#1Odfjell SE - Investor presentation 8 January 2021 ODFJELL#2• • Agenda Odfjell at a glance Odfjell Tankers • Odfjell Terminals Capital Allocation Summary Risk factors Appendix 1 - ESG & Decarbonization journey Appendix 2 - Financials & Covid-19 impact#3Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary ODFJELL World leading chemical tanker & storage company A global platform with a fleet of 91 sophisticated chemical tankers ✪ Our vessels can carry "anything liquid" O Mix of CoA and spot exposure with average contract coverage of 50-60 % o Five tank terminals in key petrochemical hubs worldwide Storage and handling of high-margin petrochemicals on long-term contracts O High margins and stable returns supported by long term contracts Key figures S USD mill 279 Annual DEBIT USD bn USD mill NIBD/EBITDA USD mill 2.2 25 4.2x Odfjell Tankers Capex 0 Total +/- for every 1k/d 2020 EBITDA Balance sheet change in rates Annualized Beyond 2020 3#4ROIC Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary The company has been transformed during the past few years and is today standing on a solid platform ahead of an expected cyclical upturn in our markets Sample of company specific achievements the last years... Significantly reduced our opex/day Reduced our G&A Sold non-strategic terminals with healthy gains ...which has been important achievements in a 10-year low cycle 12 000 -32% 100 -26% 400 90 100 10 000 8 000 wasn 300 80 11 053 USDM 95 200 392 70 93 6 000 7 528 100 90 60 68 107 4 000 50 0 % 85 2012 2019 2012 2019 Cash gain Equity gain Brought Odfjell Terminals back to profit Concluded the largest fleet renewal in the Odfjell's history Significantly improved the efficiency of our fleet -26% 80 75 70 0 30 321 20 10 11% Vessels 232 40 22 30 20 40 40 Tonnes/day 20 18 16 21.0 Low cycle 14 0 24 10 15.4 12 -13% -10 0 10 2012 2019 Redeliveries Additions 2009 2019 4 Global chemical tanker fleet utilisation 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Mid/high cycle Low cycle#5Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Our results have therefore improved as we can start to measure the effects of our increased competitiveness 316 EBITDA per division, USD million (excluding IFRS 16 effects)*: 286 74 95 242 191 182 109 169 157 110 96 285 93 73 59 59 117 22 22 96 96 27 98 98 61 66 238 47 191 40 166 167 38 38 27 135 24 229 31 Recent years achievements: Major changes in our cost base and the Odfjell Tankers fleet 188 196 Restructured Odfjell Termianls 147 137 125 109 97 2014 2015 2016 2017 2018 2019 2020** Chemical tankers 2007 2008 2009 2010 2011 2012 2013 LPG/Ethylene Tank terminals* Source: Odfjell * 2017 and 2018 EBITDA reduced by USD 8 mill and USD 10 mill, respectively due to sale of Oman and Singapore. Figures excludes IFRS16 effects for FY2019 and FY2020 and 2020 EBITDA is annualized#6Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Our fleet renewal program has been completed at an attractive time, and our growth is now mostly capital light which reduces risk 1 Clarksons newbuilding index Newbuilds Acquisitions Long-term TC Long-term BB 200 180 Acquisition 160 concluded at 140 bottom of the asset cycle 120 100 jan-jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 20 19 2 30 Our various fleet initiatives will impact Odfjell positively through: Low investment cost to ensure attractive returns even in low cycles ◇ Lower unit costs through lower bunker consumption and more cargo space ✪ Modern tonnage adapted to the evolution of the super-segregator trade Older inefficient vessels replaced by mix of newbuilds, Vessels 10 200 -10 21 8 10 6 5 acquisitions, -20 pools & long- -30 term charters Newbuildings 2nd hand transactions TC/BB Pool vessels -24 Re- deliveries/sales 3 POOL P&L TC P&L Established 4 pools with new and efficient spezialised tonnage Profit & Loss (USD/day) Source: Clarksons Platou, Odfjell TCE rate (USD/day) 6 ✪ Lowered our timecharter/bareboat expenses by more than 20% due to timing O Lower bunker consumption through redelivery of older less efficient tonnage ⚫ Timechartered fleet is reduced but still offer flexibility for cyclical swings O Pool establishments has offered growth in a capital efficient way ✪ No economic downside, but upside through profit splits plus fixed fees ✪ Consolidation and secured Odfjell control of modern and efficient tonnage#7Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Our Fleet initiatives means the environmental footprint of our fleet is among the lowest in the industry 3rd party sources gives us top ranking among our chemical and product tanker peers - Chemical tankers: Fleet average EVDI rating vs 2008 baseline (% above/below) Odfjell Operator 2 Chemical/product tankers: Share of fleet w/EEDI improvement Operator 1 64% 100% 21% Odfjell 39% 100% 20% Operator 3 Operator 4 Operator 5 Operator 6 Operator 7 Operator 8 Operator 9 Operator 3 28% 100% 14% Operator 4 25% 100% 11% 8% Operator 5 25% 100% 8% Operator 6 23% 100% 8% Operator 7 23% 100% 7% Operator 8 92% 100% 5% Operator 9 93% 100% Operator 10 4% Operator 10 93% 100% Operator 11 3% Operator 11 94% 100% Operator 12 1% Operator 12 97% 100% Operator 13 0% Operator 13 97% 100% Operator 14 -2% Operator 14 97% 100% Operator 15 -3% Operator 15 99% 100% Retrofitted Non-retrofit The 2030 and 2050 targets are 40% and 70% improvement vs. The 2008 baseline The above highlights the share of the operators fleet average that is above/below the 2008 baseline Source: Rightship, * EVDI= Existing vessel design index, EEDI= Energy Efficiency Design Index 7 The above measures how actively operators are retrofitting vessels within the product/chemical tanker peer group 100%#8Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary We have recently launched new and ambitious climate targets which goes further than IMO targets - this is the foundation for our SL Framework 1 Odfjell will cut greenhouse gas emission by 50% by 2030 compared to 2008* 2 Odfjell is dedicated to pursuing a zero-emission strategy and will only order vessels with zero-emission technology from 2030 3 Odfjell will have a climate neutral fleet from 2050 4 Odfjell will actively support initiatives to develop technology and infrastructure for zero emissions and support international regulation to drive zero emission for our industry "At Odfjell, we build for the future, and act today for a better tomorrow" * Emissions based on transport work and Annual Efficiency Ratio (AER) 8 ODFJELL Odfjel's climate targets Efficiency fuel consumption and emissions go hand in hand. To improve fuel efficiency and reduce fa consumption and emissions Odfel has as a constant focus on improving our meet this nudes investing in new ships deploying retrofit programs. Investing in new technology and optimizing the way we operate Since 2008 Cell has run several normal program. resulting in a 373% reduction in our cation intensity by 2020. This means that we have already taken several big steps. Further reduction poses even bigger challenges but we commit to connue improving and have as of September 2020 set ambitious climate targets which go beyond the tangots of the IMO strategy. Sustainability-Linked Finance Framework 21 December 2020 Target 1 Odfjell will cut the carbon sity of our ox by by 2030 compared to 2008 Target fell will have a climate neutral feet from 2050 Target 2 Off dedicated to pursue- emission strategy and will orby order vessels with t-emiton cyf303 Target wil actively spagetittied to and support imemutional regulation dive coro omasion for our indiary develop technology and instruc Today, there are no commercianty table atmatives to a combustion engine when transporting volumes over great distances The shipping industry needs to find Solutions reduce and develop commercially available zero emission ships to be operational from 2030 That is why Catet has joined the ting to Zero Coalition as an active partner, colaborating with the ustry, the energy sector, the financial sector, governments and intemational governmental organizations to find solutions for a climate neutral flot in 2060 The Cotons in a partnership between the Cle Mare Forum The Friends of Ocean adion, and the Wond Economic Forum, as well as other industry We have also joined forces with industry partners to develop a new and flexole fuel cel technology that can reduce emissions tom shipping by ap to 100% Partners from shoping. R&D and all and gas are now constructing apior that can use different types of fuel. The system wil fst be lested at the Sofainable Energy colapull serter in Norway before instalation onboard an Odjel ship. The unique pject was presented on October 1, 2000 In 2019 took a position on the use of scrubbers, stating that scrubbers would not support the ambition to reduce sulphur emessons Using scrubbers would also increase energy consumption and hence increase 00: Since 2000 cenas nun the feet on (Vere Low Suprur Fuel Oh, sulphur under 0.5%) and MGO (Marine Gas Oil, suur 0.1%) To achieve the ambitious target or cuting transport work issions by 50% Otel has prepared a fleet transtion The plan on a ship bass the Feet Transtion Plan FeTransition Plan dudes detailed actors, specific to all our ships in our controlled fleet, to further improve energy efficiency and nit emissions by implementing a set of technical operational and digtal measures avoday. The Fleet Transon Plan a cludes a plan for feet composition development, and an action plan for preparing the next generation feet for 200 msions sousons The Fleet Transition Plan domoretrates that achieving the targets is possible, and wand prices come be accelerated as technology down. The complete plan will not be mase puttc but will be reviewed by Dev O during the Second Party Opinion Our work on dimate supports the UN Sustantie Development Goals (SDGs) 7.12.13 and 14. CO 14 Fe >>#9Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary We have implemented a