NOTIFICATION OF LARGE TRADE

Íslandsbank Hf has today (Tuesday 28 February 2017) been
granted 78 947 368 warrants in Havila Shipping ASA
(the «company») which gives the right to subscription of 78
947 368 shares in the company from 28 February 2019 until 4
January 2022, corresponding to 6.54% of the shares and votes
in the company. In addition, Íslandsbank Hf holds 44 432 302
shares in the company corresponding to 3.68 % of the shares
and votes in the company and together with the warrants
corresponds to 10.22 % of the shares and votes in the
company.