Release from TransAtlantic's Extraordinary General Meeting held on 7 November 2011

Release from TransAtlantic's Extraordinary General Meeting held on 7
November 2011

This press release is not intended for distribution, publication or
release, directly or indirectly, into the United States, Australia,
Canada, Hong Kong or Japan.

At the extraordinary general meeting in Rederi AB TransAtlantic (the
“Company”) held on 7 November 2011, the following resolutions were
adopted:

 
Rights issue etc.

The extraordinary general meeting resolved to approve the board of
directors' resolution, as published on 5 October 2011, to issue new
shares with preferential right for the existing shareholders. According
to the terms set by the board of directors, as announced on 3 November
2011, each, on the record date 10 November 2011, held share of series A
entitles the holder to one (1) series A subscription right and each held
share of series B entitles the holder to one (1) series B subscription
right. Each subscription right of series A and B respectively entitles
the holder to subscribe for one new share of series A and B respectively
at a subscription price of SEK ten (10) per share. The resolution means
that the Company's share capital increases with a maximum of SEK
554,513,500, and that the number of shares in the Company increases with
a maximum of 3,635,921 shares of series A and 51,815,429 shares of
series B. By the rights issue, the Company expect to receive
approximately SEK 555 million in issue proceeds before issue costs. The
rights issue is fully guaranteed by subscription undertakings from
existing shareholders.

Detailed terms of the rights issue will be included in the prospectus
expected to be published around 9 November 2011.

To enable the resolution to approve the rights issue, it was also
resolved to amend the articles of association as to the limits for the
Company's share capital and number of shares.

The general meeting's resolution to approve the board of directors'
resolution to issue new shares was approved by more than a two-third
majority with the exclusion of Kistefos AS:s shares in the Company. In
accordance with the ruling from the Swedish Securities Council, Kistefos
AS is thereby granted exemption from the potential mandatory bid
obligation that could arise for Kistefos AS in connection with
subscription of shares under its subscription commitment.

Reduction of the Company's share capital

The general meeting resolved, in accordance with the announcement of the
board of directors on 3 November 2011, to reduce the Company's share
capital with SEK 998,124,300 without redemption of any shares, to be
transferred to a fund to be utilized according to resolution by the
meeting. When the reduction has been executed, the quota value of the
shares will be SEK 1, and the share capital will total SEK 110,902,700.

In addition, the general meeting resolved to reduce the Company's
statutory reserve with SEK 245,782,000 without redemption of any shares,
to be transferred to a fund to be utilized according to resolution by
the meeting.

The measures are conducted to create preconditions for the contemplated
spin-off of the group, expected to be made during 2012.

The resolutions are conditioned upon necessary approvals from the
Company's creditors.

The resolutions require the authorization of the Swedish Companies
Registration Office, or in case of dispute, by ordinary court. Such
approvals are estimated to be obtained in late February 2012.

To enable the reduction of the share capital, the general meeting also
resolved to amend articles of association as to the limits for the
Company's share capital.

Acquisition of SBS Marine

The general meeting resolved to approve the Company's acquisition of all
shares in SBS Marine (Holdings) Ltd, indirectly wholly-owned by a
wholly-owned subsidiary of the Company's largest shareholder Kistefos
AS. The consideration for all shares in SBS Marine totals approximately
SEK 310 million. SBS Marine has a net debt of approximately SEK 480
million, of which, approximately SEK 164 million are loans from
Kistefos, which will be repaid in connection with the acquisition. The
consideration will be determined based on independent valuations of the
vessels and valuations of the call options for vessels not owned,
adjusted for debt and working capital, all as at September 30, 2011.

Further information on the acquisition of SBS Marine may be found in the
press release of the Company on 5 October 2011. With the resolution by
the general meeting, all terms for the acquisition have been fulfilled.

Change of the domicile of the board of directors etc.

The general meeting resolved, by amendment of the articles of
association, to change the domicile of the board of directors from
Skärhamn to Gothenburg Municipality. Moreover, it was resolved to add an
article, providing that the general meeting may be held not only where
the board of directors has its domicile, but also in Härryda
Municipality.

Election of new board member

Lastly, the general meeting resolved to elect Henning E. Jensen as a new
board member. Henning E. Jensen replaces Åge Korsvold who resigns and
leaves his seat for disposal. The rest of board remains as resolved by
the annual general meeting 2011.

The minutes from the extraordinary general meeting will be available on
the Company's website, www.rabt.se (http://www.rabt.se/).

 
For additional information, please visit
www.rabt.se (http://www.rabt.se/) or contact Rolf Skaarberg, Chief
Executive Officer of TransAtlantic, tel +46 (0)304 67 47 00

 
TransAtlantic is obliged to make this information public according the
Financial Markets Act and the Financial Instruments Trading Act (Sw:
lagen om värdepappersmarknaden and lagen om handel med finansiella
instrument). The information was submitted for publication on 7 November
2011 at 8.30 pm.

 
IMPORTANT INFORMATION

THIS PRESS RELEASE AND THE INFORMATION HEREIN MAY NOT, AS REGARDS THE
INFORMATION ON THE RIGHTS ISSUE DESCRIBED IN THE PRESS RELEASE, BE
DISTRIBUTED, PUBLISHED OR DISCLOSED, DIRECTLY OR INDIRECTLY, AND IS NOT
DIRECTED TO PERSONS IN OR WITH DOMICILE IN THE UNITED STATES, AUSTRALIA,
CANADA, HONGKONG OR JAPAN, OR ANY OTHER COUNTRY OR JURISDICTION WHERE IT
IS NOT PERMITTED TO PURCHASE OR SELL THE SUBSCRIPTION RIGHTS, THE SHARES
OR PAID SUBSCRIBED SHARES, AND THE INFORMATION MAY NOT BE REPRODUCED IN
ANY WAY, PARTLY OR ENTIRELY.

The information on the rights issue in this press release is not an
offer for subscription for shares in TransAtlantic. A prospectus
relating to the rights issue referred to in this press release and the
subsequent listing of the shares at NASDAQ OMX Stockholm has been
prepared and filed with the Swedish Financial Supervisory Authority.
After approval of the prospectus by the Swedish Financial Supervisory
Authority, the prospectus will be published and made available on inter
alia TransAtlantic's website.

The distribution of this press release in certain jurisdictions may be
restricted by law and persons into whose possession it or any part of it
comes should inform themselves about and observe any such restrictions.
The information in this press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale
of the securities referred to herein in any jurisdiction in which such
offer, solicitation or sale would require preparation of further
prospectuses or other offer documentation, or be unlawful prior to
registration, exemption from registration or qualification under the
securities laws of any such jurisdiction.

This press release does not constitute, nor is it a part of, an offer to
the public or anyone else, or a solicitation of an offer to buy or
subscribe for securities in the United States. None of the securities
mentioned in the press release have been, nor will they be, registered
under the United States Securities Act of 1933, as amended (the
“Securities Act”), or in any other jurisdiction outside Sweden.
Securities may not, in the absence of such registration, be offered or
transferred in or into the United States or to “U.S. Persons” (as
defined in Regulation S under the Securities Act) except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

This press release has not been approved by any authority. This press
release is not a prospectus and investors should not subscribe for or
purchase securities referred to in this press release, except on
information in the prospectus published on TransAtlantic's website in
due order.