comprehensive Fleet Transition Plan demonstrating how we will reduce our carbon intensity by 50% by 2030 and carbon neutral by 2050 Historical and projected AER trajectory, indexed Projected AER trajectory, 2019-2024 120 8,8 100 8,6 8,75 8,4 80 DNV GL 8,56 | 8,18 8,2 60 8,35 | 8,30 8,0 8,20 40 Carbon intensity (AER), Odfjell 7,8 | Bond I SPT 8,16 20 IMO Trajectory 7,6 0 7,4 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2019 2020 2021 2022 2023 I Jun-24 1 2024 2019: 26% reduction O As per 2019, we have reduced our intensity-based emissions by 26% relative to 2008 The reduction is a result of significant investments in energy saving devices on existing vessels, as well as a fleet renewal program that was finalized in 2020 2024: 31% reduction O No significant changes are expected to our fleet composition through 2024, partly due to uncertainty regarding choice of technology ⚫ We are however committed to further reduce our carbon intensity in the period by executing more than 100 investments in energy saving devices across our existing fleet 2030: 50% reduction By 2030, we are committed to reduce our carbon intensity by 50% relative to 2008 To be achieved through a combination of retrofitting of existing vessels, phasing out of old vessels and inclusion of new and more efficient vessels 2050: Carbon Neutrality Odfjell is dedicated to pursuing a zero- emission strategy and will only order vessels with zero-emission technology from 2030 O Odfjell will actively support initiatives to develop technology and infrastructure for zero emissions and support international regulation to drive zero emisssion for our industry The Fleet Transition Plan has been verified by DNV GL, who will also conduct an annual assessment as to whether the plan continues to be viable 9#10Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Odfjell's sustainability-linked finance framework is testament to our commitment to deliver on the ambitions set out in the Fleet Transition Plan KPIs & SPTS CO2 I BOND CHARACTERISTICS REPORTING VERIFICATION KPIs¹; 1. Actual carbon intensity for the Odfjell Controlled Fleet² 2. An assessment of the Fleet Transition Plan and its viability on the relevant Target Observation Date SPTS AER³ Performance of 8.18 or lower at 30 June 2024 Reduce carbon intensity by 50% by 2030 compared to 2008 I I I I I I > The KPI performance versus the SPTS will be linked to the redemption price of the contemplated bonds Redemption price to increase by 150 bps if Odfjell fails to meet the SPT at the Target Observation Date (30 June 2024), and provide the necessary reporting I Redemption price to remain unchanged if the SPTs are met O The performance under the AER KPI will be measured on an annual basis throughout the tenor of the bonds ⚫ Further, an external reviewer will provide an annual opinion on whether or not Odfjell is on track to meet its ambitions under the ! Fleet Transition Plan I Reporting to be provided in a progress 2nd opinion of the SLF framework We have obtained a second party opinion from DNV GL, confirming alignment of the framework with the principles set out by ICMA and LMA Verification of performance by a qualified third-party verifier Annual verification of actual AER performance relative to to the SPTS ✪ Annual review of the Fleet Transition Plan and confirmation that it remains viable and ¦report to be published no later than 90 days possible to reach at that point in time post the applicable Target Observation Date I The 2nd party opinion from DNV GL confirms alignment with the ICMA principles and the credibility of Odfjell's strategy to achieve the SPTS 1) The definition of the KPI and SPT in the Framework is limited to the AER Performance at the Target Observation Date. For illustrative purposes, we have included the assessment of the Fleet Transition Plan and its viability in the above table as both targets must be met in order for the redemption price to remain unchanged at par. Please refer to the Sustainability-Linked Finance Framework and Bond Term Sheet for further details The Odfjell Controlled Fleet consists of owned and bareboat chartered tonnage (financial and operational leased) 2) 3) Average Efficiency Ratio will be applied as the measure on Carbon intensity. AER has become the industry standard on carbon intensity, and the metric is recognized as consistent with the policies and regulations of IMO-DCS. 10#11Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Demand growth has been strong in the years, and has been resilient despite the pandemic outlook continues to be promising... - Chemical tanker tonne-mile demand development 8% Source: Odfjell SE 6% 2% 2% 4% 6% 2014 2015 2016 2017 2018 +4% p.a. 2% 1% 2019 1H-20 3Q-20 (Jul-Aug) +7% +1% p.a. p.a. 11 O Chemical tanker demand has remained in positive territory through 2020 except for the month of March and May The third quarter has reflected a recovery in demand in the Atlantic hemisphere and a slowdown in the eastern hemisphere The trend has been less volumes trading over materially longer distances as a consequence of regional differences stimulating long-haul shipments#12Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary ...as low-cost producers keeps gaining market share which stimulates tonne-mile demand Feedstock prices... ...Has ensured US producers have the ...Chinese Imports replacing Domestic most competitive producer margins production US Ethane Asia Naphtha US Naphtha USA Europe NEA Seaborne imports Average utilsation domestic capacity 600 300 Methanol 2.3 85 200 2.2 80 550 100 2.1 75 500 0 2.0 70 65 450 -100 1.9 Jan-20 May-20 Sep-20 60 1.8 400 55 600 Eth.Glycol 1.7 350 400 300 200 Mill tonnes 50 1.6 45 1.5 1.4 250 1.3 -200 30 200 Jan-20 May-20 Sep-20 1.2 25 Styrene 1.1 20 150 200 1.0 15 100 0 0.9 10 0.8 5 50 -200 0.7 0 0 jan- jun- jan- jun- jan- Sep- -400 18 18 19 19 20 20 01/20 04/20 07/20 10/20 Jan-20 May-20 Sep-20 Source: Odfjell 12 Observations 40 35 Less US & AG export capacity coming online going forward. However, last years new capacity to gain market share from high cost domestic producers is estimated to support continued higher shipping demand relative to end-user demand both in a tonne and a tonne-mile perspective#133 Floating storage Orderbook to fleet ratio 2 Swing tonnage 100% 80% 60% 40% 20% 0% Mill dwt jan-17 feb-17 mar-17 25 20 15 10 5 0 Dec-19 Jan-20 Kdwt 600 400 200 0 Jan-97 Sep-97 The supply side continues to look strong, with reduced swing tonnage, a limited orderbook and generally a low appetite for new orders 1 800 12M rolling new orders Historical average Comments apr-17 May-98 mai-17 Jan-99 jun-17 Sep-99 jul-17 May-00 aug-17 Jan-01 sep-17 okt-17 Sep-01 nov-17 May-02 des-17 Jan-03 jan-18 feb-18 Sep-03 mar-18 May-04 apr-18 mai-18 jun-18 jul-18 aug-18 sep-18 okt-18 nov-18 des-18| jan-19 feb-19 mar-19 apr-19 mai-19 jun-19 jul-19 Trading chemicals/Vegoil Trading CPP/Crude Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Product tankers % share of fleet Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 13 Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 aug-19 sep-19 Oct-19 nov-19 Dec-19 jan-20 feb-20 mar-20 apr-20 mai-20 jun-20 jul-20 0% Nov-20 5% 10% Jan-19 Sep-19 May-20 ✪ The orderbook to fleet ratio for chemical tankers remains close to all-time low of 5.6% Uncertainty surrounding new future propulsion system and environmental regulations keeps reducing the orderbook.... Low supply growth the next years is encouraging 19,6% 20,7% aug-20 sep-20 ✪ Swing tonnage players has reduced its exposure in the chemical/Vegoil market so far in 2020 ⚫ We are experiencing increased competition from swing players in the Middle East especially We therefore expect some increased swing tonnage into our markets, but not to the same extent as seen in 2018/19 Share of fleet The CPP market is currently weak and adds risk for increased swing tonnage going forward > The vast majority of floating storage of CPP has been unwinded... 0 ... ... A recovery in demand to improve utilisation of the product tanker fleet is key to avoid accelerated competition in chemicals/vegoils#14Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Future market balance looks favourable, but short term depends on how the "restart" of the global economy will develop post covid-19 Market drivers Covid-19 GDP Swing tonnage Demand has continued to grow despite Covid19, albeit at a lower rate. Recovery in volumes are depending on duration of the ongoing pandemic We still expect tonne-mile growth between 2 to 4 per cent p.a. through 2022 depending on the outcome for the global economy following Covid-19 Chemical tanker tonne-mile demand, Billion tonne-miles GDP growth expected to be weak but to recover in 2H20 and to rebound in 2021 by 5.2% (IMF) Some influx of swing tonnage re-emerging on selected routes, but is not expected to reach previous peaks Forecast Other chemical products Vegoils Inorganic chemicals Organic chemicals 1 138 1 102 1058 1 006 938. 898 8541 868 738 755 777 788 805 669 688 365 376 385 358 351 263 255 286 301 298 333 309 339 245 250 126 132 136 122 106 109 106 94 108 102 99 101 109 115 119 265 302 329 332 330 333 358 362 385 377 397 448 482 506 524 2008 2009 YoY growth 3% p.a. 