Odfjell SE - Chemical Tanker Industry Update

Efficient capital structure Debt Equity Financial targets LTV & Equity ratio Break-even FCF to equity ROIC Long-term priority Our shares are trading at significant discount to underlying values, which means our cost of capital remains to high despite attractive cost of debt Funding sources Margin 6.0% 6.0% 5.8% 5.5% 5.0% 4.9% 5.0% 4.5% 4.0% 3.8% 3.6% 3.5% 3.0% 2.5% 2.5% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% ୮ Mortgage funding Sale/lease back TC/BB Bonds Equity? jun-19 mar-20 Source: Odfjell, estimated broker values, * Valuation only accounts for Odfjell Tankers on-balance sheet vessels and their associated debt (i.e. no corporate or JV factors included) Equity Odfjell Tankers external fleet valuation Mar-20 (USD mill) (excludes TC/BB vessels) Market value fleet Equity instalments NB Excess market value NB 1,448 18 47 Total 1,513 Odfjell Tankers vessel debt 962 Net fleet value 551 Odfjell JVs equity book value Mar-20 (USD mill) Odfjell Terminals book equity value 147 Odfjell Gas book equity value 16

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