EXHIBIT 99.1
Capital Markets Day 12 January 2024
Forward-looking statements (1/2) This presentation includes certain statements,
expectations, estimates and projections provided by Euronav NV (the “Company”) and certain other sources believed by the Company to be reliable, and statements of the Company’s beliefs and intentions about future events. The statements included
in the presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “may,”
“will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms or other similar expressions, although not all
forward-looking statements contain these words. Such statements, expectations, estimates and projections reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive
uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company’s control and are impossible to predict. Accordingly, there can be no assurance that such statements, expectations, estimates and projections
will be realized. Any forecast made or contained herein and actual results will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements,
expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Our forward-looking statements are subject to certain risks and uncertainties, which include, but are not
limited to, the following: The transaction pursuant to which the Company has agreed to purchase CMB.TECH from CMB NV may not occur as expected or at all. The global clean energy transition may not accelerate as expected, including in the
shipping industry. Governmental and regulatory focus on a zero-carbon future in accordance with current target dates may not continue without delay or abatement or may be changed. The shipping industry may not adopt hydrogen and ammonia as a
primary fuel source for ocean-going vessels or any adoption may take longer than expected. The obsolescence and scrapping of older vessels that are powered by traditional fuels that emit carbon and their replacement may not occur as expected
or at all. CMB.TECH’s hydrogen and ammonia engine and fuel technology may not be successfully applied in longer haul routes. The business divisions of CMB.TECH may not be successfully integrated into the Company’s business. The delivery of
CMB.TECH’s vessels on order may not occur as expected or without unanticipated costs. Charters at attractive or expected rates may not be available for the Company’s vessels upon expiration of current charters or upon delivery of newbuildings
on order. CMB.TECH may not complete as expected various hydrogen and ammonia projects upon which the Company’s business plans are based around the world both at sea and ashore as expected. Continuing demand for transportation of crude oil may
not sustain charter rates for VLCCs and Suezmax tankers and the expected reduction in supply of such vessels due to scrapping or obsolescence may not occur. Improving supply and demand dynamics over the next several years in the dry bulk
shipping sectors may not occur as expected. A recovery and growth over the next several years in the chemical tanker sector of the shipping industry may not occur as expected. Demand for eco-friendly container vessels may decline. Continued
increases for demand for service vessels is the offshore wind industry may not occur as expected. The impact of general economic and geopolitical factors on the shipping industry. Other statements and projections relating to the Company’s
business objectives and plans may not occur as expected. In addition, certain industry data and information contained in this presentation has been derived from industry sources. The Company has not undertaken any independent investigation to
confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to such accuracy or completeness. This
presentation speaks only as of today’s date, and the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Information about the Company The Company is subject to the information and
reporting requirements of the Securities Exchange Act of 1934, as amended, applicable to foreign private issuers and in accordance therewith is required to file reports and other information with the SEC relating to its business, financial
condition, and other matters. The Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “Form 20-F”) and other filings are available at the SEC’s website at http://www.sec.gov. We refer you to Item 3.D. (Risk
Factors) in the Form 20-F for a discussion of certain risks of the Company’s business activities, financial condition, results of operations and prospects relating to its ownership and operation of crude oil tankers.
Forward-looking statements (2/2) Additional information CMB NV has announced
previously that it will conduct a mandatory tender offer for all of the Company shares that it and its affiliates do not already own. The tender offer has not yet commenced. This presentation is for informational purposes only, and is neither
an offer to purchase nor a solicitation of an offer to sell any ordinary shares of Euronav NV or any other securities, nor is it a substitute for (i) the prospectus of CMB NV and the response memorandum of the supervisory board of Euronav NV to
be approved by the Belgian Financial Services and Markets Authority or (ii) the Tender Offer Statement on Schedule TO and other necessary filings that CMB NV will file with the Securities and Exchange Commission (the “Commission”), and the
Solicitation/Recommendation Statement on Schedule 14D-9 and other necessary filings that Euronav NV will file with the Commission, at the time the tender offer is commenced. Any solicitation and offer to buy ordinary shares of Euronav NV will
only be made pursuant to a public takeover bid within the meaning of the Belgian Law of 1 April 2007 and the Belgian Royal Decree of 27 April 2007 on public takeover bids addressed to shareholders of Euronav NV wherever located (the “Belgian
Offer”) and a concurrent offer to purchase and related tender offer materials in accordance with applicable U.S. federal securities laws addressed to U.S. holders (within the meaning of Rule 14d-1(d) under the Securities Exchange Act of 1934,
as amended) of Euronav NV’s ordinary shares (the “U.S. Offer"). At the time the tender offer is commenced, CMB NV will file with the Commission a Tender Offer Statement on Schedule TO and other necessary filings, and in connection therewith,
Euronav NV will file with the Commission a Solicitation/Recommendation Statement on Schedule 14D-9 and other necessary filings. The prospectus of CMB NV and the response memorandum of the supervisory board of Euronav NV will contain important
information in relation to the Belgian offer. Shareholders of Euronav NV are urged to read these documents carefully when they become available because they will contain important information that shareholders of Euronav NV should consider
before making any decision with respect to the Belgian Offer. The Tender Offer Statement (including an offer to purchase, a related letter of transmittal and certain other offer documents) and the Solicitation/Recommendation Statement on
Schedule 14D-9 will contain important information in relation to the U.S. Offer. U.S. holders of Euronav NV’s ordinary shares are urged to read these documents carefully when they become available because they will contain important information
that U.S. holders of Euronav NV’s ordinary shares should consider before making any decision with respect to the tender offer U.S. Offer. When the tender offer is commenced, (i) the prospectus and the response memorandum will be made available
for free at the website of Euronav NV, and (ii) the offer to purchase, the related letter of transmittal and the solicitation/recommendation statement and other filings related to the offer will be made available for free at the Commission’s
website at www.sec.gov. U.S. holders of Euronav’s ordinary shares also may obtain free copies of the Tender Offer Statement and other offer documents that the Offeror will file with the Commission by contacting the information agent for the
tender offer that will be named in the Tender Offer Statement and the Solicitation/Recommendation Statement.
Presentation topics CMB.TECH transaction Creating the reference in sustainable
shipping Value creation Business units and markets Annex - focus section on hydrogen market and shipping, fleet list
© 2024 – CMB.TECH 1. CMB.TECH Transaction
Euronav company profile (1) Age calculation: new building fleet set at
0 Industry-leading shareholder returns, tier 1 customer portfolio, and at the centre of the on-going energy transition. Older tanker tonnage provides excellent opportunities to recycle capital into more future-proof (tanker) tonnage. 2nd
largest quoted crude oil tanker company Shareholder return Euronav in numbers VLCC Suezmax FSO Type # of vessels Average age(1) 9.9 years 7.8 years Ship on water Under construction Trading Storage Stock listed platform Euronav
is the world’s second largest independent quoted crude oil tanker company (dwt) engaged in the ocean transportation and storage of crude oil Sustainability is a core value at Euronav Fleet rejuvenation and future-proof(2) newbuilding program
at the heart of its long-term value creation strategy $1.5bn Cash dividends $200m Share buyback $3.5 bn Market Cap on 14/12/2023 NH3 Each $5k per day uplift in VLCC and Suezmax rates improves EBITDA by $70m $ 70 million + $ 5,000
per day $ 210 million + $ 15,000 per day $ 350million + $ 25,000 per day $ 770 million + $ 55,000 per day BASE since 2015 (1) Age calculation: new building fleet set at 0 years. (2) For purposes of this presentation,
“future-proof” means owning and operating efficient low-carbon emitting ships and/or ships powered by hydrogen and/or ships powered by ammonia. (3) These firms have not consented to the use of their names in this presentation, nor have they
endorsed the transaction or made any recommendations relating thereto. (3) Uplift in rates:
CMB.TECH company profile Total of 60+46 vessels with an average age of 0.17 years
(1) Crew Transfer Vessels (CTV)powered by MDO and H2Commissioning service operationvessels (CSOV) powered by H2 CMB.TECH is a division of the CMB Group that designs, builds andoperates a future-proof fleet powered by hydrogen and
ammonia: Category (2) 52+10 off-shore wind 1+4 container 2+26 dry-bulk 2+6 chemical 3 other 50 conventional NH3 21 dual fuel hydrogen Energy Design and retrofit of port and industrial applications to run on hydrogen – in cooperation
with leading OEMs and port operators Technology and infrastructure to produce and distribute green H2 and NH3, which we believe will be the fuel of the future A well-equipped technology centre powered by highly skilled engineers specialized
in H2 systems H2 Infra Technology & Dev Industry (1) Age calculation: new building fleet set at 0, excluding CTV’s (Avg. age 8.9 years) (2) Data format: fleet on the water + new building orders Note: Bocimar, Bochem and Delphis are the
trade names of CMB’s dry bulk carrier, chemical tankers and container vessel divisions, respectively. In the Transaction, CMB will give Euronav a worldwide royalty-free license to use these names for $ 0. 35 ammonia ready ammonia
fitted Tugboats powered by H2Ferry units powered by H2 Chemical tankers powered by NH3 Dry-Bulk carriers powered by NH3 Container vessels powered by NH3 CMB.TECH marine in numbers Marine CMB.TECH’s business model is to own/lease out or
sell assets to customers looking for low/zero carbon solutions. CMB.TECH solves the chicken and egg discussion by offering H2 and NH3 molecules, either through own production or by sourcing it from third party producers.
