Summons to Extraordinary General Meeting

An Extraordinary General Meeting in Saga Tankers ASA will take place on 21

October 2010 at 09:00 hrs (CET) at the premises of the Company at Haakon VII gt.

1, 8(th) floor in Oslo.

The Board has proposed the following agenda:

1. Opening of the general meeting by Einar J. Greve

2. Election of Einar J. Greve to lead the general meeting

3. Election of a person to co-sign the minutes from the General Meeting

together with the chairman of the meeting

4. Approval of the summons and agenda

5. Proposal for a reduction of the share premium fund. The reduced amount

will be transferred to Other Equity.

Voting guidance

Shareholders may submit their votes electronically in advance by logging on to

www.sagatankers.no under the Investors Relations section. Please follow the

instructions.

If you are not already pre-registered with "Investortjenester" as described in

the proxy form, you will be sent the PIN CODE and REFERENCE number by postal

mail so that you can submit your votes electronically by logging into

www.sagatankers.no. Please note electronic voting requires the investor to use

his/hers PIN CODE and REFERENCE number.

Shareholders who are unable to attend the General Meeting, or unable to use

electronic voting, may submit a proxy to a person of their own choice or to the

Chairman of the meeting. Shareholders or persons acting under a proxy who wants

to participate in the General Meeting must notify the company beforehand. The

notification regarding participation or proxy must be received at the latest by

20 October 2010 at 12:00 CET.

Additional information regarding item 5.) together with a notice of

attendance/proxy are attached.

Oslo, 28. September 2010

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1447312]

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