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E Dependent on outcome of covid- 19 for the global economy Source: Odfjel SE The market has gone through a period with high fleet growth, but we expect growth to decline to 1% on average p.a. through 2022 Reduced fleet growth Deep-sea fleet development, DWT mill. Very limited growth in supply with an orderbook of only 5.6% which means a likely quick recovery when demand normalize Core fleet Swing/other fleet Forecast 92 94 95 95 81 75 72 88 15 89 16 16 17 17 17 64 66 68 13 61 13 57 12 50 10 11 12 12 10 Risk Prolonged global economic slowdown - More influx of swing tonnage factors 14 68 72 74 76 77 78 78 47 51 53 54 56 59 62 41 2008 2009 2010 YoY growth +1% 12 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E p.a. Source: Odfjell +/- Swing tonnage#15Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Our terminal division has become smaller but healthier and we got clear strategic priorities for the future... Cash proceeds (USD mill) 400 Corporate measures 300 200 85 6 100 New JV structure New JV partner in US Closure of Rotterdam HQ New HQ in Bergen 0 Oman Exir 200 150 Oct-16 May-17 Oct-17 Jul-18 Aug-18 Apr-19 Jun-19 Jul-19 Aug-19 Sep-19 May-20 100 44 1 50 0 Sale of Oman terminal Sale of Exir terminal Sale of Singapore terminal Sale of Rotterdam terminal Increased stake in Sale of Jiangyin Terminal Sale of Dalian terminal Antwerp terminal Corporate transactions 15 Oman Exir Spore Summary 27 392 21 100 153 Rdam Jgyin Dalian Total Equity gains (USD mill) 135 -100 14 13 107 Spore Rdam Jgyin Dalian EBITDA & EBITDA margin (USD mill) EBITDA margin EBITDA 50 40 30 20 10 0 2016 2017 2018 2019 2020 % 50 40 30 20 10 IN Total#16Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary ...Where a key focus would be to optimize and grow our current footprint after the conclusion of the Lindsay Goldberg exit... ⑥Long-term target Have a meaningful network of terminals, where we either have operational synergies with Odfjell Tankers or another clear angle for value creation. Terminals should ideally represent a third of our activity Odfjell Terminals portfolio overview* Terminal EBITDA ROIC Capacity (cbm) Houston USD 19.5m 14% 379,658 Charleston USD 2.5m 6% 79,400 Antwerp USD 5.0m 15% 382,061 Korea USD 2.2m 5% 313,700 Total USD 30m 11% 1,154,819 Strategic objectives 16 EK Expansion 1. Conclude Lindsay Goldberg exit 2. Optimize current footprint 3. Prepare for future growth 4. Expand within current footprint 5. Expand outside current footprint (2nd priority)#17Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Following our various cost and operational achievements allocation priorities for the future... Odfjell Tankers O Zero capex outstanding and any growth needs to be capital light Odfjell Terminals ✪ Ongoing expansion and efficiency improvements at the terminal in Houston Odfjell SE O All capex is funded locally in the JV and no equity injections are needed from Odfjell SE De-leveraging ✪ Establish a sustainable and predictable dividend policy 17 - We have clear capital#18Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary ...Where a key target is to de-lever our balance sheet and reduce our daily break- even levels to ensure a positive cash flow in any market cycle... 1 400 1 200 1 000 Leverage target range USD 750 USD 900 mill range 800 1 256 600 1 081 Current repayment schedule 933 400 791 200 -200 -400 2020 2021 Repayment Planned vessel financing 2022 Ending balance year-end Long-term target range 2023 18 Limited refinancing needs going forward Current schedule implies debt reductions of USD 465 mill by 2023 to USD 791 mill Break-even Together with more favorable amortisation profiles, this will lower our break-even levels to a target range of USD 18,000- USD19,500 per day#19Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary ...And ensure we have a strong balance sheet at all times and strong cash flow generating capabilities EBITDA and current debt repayment schedule NIBD/EBITDA development based on annualized 2020 4.2x 350 NIBD/EBITDA 3.5x Debt target range 300 3.0x 2.5x Free cash flow to equity after debt and interest cost in various TCE and cycle scenarios High cycle 327 300 273 250 245 USD mill 200 Mid cycle 218 191 164 150 136 All-time low 100 Low cycle 109 82 50 55 50 27 2020 0 2021 2022 0 2023 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 29,000 30,000 Target B/E TCE rate per day (USD) 2020 ytd 2016 We believe this strategy will make us succeed in reducing our cost of debt and cost of equity and improve our competitiveness 19#20Summary Our results Capital Allocation Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Our results has continued to improve throughout 2020 driven by company specific improvements and stronger markets Focus on de-leveraging to ensure we can establish a sustainable and predictable dividend policy and reduce our cost of capital Odfjell Tankers Concluded the largest fleet renewal programme in the company's history and we are positioned to benefit from strong underlying fundamentals post covid-19 Odfjell Terminals Restructuring is close to completed with focus turning to growing and optimizing our terminal footprint ESG & Sustainability Linked Bond Our dedicated work on ESG related matters has positioned us to set ambitious environmental targets exceeding upcoming regulations by IMO Why an SLB? We want to contribute to further development of the key role that debt markets can play to encourage companies that contribute to sustainability 20 20#21Risk factors - 1.1 General and Industry specific risks 1.1.1 General Investing in bonds issued by Odfjell SE involves inherent risks, and an investment in the bonds is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. Prospective investors should consider, among other things, the risk factors set out herein. These risks and uncertainties are risks of which Odfjell SE considers to be most material (in each category) to our business. If any of these risks were to occur, the Company's business, financial position, operating results or cash flows could be materially adversely affected, and the Company could be unable to pay interest, principal or other amounts on or in connection with the bonds. 1.1.2 Industry and market risks of the Group Odfjell's operations may be adversely affected by downturns in the general economic and market conditions in the countries and regions to and from which the Group transports cargos or operates terminals. For example, any significant and extended downturns in the U.S. or in the Asia Pacific region could result in less demand for chemicals being consumed or used in productions, and thus less demand for the transportation of bulk chemicals of which a vast majority is seaborne transportation. This would have a negative effect on the Group's business, financial condition and results of operations. Unforeseen events such as the COVID-19 pandemic could have a significant effect on the world economy and thus also adversely impact the demand for the Group's services for a period, which again would adversely impact the Group's financial position, operating results and cash flows. Odfjell is at the time of this document publication experiencing limited operational impact from COVID-19. The pandemic has hit Asia, Europe and US at different times and soft demand has been met by increased exports from especially China and Europe. The sharp reduction in oil prices has also kept chemical production high as Asian producers has taken advantage of lower feedstock costs and increased their utilization. Nevertheless, the situation is dynamic and could change quickly, particularly with regards to crew and logistical challenges. Uncertainty is high, and a further escalation or prolonged lockdowns of important ports and markets will eventually adversely impact the Group's earnings. Changes in the trading patterns of customers can also have a negative impact on results if not anticipated. 1.1.3 Cyclical nature of the shipping industry Odfjell is exposed to the natural cyclicality of the shipping industry, which may lead to reductions and volatility in freight rates, volumes shipped and ship values. Prolonged down cycles may materially adversely affect the Group's financial condition. Fluctuations in the rates that Odfjell can charge results from changes in the supply of and demand for ship capacity and changes in the supply of and demand for the products carried, particularly the bulk liquids, chemicals, edible oils, acids and other specialty liquids that constitute the majority of the products carried by the Group. Sensitivity analyses show that a change in spot time charter earnings of 5% for the Group's chemical tankers in freight rates after voyage costs, will impact pre-tax net result by approximately USD 18 million. Factors influencing demand include among others supply of products shipped, industrial production, economic growth, environmental developments and the distances that products are moved by sea. Factors influencing supply include among others the number of new ships being built, the number of old ships being recycled, changes in regulations and availability of shipyards. 