(1) (1) H2 Infrastructure
DCF $ 22 (-) Overheads and HQ Costs DCF $ 3,649 Enterprise Value $ 510 $ 1,888 $ 361 $ 1,625 (-) Net Debt Total Nominal 0utstanding Capital Commitments $ 1,153 Equity Value Dry Bulk FMV $ 441 Container FMV $ 394 Chemical FMV $
679 Off-Shore Wind, Others
FMV $ 181 Industry DCF $ 89 $ 1,986 (-) Net Debt Net Existing Finacial Debt 67 Vessels 5 Vessels 28 Vessels 8 Vessels In $ millions Unfunded – comes from Euronav cash Secured – rolled over Financial terms: enterprise value to
equity value bridge Note: Based on valuations as of 28/11/2023. Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers. Others: Tugboats & Ferries. These firms have not consented to the use
of their names in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Discounted cash Flow (DCF): intrinsic and prospective method valuing the business until end of holding period through its
future free cash flows discounted using the weighted average cost of capital (WACC) to obtain Enterprise Value (EV). Financing by Euronav Financial terms The Acquisition Price for 100% of the shares in CMB.TECH is $ 1.150 billion in
cash.Approximate enterprise value of $ 3.649 billion and an equity value of $ 1.150 billion The transaction includes $ 2.496 billion roll-over debt (bank, leasing and shipyard liabilities). This includes:Net existing financial debt of $ 510
millionTotal nominal outstanding capital commitments of $ 1.986 billion – to be paid over the coming 3 years: (i) $ 1.625 billion has beensecured and will be rolled over; (ii) remaining unfunded capital commitment of $ 361 million will come
from Euronav’s own cash. The Acquisition Price will be financed by Euronav from the cash proceeds of the sale of 24 VLCCs fleet to Frontline plc(which was announced by Euronav on 9 October 2023)
(1) Upon completion of newbuilding deliveries expected in 2026 (2) After the
closing of the acquisition transaction and CMB’s announced mandatory take-over bid for all shares in Euronav that CMB and its affiliates do not currently own (the “MTO”), Euronav will propose to its shareholders to change its corporate name to
“CMB.TECH NV” and CMB.TECH will change its corporate name. The trading symbol for the re-named company will also be changed to “CMBT” on both the NYSE and BE Euronext. Creating the leading, future-proof shipping platform The reference in
sustainable shipping Creating value through a diversified fleet and a strong focus on decarbonization Use, produce, distribute, and carrylow carbon fuels Best-in-class tanker platform High-quality asset base: VLCC,Suezmax, and FSO Strong
customer portfolio at the centerof the energy transition Market leader in green ships Modern fleet comprising over 100low-carbon future-proof vessels expected (1) Integrated hydrogen andammonia value chain ~ 6.9 $ Billion Marine Asset
FMV (fleet on the water + new building orders) 53.37% Strong anchor shareholder CMB (by voting rights) (2) Euronav to be renamed The only investable diversified green shipping platform for ESG funds and investors Intended to continue
NYSE and EURONEXT listingsunder future symbol “CMBT”
(1) The offer price may be further reduced by the gross amount of any future
dividends distributions paid by Euronav to its shareholders with an ex-dividend date prior to the end of acceptance period in settlement date of the MTO. CMB and Frontline plc/ Famatown Finance Ltd, reach an agreement on a transaction that
puts an end to the deadlock arising from their entrenched differences over the future strategy of the company Agreement Euronav and CMB announced that they entered into a SPA for the acquisition of 100% of the share in CMB.TECH Announcement
of CMB.TECH transaction As a consequence of exceeding the 30% threshold in November 2023 – CMB will offer all shareholders $ 17.86, i.e. $ 18.43 minus dividend of $ 0.57 paid in December 2023 (1) Target for Euronav to remain listed on NYSE
and EURONEXT Close MandatoryTake-Over Bid Shareholders approve conditionality of (i) Frontline’s acquisition of 24 VLCC for $ 2.35 billion and (ii) termination of arbitration case against Frontline plc / Famatown Finance Ltd, following which
CMB acquired Frontline’s 26.12% stake for $ 18.43 and a new Euronav Supervisory Board and Management Board was installed SGM - Special Shareholder Meeting SGM scheduled on 7 February 2023 to approve CMB.TECH transaction (pursuant to Art.
7:152 CCA) Expected closing of the transaction SGM - Special Shareholder Meeting 22 December 2023 15 March 2024 21/22 November 2023 February 2024 09 October 2023 Capital Market Day 12 January 2024 Euronav intends to change name to
CMB.TECH (CMBT NYSE / BE EURONEXT) Convening of SGM to approve CMB.TECH transaction Targeted approval date of MTO Prospectus CMB expects to launch MTO for Euronavon 14 February 2024 Expected timing
2. Creating the reference insustainable shipping After the closing of the
acquisition transaction and CMB’s announced mandatory take-over bid for all shares in Euronav that CMB and its affiliates do not currently own (the “MTO”), Euronav will propose to its shareholders to change its corporate name to “CMB.TECH NV”
and CMB.TECH will change its corporate name. The trading symbol for the re-named company will also be changed to “CMBT” on both the NYSE and BE Euronext. Further reference made to CMB.TECH in this presentation is forward-looking and describes
the Company and its business plans after the renaming from Euronav NV to CMB.TECH NV, as the context requires. Further reference to Euronav will be as the crude oil tanker business unit of CMB.TECH (CMBT), as the context requires.
Alexander Saverys Chief Executive Officer The founders of CMB.TECH and driving
force behind the rapid technological advancements which result in proprietary H2 and NH3 technologies Ambitious strategy for CMBT to be a leading green shipping growth stock – on both NYSE and EURONEXT Clear vision on how to become the
reference in green shipping – and to provide real ESG investment opportunities Alexander Saverys serves on the Management Board of Euronav as Chief Executive Officer as of 22 November 2023. He founded Delphis in 2004, a short sea container
shipping company. He became director of CMB in 2006 and is Chief Executive Officer of CMB since September 2014. Combined they hold over 100 years of shipping experience – financial, commercial, and operational Have been instrumental to the
success and growth of Euronav and CMB.TECH during the last decade Michael Saverys Chief Chartering Officer Source: Public information Ludovic Saverys Chief Financial Officer Ludovic Saverys joined Euronav on the Management Board as Chief
Financial Officer as of 22 November 2023. He is also the CFO of CMB and the General Manager of Saverco NV. He was on EURN board from 2015 to 2021. Michael Saverys joined Euronav on the Management Board as Chief Chartering Officer on 22
November 2023. In 2009 he joined CMB as Chartering Director of Bocimar International, and he is a member of the Board and Executive Committee of CMB NV. Maxime Van Eecke Chief Commercial Officer Maxime Van Eecke joined Euronav on the
Management Board as Chief Commercial Officer on 22 November 2023. He started as Legal Counsel for the CMB group in 2005 and became MD of Delphis in 2014. In 2021 he was appointed CCO of the CMB group. He is an executive board member of CMB
NV. Benoit Timmermans Chief Strategy Officer Benoit Timmermans joined Euronav on the Management Board as Chief Strategy Officer on 22 November 2023. He is in charge of the Chemical division and zero carbon fuel procurement. He is an
executive board member of CMB NV. CMB.TECH (CMBT) has a strong, experienced management team with a successful track record Michael Saverys Chief Chartering Officer
Euronav and CMB’s value creating pathways cross again CMB acquires Delphis
Euronav becomes the tanker division of CMB 1995 JV Euronav Luxembourg is formed between Compagnie Nationale de Navigation (CNN) and Compagnie Maritime Belge (CMB) 1997 2004 Euronav demerges from CMB and starts trading on Euronext under
the ticker EURN Saverys family acquires controlling stake in CMB 1991 CMB Technologies was added to the group CMB foundsthe subsidiary Bochem 2007 The Saverys family take CMB private 2017 MV Hydroville was christened in
Antwerp 2019 2020 CMB.TECH and Ohlthaver & List Group create Cleanergy Solutions Namibia The Company successfully concludes its IPO on the New York Stock Exchange 2015 Euronav concludes the merger with Gener8 Maritime
2018 2013 Euronav concludes the acquisition of 15 VLCCs of Maersk Oil Tankers Euronavacquires Tanklog 2004 2021 2022 Euronav fleet rejuvenation program CMB.TECH orders $ 3 billion of H2 and NH3 powered ships 2020 First CDP
submissiongaining B rating First bond issue for EURN $150m in Oslo 2023 2024 Agreement between CMB and Frontline/Famatown to solve the structural deadlock CMB acquires26,12% stake of Famatown/Frontline, Euronav sells 24 VLCCs for $ 2.35
billion Announcement CMB.TECH transaction CMB rebuilds ownership inEuronav to 24.97% 2015 CMB acquires Windcat Workboats from Seacor Marine 2014
Investment highlights CMB.TECH (CMBT) Creating THE reference platform in
sustainable shipping (1) UNCTAD Handbook of Statistics 2023 (2) Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, Vessels Value and Hagland Shipbrokers – FVM entails fleet on the water + new building orders .
