Fairness opinion

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Reference is made to the press release dated 4 September 2012 and Mr. Øystein Stray Spetalen's mandatory offer to acquire the shares in Saga Tankers ASA at NOK 2.40 per share.

Pursuant to the Norwegian Securities Trading Act §6-16 (4), please see the enclosed fairness opinion written by Pareto Securities AS concerning the offer price.

Oslo, 25 September 2012

Investor relations:

Fredrik Platou, CEO

+47 23 11 82 74
management@sagatankers.no

This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.