PRESENTATION - HOLBERG FORVALTNING

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1 PRESENTATION - HOLBERG FORVALTNING Bergen, 2 September 23 AGENDA History and Company Overview The Industry We Serve Our Shipping Business Our Tank Terminal Business Logistics Financial Highlights The Odfjell Share Future Prospects 2

2 HISTORY Corporate Established 1916 Company split in 1979 Listed on the Oslo Stock Exchange in 1986 International Share Issue in 1989 Fleet Development Pioneered the chemical tanker trade in the mid 5s Acquisition of Westfal-Larsen s chemical interest in 199 Newbuilding program (gradual) Merger with Seachem in 2 Tank Terminals Developed since the mid 6s Growth in tank terminals late 199 s/early 2 s Tank Containers Joint-ventue with Hoyer since BUSINESS AREAS Global Trade - Leading global operator - 6 ships and 6 nb on order - Revenue $594 million - EBITDA $99 million - EBIT $38 million - Total assets $1,1 billion Regional Trade - Asia/Americas/Brazil/Chile - 28 ships - Revenue $126 million - EBITDA $14 million - EBIT $6 million - Total assets $127 million INTEGRATED LOGISTICS 4 Tank Terminals - 6 owned at strategic locations - 8 associated - Revenue $112 million - EBITDA $43 million - EBIT $26 million - Total assets $37 million Tank Containers - Start-up in containers - Revenue $48 million - EBITDA $5 million - EBIT $3 million - Total assets $ 37 million

3 BUSINESS AREAS cont. REVENUE GLOBAL TRADE 68 % EBITDA GLOBAL TRADE 6 % TANK CONTAINERS 5 % TANK TERMINALS 13 % REGIONAL TRADE 14 % TANK CO NTAINERS 4 % TANK TERMINALS 27 % REGIONAL TRADE 9 % GLOBAL TRADE 66 % TANK CO NTAINERS 2 % ASSETS 5 TANK TERMINALS 23 % REGIONAL TRADE 8 % ODFJELL S ASSETS Industrial shipping utilizing handware through: Skilled employees Trade Name/Corporate Culture Operational experience Global organisation Technology/systems Partner relations Customer relations/network 6

4 THE CHEMICAL INDUSTRY About 1 billion metric tons of organic and inorganic chemicals, vegetable oils and animal fats and other products are produced annually About 2,5 billion metric tons of clean petroleum products are produced annually Main producers - DOW, SABIC, Sasol, BP, Dupont, BASF, Senchim, etc. Main traders Main products organic chemicals (BTX, EDC, Acrylo, Glycols, etc.), Sulphuric and Phosphoric acids, Metanol, MTBE, etc. 7 PRODUCT GROUPS Organic chemicals Inorganic chemicals Vegetable oils & Animal fats Other products # of products Global annual production (mill. mts) Global seaborne transport. (mill. mts) Odfjell Global Trade in 22 (mill. mts) Total Clean Petr. Prod. 4 2, Gross total 3, Source: Various sources, Odfjell BDP, 23

5 SUSTAINABLE CHEMICAL MARKET GROWTH Chemicals and plastics growth has outpaced GDP growth over the last two decades Global Recession US Recession Asia Financial Crisis Source: CMAI March 22 GDP Index Basis Chemicals & Plastics Index Global Growth Index (Index Base Year =1985) CUSTOMERS 1

6 END USES 11 A NICHE IN THE WORLD TANKER MARKET Core chemical tankers 3 % Characteristics: Many parcels per voyage Many ports per voyage A margin business 12

7 A CHEMICAL TANKER VS. A PRODUCT TANKER Chemical Tanker 13WP 8WP 7WS 6WP 13WS 8WS 7WS 6WS Product Tanker 6W 5W 4W 3W 21W 1W 6P 5P 4P 3P 2P 1P 13 BUSINESS CHARACTERISTICS Barriers to entry Highly specialised vessels and operation Scale Threshold Systems, organisation and human resources Customer relations Track record Contract coverage Customer expectations Quality Safety Reliability On spec and on time delivery Frequencies - Regularity Many ports for loading and discharging Cost efficiency 14 => Few large operators/ many smaller operators

8 BUSINESS DRIVERS World economic growth (industrial production/gdp) Regional trends (influencing ton-mile, cargo flows) Production/consumption Imbalances Just-in-time delivery Frequency, reliability A global chemical industry Global production global consumption Capacity changes Additions/deletions Types of tonnage vs. demand 15 GLOBALISATION, NEW PLANTS & TRADE PATTERNS 16 = Regional trade