Data format: fleet on the water + new building orders. These firms have not consented to the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. CMB.TECH
builds, owns, operates the largest pool of large marine applications that run on hydrogen and ammonia Proven and scalable CMB.TECH technology of monofuel and dual fuel combustion engines that use hydrogen and ammoniathat becomes available for
the combined fleet Tier 1 customer portfolio located at the center of the energy transition Ensuring availability of hydrogen and ammonia fuel to its customers, either through own productionor by sourcing it from third party
producers Diversification across different shipping types enables to invest for the future through shipping cycles: 41+7 oil tankers,2+26 dry-bulk vessels, 52+10 offshore wind vessels, 1+4 container vessels, 2+6 chemical tankers, and 3other
segment (H2 tug & H2 ferry) Exposed to attractive end markets and to different contract types (balancing operational gearing with steady cashflows) Extensive current project pipeline of 53 committed new building vessels for delivery – and
a pipeline of + 125 vessels Modern and growing fleet to meet tomorrow’s sustainability requirements ~ 6.9 $ Billion Marine Asset FMV(2) 53.37% Strong anchorshareholder CMB (by voting rights) Positioned for the global fuel transition At
the center of the on-going energy transition. Older tanker tonnage provides excellent opportunity to recycle capitalinto more future-proof (tanker) tonnage Increasing premium on TC rates for ecological vessels Significant addressable market
where over time 118,928 merchant vessels are expected to be replaced by low carbon emitting ships (1) CMBT a NYSE and EURONEXT listed growth stock rewarding its shareholders Successfully grown and developed CMB.TECH since it was founded in
2015 under the CMB umbrella At the helm when Euronav became the tanker division of CMB in 1997 and primordial for its succes during the years thereafter Grey-to-green solution for the maritime industry Diversified, young and growing
fleet Ideally positioned in the growing market of sustainable shipping CMB as anchor shareholder
We create diverse, sustainable, and high-quality cash-flows. We serve our clients
with reliable, qualitative,and safe services. We attract and inspire the best talents. CMB.TECH focuses on hydrogen for smallships and ammonia for large ships. We power green marine value chains:shipping assets, port assets, andH2/NH3
production infrastructure. What do we stand for?To be the global reference in sustainable shipping. CMB NV (Compagnie Maritime Belge) as a strong anchor shareholder We reward our shareholders. 1 2 3 4
CMB.TECH (CMBT) company profile Design, building and operate a future-proof fleet
powered by hydrogen and ammonia: Total of 101+53 vessels with an average age of 4.59 years (1) Category (2) 95 conventional NH3 21 dual fuel hydrogen Energy Design and retrofit of port and industrial applications to run on hydrogen –
in cooperation with leading OEMs and port operators Technology and infrastructure to produce and distribute green H2 and NH3, the fuelof the future A well-equipped technology centre powered by highly skilled engineers specialized in H2
systems H2 Infra Technology & Dev Industry (1) Age calculation: new building fleet set at 0, excluding CTV’s (Avg. age 8.9 years) (2) Data format: fleet on the water + new building orders CMB.TECH’s business model is designed to
enable the grey-to-green transition of the maritime industry with a focus on hydrogen for small ships and ammonia for large ships – whilst creating value for our shareholders, serving customers with reliable, qualitative and safe services, and
attracting and inspiring the best talents. 38 ammonia ready ammonia fitted CMB.TECH marine in numbers 52+10 off-shore wind 1+4 container 2+26 dry-bulk 2+6 chemical 3 other 41+7 oil Chemical tankers powered by NH3 Dry-Bulk carriers
powered by NH3 Container vessels powered by NH3 Marine Crew Transfer Vessels (CTV) powered by MDO and H2Commissioning service operationvessels (CSOV) powered by H2 Suezmax tankers / VLCC tankersFloating Storage and Offloading unitsStorage
tankers (FSO) Tugboats powered by H2Ferry units powered by H2
NH3 Energy type 9.2 years Avg. age 3,455 FMV $
millions 45 3 0 NH3 Energy type <1 years Avg. age 1,888 FMV $ millions 4 22 2 NH3 Energy type <1 years Avg. age 394 FMV $ millions 0 8 0 NH3 Energy type <1 years Avg. age 441 FMV $ millions 0 5 0 In-house
expertise to seize new opportunities across end-markets whilst pursuing a fuel transition of the fleet towards ammonia and hydrogen >3,000 seafarers >450 shore-based staff 4.59 average fleet age ~6.9 $billion Combined FMV Energy
type 679 FMV $ millions 46 0 17 NH3 <1 y Avg. CSOV 8.9 y Avg. CTV Marine – the leading diversified green shipping platform 101+53 Vessels Oil Tankers 41+7 Dry-bulk vessels 2+26 Container vessels 1+4 Chemical
Tankers 2+6 Off-shore wind 52+10 NH3 Conventional Ammonia ready Dual-fuel hydrogen # number of vessels + + + + Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on
the water + new building orders. These firms have not consented to the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Sum of the fleet composition is
current fleet and committed newbuilds. Data format Vessels Count: fleet on the waters + new building orders >70 engineers >15y experience in H2
Flywheel strategy of the CMB.TECH marine division CMB.TECH is ideally positioned
to tap into each step of the energy transitiontowards low carbon shipping ... Capitalize on fleet size and strategic investments in infrastructure Low carbon shipping of goods Integration across entire value chain in sustainable shipping (H2
/ NH3) Diversify cashflows which allows to invest through shipping cycles Offshore industry with CSOVs, CTVs, Tugboats Oil tanker business + accelerated decarbonization + growth of energy tanker industry Diversified green shipping business
powered by NH3/H2 Powered by CMB.TECH Low carbon Hydrogen and Ammonia molecules(Engine technology & Production) Enabler of NH3/H2 production (cfr. offshore wind) Contributing cash to business and shareholders Enabler to decarbonize
shipping of goods (fuel + engine) ... with a clear vision on value creationfor stakeholders
Future-proof and commercial attractive vessels hitting the water 2 + 24 x 210.000
dwt Newcastlemax bulkersNH3 as a fuel (ready/fitted) +4 Suezmax tankersNH3 as a fuel (ready) +3 VLCC tankersNH3 as a fuel (ready/fitted) 2 + 6 x 25.000dwt chemical tankers NH3 as a fuel (ready) Hydrotugdual fuel 65t BP tractor tug 1 + 3
x 6.000 TEU ice class 1A reefer container ships NH3 as a fuel (ready) Firm newbuilding orders of dual fuel NH3
CMBT a NYSE and EURONEXT listed growth stock + Real low-carbon solution Proven
technology ready to scale Significant market for green energy “We have a plan. The strategy is working, and our people are fully behind it.Now it is about execution – operationally and strategically.” CEO CMB.TECH + Competitive
advantage Long-term trend & structural shift Addressablemarket = Growth stock The Paris Agreement’s overarching goal is to hold the increase in the global average temperature to well below 2°C above pre-industrial levels(1) CMB.TECH
has proven, competitive and accredited H2 / NH3 production and engine technology available TODAY We intend to be part of gradually replacing 118,928 merchant vessels with low carbon emitting ships(2) (1) United Nations Climate Change (2)
UNCTAD Handbook of Statistics 2023
Governments have stepped up their commitment to policy action U.S. Inflation
Reduction Act IMO GHG strategy 2023 EU Green Deal and EU Fit for 55 China's 14th Five-Year Plan GREEN MARINE AMMONIA ASSETS GREEN MARINE HYDROGEN ASSETS CMB.TECH targets new capital deployment of 3-5 $ billion over the next five years
