Investor Presentaiton

Covid-19 impact The economic downturn in 2008-09 showed resilient demand for chemical tankers, Fundamentals looks likely to support our markets in the event of a new downturn Chemical tanker demand during 2008-2009 economic recession Organics Inorganics Vegoils Others +3% 179 180 191 12 Outbreak timing 176 12 14 18 56 5557 51 55 53 25 25 27 25 GDP recovery 27 Chemical tanker demand development post Covid-19 pandemic O Pandemic struck Asia that accounts for 49% of seaborne imports of chemicals first Recovery well underway in Asia supporting seaborne trade of chemicals O Regional differences are in general seen as supportive to seaborne trade © 2008/09 economic crisis was structural, 2020 crisis due to "self-imposed" lockdowns O 2008/09 recovery was quicker in Asia than in the western hemisphere O IMF forecast 2021 GDP growth of 5.8% driven by eased lockdowns and stimulus 96 86 88 81 Supply growth O The weak chemical tanker market post 2008/09 was supply driven, not demand driven O Fleet growth in 2008 and 2009 was 15.4% and 14.9%, respectively ✪ Fleet growth in 2020 and 2021 is estimated to 1.4% and 0.4%, respectively 2007 2008 2009 2010 Source: ICIS, Odfjell 58

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