

However, as a result of the turbulence on the financial markets and the shipping market in general, the Supervisory Board has decided to withdraw its proposal to change the object of the company. Moreover, the decision is based on the fact that the management is not currently planning on making use of an expanded objects clause, and the Supervisory Board does not want to leave any doubt about that.

The Supervisory Board wishes to achieve the peace necessary to work with the company's values for the benefit and betterment of all shareholders and hopes that all shareholders will lend their support.

The Supervisory Board has appointed Attorney Anders M. Hansen of the law firm Danders & More as chairman of the extraordinary general meeting to be held on 31 October 2008.

Chairman Anders M. Hansen supports the decision of the Supervisory Board to withdraw the proposal from agenda item 2.

For further information: Chairman of the Board Steen Bryde, tel.: +45 38 32 10 00/+ 45 20 22 10 11