EU ETS and FuelEU can offer significant competitive advantage x
6 Assumptions Large handy bulk carrier emitting 9,725 tonnes of CO2 equivalents (CO2e) on voyages to and from the EU, and 1,399 CO2e tonnes on intra-EU voyages or at berth in EU ports EUA Carbon Price: $ 92.63 /ton To calculate the GHGIE
intensity limit, 2020 reference value is set to 91.16 [gCO2eq/MJ] VLSFO's well-to-wake carbon intensity is set to 91.40 [gCO2eq/MJ] (1) LR indicative panamax FuelEU Maritime penalties can only be reduced significantly by changing fuel
technologies FuelEU Maritime effectively rewards early adopters by the potential to offset an entire fleet or pool’s penalties with just a few over-performing vessels A pool of ten container vessels could avoid around € 226 million in FuelEU
Maritime penalties over five years (2030-2034) if they are joined by a single vessel fueled with e-ammonia: Start today – pilot projects offer a compelling commercial case -2% -14,5% -80% Assumptions 60% of cargoes heading to EU/EAA
discharge/load ports, 19k TEU container vessel, 215 days per year at sea, average sailing consumption 170 T VLFSO per day To calculate the GHGIE intensity limit, 2020 reference value is set to 91.16 [gCO2eq/MJ] VLSFO's well-to-wake carbon
intensity is set to 91.40 [gCO2eq/MJ] Green ammonia’s CMB.TECH dual fuel engine: well-to-wake carbon intensity is set as 9-15 [gCO2eq/MJ] VLFSO 91.4 with target at 85.69 in 2030: gap of 5,71 E-Ammonia 15 with target at 85.69 in 2030: surplus
of 63,6 x10 NH3 x10 x1 2030 € 38 million 2031 € 42 million 2032 € 45 million 2033 € 49 million 2034 € 52 million Total € 226 million 2030 2031 2032 2033 2034 Total 0 € 11:1 ratio Wait and see Pilot project Rough Order
Magnitude (ROM) € 30 million cost saving taking additional fuelex green NH3, capex NH3 engine, and EU ETS into account (1) Own calculations based on Llyod's Register case study. Llyod’s Register has not consented to the use of its name and
data in this presentation, nor has it endorsed the transaction or made any recommendation relating thereto. EU ETS and FuelEU maritime cost comparison ✓ ✓ ✓
CMB.TECH: at the forefront of hydrogen & ammonia rollout Establishing the
market for hydrogen and ammonia today for the transportation sector CMB.TECH solution available CMB.TECH intends to accelerate the transition of utilising hydrogen as an energy source in transportation industries CMB.TECH H2ICE engines and
ammonia-ready vessel designs are available today at an attractive initial investment cost without compromising performance (economic or environmental) and reliability Source: Hydrogen Council. These firms have not consented to the use of its
name and data in this presentation, nor has it endorsed the transaction or made any recommendation relating thereto. ✓ ✓ CMB.TECH hydrogen rollout versus Hydrogen Council’s timeline
Proven technology with a significant addressable market The current CMBT marine
client base (1) (1) These firms have not consented to the use of their names in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. CMBT industry clients and partners (1)
20 H2 tugboats 20 Hydrocats 10 H2 CSOV’s 10 H2 5,000 dwt Grow current CMB.TECH
market position Note: Under development includes tenders, feasibility studies, currently under discussion and similar 20 NH3 Ultramax bulkers 20 NH3 4,000-10,000 TEU container vessels 10 NH3 LR2 tankers 10 NH3 25,000 dwt chemical
tankers Own production of 185,000 tons pa of green ammonia in Namibia Offtake agreement of: 100,000 ton per annum of green ammonia Europe 500,000 to 750,000 ton per annum of blue ammonia USA 280,000 to 560,000 ton per annum of blue ammonia
USA 1,000 T pa of green hydrogen Europe Delivered / Acquired For delivery / Under construction Off-take agreements under development Total +5 Delivered / acquired For delivery / under construction Under
development Total +74 5 Delivered / acquired For delivery / under construction Under development Total +94 Current pipeline of approximately 120 marine projects and 5 H2 infra projects worldwide – and growing by the day Marine – NH3
powered H2 Infrastructure Marine – H2 powered
3. Value Creation
(1) (1) H2 Infrastructure
DCF $ 22 (-) Overheads and HQ Costs DCF $ 3,649 Enterprise Value $ 510 $ 1,888 $ 361 $ 1,625 (-) Net Debt Total Nominal 0utstanding Capital Commitments $ 1,153 Equity Value Dry Bulk FMV $ 441 Container FMV $ 394 Chemical FMV $
679 Off-Shore Wind, Others
FMV $ 181 Industry DCF $ 89 $ 1,986 (-) Net Debt Net Existing Finacial Debt 67 Vessels 5 Vessels 28 Vessels 8 Vessels In $ millions Unfunded – comes from Euronav cash Secured – rolled over Financial terms: enterprise value to
equity value bridge Note: Based on valuations as of 28/11/2023. Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers. Others: Tugboats & Ferries. These firms have not consented to the use
of their names in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Discounted cash Flow (DCF): intrinsic and prospective method valuing the business until end of holding period through its
future free cash flows discounted using the weighted average cost of capital (WACC) to obtain Enterprise Value (EV). Financing by Euronav Financial terms The Acquisition Price for 100% of the shares in CMB.TECH is $ 1.150 billion in
cash.Approximate enterprise value of $ 3.649 billion and an equity value of $ 1.150 billion The transaction includes $ 2.496 billion roll-over debt (bank, leasing and shipyard liabilities). This includes:Net existing financial debt of $ 510
millionTotal nominal outstanding capital commitments of $ 1.986 billion – to be paid over the coming 3 years: (i) $ 1.625 billion has beensecured and will be rolled over; (ii) remaining unfunded capital commitment of $ 361 million will come
from Euronav’s own cash. The Acquisition Price will be financed by Euronav from the cash proceeds of the sale of 24 VLCCs fleet to Frontline plc(which was announced by Euronav on 9 October 2023)
Calculation methodology: FMV basis 28 November 2023 Brokers used: Arrow, BRS,
Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers (1) Desk appraisals without physical inspection Average of FMV if multiple broker reports were available FMV includes value of charter (if applicable) No valuation has been
requested for the NB CTVs, NB 1400 TEU (value assumed to be equal to the contract price) No valuation was provided for Hydroville and Hydrobingo – internal assessment made FMV represents the % share in case of JV’s (1) A 25% premium to FMV
has been applied to reflect the Windcat platform's premium offering in terms of predominant numberof CTV vessels in the market, global recognition, unique contractual operational know-how ($ 33 million) (2) CSOV broker valuation has been
complemented to reflect the H2 dual fuel capabilities. 1 more CSOV option is held by CMB.TECH NV and has been valued accordingly 52+5 CTV 67 Vessels 5Vessels 28Vessels 8Vessels $ 679 $ 394 $ 441 $ 1,888 $ 3,402 2+6 25.000 dwt
chem 1+3 6,000 TEU 2+24 Newcastlemax 3 Other $ 2.4 $ 6.0 Newbuilding CTVs $ 51.2 $ 47.2 $ 104.0 $ 90.0 $ 71.7 $ 71.7 0+2 5000 dwt $ 11.7 0+1 1,400 TEU 0+5 CSOV $ 76.5 $ 12.4 Hydrotug $ 1.0 Hydroville/Hydrobingo $ 164.2
(1) $ 393.8 $ 388 $ 1,864 $ 23,5 $ 52.7 $ 500.0 (2) $ 14.6 In $millions $ 679 $ 394 $ 441 $ 1,888 $ 52.7 $ 6.8 CSOV H2 premium Marine FMV (1) These firms have not consented to the use of their names in this presentation, nor
have they endorsed the transaction or made any recommendations relating thereto. Financial terms: Marine FMV Broker 1 Average FMV/vessel Broker 2 Average FMV/vessel Broker 3 Average FMV/vessel Broker 4 Average FMV/vessel Broker
