SKEL Portfolio Update

Gallon - valuation RESULT OF VALUATION VALUE OF EQUITY 2.9 BILLION ISK 751 353 2,873 341 2,520 1,427 [0] SKEL GALLON PERFORMANCE AND FORECAST 2023E 2024E Revenue 580 682 EBITDA 275 353 EBIT 161 234 Depreciation 114 119 Investments 80 86 Change to NWC (56) (3) EBITDA / Revenue 47.4% 51.8% Inv./Revenue 13.8% 12.6% ROIC 10.4% 15.0% YIELDS NOMINAL VALUE WACC Target leverage ECFF 2023-27 FCFF 2028–47 TV 2047 EV Non-operating assets IBD Value of equity IMPACT ON VALUE Improved utilisation Emergency supplies Energy transition Underutilised investment 11.2% 50.0% COMPARABLES 2023E 5.3x 4.4x 1.2x EV/Revenue 11.9x 9.2x 7.7x EV/EBITDA ■Gallon Magellan Midstream Partners, LP. ■Energy transfer LP

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