MANDATORY OFFER - PRELIMINARY RESULT

Reference is made to 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").

The offer period expired on 5 November 2010.

At the expiry of the offer period, Caiano had

received acceptances for in aggregate 410,954,325

shares in Green Reefers. Caiano and related parties

own 1,918,266,494 shares prior to completion of the

mandatory offer. Consequently, Caiano and related

parties will own in total 2,329,220,819 shares

representing 66.25% of the shares and voting rights

in Green Reefers after completion of the mandatory

offer. Changes in the number of acceptances received

may change as a result of acceptances which have not

yet been registered.

Settlement for the shares will take place on or

around 19 November 2010.

The chairman of the board, Kristian Eidesvik, is the

controlling shareholder of Caiano AS, business

registration number 943 465 606, Strandgata 92, N-

5528 Haugesund, Norway.

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