5 Average FMV/vessel Broker 6 Average FMV/vessel Internal valuation Average FMV/vessel Sub Total FMV Total FMV
$ million (# units) 2024E 2025E 2026E Truck 18.0 (75 #) 35.9 (150
#) 39.5 (165 #) Generator 0.2 (10 #) 0.6 (30 #) 0.8 (36 #) Port Equipment 0.8 (5 #) 0.8 (5 #) 6.1 (40 #) Behydro 3.2 (9 #) 7.4 (21 #) 12.6 (36 #) Locomotive - - (2 #) 0.8 (4 #) Total
Revenue 22.1 44.7 59.8 OPEX -15.2 -31.1 -40.9 EBITDA 0.8 7.4 12.6 EBIT 0.8 7.4 12.3 NOPAT 0.6 5.5 9.3 Free Cash Flow 0.6 2.8 4.1 Discounted Cash Flow 0.6 2.4 3.2 Business plan (in $ millions) Equity value
(in $ millions) WACC 10.5% Perpetual growth rate 2.5% Present value of Free Cash Flow 116 Present value of Terminal
Value 65 -0.4% -0.2% - +0.2% +0.4% 2.1% 2.3% 2.5% 2.7% 2.9% -0.4% 10.1% 192 193 195 198 200 -0.2% 10.3% 184 186 188 190 192 - 10.5% 178 179 181 183 185 +0.2% 10.7% 171 173 174 176 178 +0.4% 10.9% 165 167 168 170 171 Enterprise
value of $ 181 million (in $ millions) Financial terms: Industry DCF Calculation methodology & comments: Valuation as of 31 December 2023 Normative year reached in 2044 (20-year DCF) Perpetual growth rate (PGR) of 2,5% in line with
peers average Normative EBITDA margin of 19% in line with best-in class industrial margins WACC of 10.5% based on bottom-up calculation Financials in group share for Engineering (100%), Truck (100%), Generator (100%), BeHydro (50%), Port
equipment (100%) and Locomotive (50%); Capex mainly represents acquisition; EV=EqV as debt free cash free Macroeconomic assumption 2% inflation on the costs of allocated FTEs from Engineering division Net working capital variation assumed
to be nil for all segments Terminal Value: calculated using the Gordon Shapiro formula WACC (%) Perpetual Growth Rate (%)
Generator BeHydro Port Locomotive Fixed price by truck times number of trucks
sold Number of trucks sold assumed to grow by 10% until 2030 and 5% onwards Overhead costs: allocated full time equivalents (FTEs) from the Engineering division No maintenance capex required as all applications are sold hence no depreciation
& amortization (D&A) Fixed price by generator times number of generators sold Number of generators sold assumed to grow by 20% Fixed price by engine times number of engines sold Number of engines sold assumed to grow by 10% Fixed
price by straddle carrier retrofit kit times number of kits sold Number of kits sold forecasted to grow over the business plan period Locomotive leased on annual basis Number of locomotives to reach 20 in 2030 then assumed to grow annually
by 5% D&A: Linear depreciation of locomotives over 10 years Overhead costs: allocated FTEs from Engineering division Capex corresponding to locomotive acquisition and retrofitting cost Includes the cost per truck and the retrofit cost
which are assumed to be constant over the business plan period Includes the retrofit cost per generator which is assumed to be constant over the business plan period Includes the cost per engine which is assumed to be constant over the
business plan period Includes the cost per straddle carrier retrofit kit which is assumed to be constant over the business plan period Includes yearly maintenance per locomotive, assumed to be constant over the business plan period 100%
CMB.TECH 100% CMB.TECH 50% CMB.TECH 100% CMB.TECH 50% CMB.TECH Financial terms: Industry DCF OPEX Ownership Truck Business plan – main operational assumptions Overhead & CAPEX Revenue
Business plan (in $ million) Equity value (in $ million) WACC
24E-29E 12.0% WACC 30E-31E 9.0% Perpetual growth rate 2.5% Present value of Free Cash Flow -126 Present value of Terminal Value 215 Perpetual Growth Rate
(%) -0.2% -0.1% - +0.1% +0.2% 2.3% 2.4% 2.5% 2.6% 2.7% -0.5% 8.5% 140 144 149 154 158 -0.25% 8.8% 110 114 118 122 126 - 9.0% 82 85 89 92 96 +0.25% 9.3% 56 59 62 65 69 +0.5% 9.5% 32 35 37 40 43 WACC
(%) Enterprise value of $ 89 million (in $ millions) Financial terms: H2 infra DCF $ million 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E PV2Fuel
pilot - - 1.3 1.3 1.3 1.4 1.4 1.4 PV2Fuel - - - - - 117.8 120.2 122.6 Refueling station 1.5 1.4 1.4 1.4 1.4 1.3 1.3 1.3 Total
Revenue 1.5 1.4 2.7 2.7 2.8 120.5 122.9 125.3 OPEX -1.0 -1.3 -1.8 -1.7 -1.7 -18.5 -18.6 -19.0 EBITDA -0.9 -1.5 -0.7 -0.6 -0.6 100.3 102.5 104.5 EBIT -1.1 -1.7 -1.5 -1.4 -1.3 73.1 75.3 77.3 NOPAT -1.1 -1.7 -1.5 -1.4 -1.3 49.7 51.2 52.6 Free
Cash Flow -20.1 -71.0 -277.4 -300.0 -132.0 76.9 78.4 79.8 Discounted CF -19.0 -60.4 -214.7 -213.6 -87.4 47.9 44.8 41.8 Business plan (in $ millions) Equity value (in $ millions) Calculation methodology &
comments: Valuation as of 31 December 2023 Normative year reached in 2044 (20-year DCF) Perpetual growth rate (PGR) of 2,5% in line with selected peers average Normative EBITDA margin of 84.6% in line with the average EBITDA margin since
FCF breakeven in 2029E until the end of the forecast period Rolling WACC retained: 12.0% in 2024E and 9.0% from 2030E onwards Financials in group share for PV2Fuel pilot (49%), PV2Fuel (25%) and Refueling station (100%) EV=EqV as debt
free cash free Implied tax rate resulting from H2 Infra consolidated cash-flows Macroeconomic assumptions: 2% inflation on the costs of allocated FTEs from Engineering division, opex inflation of 1%, and inflation on green ammonia’s price of
2% Net working capital variation assumed to be nil for all segments Terminal Value: calculated using the Gordon Shapiro formula
PV2Fuel Pilot PV2Fuel Refueling Station Green ammonia price per kg times volume
produced D&A: Linear depreciation of the equipment Overhead costs: allocated FTEs from Engineering division Green ammonia price per kg times volume produced Volume of hydrogen produced times hydrogen price which is assumed flat from
2029E onwards Includes the various costs associated with the facilities Includes the various costs associated with the facilities Includes fixed and variable costs (electricity, water and other) Maintenance costs Business plan – main
operational assumptions Capex includes group’s share of investment Replacement and maintenance capex are treated as opex hence no additional depreciation Total capex of circa $ 40 million (excluding subsidy) Capex includes group’s share of
investment Replacement and maintenance capex are treated as opex hence no additional depreciation Total capex of approximately $ 2.8 billion Capex includes group’s share of investment Replacement and maintenance capex are treated as opex
hence no additional depreciation Total capex of approximately $ 4.4 million Construction ongoing, delivery expected June 2024 Front End Engineering Design (FEED) phase on-going Final Investment Decision (FID) – Q4 2024 In operation
expected 2029 Delivered & in operation 49% CMB.TECH 25% CMB.TECH 100% CMB.TECH Financial terms: H2 infrastructure DCF Financial terms: H2 infra DCF Revenue Overhead OPEX CAPEX Status Ownership Business plan – main operational
assumptions
3,402 Marine FMV 181 IndustryDCF 89 H2 Infrastructure DCF 22 (-) Overheads
and HQ CostsDCF 3,649 Enterprise Value 2,496 (-) Net Debt 1,153 Equity Value 3,377 215 57 0 3,648 2,321 1,327 Agreed valuation Degroof Petercam valuation Note: Based on valuations as of 28/11/2023. Fair Market Value (FMV)
sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers. Others: Tugboats & Ferries.These firms have not consented to the use of their names in this presentation, nor have they endorsed the transaction or made any
recommendations relating thereto. Discounted Cash Flow (DCF) Overall, the Enterprise Value is aligned between the internal valuation excersize, and the fairness opinion performed by Degroof Petercam Differing methodology in regard of the
capital commitments (discounted capital commitments versus capital commitments) Fairness opinion: agreed valuation versus fairness opinion
