Saga Pure — Proxy Solicitation & Information Statement 2010

Nov 22, 2010

Summons to extraordinary general meeting

An Extraordinary General Meeting in Saga Tankers ASA (the "Company") will take

place on 13 December 2010 at 1200  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 the Board member Einar J. Greve.

2.      Election of the person to chair the General Meeting

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

together with the Chairman of the General Meeting

4.      Approval of the summons and agenda

5.      Proposal for an increase of the share capital

6.      Proposal for a Board authorization to increase the share capital

7.      Proposal for another Board authorization to increase the share

capital

General information and 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 set out therein.

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 Extraordinary 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 Extraordinary General Meeting must notify

the Company beforehand. The notification regarding participation or proxy must

be received at the latest by 10 December 2010 at 12:00 CET.

The Company is a public limited company subject to the rules of the Norwegian

Public Limited Companies Act. As of the date of this summons, the Company has

issued 78,888,559 shares, each of which represents one vote. The shares have

equal rights also in all other respects.

A shareholder has the right to table draft resolutions for items included on the

agenda and to require that members of the Board of Directors and the CEO in the

Extraordinary General Meeting provide available information about matters which

may affect the assessment of (i) items which are presented to the shareholders

for decision and (ii) the Company's financial situation, including information

about activities in other companies in which the Company participates, and other

matters to be discussed in the General Meeting, unless the requested information

cannot be disclosed without causing disproportionate harm to the Company.

Additional information regarding item 5, 6 and 7 together with a notice of

attendance and a proxy are attached.

This summons and its appendices, including draft resolutions for items on the

proposed agenda, as well as the Company's Articles of Association, are also

available at the Company's internet site: www.sagatankers.no.

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

(Norwegian Securities Trading Act)

[HUG#1464386]