V E D T / E G T E R A R T I C L E S O F A S S O C I A T I O N

f o r o f

J . L a u r i t z e n A / S C V R - n u m m e r 5 5 7 0 0 1 1 7

J . L a u r i t z e n A / S C o m p a n y R e g . N o . 5 5 7 0 0 1 1 7

§ 1 NAVN OG FORMAL

1.1 Navn Selskabets navn er J. Lauritzen A/S med binavnene REDERIET "OCEAN" A/S, JL OFFSHORE DRILLING A/S, LAURITZEN FLEET MANAGEMENT A/S, LAURITZEN BULKERS A/S, LB SHIP OWNER A/S, LB SHIP OWNER II A/S, SHIPINVEST A/S, LAURITZEN KOSAN A/S, KOSAN TANK­ERS A/S, LAURITZEN KOSAN TANKERS A/S, LK SHIP OWNER A/S, LAURITZEN TANKERS A/S, LAURITZEN TANKERS SHIP OWNER A/S, LT SHIP OWNER A/S, og LAURITZEN OFFSHORE A/S.

1.2 Formal Selskabets formal er at drive rederivirk-somhed eller anden virksomhed, der har forbindelse med S0farten og spnae-ringen, anden transport- og logistikvirk-somhed, finansieringsvirksomhed og at investere kapital i virksomhed af de naevnte arter samt i faste ejendomme.

§ 2 [CAPITAL OG AKTIER

2.1 Aktiekapitalens storrelse Selskabets aktiekapital er kr. 460.000.000,- fordelt pa aktier a kr. 50.000,- og multipla heraf.

2.2 Aktiekapitalen er fuldt indbetalt.

2.3 Searlige rettigheder Ingen aktier har saerlige rettigheder. In-gen aktionaer er pligtig at lade sine akti­er indlpse. Der gaelder ingen indskraenk-ninger i aktiernes omsaettelighed. Akti-erne er ikke-omsaetningspapirer.

2.4 Navnenotering Aktierne skal lyde pa navn. Aktierne no-

NAME AND OBJECTS

Name The name of the Company is J. Lauritzen A/S with secondary names REDERIET "OCEAN" A/S, JL OFFSHORE DRILLING A/S, LAURITZEN FLEET MANAGEMENT A/S, LAURITZEN BULKERS A/S, LB SHIP OWNER A/S, LB SHIP OWNER II A/S, SHIPINVEST A/S, LAURITZEN KOSAN A/S, KOSAN TANKERS A/S, LAURITZEN KOSAN TANKERS A/S, LK SHIP OWNER A/S, LAURITZEN TANKERS A/S, LAU­RITZEN TANKERS SHIP OWNER A/S, LT SHIP OWNER A/S and LAURITZEN OFF­SHORE A/S.

Objects The objects of the Company are to carry on shipping or other business related to shipping and the shipping trade; other transport and logistics activities, financ­ing activities; and to invest capital in business of all the said kinds, and in real property.

CAPITAL AND SHARES

Amount The company's share capital is DKK 460,000,000 divided into shares of DKK 50,000 and any multiple thereof.

The share capital is fully paid up.

Special Rights No share shall carry any special rights. No shareholder shall be under an obliga­tion to redeem his shares. The negotia­bility of the shares shall not be subject to any restrictions. The shares shall be non-negotiable instruments.

Registered Shares The shares shall be registered in the

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teres pa navn i selskabets ejerbog. Ejer-bogen fpres af selskabet pa selskabets hjemsted.

name of the holder and recorded in the Company's register of shareholders. The register of shareholders shall be kept by the company at the Company's regis­tered office.

2.5 Erhvervelse af aktier Erhververen af en aktie kan ikke udpve de rettigheder, som tilkommer ham, medmindre erhvervelsen er noteret i ejerbogen, eller han har anmeldt og do-kumenteret sin erhvervelse. Dette gael-der dog ikke retten til udbytte og andre udbetalinger og retten til nye aktier ved kapitalforhpjelse.