Estimated Equity Value of CMB.TECH based on the DCF valuation method within the
range of $ 1,157-1,449 million(1) with a midpoint of $ 1,302 million. Secondary method, the NAV, yields a valuation range of $ 1,105-1,435 million(2) with a midpoint of $ 1,327 million Based on the aforementioned valuation range for the
primary and secondary valuation method, Degroof Petercam concluded that the Acquisition Price is within its valuation range Hence, in the context of the intended Acquisition announced on all the shares of CMB.TECH, Degroof Petercam is of the
opinion that the Acquisition Price is fair to Euronav shareholders CMB.TECH acquisition price is at the lower end of the valuation range Fairness opinion Extract out of the fairness opinionperformed by Degroof Petercam (1) (1) Fairness
opinion of Degroof Petercam is available at Euronav’s website: https://www.euronav.com/media/67615/20231222_project-cmb2_valuation-opinion_.pdf (2) Based on the maximum and minimum of the upper and lower limits of each sensitivity (3) WACC =
weighted-average cost of capital (3)
47+30 ~FMV $ 1,787 million (1) CMB.TECH company profile Q4 2021 BeHydro
launches the first hydrogen-powered dual-fuel engine Launch of first multimodal hydrogen refuelling station Launch of hydrogen-powered truck & launch of hydrogen-powered excavator BeHydro launches 100% hydrogen engines for heavy-duty
applications Volvo Penta & CMB.TECH partner on dual fuel hydrogen engines Opening CMB.TECH dual fuel workshop WinGD and CMB.TECH agree to co-develop large ammonia-fuelled two-stroke engines ATS & CMB.TECH launch World's First
Hydrogen Dual Fuel Straddle Carrier 2017 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 Time Technology performance and scalability 52+5 CTV 2+6 25.000 dwt chem 1+3 6,000 TEU 2+24 Newcastlemax 3 Other 0+2 5000
dwt 0+1 1,400 TEU 0+5 CSOV 44+6 CTV 0+4 25.000 dwt chem 0+12 6,000 TEU 0+8 Newcastlemax 3 Other Marine H2 infra and industry CMB, ITOCHU Corporation and Nippon Coke & Engineering Company join forces to builda company dedicated to
local hydrogen production Cleanergy Solutions Namibia kicks off construction works for Africa's first publicrefuelling station with onsite green hydrogen production Q4 2023 Delivery of the world’s first hydrogen powered ship, Hydroville,
powered byCMB.TECH’s converted Volvo Penta D4 engines Delivery of Asia’s first hydrogen powered ferry, HydroBingo, powered byCMB.TECH’s converted Volvo Penta D13 engines 2023 Delivery of the world’s first hydrogen powered tugboat,
Hydrotug,powered by 2 x 2MW BeHydro engines 2 years 60+46 FMV $ 3,402 million (2) (1) Based on Vessels Value data of 01/01/2022. CTV valuation based on 28/11/2023. (2) Based on valuations as of 28/11/2023. Fair Market Value (FMV) sources:
Arrow Valuations Ltd. (“Arrow”), Barry Rogliano Salles International S.A. (“BRS”), Howe Robinson Partners UK Ltd (“Howe Robinson”), Maersk Broker Advisory Services A/S (“Maersk Broker”), SSY Valuation Services Ltd. (“SSY”), and Hagland
Shipbrokers ApS (“Hagland Shipbrokers”). These firms have not consented to the use of their names in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
CMB.TECH is committed to creating value Opportunity for green
investments Opportunity to invest with impact Dual fuel mix flexibility and reliability – ready today Greening end-to-end the supply chain of our customers Clients Investors A B C A B C Long-term contracts and predictable
cash-flow Investment opportunities for the long-term Building, owning, and operating high-specification assets that generate predictable and uncorrelated cash flows Targeting long-term contracts with blue-chip counterparties – where risks
and rewards are being shared between all parties Solving our customers’ scope 3 emission challenges by providing low carbon maritime transportation assets Targeting a large market cap, large trading liquidity, and to remain forward-looking on
ESG Providing investment opportunities in the energy transition of the maritime value chain Creating investment opportunities for long-term buy-and-hold stories, and for partners looking to smoothen the inherent cyclical volatility of
shipping earnings
P&L break-even levels versus actual Time Charter Equivalent (TCE) TCE
calculations: Actual Q4 2023: Newcastlemax bulk carrier, 25K DWT chemical tanker Actual Q3 2023: FSO, VLCC, and Suezmax 6000 TEU container vessel: all fixed under long-term time charter (10 years) CSOV TCE rate is based on forecast time
charter rate (incl. other income) P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees Comments (1) FSO’s are depreciated to nil value
under Qatar’s depreciation schedule, all other vessels are depreciated over 20 years to scrap value 6,350 22,204 29,432 Newcastlemax bulk carrier 7,228 OPEX P&L break-even 2024 / day Actual Q4 2023 TCE /
day 5,550 19,030 29,750 6000 TEU container vessel 10,720 OPEX P&L break-even 2024 / day Actual Q4 2023 TCE / day 6,450 18,556 27,677 25K DWT chemical tanker 9,121 OPEX P&L break-even 2024 / day Actual Q4 2023 TCE /
day 15,500 32,451 50,912 CSOV 18,461 OPEX P&L break-even 2024 / day Forecast TCE / day 29,800 75,847 85,962 FSO - TC 10,115 OPEX P&L break-even 2024 / day Estimate Q4 2023 TCE / day 8,300 26,437 39,475 VLCC -
spot 13,038 OPEX P&L break-even 2024 / day Estimate Q4 2023 TCE / day 8,500 20,732 42,708 Suezmax - spot 21,976 OPEX P&L break-even 2024 / day Estimate Q4 2023 TCE / day 9,250 24,743 46,617 VLCC
-TC 21,874 OPEX P&L break-even 2024 / day Estimate Q4 2023 TCE / day 8,600 23,499 38,192 Suezmax - TC 14,693 OPEX P&L break-even 2024 / day Estimate Q4 2023 TCE / day In $ per vessel per day (1) Note: The charter rate,
financial and operating data included herein is provided for illustrative purposes only, is not based on historical finacial data and has not been reviewed by Euronav’s auditors.
P&L break-even levels versus TCE analyst consensus TCE
consensus(1): Newcastlemax: Fearnleys, DNB and Arctic, corrected for pool points 6000 TEU: time charter rates 2024, 2025, 2026 25 dwt chemical tanker: time charter rates for 4/8 vessels CSOV: Fearnleys, DNB and Arctic FSO TC, VLCC TC,
Suezmax TC: time charter rates 2024, 2025, and 2026 (if applicable) VLCC and Suezmax: Gibson, Braemar SSY, BRS, Clarksons (adjusted for scrubber and eco) 22,204 31,950 34,300 Newcastlemax bulk carrier 12,096 P&L break-even 2024 /
day Consensus 2024 TCE / day Consensus 2025 TCE / day 19,030 29,750 29,750 6000 TEU container vessel 10,720 P&L break-even 2024 / day Time Charter Rate 2024 / day Time Charter Rate 2025 / day 18,556 19,950 19,950 25K DWT
chemical tanker 1,394 P&L break-even 2024 / day Time Charter Rate 2024 / day Time Charter Rate 2025 / day 32,451 41,667 41,667 CSOV 9,216 P&L break-even 2024 / day Consensus 2024 TCE / day Consensus 2025 TCE /
day 75,847 85,962 86,687 FSO - TC 10,840 P&L break-even 2024 / day Consensus 2024 TCE / day Consensus 2025 TCE / day 26,437 49,090 60,175 VLCC - spot 33,738 P&L break-even 2024 / day Consensus 2024 TCE / day Consensus
2025 TCE / day 20,732 47,690 48,887 Suezmax - spot 28,155 P&L break-even 2024 / day Consensus 2024 TCE / day Consensus 2025 TCE / day 24,743 46,140 45,919 VLCC -TC 21,176 P&L break-even 2024 / day Consensus 2024 TCE /
day Consensus 2025 TCE / day 23,499 38,735 38,879 Suezmax - TC 15,380 P&L break-even 2024 / day Consensus 2024 TCE / day Consensus 2025 TCE / day In $ per vessel per day (1) Average of the different TCE rates. These firms have
not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Note: The charter rate, financial and operating data included herein is provided for
illustrative purposes only, is not based on historical finacial data and has not been reviewed by Euronav’s auditors.
