Odfjell SE - Chemical Tanker Industry Update

Debt Efficient capital structure Equity Financial targets Long-term priority FCF to equity ROIC LTV & Equity ratio Break-even We are below our target on LTV and equity ratio 60% Equity ratio Equity ratio ex IFRS 16 50% 40% 30-40% 31% 28% 30% Equity ratio 20% 39% 41% 34% 36% 37% 38% 28% 30% 31% 33% 33% 27% 25% 10% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 Target 80% 70% 60% 62% 63% 63% 64% 59% 55-60% 50% Loan-to- 40% Value 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 Target 15 We got a self-imposed target of having an equity ratio of 30-40 per cent We are currently below our target at 27% This underlines our strategy to focus on de- leveraging our balance sheet going forward O Weak markets has made us refinance vessels with low LTVs We still got some headroom to add leverage if needed... ...but our focus is to reduce our LTV going forward when the market development allows for this

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