1.1.3 Political and geopolitical risk The Group has international operations, and its business, financial condition and results of operations may be adversely affected by changing economic, political and government conditions in the countries and regions where the Group's ships are employed. The Group is also exposed to geopolitical risks where territorial and other disputes between countries could lead to the outbreak of war or the existence of international hostilities that could damage the world economy, adversely affect the availability of and demand for petroleum and chemical products and adversely affect the Group's ability to operate ships. The increased tension in the Straits of Hormuz in 2019 lead to an increase in risk and higher costs associated with port calls in the Arabian Gulf. 21#22Risk factors - · 1.2 Risks related to the Group's business 1.2.1 Safety risk The operations of parcel tankers, gas carriers and storage facilities carry an inherent risk of personal injury or death, damage to or loss of property and business interruptions. These risks can arise from among others; marine disasters, such as collisions or other problems involving the ships or other equipment, pollution caused by leaks or spills of oils, chemicals or other products transported by the parcel tankers or stored at the terminals, injuries, death or property damage caused by mechanical failures involving equipment or human error involving employees, terrorism, war or other hostilities affecting operations, piracy or hijackings involving ships, explosions and fires involving the chemical or other liquid products that are transported or stored at the terminals or involving equipment, and other similar circumstances or events. These risks are exacerbated because a significant portion of the cargo transported and stored involves hazardous chemicals. All the products carried must be handled with extreme care and require significant expertise. Customary levels of insurance for liability arising from operations have been obtained, including loss of or damage to third party property, death or injury to employees or third parties and statutory workers' compensation protection. There can be no assurance, however, that the amount of insurance carried is sufficient to protect the companies in the Group fully in all events and that any claim will be paid or that adequate insurance coverage at commercially reasonable rates can be procured in the future. A successful liability claims for which the Group is underinsured or uninsured could have a material adverse effect. Litigation arising from any such event may result in any of the Group companies being named a defendant in lawsuits asserting large claims. Any such event may result in loss of revenue, increased costs or future increased insurance costs. While the Group's ships are currently insured against property loss due to a catastrophic marine disaster, mechanical failure or collision, the loss of any ship because of such an event could result in a substantial loss of revenues, increased costs and other liabilities in excess of available insurance and could have a material adverse effect on the Group's operating performance. 1.2.2 Environmental risk The Group's operations involve the use, storage and disposal of chemicals and other hazardous materials and wastes, all of which could pose a potential threat to the environment if not handled properly. There are many rules and regulations surrounding shipping and the handling of hazardous materials, which are all aimed at ensuring safer operations and better preparedness in the event of spills and accidents. Even so, there could be incidents not caused by the Group where the Group could be involved in environmental damage in the form of spills, damage to marine life or animal habitat. The consequence of such environmental damage could be significant costs related to the clean-up of spills, salvage costs and fines, as well as costs related to reputational damage. Although the Group carries insurance against such eventualities, the full cost could exceed the coverage afforded by the insurance. 22 22#23Risk factors - 1.2 Risks related to the Group's business (cont'd) 1.2.4 Sea staff availability and retention risk The Group is dependent upon attracting and retaining key personnel and management personnel in its various business areas. There is a shortage of qualified and trained ship officers. Ship officer selection, training, competitive remuneration package and promotions are considered essential for Odfjell's future success. Moreover, there is always a risk that key employees may decide to leave the Group. The loss of the services of some of the seafaring personnel or the inability to successfully attract and retain qualified personnel in general, including ships' officers, in the future could have a material adverse effect on the Group's business, financial condition and operating results. 1.2.5 Contracts of affreightment risk Contracts of affreightment tend to be less volatile than spot business in terms of both rates and volumes, and Odfjell maintains a relatively high percentage of contract business. However, this can result in lower revenues when spot rates are rising. 1.2.6 Emerging market risk Each of the Issuer and members of the Group has operations in emerging market countries, including China, Brazil, Chile and South Africa. Economic instability in these countries could have a negative effect on the financial condition or results of operations of the Issuer or the Group. Changes in laws, such as the imposition of restrictions on foreign ownership or repatriation of earnings, could also have a negative effect on the ability of the Issuer or members of the Group to continue operations in these countries or to earn a profit from its operations in these countries. In addition, political unrest in these countries could restrict the ability of the Issuer or members of the Group to carry on operations. 23#24Risk factors - 1.3 Financial risks 1.3.1 Credit risk Credit risk includes the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade receivables in the form of gross freight and demurrage (waiting time paid for by the charterer/customer). and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. At the time of this registration document, the Group has seen a build-up of outstanding amounts on demurrage, many of which are explained by COVID-19 implemented port restrictions and the sharp reduction in oil prices causing charterers/customers wanting to delay discharge. 1.3.2 Funding availability risk Due to the capital-intensive nature of the industries in which the Group operates, it is dependent on steady access to funding. Part of this funding comes from its ongoing cash from operations. However, as operating cash flow fluctuates with the markets in which the Group operates, and the investments in fixed assets often happen in stages rather than being evenly spread, the Group is also dependent on external funding from the financial debt markets. Per 30 September 2020, the Group had total nominal interest-bearing debt of USD 1,213 million with a weighted average maturity of 4.6 years. The Group will need to refinance some or all of its indebtedness, and may also incur additional debt, in the future. To a great extent, access to external financing is dependent on the Group's overall financial performance including its cash flow, balance sheet, expected future return on investments, and the risk perception of the industries in which the Group operates at any given time. Global economic and political factors could impact the availability of funding and the Group's ability to finance its investments and ongoing operations. External financing is often secured by collateral assets, whose values fluctuate in line with the volatility in the markets in which the Group operates. During periods of market weakness, when the assets have a lower market value, the Group will be restricted in the amount of funding that can be obtained. This could lead to lower liquidity for the Group. No assurances can be made that the Group will always be able to secure additional funding on satisfactory items, and the Group's activities may be adversely affected if it's unable to secure external financing. 1.3.3 Interest rate risk All interest-bearing debt, except bonds in the Norwegian bond market and debt borne by tank terminals outside the USA, is denominated in USD. Most of these loans are floating rate with USD LIBOR as a benchmark. The USD LIBOR has the past 10 years varied extensively and can affect the financial results for the Group significantly. As a best estimate example, a 1% increase in USD LIBOR will reduce the Group's net result by approximately USD 11 million. The Group's revenues are primarily denominated in USD. Currency risk relates mainly to the net result and cash flow from voyage related expenses, ship operating expenses, general and administrative expenses and financial expenses denominated in non-USD currencies, mainly NOK and EUR. For the annualized year 2020, the Group's total recurring NOK and EUR exposure is approximately NOK 570 million and EUR 28 million. Where there is a mismatch between revenue and expense currencies, any depreciation of the revenue currency relative to the expense currency may decrease the Group's profits. As a best estimate example, a 10% decrease in the USD versus the NOK will reduce the Group's net result by approximately USD 5.4 million. 1.3.4 Currency risk 24 24#25Risk factors - 1.3 Financial risks (cont'd) 1.3.5 Bunker risk Bunker is the single largest component of voyage related expenses, and the Group makes physical purchases of bunker worldwide. A certain part of the Group's exposure is hedged in some form through bunker adjustment clauses in contracts of affreightments. Bunker adjustment clauses are typically structured as caps and floors where there is a surcharge on the freight if the bunkers price is higher than the cap and vice versa if the bunkers price is lower than the floor. Bunker adjustment clauses are not perfect or 100% efficient hedges due to the difference between actual and projected consumption per metric ton, wide price ranges and the timing of determining the strike price. For the budgeted year 2021, total bunker consumption in compliant fuel equivalent is approximately 400 thousand metric tons, of which approximately 50% is hedged through bunker adjustment clauses. The price of bunker fuel has the past 10 years varied extensively and can affect the financial results for the Group significantly. As a best estimate example, an increase of USD 50 per ton will increase the Group's voyage expenses by approximately USD 20 million, before adjusting for bunker adjustment clauses in freight contracts. 1.3.6 Tax risk The Odfjell Group operates within a number of jurisdictions and tax regimes, including the Norwegian tonnage tax system and the Approved International Shipping system in Singapore. In addition, we operate under the local tax systems in Brazil. Changes in any of these tax regimes could have a material adverse impact on the Issuer's business by amongst other things increased costs. Our tank terminal activities are generally subject to the ordinary corporate tax rates within the country in which the activity is located. 