Odfjell SE - Chemical Tanker Industry Update

Efficient capital structure Debt Equity LTV & Equity ratio Financial targets Break-even FCF to equity ROIC Long-term priority Optimise our capital structure by lower debt and reduce our break-even remains a priority - We are about to secure liquidity to meet upcoming debt maturities Debt maturities under control Reduce debt a key focus Lower our break-even levels Bcient captal structure We are in the process to secure USD 142 mill of liquidity to redeem Jan-21 bond if refinancing is not available - If so, proceeds will be used to reduce revolver Boient capital structure Add debt section on how we plan to reduce debt - Include what has been done Financial targets Cash break-even development since June 2019 Financial natives being ab Jan 20 Comments added in -20 gading proce Concluded Dark Facebook Totalco USD 15 financial market turbulence Totalcar proceeds of USD 27 mil Fere of Treads Diaproofing sow vessels with alow LTV. Total caihprosseds ofSD 50 ill To be Concludon aprosto savsko-texey Total cashpres of USD 3 D Stregto refrance Jay21 bond face is not right U50825mill bend to be redeemed Strategy H2 Robert TV and pincharged mas Description Seared and amorted debt Noordeb Today, USD mil Target range, USD mill USD dayt Last 12 months achievement Reduction USD850/day Reduction USD -250 day Neing deliveries dadebt development inthe shortrin USD2 mon 2pas Net USD 20 Endpo Extend average amortization profile Reduction yarapay down debt USD 2,075/day US con on the USD040/day forthefee DEBT Unencumbered essets, including unde - Total debi Reduction party as meased procedste 5,000 USD 200 Reduction 1,196 USD 3,375/dy Odjel Tankers historical Break-eran (USD/day) Cost savings in tatives Break-even comments Morget to lower cashbreak evento LED1000 1500day Capital structure initiatives This post genesta posa ca flow invay cyra 21544 We believe the viveror cost of capital and inver competisinthe har 1800 2018 2019 Improve FCF to equity Financial targets Lagempty) Free cash flow should improve in 2021 after completion of newbuilding deliveries - Lower debt repayments are a key to increase free cash flow to equity Annus free cash flow Annual free cash flow to equity™ Free cash flow to equity to changes in height rates and debt structure Cash flow from operations from Co ■ OF tominostor Fleet renewals with accretive returns Financial targets Our terminal restructuring and fleet renewals to increasingly contribute with stronger returns going forward Terminal restructuring & Fleet renewals 2015 2016 2017 2018 2019 2020 2021 2022** 2015 2016 2017 2018 2018 2830 20313822 Free Cash Freight Love BE Tositivity foto quy (1.000) (41,000/day) to FCF to E This is to ensure we can deler onour fancial strategy Break-ever 2018 d by ineased dab and reduced number af operating days of our red feet Timing reach the event dependent 9. But we teach the level by 2022 should cascondine tagh 2020 2021 he can recy budd Decape fra 2021 and onwards to improve fee cash flowg Du deltamorinnakes free cash/low after del The mar capetteimprove our tea can flow to y the years reaches lowout USD 27-USD 13 mill 2021/22 And out equity is highly sensi to improved gelraven UGD4fchfety tebe LED1300 higher fight and everyday lower banca Cowg casted four content setting Have attractive capital resources Manage risk Accommodate operational strategy Have a competitive cost of capital Secure growth and flexibility Secure attractive returns to shareholders 19 Defjell Terminals ROC Ofers RCIC Cofjell Tankers fleet renewals CC (1020) 2017 2018 2019 10:20 A stronger portfol Rosganisation and s Grande company 02B vessel transactionel at two years Newbuildings Cod Selembab p T Dinewbuilding De New veads are positively contribute gts our Added capta effective pool aces

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