2.6 Udbytte Det arlige udbytte udbetales til den ifpl-ge ejerbogen berettigede mod dennes kvittering.

2.7 Ansvarsfraskrivelse Selskabet er ansvarsfrit, selv om udbe-taling er sket til en uberettiget. Er ud­bytte ikke haevet inden 5 ars forlpb fra den dag, da det var forfaldent til beta-ling, tilfalder belpbet selskabet.

2.8 Ejerbeviser Ejerbeviser skal kunne mortificeres uden dom efter de for ikke-omsaetningspapirer til enhver tid gael-dende regler.

§ 3 GENERALFORSAMLINGEN

3.1 Myndighed Generalforsamlingen har den pverste myndighed i alle selskabets anliggender inden for de i vedtaegterne fastsatte graenser.

3.2 Sted Selskabets generalforsamlinger afholdes i Hellerup. Den ordinaere generalforsam-ling afholdes hvert ar i sa god tid, at den reviderede og godkendte arsrapport kan modtages i Erhvervsstyrelsen inden udlpbet af fristen i Arsregnskabsloven. Generalforsamlinger indkaldes af

Purchase of Shares No purchaser of a share may exercise the rights conferred on him unless and until the purchaser has been registered in the register of shareholders or has given notice of his acquisition of the shares and established good title thereto. This shall not apply, however, to the right to receive dividends and other dis­tributions or to the right to subscribe for new shares issued in connection with a capital increase.

Dividends The annual dividend will be paid, against receipt, to whichever party is entitled to receive it as recorded in the register of shareholders.

Exemption of Liability No liability attaches to the Company, even if dividend is paid to a party unenti­tled to receive it. Any dividend that re­mains unclaimed for 5 years from the due date shall accrue to the Company.

Share Certificates Share certificates may be cancelled with­out a court order as provided by the rules governing non-negotiable instru­ments in force from time to time.

THE GENERAL MEETING

Authority The general meeting has supreme au­thority in all matters pertaining to the Company, subject to the limits set by these Articles.

Venue General meetings shall be held in Hellerup. The annual general meeting shall be held in time for the audited and adopted annual report to be received by the Danish Commerce and Companies Agency (Erhvervsstyrelsen) within the timelimit set by the Danish Financial

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bestyrelsen senest 2 uger og tidligst 4 uger fpr generalforsamlingen ved brev til aktionaarerne.

3.3 Indkaldelse Indkaldelsen skal indeholde dagsorde-nen for generalforsamlingen. Hvis der skal forhandles forslag, hvis vedtagelse kraever kvalificeret majoritet, herunder vedtaegtsaendringer, skal forslagets vae-sentligste indhold angives i indkaldelsen.

3.4 Forslag fra aktionaarerne Aktionaerers forslag til emner til behand-ling pa generalforsamlingen skal frem-seettes skriftligt overfor bestyrelsen. Modtages forslaget senest 6 uger fpr den ordinaere generalforsamling skal af-holdes, har aktionaeren ret til at fa em-net optaget pa dagsordenen. Modtages forslaget senere end 6 uger fpr den or­dinaere generalforsamlings afholdelse, afgpr bestyrelsen, om forslaget er frem-sat i sa god tid, at emnet kan optages pa dagsordenen.

3.5 Samtykke Sager, der ikke er sat pa dagsordenen til generalforsamlingen, kan ikke behandles pa denne uden samtlige aktionaerers samtykke.

3.6 Dagsorden Senest 2 uger fpr hver generalforsam­ling skal dagsordenen og de fuldstaendi-ge forslag, der agtes fremsat for gene­ralforsamlingen, og for den ordinaere generalforsamlings vedkommende tillige kopi af revideret arsrapport gpres til-gaengelige til eftersyn for aktionaarerne.

3.7 Ekstraordinaer generalforsamling Ekstraordinaer generalforsamling skal afholdes, nar bestyrelsen eller den gene-ralforsamlingsvalgte revisor har forlangt det. Endvidere skal ekstraordinaer gene­ralforsamling indkaldes inden 14 dage, nar det til behandling af et bestemt em-ne skriftligt forlanges af aktionaerer, der ejer mindst 5 % af aktiekapitalen.