25#26Risk factors - 1.4 Risk factors related to the Securities 1.4.1 General All investments in interest bearing securities have risk associated with such investment. The risk is related to the general volatility in the market for such securities, varying liquidity in a single bond issue as well as company specific risk factors. There are four main risk factors that sum up the investors' total risk exposure when investing in interest bearing securities with a floating interest rate: liquidity risk, interest rate risk, settlement risk and market risk (both in general and issuer specific). 1.4.2 Market risk There is no existing market for the Bonds, and although the intention is to apply for a listing of the Bonds on the Oslo Stock Exchange, there can be no assurance given regarding the future development of a trading market for the Bonds. It may be difficult or even impossible to trade and sell the Bonds in the secondary market due to a limited market for the Bonds as well as the market for the Bonds may also have limited liquidity. As the Bonds are not rated this may also have a negative effect on the market for the Bonds as they may be considered an unsecure investment. 1.4.3 Ranking of the Bonds The Bonds constitute senior unsecured obligations of the Issuer. As such, the Bonds are effectively subordinated to the secured debt of the Issuer and any debt of the Issuer's subsidiaries outstanding from time to time. The Bonds rank equally in right of payment with the Issuer's senior unsecured debt outstanding from time to time and senior in right of payment to the Issuer's subordinated debt (if any) outstanding from time to time. The secured creditors of the Issuer will have priority over the assets securing their debt. In the event that such secured debt becomes due or a secured lender proceeds against the assets that secure the debt, the assets would be available to satisfy obligations under the secured debt before any payment would be made on the Bonds. Any assets remaining after repayment of its secured debt may not be sufficient to repay all amounts owing under the Bonds. 1.4.4 Price risk The Bonds are floating rate. The coupon payments depend on NIBOR interest rate and the Margin and will vary in accordance with the variability of the NIBOR interest rate. The primary price risk for the Bonds is ultimately related to the market view of the correct trading level for the credit spread related to the Bonds at a certain time during the tenor, compared with the credit margin the Bonds are carrying. General changes in the market conditions and/or Issuer specific circumstances may increase the credit spread trading level relative to the coupon defined credit margin of the Bonds. 26 26#27NO Thank you ODFJELL#28Appendix 1 ESG & Decarbonization journey#29Shipping is a global industry and a backbone for global economic activity and prosperity - While being the most environmental form of trade, the industry needs to play an active role to reduce its share of global emissions The global shipping fleet performs 80% of global trade Shipping is the most environmentally friendly transportation method to carry goods The shipping industry has played and will play a key role in global economic prosperity The shipping industry carries cargoes that in large is essential in everyday life across the globe CO2 The shipping industry emits 2.6% of global CO₂ surpassing Germany if treated as a country. In a status quo scenario, share of CO2 emissions would rise to 17% by 2050... Source: Odfjell 29#30ESG has always been a focus in Odfjell and we have consistently delivered improvements. ESG will continue to be a vital part of our strategy • Our 106-year history show a focus on long term perspective on the way we do business. Sustainability is rooted in our DNA In 2018, we launched our sustainability strategy, "Global Operations - Our responsibility". This is the first time Odfjell has presented a separate document on sustainability. Our Sustainability strategy is based on the United Nations Global Compact's ten principles and activities to achieve the UN Sustainable Development Goals. Odfjell is also a signatory to the UN Sustainable Ocean Principles. Sustainability in Odfjell encompasses the way we do business, how we handle our people and external stakeholders, the environment and local communities, our anti-corruption work, and our work to comply with regulations In 2020, Odfjell appointed its first Chief Sustainability Officer, as part of Executive Management ODFJELL Global operations Our responsibility Sustainability in Odfjell Available on https://www.odfjell.com/sustainability/ SUSTAINABLE DEVELOPMENT GOALS INDUSTRY, INNOVATION AND INFRASTRUCTURE 1 NO POVERTY 2 SSS ZERO HUNBER 3 GOOD HEALTH AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 COMIC GROWTH DECENT WORK AND 10 REDUCED INEQUALITIES 11 AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO 13 CLIMATE ACTION COMPACT Sustainable Ocean Business Action Platform ON LAND Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels 17 PARTNERSHIPS FOR THE GOALS Sustainable Ocean Principles For a healthy and productive ocean 14 LIFE BELOW WATER 15 LIFE 30 #OceanAction#31In 2020 was Sustainability included in our strategy, we significantly increased our ESG reporting and will continue to do so going forward From 2020, was Sustainability included as an integral part of the Odfjell Strategy, with a clear statement of «Our Impact» together with Vision, Mission and Commitment Our reporting for 2019 followed the new guidelines from Norwegian Shipowner Association and also in line with the new Euronext guidance for ESG Reporting Our annual report was rated* A- of ESG reporting among top 100 listed companies in Norway The reporting is aligned with relevant frameworks like SDGS, GRI, TCFD, SASB etc. Odfjell continue reporting to Global Compact, CDP, EcoVadis, MACN and various other reporting initiatives on ESG and are in dialogue with rating agencies like Sustainalytics, ISS and others Odfjell report emission data through DNV to EU and IMO in accordance with MRV and DCS Framework Odfjell Rated B on latest CDP scoring (Dec 2020) THE GOVERNANCE GROUP GUIDELINES ESG reporting in the shipping and offshore industries ODEJELL ACCOU TCFD TASK FORCE CLIMATE-RELATED FINANCIAL DISCLOSURES POSEIDON PRINCIPLES IR CDP ecovadis MACN DNV-GL Business Sustainability Ratings GRI SASB SUSTAINABLE GOALS EURONEXT * Rated by The Governance Group and the framework used in "ESG 100 - The Oslo Stock Exchange" 2020 31#32Social and Governance - integrated part of our business Social Odfjell does not compromise on safety - with a target of zero incidents All vendors to Odfjell, including yards, have signed our corporate supplier conduct principles where we have clear expectancies to vendors on safety, ethics, human rights etc. Odfjell initiated a gender diversity program in 2019 - with good results Odfjell has now set a clear diversity target of 30% females on all levels by 2030 Odfjell is implementing a framework and principles for Human Rights in collaboration. with IHBR, Rafto Foundation and Danish Institute for Human Rights IIHRB All ships carry certificate of compliance with Maritime Labour Convention (MLC) RAFTO Odfjell Anb-comuption course At Compton-eng Governance Odfjell has a clear policy on Anti-corruption, and an anti-corruption program with framework, training and reporting built on UK Bribery Act We track and monitor all requests to all our vessels. In 2019, we had 17 requests for facilitation on our vessels. Odfjell is an active participant in Maritime Anti-Corruption Network Odfjell is rated nr 1 of 98 in the industry on Business Ethics by Sustainalytics MACN Maritime Anti-Corruption Network ODFJELL Anti-Corruption E-Learning 32 THE DANISH INSTITUTE FOR HUMAN RIGHTS#33Why focus on climate and decarbonization? Temperature Anomaly (*C) atmospheric CO, (parts per million) Global Mean Surface Temperature 0.4- annual mean 5-year running mean I uncertainty 0.2- -0.2- -0.4- 1880 1900 1920 1940 1960 1980 2000 Year CO2 in the atmosphere and annual emissions 420- 400 380 360- 340 320 300- 280- 40 35 CO, emissions (billions of tons) 20 30 25 20 20 15 10 5 260 0 1750 1780 1810 1840 1870 1900 1930 1960 1990 2020 year NOAA Climate.gov Data: NOAA, ETHZ, Our World in Data Source: Above: NASA figure adapted from Goddard Institute for Space Studies, Below: NOAA Climate.gov, Data: NOAA, ETHZ, 33 Nations Unies Conférence sur les Changements Climatiques 2015 COP21/CMP11 Paris France SEGENARE EXCITE COAC PRESIDENT SECRETAIRE COP PARIS The Paris Agreement was adopted by all 196 Parties to the United Nations Framework Convention on Climate Change at COP21 in Paris on 12 December 2015. IMO INTERNATIONAL MARITIME ORGANIZATION About IMO Media Centre Our Work Publications Press Briefings Archives Meeting Summaries Secretary-General What's New In Focus IMO News Magazine Multimedia Attending IMO meetings IMO Events IM Goodwill Maritima Knowledge Centre SG COP2 Search this site English Français Españo P IMO/English/Media Centre / Press Briefings / UN body adopts climate change strategy for shipping UN body adopts climate change strategy for shipping The initial GHG strategy was adopted by IMO's Marine Environment Protection Committee (MEPC), during its 72nd session at IMO Headquarters in London 2018. The meeting was attended by more than 100 IMO Member States.