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UNLAWFUL.

Oslo, 20 September 2021: Reference is made to the stock exchange release by
Western Bulk Chartering AS (the "Company" or "Western Bulk") on 8 September 2021
regarding the Company's successful completion of a private placement (the
"Offering") in connection with the admission to trading of the Company's shares
(the "Shares") on Euronext Growth Oslo.

Arctic Securities AS (the "Stabilisation Manager") may, on behalf of the
Managers (as defined below), engage in stabilisation activities from today (20
September 2021), to, and including, 19 October 2021 (the "Stabilisation
Period"). Any stabilisation transactions will be aimed at supporting the market
price of the Shares.  

In connection with the Offering, the Managers have over-allotted 390,000 Shares
(the "Additional Shares") to applicants in the Offering. In order to permit
delivery in respect of such over-allotments made, the Company's largest
shareholder, Kistefos Equity Holdings AS (the "Share Lender"), has lent to the
Stabilisation Manager, on behalf of the Managers, a number of Shares equal to
the number of Additional Shares. 

Further, the Company has granted to the Stabilisation Manager, on behalf of the
Managers, an option to purchase, at a price per Share equal to the offer price
in the Offering of NOK 30 per share (the "Offer Price"), a number of Shares
equal to up to the number of Additional Shares (the "Greenshoe Option"). The
Greenshoe Option may be exercised at any time and from time to time, in whole or
in part, during the Stabilisation Period. The Stabilisation Manager may use the
Greenshoe Option to close out short positions resulting from over-allotments
made as part of the Offering and only to the extent such short positions have
not been closed out by Shares acquired by the Stabilisation Manager when
conducting stabilisation activities. 

The Stabilisation Manager may effect transactions with a view to support the
market price of the Shares at a level higher than what might otherwise prevail,
through buying Shares on Euronext Growth Oslo at prices equal to or lower than
(but not above) the Offer Price. There is no obligation on the Stabilisation
Manager to conduct stabilisation activities and there can be no assurance that
stabilisation activities will be undertaken. If such stabilisation activities
are undertaken, they may be discontinued at any time, and will be brought to an
end upon or before expiry of the Stabilisation Period. 

If stabilisation activities are undertaken, the Company will publish information
on the activities no later than seven trading days following such
transaction(s). Further, within one week after the expiry of the Stabilisation
Period, the Stabilisation Manager will publish information as to whether or not
stabilisation activities were undertaken. If stabilisation activities were
undertaken, the statement will also include information about: (i) the dates on
which the stabilisation period began and ended; and (ii) the price range between
which stabilisation was carried out for each day stabilisation activities
occurred. 

Any stabilisation activities will be conducted based on the same principles as
set out in article 5(4) of the EU Market Abuse Regulation and chapter III of the
supplemental rules set out in the Commission Delegated Regulation (EU) 2016/1052
with regard to regulatory technical standards for the conditions applicable to
buy-back programmes and stabilisation measures. 

Any net profits from stabilisation activities, if undertaken, will be to the
benefit of the Company.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA are acting as Joint
Global Coordinators and Joint Bookrunners in respect to the Offering and Listing
(the "Joint Global Coordinators"). Fearnley Securities AS is acting as Joint
Bookrunner in respect to the Offering (together with the JGCs the "Managers").
Wiersholm AS is acting as legal counsel to the Company. Advokatfirmaet Schjødt
AS is acting as legal counsel to the Managers.

Important Notice: 
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This statement contains certain forward-looking statements (as such defined in
Section 21E of the U.S. Securities Exchange Act of 1934, as amended) concerning
future events, including possible issuance of equity securities of the Company.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "anticipate", "believe", "continue", "estimate",
"expect", "intends", "may", "should", "will" and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Company
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Such risks, uncertainties, contingencies and
other important factors, include, but are not limited to, the possibility that
the Company will determine not to, or be unable to, issue any equity securities,
and could cause actual events to differ materially from the expectations
expressed or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The Private Placement may be influenced by a range of circumstances, such as
market conditions, and there is no guarantee that the Private Placement will
proceed and that the Listing will occur.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution or release, in
whole or in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any State of the United States and
the District of Columbia), Australia, Canada, Hong Kong Japan or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction. The publication, distribution or release of this announcement
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to comply
with these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

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