Odfjell SE - Chemical Tanker Industry Update

Efficient capital structure Debt Equity Financial targets LTV & Equity ratio Break-even FCF to equity ROIC Long-term priority Our terminal restructuring and fleet renewals will increase returns going forward Terminal restructuring & Fleet renewals Odfjell Terminals ROIC 5% 4% 11% Odfjell Tankers ROIC 13% 1% 1% Odfjell Tankers fleet renewals ROIC (1Q20) 6% Newbuildings* 4% CTG acquisition & pool 8% 4% 2017 2018 2019 1Q-20 2017 2018 2019 1Q-20 Sinochem bareboat & pool 2xTC-in newbuilding -4% 13% A stronger portfolio after sale of terminals 28 vessel transactions last two years O Reorganisation and new JV structure A leaner and more cost-effective company O Replacing expensive & inefficient charters Added capital effective pool structures New vessels are positively contributing to our returns * ROIC from newbuildings reflects Jan-April performance and reflects maiden voyages and delivery costs. Performance after maiden voyage reflects the positive contribution to our returns from our newbuilding programme ** Odfjell Tankers ROIC reflects underlying results and does not take corporate G&A into account

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