#34IMO Vision and GHG measures IMO is committed to reducing GHG emissions from international shipping and, as a matter of urgency, aims to phase them out as soon as possible in this century Levels of ambition 3.1 to review with the aim to strengthen the energy efficiency design requirements for ships with the percentage improvement for each phase to be determined for each ship type, as appropriate; Subject to amendment depending on re the Initial Strategy identifies levels of ambition for technological innovation and the global introduction for international shipping will be integral to achieve the overall ambition. The reviews should take into account updated emission estimates, emissions reduction options for international shipping, and the reports of the Intergovernmental Panel on Climate Change (IPCC), as relevant. Levels of ambition directing the Initial Strategy are as follows: .1 carbon intensity of the ship to decline through implementation of further phases of the energy efficiency design index (EEDI) for new ships to review with the aim to sto reduce CO2 emissions per transport work, as an average across requirements for ships with the international shipping, by at least 40% by 2030, pursuing efforts towards 70% be determined for each ship type by 2050, compared to 2008; and .2 carbon intensity of internation supping .3 to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% 2020 cursuing affede towards 700/ by 2050, compared to 2008; and to peak GHG emissions from international shipping as soon as possible and GHG emissions from internat to reduce the total annual GHG emissions by at least 50% by 2050 compared to peak GHG emissions from in to reduce the total annual GHG to 2008 whilst pursuing efforts towards phasing then out as called for in the Vision as a point on a pathway of CO2 emissions reduction consistent with to 2008 whilst pursuing efforts to the Paris Agreement temperature goals. Vision as a point on a pathway the Paris Agreement temperature goals. The Initial GHG Strategy contains a list of "candidate GHG measures" with the following timelines for finalization and agreement: . Short-term measures -between 2018 and 2023 Mid-term measures -between 2023 and 2030 Long-term measures -beyond 2030 Candidate Measures improvement of existing requlations (EEDI and SEEMP) develop technical and operational efficiency measures existing fleet improvement program speed optimization and speed reduction other emissions, including methane and VOCs national action plans technical cooperation and capacity building activities port developments research and development incentives for first movers develop lifecycle GHG guidelines for low-carbon and zero-carbon fuels promote the work of the IMO additional GHG emission studies implementation programme for low-carbon fuels and zero- carbon fuels operational energy efficiency measures mechanisms to incentivise reducing GHG emissions further technical cooperation and capacity building activities feedback/lessons learned persue the development and provision of zero-carbon or fossil-free fuels to assess and consider decarbonization other possible new/innovative emission reduction mechanisms 34#35Successfully realizing IMO's long-term strategy requires the adoption of low-carbon and eventually zero-carbon propulsion technology and fuels • In a business-as-usual scenario, emissions from international shipping are set to double by 2050 driven by continued trade growth. Achieving the targets is a huge industry challenge that will require both transition fuel and new technology that is not commercially available The Fourth IMO GHG Study 2020: Emissions from shipping Indexed 200 IMO target to reduce · GHG emission inventories for the period 2012-2018 • Total emissions in 2018 were up 9.6% from 2012 • Shipping's share of global emissions in 2018: 2.89 % (2.76 %in 2012) 150 UNCTAD Seaborne trade (tnm) UNCTAD Seaborne trade (t) EEOI (g CO2/tnm) AER (g CO2/dwtnm) CO₂e emissions (t) 100 140- 120- 100- 80- 60- 1990 1995 2000 2005 IMO2 IMO3 IMO4 2008 ΕΕΟΙ 2010 2015 2020 International shipping emissions and trade metrics, indexed in 2008, for the period 1990-2018, according to the voyage-based allocation of international emissions Source: IMO, UNCTAD = United Nations Conference on Trade and Development 35 5 50 0 EEXI with 20% (Tankers) from 2023 IMO target to reduce Carbon Intensity with 40% IMO target to reduce Absolute emission with 50% 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 2008 Base year 1 Intensity Absolute • Business as usual emissions Odfjell#36We have recently launched new and ambitious climate targets which goes further than IMO targets this is the foundation for our SL Framework - 1 Odfjell will cut greenhouse gas emission by 50% by 2030 compared to 2008* 2 Odfjell is dedicated to pursuing a zero-emission strategy and will only order vessels with zero-emission technology from 2030 3 Odfjell will have a climate neutral fleet from 2050 4 Odfjell will actively support initiatives to develop technology and infrastructure for zero emissions and support international regulation to drive zero emission for our industry "At Odfjell, we build for the future, and act today for a better tomorrow" * Emissions based on transport work and Annual Efficiency Ratio (AER) 36 ODFJELL Odfjel's climate targets Efficiency fuel consumption and emissions go hand in hand. To improve fuel efficiency and reduce fa consumption and emissions Odfel has as a constant focus on improving our meet this nudes investing in new ships deploying retrofit programs. Investing in new technology and optimizing the way we operate Since 2008 Cell has run several normal program. resulting in a 373% reduction in our cation intensity by 2020. This means that we have already taken several big steps. Further reduction poses even bigger challenges but we commit to connue improving and have as of September 2020 set ambitious climate targets which go beyond the tangots of the IMO strategy. Sustainability-Linked Finance Framework 21 December 2020 Target 1 Odfjell will cut the carbon sity of our ox by by 2030 compared to 2008 Target fell will have a climate neutral feet from 2050 Target 2 Off dedicated to pursue- emission strategy and will orby order vessels with t-emiton cyf303 Target wil actively spagetittied to and support imemutional regulation dive coro omasion for our indiary develop technology and instruc Today, there are no commercianty table atmatives to a combustion engine when transporting volumes over great distances The shipping industry needs to find Solutions reduce and develop commercially available zero emission ships to be operational from 2030 That is why Catet has joined the ting to Zero Coalition as an active partner, colaborating with the ustry, the energy sector, the financial sector, governments and intemational governmental organizations to find solutions for a climate neutral flot in 2060 The Cotons in a partnership between the Cle Mare Forum The Friends of Ocean adion, and the Wond Economic Forum, as well as other industry We have also joined forces with industry partners to develop a new and flexole fuel cel technology that can reduce emissions tom shipping by ap to 100% Partners from shoping. R&D and all and gas are now constructing apior that can use different types of fuel. The system wil fst be lested at the Sofainable Energy colapull serter in Norway before instalation onboard an Odjel ship. The unique project was presented on October 1, 2000 In 2019 took a position on the use of scrubbers, stating that scrubbers would not support the ambition to reduce sulphur emessons Using scrubbers would also increase energy consumption and hence increase 00: Since 2000 cenas nun the feet on (Vere Low Suprur Fuel Oh, sulphur under 0.5%) and MGO (Marine Gas Oil, suur 0.1%) To achieve the ambitious target or cuting transport work issions by 50% Otel has prepared a fleet transtion The plan on a ship bass the Feet Transtion Plan FeTransition Plan dudes detailed actors, specific to all our ships in our controlled fleet, to further improve energy efficiency and nit emissions by implementing a set of technical operational and digtal measures avoday. The Fleet Transon Plan a cludes a plan for feet composition development, and an action plan for preparing the next generation feet for 200 msions sousons The Fleet Transition Plan domoretrates that achieving the targets is possible, and wand prices come be accelerated as technology down. The complete plan will not be mase puttc but will be reviewed by Dev O during the Second Party Opinion Our work on dimate supports the UN Sustantie Development Goals (SDGs) 7.12.13 and 14. CO 14 Fe >>#37We have implemented a comprehensive Fleet Transition Plan where we commit to reduce our carbon intensity by 50% by 2030, and become carbon neutral by 2050 Historical and projected AER trajectory, indexed Projected AER trajectory, 2019-2024 120 8,8 100 8,6 8,75 8,4 80 DNV GL 8,56 | 8,18 8,2 60 8,35 | 8,30 8,0 8,20 40 Carbon intensity (AER), Odfjell 7,8 | Bond I SPT 8,16 20 IMO Trajectory 7,6 0 7,4 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2019 2020 2021 2022 2023 I Jun-24 1 2024 2019: 26% reduction O As per 2019, we have reduced our intensity-based emissions by 26% relative to 2008 The reduction is a result of significant investments in energy saving devices on existing vessels, as well as a fleet renewal program that was finalized in 2020 2024: 31% reduction O No significant changes are expected to our fleet composition through 2024, partly due to uncertainty regarding choice of technology ⚫ We are however committed to further reduce our carbon intensity in the period by executing more than 100 investments in energy saving devices across our existing fleet 2030: 50% reduction By 2030, we are committed to reduce our carbon intensity by 50% relative to 2008 To be achieved through a combination of retrofitting of existing vessels, phasing out of old vessels and inclusion of new and more efficient vessels 2050: Carbon Neutrality Odfjell is dedicated to pursuing a zero- emission strategy and will only order vessels with zero-emission technology from 2030 O Odfjell will actively support initiatives to develop technology and infrastructure for zero emissions and support international regulation to drive zero emisssion for our industry The Fleet Transition Plan has been verified by DNV GL, who will also conduct an annual assessment as to whether the