9 THE CHEMICAL TANKER MARKET OTHERS 69 % ODFJELL 13 % STOLT 11 % JO TANKERS 4 % OTHERS 44 % ODFJELL 23 % TOKYO MARINE 3 % Total fleet 13, dwt: 16.9 mill. dwt TOKYO MARINE 6 % JO TANKERS 8 % STOLT 19 % Total core fleet 13, dwt: 9.4 mill. dwt 17 DELIVERIES OF NEWBUILDINGS Core Chemical fleet 13, dwt 1, tdw % 9 % 6 % 3 % % -3 % -6 % -9 % -1 2 Deliveries Vessels 25+ Orderbook Deliveries in % of existing fleet -12 % 18 Note: A substantial number of commodity chemical ships is included in the order book

10 ORDER BOOK ( Core fleet over 13, tdw.) MTMM 8 % Dorval 6 % Other Owners Iino 7 % 5 % Odfjell 16 % Stolt 12 % Fairfield Chem 12 % Jo Tankers 3 % Tokyo Marine 5 % IMC/Aurora 13 % Brostroem 13 % 19 Total Core Deep-Sea order book: 1.7 mill. dwt or about 18% of the current fleet FACTORS INFLUENCING SUPPLY Regulations EC Regulation 417/22 IMO Regulation 13G Vetting Customer approvals Cost factors CAP test Scrapping 12, tdw. in 4 quarter 22 12, tdw. in 1 quarter 23 55, tdw. in 2 quarter 23 2

11 THE REGIONAL CHEMICAL TANKER MARKET ODFJELL 4 % STOLT 7 % COPENHAGEN 3 % BERLIAN 3 % OTHERS 83 % Total fleet 12,999 dwt: 5.1 mill. dwt 21 WORLD ECONOMIC GROWTH (GDP) % annual growth OECD World ' '2 '4 22 Source: DnB

12 FREIGHT RATE DEVELOPMENT (Chemicals) FREIGHT RATES - 3, TONS EASY GRADE CHEMICALS USD/Ton Houston/Rotterdam Houston/Far East FREIGHT RATES - 1, TONS ST. STEEL GRADE CHEMICALS USD/Ton Houston/Rotterdam Houston/Far East S ource: Quincannon Ass., Inc. S ource: Quincannon Ass., Inc. 23 FREIGHT RATE DEVELOPMENT (CPP) USD/Day Source: Clarkson Gulf - Japan Spore - Japan Caribs - USAC 24

13 MARINE TERMINALS (Chemical capacity in cbm) ODFJELL TERMINALS Houston Quebec Rotterdam Dalian Onsan Ningbo Callao Sao Luis Singapore Santos Rio Grande San Antonio Campana Buenos Aires 26

14 TERMINALS - EUROPE Odfjell Terminals (Rotterdam) BV 1,53, cbm 3 tanks 27 Ownership Associated TERMINALS - ASIA OTD, Dalian 6, cbm 35 tanks OTK, Ulsan 19,5 cbm 39 tanks China OOTS, Singapore 131, cbm 35 tanks (213, cbm from autumn 23) VOTTN, Ningbo 63,5 cbm 36 tanks 28 Ownership Associated

15 TERMINALS - NORTH AMERICA Canada USA Intertank IMTT, Quebec 27, cbm 46 tanks Odfjell Terminals (Houston) LP 255, cbm 88 tanks 29 Ownership Associated TERMINALS - SOUTH AMERICA Sao Luis 12,5 cbm 11 tanks Callao 25, cbm 22 tanks Peru Brazil Chile Santos 85, cbm 89 tanks San Antonio 4, cbm 46 tanks Argen- tina Rio Grande 3, cbm 16 tanks Buenos Aires 51, cbm 11 tanks Campana 23, cbm 42 tanks 3 Ownership Associated

16 FROM PRODUCER TO CONSUMER Terminal Global Trade Terminal - Coastal ships - Barges - Rail cars - Trucks - Pipeline Raw materials - Coal - Gas - Crude oil Tank Container - Coastal ships - Barges - Rail cars - Trucks - Pipeline Finished goods producer 31 Consumer COMMON DENOMINATOR IN ALL MODES The same customers The same products Our ability to handle complicated cargoes Capital intensive Global aspect => SYNERGIES 32

17 HIGHLIGHTS FIRST HALF 23 Net Result after tax nearly doubled in 1 st half 3 vs. 1 st half 2 Stable time-charter earnings compared to preceeding quarters, up 2% from 1Q3 to 2Q3 High bunker cost Strong result from tank terminal activities Continued low interest rates Investigations by EU & US Competition Authorities (ref. report second quarter 23) 33 TIME CHARTER INDEX VS. EBITDA INDEX 199 = USD MILLION EBITDA H3A ODFIX => Increased EBITDA Capacity