0 732 Open days Fixed
days 0 732 0 732 5,608 671 5,759 303 6,117 0 6,278 1,832 7,707 984 8,368 0 2024 2025 2026 2024 2025 2026 2024 2025 2026 Available days Assumptions: Open days and fixed days provide the total available days - aligned
with newbuilding delivery schedules 2,243 0 Open days Fixed days 5,187 0 8,842 0 0 953 0 1,460 0 1,460 732 733 822 1,460 1,460 1,460 0 0 447 0 1,613 0 2024 2025 2026 2024 2025 2026 2024 2025 2026 2024 2025
2026 Newcastlemax bulk carriers 6000 TEU container vessels 25K DWT chemical tankers CSOV FSO VLCC Suezmax Total 14,861 4,921 19,922 4,939 26,400 3,652 2024 2025 2026 In days 19,782 days 24,861 days 30,052 days
Illustrative balance sheet(1): Euronav, CMB.TECH, and combined (1) The Balance
Sheet is provided for illustrative purposes only, is not a pro forma, is not based on historical financial data and has not been reviewed by Euronav’s auditors. in k USD EURONAV 15/02/2024 CMB.TECH 15/02/2024 COMBINED
15/02/2024 CMB.TECH acquisition price CMB - CMB.TECH receivable settlement Elimination participation & receivable Other consolidation entries Illustrative 15/02/2024 ASSETS NON-CURRENT
ASSETS 1,840,681 991,094 2,831,775 1,150,000 0 -361,371 -788,629 2,831,775 Vessels 1,711,995 426,344 2,138,339 2,138,339 Assets under construction 82,264 525,233 607,497 607,497 CMB,TECH
participation 0 0 0 1,150,000 -1,150,000 0 Other non-current assets 46,422 39,517 85,939 788,629 -788,629 85,939 CURRENT
ASSETS 2,066,938 49,696 2,116,634 -1,150,000 0 -65,000 0 901,634 Trade and other receivables 242,496 39,899 282,395 65,000 -65,000 282,395 Cash and cash
equivalents 1,823,642 0 1,823,642 -1,150,000 -65,000 0 608,642 Other current assets 800 9,797 10,597 10,597 TOTAL
ASSETS 3,907,619 1,040,790 4,948,409 0 0 -426,371 -788,629 3,733,409 EQUITY and
LIABILITIES EQUITY 2,843,007 361,371 3,204,378 0 0 -361,371 -788,629 2,054,378 Equity attributable to equity holders of the
Company 2,843,007 361,371 3,204,378 -361,371 -788,629 2,054,378 Non-controlling interest 0 0 0 0 NON-CURRENT LIABILITIES 737,290 552,446 1,289,736 0 0 0 0 1,289,736 Loans and
borrowings 735,302 552,334 1,287,636 1,287,636 Other non-current liabilaties 1,988 112 2,100 2,100 CURRENT LIABILITIES 327,322 126,973 454,296 0 0 -65,000 0 389,296 Loans and
borrowings 254,199 113,051 367,250 -65,000 302,250 Trade and other payables 70,313 13,570 83,883 83,883 Other current liabilities 2,811 352 3,163 3,163 TOTAL EQUITY and LIABILITIES
3,907,619 1,040,790 4,948,409 0 0 -426,371 -788,629 3,733,409
04 01 02 03 Delivering returns to shareholders Investing in growth and
development Reinvesting in core business Maintaining balance sheet strength CMBT is a growth stock with above-average revenue and earnings growth potential. Focus on leveraging proven NH3/H2 technology to become leader in our industry. We
concentrate on building up our revenue, even if it comes at the cost of delaying increased profitability. Sufficient working capital, solid asset performance, and a favorable capitalization structure. Disciplined capital allocation strategy
12 December 2023 22 November 2023 February 2024 09 October
2023 18.43 18.43 17.86 17.86 Base NAV Upside NAV $/share Significant growth in energy transition Potential industry/H2 spin-offs Exposure to strong current tanker cycle Strong project pipeline Oil tanker asset recycle opportunities
within portfolio Current valuation presents attractive entry point Agreement between CMB and Frontline/Famatown to solve the structural deadlock At the time of the agreement, the Euronav fleet is valued by 3 independent
brokers Agreement Dividend payment to shareholders of $ 0.57 Q3 2023 dividend Frontline will acquire 24 VLCC for $ 2.35 billion – i.e. a transaction at NAV Assets and liabilities are being replaced by cash Asset transfer Acquisition
Price for 100% of the shares in CMB.TECH is $ 1.150 billion in cash. Enterprise value of $ 3.649 billion and an equity value of $ 1.153 billion Financed with $ 1.150 billion cash and $ 2.496 billion roll-over debt (bank, leasing and shipyard
liabilities) Assets are added for cash and liabilities. CMB.TECH transaction
Grey fleet Future-proof fleet Dry Oil
tanker Container Offshore LPG/LNG Chem tanker Asset prices and cycle showing that high tanker values give opportunity to recycle capital in the future-proof fleet SFDR Article 8 SFDR Article 9 SFDR Article 6 Inflow of
capital Grey-to-Green Transition CMB.TECH’s diversified green fleet fuels future CMBT growth SFDR(1) Article 8 and 9 equity funds have received 3.4x the cumulative inflows vs. non-ESG counterparts (Article 6) since 2019 Time TCE level (1)
The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation introduced to improve transparency in the market for sustainable investment products, to prevent greenwashing and to increase transparency around sustainability
claims made by financial market participants.
