Fairness Opinion

The attached statement has been prepared by Fearnley Fonds ASA pursuant to section 6-16 (cf 6-19) of the Norwegian Securities Trading Act on behalf of Saga Tankers ASA in connection with the voluntary exchange offer by DHT Holdings Inc. to acquire all outstanding shares in Saga Tankers ASA, announced on 31 May 2011.

Please see the attachment.

The Offer Document and acceptance form can be found on the Company's webpage www.sagatankers.no.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)