Odfjell SE - Chemical Tanker Industry Update

Finance strategy Efficient capital structure... DEBT O Reduce debt COST O Optimise debt structure O Flexible debt structure O Lower cost of equity ...And meet relevant financial targets... O Improved Equity ratio ...That enables us to: O Lower daily break-even O Optimise debt structure according to collateral O Lower cost of capital Have attractive capital resources O Manage risk Accommodate operational strategy Have a competitive cost of capital Secure growth and flexibility Secure attractive returns to shareholders Returns through improved ROIC O Improved free cash flow to equity Having an efficient capital structure is key to ensure we succeed on our finance strategy 11

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