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Odfjell 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

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