18 NET PROFIT, CASH FLOW AND RETURN USD mill % H3A Net profit Cashflow RoE Average RoE ROCE ,8% 1,2% - 21: 11,4% 9,8% - 22: 8,5% 5,7% - 23: 14,6% 5,8% SUMMARY INCOME STATEMENT USD million 1Q2 2Q2 3Q2 4Q2 1Q3 2Q3 Gross revenue Voyage expenses T/C expenses Operating expenses General/adm. expenses EBITDA Depreciation Gain on sale of assets 1 EBIT Net interest Currency gain/(cost) Net result before tax Taxes Net result

19 EBITDA/EBIT PER SEGMENT USD million 1Q2 2Q2 3Q2 4Q2 1Q3 2Q3 Global trade Regional trade Tank terminals Tank containers SUM EBITDA USD million 1Q2 2Q2 3Q2 4Q2 1Q3 2Q3 Global trade Regional trade Tank terminals Tank containers 1 1 SUM EBIT FLEET AND BUSINESS DEVELOPMENT Global Trade Delivery of M/T Bow Sun the first newbuilding from Poland The Polish newbuilding program back on schedule Regional Trade Joint-venture with Ahrenkiel for inter European trade 38

20 TANK TERMINALS IN 1st HALF Odfjell Terminals (Houston) Gross revenue USD 18.1 million EBITDA USD 8.9 million EBIT USD 6.2 million 88 tanks 255 cbm. 24 cbm expansion will be ready by 4th quarter 23 Odfjell Terminals (Rotterdam) Gross revenue USD 32.6 million EBITDA USD 9.7 million EBIT USD 5.5 million 3 tanks 1 54 cbm. 8 cbm of new stainless steell tanks will come on stream in 23 TANK TERMINALS 1 HALF 23 Other tank terminals Gross revenue USD 5.2 million EBITDA USD 2.7 million EBIT USD.9 million Oiltanking Odfjell Terminal Singapore A 82 cbm expansion will be completed in September 23 Odfjell Terminals (Korea) Start-up in 22 Currently evaluating expansions Dalian, China Ningbo, China 4

21 SUMMARY BALANCE SHEET USD million Vessels and nb's Tank terminals Tank containers Other fixed assets Other short term assets Cash & liquid assets Shareholders' equity Interest bearing debt Other liabilities Total assets Equity ratio 32,8 % 33,1 % 36,8 % 41 BALANCE SHEET (3 June 23) USD mill ASSETS USD mill LIABILITIES & EQUITY Liquid assets Other fixed and current assets Tank terminals ST debt LT debt Vessels & nb s Equity USD 581 million or USD 26.8/ NOK 193 per share 42

22 YEARLY SENSITIVITIES T/C RATES Global USD 1/day USD 14 mill. Regional USD 5/day USD 4 mill. CURRENCY USD 1% stronger vs. NOK improve net result by USD 7 mill. (23 25 exposure fully hedged) BUNKERS USD 1 per metric ton USD 5 mill. (38% of 23 exposure hedged at USD per ton) INTEREST RATES USD LIBOR 1 % USD 7 mill. (23 and 9% of 24 fixed through FRA s about at about 2.4%) 43 LISTED ON THE OSLO STOCK EXCHANGE $ in Millions, except per share Share price (A-share) NOK 14 ($18.42) # of shares (MM) 21.7 Market capitalization $4 Net interest bearing debt $683 Enterprise Value $1,83 Enterprise Value/1H3A EBITDA 6.7x Price/1H3A Earnings 4.9x Price/1H3A Cash Flow 2.3x EBITDA 1H3A/Net interest coverage 7.3x TRADING Symbol: ODF and ODFB NOK per share Odfjell OBX Market capitalization/book Equity 69% Dividend yield 5.7% 44

23 DIVIDEND AND YIELD NOK 9, 8, 7, 6, 5, 4, 3, 2, 1,, , % 6, % 5, % 4, % 3, % 2, % 1, %, % % Dividend Yield 45 Dividend per share in NOK. Yield equals dividend as a percentage of yearly average share price. SHAREHOLDER STRUCTURE Odfjell family 35% Chemlog ApS 25% 5 Norwegian Funds 11% Others 29% International shareholders 75% Norwegian shareholders 25% 46

24 SUMMARY Global economy Low economic growth in the OECD area Uncertain macro variables Oil and bunker prices volatile Lower net interest expenses Considerable currency profits in 23 Investigations by EU & US Competition Authorities Orderbook vs. Demand growth/scrapping Strong market position and corporate platform 47 MISSION STATEMENT Odfjell shall be a leading, preferred and profitable global provider of transportation and storage of bulk liquid chemicals, acids, edible oils and other special products. Odfjell shall be a true logistic service provider, capable of combining different modes of transportation and storage. Odfjell shall provide its customers with safe, reliable and efficient services. In the execution of its services, Odfjell is to meet high quality, safety and environmental standards. 48