Statements Act (arsregnskabsloven). General meetings shall be convened by the Board of directors, giving no less than two and no more than four weeks' notice by letter to the shareholders.

IMotice The notice shall set out the agenda of the meeting. If any proposal for considera­tion by the general meeting requires a qualified majority for adoption, the main contents of it shall be stated in the no­tice.

Shareholders' Proposals Any proposals from shareholders for con­sideration by the general meeting shall be submitted in writing to the Board of Directors. A shareholder is entitled to have a proposal included in the agenda of an annual general meeting if the pro­posal is submitted no later than 6 weeks before the meeting. If the proposal is re­ceived later than 6 weeks before the an­nual general meeting, the Board of Direc­tors shall determine whether it has been submitted in time for the proposal to be included in the agenda.

Shareholders Accept The general meeting cannot transact any business not included in the agenda un­less all shareholders accept to do so.

Agenda No later than 2 weeks before the date of any general meeting, the agenda and the full text of any proposal to be considered by the general meeting and, in the case of annual general meetings, a copy of the audited annual report, shall be made available for inspection by the sharehold­ers.

Extraordinary General Meetings Extraordinary general meetings shall be convened as requested by the Board of Directors or by the auditor appointed by the general meeting. Also, extraordinary general meetings shall be convened with­in 2 weeks of reception of a written pro­posal to transact any particular business from shareholders holding a least 5% of

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3.8 Stemmeret Enhver aktionser har stemmeret.

Hvert aktiebel0b pa kr. 50.000,- giver en stemme.

3.9 Fuldmagt En aktionaer har ret til selv at mpde pa generalforsamlingen eller ved fuldmaeg-tig og i begge tilfaelde sammen med en radgiver. Fuldmaegtigen skal fremlaegge skriftlig og dateret fuldmagt. Fuldmagt til bestyrelsen kan ikke gives for laeng-ere tid end 1 ar og kun til en bestemt generalforsamling med en pa forhand kendt dagsorden. Ingen aktionaer kan lade mere end en fuldmaegtig mpde for sig pa samme generalforsamling.

3.10 Dirigent Generalforsamlingen vaslger en dirigent, der leder forhandlingerne og afgpr alle spprgsmal om sagernes behandlings-made, stemmeafgivningen og dens re-sultater.

3.11 Protokol Over generalforsamlingens forhandlinger og beslutninger fpres en protokol, der underskrives af dirigenten, og som har fuld beviskraft i enhver henseende.

Senest 14 dage efter generalforsam­lingens afholdelse skal generalforsam-lingsprotokollen eller en bekraeftet ud-skrift af denne vaare tilgaengelig for akti-onaererne pa selskabets kontor.

3.12 Dagsorden Dagsordenen for den ordinaere general­forsamling skal omfatte:

1. Valg af dirigent.

2. Forelaeggelse af arsrapport med le-delses- og revisionspategning til godkendelse og beslutning om de-charge for direktion og bestyrelse.

the share capital.

Voting Rights All shareholders are entitled to vote.

Each share of DKK 50,000 shall carry one vote.

Proxy Shareholders may attend general meet­ings in person or by proxy and may, in both cases, be accompanied by an advis­er. The proxy holder shall produce a writ­ten and dated instrument of proxy. In­struments of proxy issued to the Board of Directors shall be valid for one year maximum and may only be given for a particular general meeting, the agenda of which shall be known in advance. No shareholder may be represented by more than one proxy holder at any given gen­eral meeting.

Chairman The general meeting shall elect a chair­man to preside at the meeting and to de­termine all questions pertaining to the transaction of business, the voting, and the results of the voting.

Minute Book A summary of business transacted and resolutions made by the general meeting shall be entered in a minute book and signed by the chairman of the meeting, such minutes to be of full probative force in every respect.