plan continues to be viable 37#38Odfjell's sustainability-linked finance framework is testament to our commitment to deliver on the ambitions set out in the Fleet Transition Plan KPIs & SPTS CO2 I BOND CHARACTERISTICS REPORTING VERIFICATION KPIs¹; 1. Actual carbon intensity for the Odfjell Controlled Fleet² 2. An assessment of the Fleet Transition Plan and its viability on the relevant Target Observation Date SPTS AER³ Performance of 8.18 or lower at 30 June 2024 Reduce carbon intensity by 50% by 2030 compared to 2008 I I I I I I > The KPI performance versus the SPTS will be linked to the redemption price of the contemplated bonds Redemption price to increase by 150 bps if Odfjell fails to meet the SPT at the Target Observation Date (30 June 2024), and provide the necessary reporting I Redemption price to remain unchanged if the SPTs are met O The performance under the AER KPI will be measured on an annual basis throughout the tenor of the bonds ⚫ Further, an external reviewer will provide an annual opinion on whether or not Odfjell is on track to meet its ambitions under the ! Fleet Transition Plan I Reporting to be provided in a progress 2nd opinion of the SLF framework We have obtained a second party opinion from DNV GL, confirming alignment of the framework with the principles set out by ICMA and LMA Verification of performance by a qualified third-party verifier Annual verification of actual AER performance relative to to the SPTS ✪ Annual review of the Fleet Transition Plan and confirmation that it remains viable and ¦report to be published no later than 90 days possible to reach at that point in time post the applicable Target Observation Date I The 2nd party opinion from DNV GL confirms alignment with the ICMA principles and the credibility of Odfjell's strategy to achieve the SPTS 1) The definition of the KPI and SPT in the Framework is limited to the AER Performance at the Target Observation Date. For illustrative purposes, we have included the assessment of the Fleet Transition Plan and its viability in the above table as both targets must be met in order for the redemption price to remain unchanged at par. Please refer to the Sustainability-Linked Finance Framework and Bond Term Sheet for further details The Odfjell Controlled Fleet consists of owned and bareboat chartered tonnage (financial and operational leased) 2) 3) Average Efficiency Ratio will be applied as the measure on Carbon intensity. AER has become the industry standard on carbon intensity, and the metric is recognized as consistent with the policies and regulations of IMO-DCS. 38#39How to achieve the targets? Regulation Odfjell Target How 2023 Existing ships will need to reduce consumption per transport work by 20% compared to 2008 Technical Compliant 2030 Regulation Shipping sector to reduce emissions per transport work by 40% compared to 2008 Regulation Odfjell Target How Reduce with 50% . Technical Operational Fleet renewal Odfjell Target How 2050 Shipping sector to reduce total emissions by 50% compared to 2008. Carbon intensity therefore need to improve around 70-90% = zero emission Reduce total . Carbon Neutral emissions by 100% compared to 2008. Zero Emission 39 NOODBAT ODFJELL TANKERS#40Where do we come from: 2007-2020 We have targeted energy efficiency and emission reductions since 2007, and we have established several teams that handle this from both an operational and technical point of view Daily Log (2007/2014) PBCF (2020-) Automatic over-consumption/energy in- efficiency alarms system (2014) Business Intelligence tools on all data (2015) Mewis Duct (2010-) 26 installations so far 10 installations so far Cags Heating Price Per MT Carge And Be Cargo overheating 1 Economizer not cleaned law set interval Two AE are running unnecessarily 1 Excessive consumption on boilers for engine room and accommodation in p High att trim Excessive consumption an bailers for engine room and accommodation at s High consumption on boilers for cargo heating MGO has been consumed outside ECA cone in port Excessive AE running hours in port ino activity) Full day on speed order Coin A Sed Pr Missing cargo temperature for inhibited cargo Vessel has Osmosis but has produced FW on Evaporator Excessive Power Pack running hours at sea in activity) Possible defect shalt generator 3 3 1 EU MRV incorrect MRV event date/time MGO has been consumed outside ECA zone at sea Consumption on boilers for cargo heating without cargo heating EU MRV incorrect All Fast/All Clear EU MRV incorrect M00 Boilers consumption 1 High consumption on boilers for other Overconsumption ME 1 21 20 10 Possible defect economizer 1 Sool blowing equipment not in operational condition 00 5.0 100 150 20.0 25.0 30.0 35.0 Weather routing (2009). 800 voyages per year Daly 06 H 13.9 251 24.4 238 PEAR 2020 46 387 41K 53.6 MAIN LEX EXPOSURE P 13.5 249 080 45 493 507 2M 23 -0.4 -02 2.20 191 239 232 99 PERARD DAY Devane Bevue 3.1 -0.9 266 36 1.6 07 9.1 TM CONTION IDE GAVE NONORTING CALM WEATHER D NTN REFERENCE 06 80 15.315 7.558 5.342 4,947 TETTER IMTHOR DATA AU EXCLUDIN 27.0 27.1 506 93 1367 68 ALL CONSUMPTON & BURNING HOURS POR G DET KOROMPTION 134 269 13 24 D BOLEN NIVEL 82M 12.9 270 1.6 128 DEMONS DITION ART 01 -0.5 -1.0 3:0 296 COM -2.6 -3.5 60 13.0 Intermediate Hull/propeller polishing/grooming (2014) LO Was Componen Reversed Osmosis (2013-) >30 installations so far Propulsion Project (2014-2018) 19 ships NORWATER NEW LOWER RPM ME POWER LIMITATION ODFJELL TANKERS B KAPPEL PROPELLER#41TUC B#42Results from our energy efficiency program Energy Efficiency Operational Indicator (EEOI: gram CO2 emitted per tonne cargo transported one nautical mile) for the Odfjell managed fleet last 10 years EEOI by year 20.3 19.3 19.3 18.6 18.4 17.2 17.0 16.4 16.6 16.1 14.3 14.1 30% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 42 Our energy efficiency has improved 30% since 2009#43Odfjell versus our competitors Analyzing 3.500 chemical and product tankers emissions per ton mile shows that Odfjell controls the most fuel-efficient chemical tanker fleet in the world Odfjell has reduced our fuel consumption by 30% through continued focus on improving the efficiencies of our fleet Odfjell Operator 2 Operator 3 Operator 4 This has led to Odfjell today controlling the most fuel efficient chemical tanker fleet in the world Operator 5 Operator 6 Operator 7 We are confident that we will meet and exceed IMO 2030 Operator 8 regulations on 40% reduction in carbon intensity through various initiatives Operator 9 Operator 10 21% 20% 14% 11% 8% 8% 8% 7% 5% 4% Operator 11 3% Operator 12 1% Operator 13 0% Operator 14 -2% Operator 15 -3%#4440% reduction is possible for most of our ships • • . Possible with existing technologies, but it will require significant investments and work from the organization. Some of them we have experience with, give quick and high ROI, others we should wait as long as possible with (such as LNG retrofit or wind technologies). We have made plans for each ship, and know the decision gates per ship. First and foremost we must also wait for the final reduction requirement per vessel per segment before capital-intensive retrofits are decided upon. Charte BBC C 44 Upper bracket Fixed duct on hull Customised fins Propeller shaft Hull QFACE 2030#452030 Currently there is great uncertainty to which alternative fuel will see the highest adoption in the longer term Betting the future on a specific fuel for tomorrow's vessels would be a high-risk strategy for Odfjell 45#46Fuel Cell Project Significant emission reductions at sea, with zero emission capability. Patented solution currently under construction, with Odfjell represented in the project group as the only ship owner. The fuel cell will be installed and piloted on an Odfjell ship after 2022. Features & Mechanisms ■ CHEOP/CMP: Clean, highly efficient offshore power ☐ ■ Solide oxide fuel cell (SFOC), with fuel-flex capability ☐ ■ FC to be installed as a 1200 kW aux engine onboard one of the newest vessels over the next years. Conservative Emission Reductions (on LNG): 35% fuel oil consumption 45% CO2 emissions 90% Sox emissions 80% NOx emissions On Ammonia, CO2 emissions will be zero 46 46 ODFJELL TANKERS LNG Pac#47A fuel flexible system could consist of building blocks, and potentially also enable us to change other structures in our vessels Propulsion system Modular fuel cell engine ODFJELL TANKERS Fuel storage system With fuel tanks on deck and a less complex engine structure, we could potentially move cargo holds towards rear to increase vessel cargo capacities 47#48Solution - picking engine, not fuel type (combustion engine) Engine technology / Dual Fuel matrix Combustion Technology FUEL / ENGINE TECH Conventional Diesel Cycle Gas Injection HP Diesel Cycle Gas Injection LP Otto Cycle Multifuel engine SOFC (Solid Oxide Fuel Cell) Fuel Cell Technology PEM (Proton Exchange Membrane) HFO (Heavy Fuel Oil) LSFO (Low Sulphur Fuel Oil) LGO (Light Gas Oil) LPG (Liquified Petroleum Gas) Methanol Ethanol DME (Dimethyl Ether) LNG (Liquified Natural Gas) Ammonia NH3 (Liquid) Hydrogen H2 (Liquid) 48 18 1)#49Climate Risk & Opportunities • • . . . • We focus on matters that are material for Odfjell and stakeholders Setting ambitious targets and plans is risk mitigating and good for business Strategy, standards and transparency is not driven only by compliance We have high standards for ESG reporting because we know our stakeholders want to know how we mitigate risk Our commitment will be even clearer, when also linking targets it to financing We believe responsibility and commitment to Sustainability would also make Odfjell more attractive to customers, investors and finance-market. 