MANDATORY OFFER - MANDATORY NOTIFICATION OF TRADE

Reference is made to the stock exchange notice dated

6 September 2010 and the offer document dated 8

October 2010 prepared in connection with the

mandatory offer made by Caiano AS, to purchase the

remaining outstanding shares in Green Reefers ASA

("Green Reefers"), which are not already owned by

Caiano AS or Caiano Ships AS, at a price of NOK 0.05

per share (the "Offer").

On 25 October 2010, Caiano received acceptances

representing in aggregate 1,386,374 shares in Green

Reefers. Consequently, as of 25 October 2010, Caiano

and related parties own 1,918,266,494 shares and

Caiano has the right and obligation to acquire

22,213,317 shares in Green Reefers upon consummation

of the Offer. The shares and right to shares held by

Caiano and related parties thus correspond to an

aggregate of 55.20 % of the shares and voting rights

in Green Reefers.

The offer period expires at 17:30 (CET) on 5 November

Chairman of the Board, Kristian Eidesvik, is the

controlling shareholder of Caiano AS, business

registration number 943 465 606, Strandgata 92, NO-

5528 Haugesund, Norway.

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