The minutes of the general meeting, or a certified copy of such minutes, shall be available to the shareholders at the Company's office not later than 2 weeks after the meeting.

Agenda The agenda of the annual general meet­ing shall include the following items:

1. Election of chairman of the meeting.

2. Presentation and adoption of the au­dited annual report with a statement by the Board of Directors and the Ex­ecutive Management on the annual

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3. Beslutning om anvendelse af over-skud eller daekning aftab i henhold til den godkendte arsrapport.

4. Valg af bestyrelsesmedlemmer.

5. Valg af revisor.

6. Eventuelle forslag fra bestyrelsen eller aktionaerer.

7. Eventuelt.

3.13 Stemmeflertal Pa generalforsamlingen afgpres, for sa vidt ikke andet er foreskrevet i lovgiv-ningen eller naervaerende vedtaegter, alle anliggender ved simpel stemmefler-hed.

Til vedtagelse af aendringer i vedtaegt-erne, selskabets oplpsning eller forening med et andet selskab kraeves dog - for sa vidt lovgivningen ikke bestemmer andet - at beslutningen tiltraedes af mindst 2/3 savel af de afgivne stemmer som af den pa generalforsamlingen re-praesenterede stemmeberettigede aktie-kapital.

§ 4 BESTYRELSE OG DIREKTION

4.1 Sammensaetning og valgperiode Bestyrelsen bestar af mindst 4 og hpjst 7 medlemmer, der vaelges af generalfor­samlingen for et ar ad gangen. Genvalg kan finde sted.

4.2 Medarbejdervalg Medmindre medarbejderne i selskabet og/eller dets her i landet registrerede datterselskaber har udnyttet deres ret efter Selskabslovens §§ 140-141 til at vaelge medlemmer til bestyrelsen, vael­ges yderligere tre medlemmer af besty­relsen af medarbejderne i selskabet og dets her i landet registrerede dattersel­skaber, i pvrigt efter reglerne om med-

report, and resolution to discharge the Board of Directors and the Execu­tive Management from liability.

3. Resolution on the appropriation of profits or losses as recorded in the annual report as adopted.

4. Election of members to the Board of Directors.

5. Election of auditor(s).

6. Any proposals by the Board of Direc­tors or by shareholders.

7. Any other business

Majority of Votes Unless otherwise provided by statute or by these articles, all resolutions by the general meeting shall be made by a sim­ple majority of votes.

However, unless otherwise provided by statute, any resolution to amend these articles, to dissolve the Company or to amalgamate it with another company shall require a majority of at least two thirds of the votes cast and of the voting share capital represented at the general meeting.

BOARD OF DIRECTORS AND EXECU­TIVE MANAGEMENT

Composition and Terms of Office The Board of Directors shall consist of at least four and no more than seven mem­bers elected by the general meeting to serve for a term of one year. Members of the Board of Directors shall be eligible for re-election.

Members Elected by the Employees Unless the employees of the Company and/or any Danish-registered subsidiary of it have exercised their right under sec­tions 140-141 of the Danish Companies Act (selskabsloven) to elect members to the Board of Directors, another three members to the Board of Directors shall be elected by the employees of the Com-

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arbejdervalgte bestyrelsesmedlemmer i Selskabslovens §§ 140-141 og herti! knyttede regler. Har medarbejderne i selskabet og/eller dets her i landet regi-strerede datterselskaber udnyttet deres ret efter Selskabslovens §§ 140-141, eller ophaever generalforsamlingen den-ne § 4 stk. 4.2 udtraeder de jf. denne § 4 stk. 4.2 medarbejdervalgte bestyrel­sesmedlemmer.

4.3 Formand, naestformand, forret-ningsorden og protokol Bestyrelsen vaelger af sin midte en for­mand og en naestformand og fastsaetter ved en forretningsorden naermere be-stemmelser om udfprelsen af sit hverv. Over bestyrelsens forhandlinger fpres en protokol, som underskrives af de i mp-det tilstedevaerende medlemmer.