49 Opportunities . Reduced risk/modern fleet gives advantages towards stakeholders • Reducing emissions is good for business • Solving the issue of zero emissions . • Partnering with industry for new solutions Increased use of technology drives changes in business models . Preferred partner for customers • . Sustainable financing New products, new customers Climate Risk • • • . . Disturbance in traffic lanes due to meteorological effects Severe weather and the operational and safety challenges that follows Non-compliance with climate regulation Capex and technology risk related to renewal and upgrades Taxation and increased cost Attractiveness of the sector#50Summary - decarbonization journey • Difficult to see what the future fuel will be • Zero emissions is not about technology, but zero emission fuel infrastructure/logistics - this is out of our control • Challenge: Need to make new-build decisions before the picture is clearer Our next vessel will sail into 2050, and must therefore be zero-emission capable in order to meet the 2050 regulation • Deep sea differs greatly in complexity compared to short sea (ref hydrogen and battery) • Fuel flexibility is key here, and will leave most doors open • Our fuel flex fuel cell project answers directly to this • Fuel-flex combustion engine also answers to this#51Appendix 2 Financials and Covid-19 impact#52Income statement¹ - Odfjell Group by division USD mill Tankers Terminals Total* Timecharter earnings Pool distribution Net Timecharter Earnings (TCE) TC expenses Operating expenses** General and administrative expenses (8.4) (9.2) (8.1) (40.1) (40.4) (42.0) (15.1) (13.8) (14.4) 1Q20 2Q20 3Q20 YTD20 2019 1Q20 2Q20 137.8 157.7 149.1 444.6 518.6 17.5 16.0 (21.1) (16.1) (20.5) (57.7) (55.5) 121.7 137.2 128.0 386.9 574.1 17.5 16.0 (25.7) (45.5) - - 3Q20 YTD20 2019 1Q20 2Q20 16.3 49.8 69.8 156.1 174.7 (16.1) 3Q20 YTD20 2019 166.4 497.2 593.2 (20.5) (21.1) (57.7) (55.5) 16.3 49.8 69.8 140.0 154.1 145.3 439.4 537.7 (8.4) (9.2) (8.1) (25.7) (45.5) EBITDA 57.9 73.9 63.6 (123.5) (167.5) (6.6) (43.3) (65.8) (2.7) 195.4 184.4 8.1 (6.2) (6.1) (18.9) (2.2) (2.4) (7.3) 7.6 7.8 23.5 (27.4) (47.3) (15.7) (17.8) 26.7 66.3 (47.1) (48.8) (143.2) (197.3) (15.9) 81.9 Depreciation** (36.1) (36.9) (38.6) (111.6) (143.0) (5.4) (5.3) (5.4) (16.1) (21.7) (41.9) (42.7) (16.8) (50.5) (81.5) 71.7 219.9 213.4 (44.5) (129.9) (165.1) Impairment (2.4) - (2.3) 0.1 - 0.1 (4.7) Capital gain/loss - 0.1 - 0.1 - (0.1) 10.3 (0.1) 10.1 15.4 (0.1) 10.4 EBIT 21.8 37.1 25.0 83.9 39.0 2.7 12.5 2.2 Net interest expenses** (21.1) (20.9) (19.9) Other financial items (4.9) 4.1 (1.3) 0.5 (61.9) (82.4) (1.2) (0.7) (1.1) (0.1) (0.6) (2.5) - 0.1 Taxes (1.0) (1.1) (1.1) (3.2) (2.9) (0.3) (0.2) (0.3) (0.8) Net results (5.2) 19.3 2.6 16.7 (47.4) 1.0 11.6 1.5 14.1 9.3 17.4 18.1 24.3 (5.9) (22.2) (21.6) (5.2) 4.1 (2.9) (1.3) (1.3) (4.4) 49.7 30.9 3.9 30.4 (0.1) 10.2 27.1 101.1 59.0 (20.7) (64.5) (88.3) (1.5) (2.6) (1.1) (1.4) (4.0) (5.8) (36.6) 15.4 1Proportional consolidation method *Total Includes contribution from Gas Carriers,** Includes right of use assets 52#531. Equity method Balance sheet 30.09.2020¹- Odfjell Group Assets, USD mill Ships and newbuilding contracts Right of use assets 2Q20 3Q20 1,459.4 1,483.5 Equity and liabilities, USD mill Total equity 276.2 261.4 Investment in associates and JVs Other non-current assets/receivables Total non-current assets Cash and cash equivalent Other current assets Total current assets Total assets 171.8 174.4 19.2 1,926.6 1,939.5 20.1 148.4 117.0 92.4 123.1 265.4 215.4 2,192.0 2,154.9 Non-current liabilities and derivatives Non-current interest bearing debt Non-current debt, right of use assets Total non-current liabilities Current portion of interest bearing debt Current debt, right of use assets Other current liabilities and derivatives Total current liabilities Total equity and liabilities 2Q20 3Q20 549.6 560.1 48.6 43.0 972.8 1,006.7 234.2 222.3 1,255.7 1,271.9 219.4 167.8 50.8 49.2 116.5 105.9 386.7 322.9 2,192.0 2,154.9 53 53#54Cash flow - 30.09.2020¹ - Odfjell Group Cash flow, USD mill Net profit Adjustments Change in working capital Other Cash flow from operating activities Sale of ships, property, plant and equipment 1Q20 2Q20 3Q20 YTD20 FY19 (4.5) 31.1 3.7 30.3 (35.9) 41.9 32.9 38.2 113.0 147.5 (1.5) 3.1 (10.1) (8.5) (7.3) (4.2) (13.0) (1.7) (18.9) (5.6) 31.7 54.1 30.1 115.9 98.7 4.1 - 4.1 2.0 Investments in non-current assets (47.6) (54.4) (48.2) (150.2) (146.8) Dividend/ other from investments in Associates and JV's - 1.4 - 1.4 20.7 Other 2.3 1.6 (0.5) 3.4 0.8 Cash flow from investing activities (41.2) (51.4) (48.7) (141.3) (123.1) New interest bearing debt 71.1 61.4 127.9 260.4 369.9 Repayment of interest bearing debt (27.4) (24.3) (101.7) (153.4) (367.2) Payment of operational lease debt (12.1) (12.4) (13.5) (38.0) (44.9) Dividends Repayment of drawing facilities - (50.0) (50.0) Cash flow from financing activities 31.6 24.7 (37.3) 19.0 (42.2) Net cash flow* 20.4 27.3 (55.9) (8.2) (67.0) Opening cash and cash equivalents 100.8 121.1 148.4 100.8 167.8 Closing cash and cash equivalents 121.1 148.4 92.4 92.4 100.8 * Equity method and after FX effects 54#55Debt development Bond Balloon Leasing/sale-leaseback Secured loans 200 Scheduled 150 repayments and planned 100 refinancing, USD mill 50 0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Repayment Planned vessel financing Ending balance year-end 1 400 1 200 1 000 Gross interest 800 bearing debt 600 1 256 1 081 ending balance, 933 400 791 USD mill* 200 0 -200 -400 2020 2021 2022 2023 55 * Nominal bank, lease and bond debt. Bond debt swapped to USD Financials O USD 50 mill liquidity facility is secured and will be used to redeem Jan-21 bond... ...We might consider to refinance the bond if the price is right for Odfjell Except for the Jan-21 bond maturity, we do not have any maturing balloons before 2Q22 Last newbuilding delivery and new debt concluded in October 2020 Scheduled amortisations through 2023 will bring us in the lower end of our target total debt range of USD 750 - USD 900 mill... O...Timing is however, contingent on the market development#56Our long-term target is to reach a cash break-even level between USD 18,000/day and USD 19,500/day, which will ensure free cash flow generation in every cycle 30,000 25,000 20,000 15,000 10,000 • 5,000 Odfjell Tankers historical Break-even (USD/day) Cost savings initatives 26,099 Recent cost saving initiatives -29% 12.5 10.0 Capital structure Initiatives OPEX 7.5 (USD/day) 5.0 23,137 2012 2019 22,851 -26% 21,393 21,544 100 20,084 G&A 80 18,000/ 19,500 (USD mill) 60 40 2012 2019 -26% 25 21.0 Fuel 20 consumption (t/day) 15 10 2009 15.4 2019 0 2014 2015 2016 2017 2018 2019 Target Future focus - capital structure initiatives Capital Structure Targeted capital structure initiatives is estimated to further improve the cash break- even by USD 3,375/day Break-even levels increased in 2019 driven by increased debt and reduced number of operating days of our owned fleet Timing to successfully reach the target is market dependent but we expect to reach this level by 2022 should the current earnings environment continue through 2020 and 2021 56#57Covid-19 impact Our activities may appear unaffected by the ongoing pandemic but in reality, this has been the ultimate test of the strength of our platform and our crew 5 Cargo flexibility Global platform Ship Management COA coverage Adaptable TC fleet 60% TC-in vessels Pool vessels 30 58% 56% 60 53% 150% 25 43% 20 40 15 10 OFIL ODFIEL 120 5 0 4Q- 0 15' 16' 17' 18' 19' 20' 17 4Q- 18 4Q- 19 Crude tanker Producttanker Chemical tanker Crude CPP Vegoil Organic inorganic No presence Swing product Target product Onboard crew reached 10 months and up 59 36 n MONTUS t 15 6 3 10 m 11 m 12 m 13 m 14m 15 m Key challenges under the pandemic from a ship management perspective: Key obstacles needed to be tackled: O 1/3 of our crew is currently overdue and 126 has served 10 months or more O Maritime personnel has worked from home since March with poor internet connectivity, closed embassies for visa applications, unreasonable port states across the globe, severe lack of flights, community lockdowns by governments, heavily increased response time from relevant authorities, extensive quarantine arrangements, covid testing of crew before onboarding among others ✪ Ships needed to be diverted to non-planned ports for crew changes impacting costs and customers. We have performed 13 dockings, however with severe challenges bringing in spare parts and service personnel to supervise dockings Onboard repairs increasingly conducted by our experienced crew, with remote shore support. We benefit from a loyal crew pool with many being with us of Odfjell for more than 25 years Despite these challenges, we are: ✪ Record low on accidents with no LTI's since Aug-19 All-time high vetting performance ✪ Our predictably KPI to customers remains strong despite the many challenges 1#58Covid-19 impact The economic downturn in 2008-09 showed resilient demand for chemical tankers, Fundamentals looks likely to support our markets in the event of a new downturn Chemical tanker demand during 2008-2009 economic recession Organics Inorganics Vegoils Others +3% 179 180 191 12 Outbreak timing 176 12 14 18 56 5557 51 55 53 25 25 27 25 GDP recovery 27 Chemical tanker demand development post Covid-19 pandemic O Pandemic struck Asia that accounts for 49% of seaborne imports of chemicals first Recovery well underway in Asia supporting seaborne trade of chemicals O Regional differences are in general seen as supportive to seaborne trade © 2008/09 economic crisis was structural, 2020 crisis due to "self-imposed" lockdowns O 2008/09 recovery was quicker in Asia than in the western hemisphere O IMF forecast 2021 GDP growth of 5.8% driven by eased lockdowns and stimulus 96 86 88 81 Supply growth O The weak chemical tanker market post 2008/09 was supply driven, not demand driven O Fleet growth in 2008 and 2009 was 15.4% and 14.9%, respectively ✪ Fleet growth in 2020 and 2021 is estimated to 1.4% and 0.4%, respectively 2007 2008 2009 2010 Source: ICIS, Odfjell 58