Investor Presentaiton

Summary - decarbonization journey • Difficult to see what the future fuel will be • Zero emissions is not about technology, but zero emission fuel infrastructure/logistics - this is out of our control • Challenge: Need to make new-build decisions before the picture is clearer Our next vessel will sail into 2050, and must therefore be zero-emission capable in order to meet the 2050 regulation • Deep sea differs greatly in complexity compared to short sea (ref hydrogen and battery) • Fuel flexibility is key here, and will leave most doors open • Our fuel flex fuel cell project answers directly to this • Fuel-flex combustion engine also answers to this

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