4.4 Stemmeflertal Sagerne afgpres ved simpel stemme-flerhed. Er stemmerne lige, gqr for-mandens stemme udslaget eller i hans fravaer, naestformandens stemme. Ingen gyldig beslutning kan fattes, medmindre over halvdelen af de af generalforsam­lingen valgte bestyrelsesmedlemmer er repraesenteret.

4.5 Direktions sammensaetning

Bestyrelsen ansaetter en direktion besta-ende af et til tre medlemmer.

4.6 Daglig ledelse Direktionen varetager den daglige ledel­se af selskabet og skal derved fplge de retningslinier og anvisninger, som besty­relsen har givet. Den daglige ledelse omfatter ikke dispositioner, der efter selskabets forhold er af usaedvanlig art eller stor betydning. Sadanne dispositio­ner kan direktionen kun foretage efter saerlig bemyndigeise fra bestyrelsen, medmindre bestyrelsens beslutning ikke kan afventes uden vaesentlig ulempe for selskabets virksomhed. Bestyrelsen skal i sa fald snarest muligt underrettes om

pany and any Danish-registered subsidi­ary of it, such election to be governed by the rules of the said sections 140-141 and rules thereto connected. If the em­ployees of the Company and/or any Dan­ish-registered subsidiary of it have exer­cised their right under sections 140-141 of the Companies Act, or if the general meeting resolves to cancel this article 4.2, the members elected by the em­ployees under this article 4.2 shall resign from the Board.

Chairman, Vice Chairman, Rules of Procedure and Minutes The Board of Directors shall elect from its number a chairman and vice chairman and shall adopt rules of procedure gov­erning the performance of its duties. A summary of the business transacted by the Board of Directors shall be entered in a minute book to be signed by the Board members present at the meeting.

Majority of Votes Matters shall be decided by a simple ma­jority of votes. In case of an equality of votes, the chairman or, in his absence, the vice chairman shall have the casting vote. The Board of Directors shall not constitute a quorum unless more than half the members elected to the Board by the general meeting are represented.

Composition of the Executive Man­agement The Board of Directors shall appoint an Executive Management to consist of 1-3 members.

Day-to-day Management The Executive Management shall be in charge of the day-to-day management of the Company, observing the guidelines and directions given by the Board of Di­rectors. Day-to-day management shall not include transactions that are, consid­ering the circumstances of the Company, of an extraordinary nature or of major significance. The Executive Management may only undertake such transactions by special authorization given by the Board of Directors, unless where the decision of the Board of Directors cannot be awaited

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den trufne disposition. without significant and adverse affects on the business of the Company. In such case the Board of Directors is to be noti­fied of the transaction made as soon as possible.

4.7 Tegningsregel Selskabet tegnes af et medlem af besty-relsen i forening med en direktpr eller af to medlemmer af bestyrelsen i forening.

Power to bind the Company The Company is bound by the joint sig­natures of a member of the Board of Di­rectors and a member of the Executive Management or by the joint signatures of two members of the Board of Directors.

§ 5 REGNSKAB OG REVISION FINANCIAL YEAR AND AUDIT

5.1 RegnskabsSr Selskabets regnskabsar er kalenderaret.

5.2 Arsrapport Arsrapport og delarsrapporter aflaegges pa engelsk.

5.3 Revision Revisionen af selskabets arsrapport fo-restages af en statsautoriseret revisor, som vaelges for et ar ad gangen. Gen-valg kan finde sted.

Financial Year The Company's financial year shall be the calendar year.

Annual Report Annual report and interim reports shall be prepared in English.

Audit The Company's financial statements shall be audited by a state-authorised public accountant elected by the general meet­ing to serve for a term of one year. Audi­tors shall be eligible for re-election.

—ooOoo—

Saledes vedtaget pa selskabets ekstra-ordinaere generalforsamling den. 7. Sep­tember 2017.

As adopted by the Company's extraordi­nary general meeting on 7 September 2017.

Dirigent Chairman of the Meeting

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