Corporate Governance Report

Polarcus believes that focus on corporate governance is critical to its success and long-term growth. The Company is committed to maintaining high standards of corporate governance. The governance structure of Polarcus is designed to be appropriate to shareholders’ expectations, to the size, business and the recent history of the Polarcus Group. Polarcus complies with the Norwegian Code of Practice for Corporate Governance (the “Code”), Cayman Islands law and practice and the Memorandum and Articles of Association of Polarcus.