Share Buyback

The Company authorizes the Board to acquire on behalf of the Company up to 10% of the Company's treasury shares.

The highest face value of the shares that can be acquired pursuant to this authority is NOK 3,900,000.00. The lowest and highest amount that can be paid for the shares is NOK 1.00 and NOK 50.00 per share.

If the Company's treasury shares are sold, this authority shall also include the purchase of new shares as compensation of those sold, provided that the total amount of the Company's treasury shares do not exceed 10% of the present share capital.

Within the limitations of the other provisions of The Companies Act, the Board is free to determine how acquisition and disposal of the Company's treasury shares shall take place. This authority shall apply until the Annual General Meeting in 2017.

In the period between 2000 and 2002 Farstad Shipping purchased in total 6,329,370 own shares. Buybacks of own shares were deleted in the same period, with exception of one share holding that was deleted in 2003. The authority has not been used since 2002.

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