Caiano intends to put forward mandatory offer to Green Reefers ASA shareholders

Reference is made to Caiano AS' ("Caiano") and its

close associates' disclosure on 6 September 2010 of

our ownership of in total 54.56% of the shares in

Green Reefers ASA ("Green Reefers") following the

completion of the rights issue in Green Reefers.

Caiano and its close associates will through this

acquisition pass the threshold for a mandatory offer

for the remaining shares of Green Reefers not held by

Caiano, cf section 6 of the Norwegian Securities

Trading Act. Caiano intends to proceed with a

mandatory offer within 4 weeks from the acquisition

of the shares in accordance with the Norwegian

Securities Trading Act.

The mandatory offer price will be NOK 0.05 per share,

equal to the highest price paid by Caiano and its

close associates for shares in Green Reefers during

the past six months.

The mandatory offer will be put forward as soon as

the formal offer documentation, which will include

the further terms and conditions for the offer, has

been approved by Oslo Børs (the Oslo Stock Exchange).

Haugesund, 6 September 2010

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