ACCESS TO ENERGY TRANSITION IN A LARGE LIQUID STOCK BUSINESS MODEL FOCUSED ON
LONG-TERM VALUE CREATION DIVERSIFIED FLEET, DIVERSE END-MARKETS TIER 1 CLIENTS, HIGH CONTRACTED VALUE TOP RANKED BY TIER 1 ESG RATING AGENCIES 3 CONSECUTIVE YEARS “B” RATING FOR CDP CURRENT VALUATION PRESENTS ATTRACTIVE ENTRY
POINT STRONG ANCHOR SHAREHOLDER ENSURING STABILITY LISTED.. NYSE LISTED.. EURONEXT Our value proposition for investors ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ (1) These firms have not consented to the use of their names and logos in this
presentation, nor have they endorsed the transaction or made any recommendations relating thereto. (1)
4. Business units and markets
Euronav and tanker markets
(1) United Nations Climate Change Conference (COP28) closed with an agreement
that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance Source: own calculations – basis BP, TotalEnergies,
Equinor and IEA crude oil demand scenarios, Bloomberg. These firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. YoY: -
5,5% YoY: - 1,5% 2020 2025E 2030E 2035E 2040E 2045E 2050E 5 15 25 35 45 55 65 75 85 95 105 Million barrels per
day 21 27 2015 2020 2025E 2030E 2035E 2040E 2045E 2050E 0 100 200 300 400 500 600 700 800 900 # vessels Net Zero required VLCC # Available VLCC – no new building Available VLCCs – 25 new buildings per annum New
Momentum Accelerated NetZero ~2035: supply & demand tipping-point and upscaling of regulations (EU ETS/Fuel EU, IMO) VLCC orderbook stood >40% as percent of fleet between 2006-2011. These VLCC’s will start ageing out of the fleet in
the coming years, boosting the supply-side story from ~2026 onward NetZero scenario – VLCC tonnage requirements (# vessels) Oil demand scenarios (in mb/d) A swift, just and equitable transition(1)
Source: own calculations – based on Evercorse ISI, Clarkson Research, Poten &
Partners, BIMCO, Llyod’s Register. These firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating
thereto. 30 35 40 45 50 55 60 65 70 75 0 year $ million asset value x1.3 x1.6 0 2 6 10 14 18 22 26 30 34 38 42 year Number of ships 2025E 2030E 2035E 2040E 2045E 2050E 2055E x1.2 x1.4 VLCC
Newbuilding VLCC 5 year VLCC 10 year Suezmax 10 year Growing combined Fuel EU, EU ETS cost Fuel EU/EU ETS Euronav conventional fleet Euronav futureproof fleet Accelerated recycling of older tonnage. Future-proof tonnage on order: 3 x
ammonia powered ECO VLCC, and 4 x ECO Suezmax Regulatory frameworks expected impacts on (older) tanker tonnage 10-year old tanker asset value (in $ million) Natural decline in Euronav conventional fleet (20-year age cut-off) The
opportunity to recycle older tanker tonnage over time Secondhand VLCC asset values are at a 14-year high, or at an all-time high if one excludes the 2005-2008 super cycle
Crude oil tankers Growing oil market imbalances drive tanker improvements Global
oil consumption is expected to hit a new record of 102.9 MBPD in 2024 Opec+ production cuts are delaying the crude transportation demand story Modest crude ton-mile growth of 3% in 2024 New oil supply is coming mainly from the Americas while
new refinery capacity is added mainly in Asia, causing longer sailing distances Opec+ production cuts are delaying the short-term demand story, but very compelling supply dynamics Fleet positioned for upcycle The second biggest publicly
listed crude oil platform (dwt capacity perspective) Trading fleet of 17 VLCC and 22 Suezmax on the water Future-proof tonnage on order: 3 x ammonia powered ECO VLCC, and 4 x ECO Suezmax 2 long-term FSO contracts (2032), 2 T/C contracts
VLCC, 5 T/C + profit share contracts Suezmax High exposure and operational gearing into the spot market Multi-year low crude tanker orderbook in combination with aging tonnage,fuels vessel valuation The tanker orderbook is now standing at
5.9% in total, with crude standing at 3.8% Currently, the fleet above 20 years of age comprises 13.8% in the crude space. Fast forward to the beginning of 2026 with the current fleet and age profile, expected to be 24.5% The age composition
of the fleet suggests that vessels will likely be scrapped Order book IAE, Arctic, Clarksons Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on the water + new building
orders 17+3 22+4 2 Market Overview NH3 9.2 years Avg. age 3,455 FMV $ millions 45 3 0 VLCC Suezmax Storage Energy Type (1) Frontline and Euronav fleet figures give effect to the vessel sale. Basis fleet on the water + new
building orders. Source: IAE, Arctic, Clarksons. Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on the water + new building orders. These firms have not consented to the
use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Euronav Fleet It is expected that lack of tonnage entering the market, combined with a gradual recovery in
oil demand should result in a tight market. Utilization is still slowly moving upwards, and rates should improve going forward FRO EUR INSW OET 15 10 6 3 DHT TNK NAT 7 4 3 Total DWT million VLCC Total DWT million Suezmax Stock
listed Crude Oil Tanker Fleet (VLCC & Suezmax) (1)
Bocimar and dry bulk markets
Long term improved economic conditions is expected to in crease utilization as of
‘24 Net demand estimated at -0.1% for 2023, and 3.0%, 2.9%, and 1.5% for 2024e through 2026, mainly driven by a forecasted increasing demand for iron ore, grains, and minor bulks in the period Iron ore shipments are estimated to grow 3.0%
from 2023 to 2025 Between 2023 and 2025, grain shipments may increase by 5.1% due to maize shipments growth in 2024 wheat volumes recovery in 2025 Bauxite trade up by 8 % in 2023 and forecasted to keep growing by 5-6% per year Other market
supporting factors : slower vessels speeds and increased EST time as environmental regulations impact, re-routing due to Panama Canal droughts Market Overview Newbuilding program aligned with the improving utilization levels (2024e-2026e) 26
super-eco 210,000 DWT Newcastlemax bulk carriers being delivered between July 2023 and September 2026 (Qingdao Beihai shipyard) NH3 ready and NH3 fitted as soon as engine technology is available (as of second half 2025) Future-proof fleet
with increasing commercial value in a changing regulatory landscape Most fuel-efficient large dry-bulk vessels in the world 2 x 5,000 dwt coasters H2 powered Long-term dry-bulk vessel supply backdrop appears supportive overall In October
2023, the current Capesize orderbook was 20 million DWT, a mere 5% of the Capesize fleet. Over all the different classes, a net supply growth of 3.0% in 2023, and 2.5%, 1.1%, and 0.4% the years 2024e through 2026e Lower fleet growth will help
maintaining market balance. Basis market and order book, utilization curve is forecasted at 85.1% in 2023, and to be 85.5%, 87.0%, and 87,9% in the years 2024 through 2026e By 2027 (year after last Newcastlemax delivery) 70% of the capesize
fleet (180 dwt or 782 vessels) is expected to be 15 years and more By 2030 70% of the capesize fleet is expected to be 18 years and older Current trading patterns suggest that only very specific clients can trade vessels older than 15 years
in Port Hedland (less than 1% of the fleet) and above 18 years no more capes are trading West Australia at all Order book and utilization NH3 4 22 2 Dry-bulk vessels <1 years Avg. age 1,888 Avg. FMV $ millions Newcastlemax 2+24
Source: Cleaves, BIMCO, Clarksons. Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on the water + new building orders. These firms have not consented to the use of their
names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. 0+2 5.000 dwt The supply/demand balance should remain stable in 2024 and is expected to tighten into 2025 CMB.TECH
Bocimar fleet Energy Type 2 4 1993-2003 40 3 6 2004-2007 34 2008-2011 2012-2015 11 2016-2019 23 2020-2023 27 8 2024-2027E 62 201 618 499 309 307 116 Newcastlemax Cape Baby Cape VLOC newbuilding > 20 years by
2030
Dry-bulk vessels Most fuel-efficient large bulkers in the world AND NH3
ready Mineral Maureen HHI 2012, 206 dwt Mineral Qingdao Yangfan 2020, 206 dwt Mineral Belgie Beihai 2023, 210 dwt 1,074 888 700 +53.4% West Australia - China rountrip (in Ton LFSO) Capesize fleet compliance with IMO
CII 7% 8% 29% 30% 29% 2023 10% 6% 18% 30% 12% 40% 37% 2026 2% 25% 8% 18% 19% 71% 2019 2030 5% A B C D E For ships that achieve a D rating for three consecutive years, or an E rating in a single year, a corrective
action plan must be developed and authorized / approved by flag state or RO (Classification Society) Speed reductions are inevitable for non-compliant vessels, resulting in strengthened market fundamentals An estimated ~59% of existing
Capesize bulkers will have a non-compliant CII rating (D or E) in 2023, growing to ~70% in 2026 and ~89% in 2031, based on 2019 performance CMB.TECH’s Newcastlemax fleet fleet is expected to comply with EEDI/EEXI by a clear margin, while a
large share of the Capesize fleet is likely to install energy power limitations to achieve compliance Cargo owners will likely seek to reduce their emissions throughout their value chains (scope 3), resulting in a chase for top-rated vessels
(with low carbon dual fuel capabilities) Source: Clarksons and own calculations. Clarksons has not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating
thereto.
Bochem and chemical tanker markets
Source: SEB, SIN, ICIS. Fair Market Value (FMV) sources: Arrow, BRS, Howe
Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on the water + new building orders. The firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any
recommendations relating thereto.
2023 2024 2025 2026 2027 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Houston Jun-23 Rotterdam Oct-23 Casablanca Apr-24 Shanghai Jun-24 New
Orleans Jul-24 Brisbane Sep-24 TBN 2025 TBN 2025 Fixed under 10 y T/C Spot pool Newbuilding program under favorable long-term charter contracts with Stolt Tankers 8
super-eco 25,000 DWT chemical tankers NH3 ready (CMJL Dingheng shipyard) Future-proof fleet with increasing commercial value in a changing regulatory landscape Best-in-class 25.000 dwt on the water Supportive supply side with a significant
number ofvessels abov 20-years old (16%) Orderbook is at historical low levels: total orderbook (in DWT) at 4.1% of the current core chemical tankers fleet (max 50% epoxy capacity and at least 14 segregations) Average fleet age is 13 years,
and 16% of the fleet is currently 20 years or older Limited yard capacity and long lead times for advanced chemical tankers suggest limited fleet growth coming two-four years (first slots H2 26 / H1 27) Resulting in highly attractive supply
side with fleet growth estimates of 0-2.5%in 2023-26e In addition, share of swing tonnage lifting chemicals remain at low levels(2023e) (cfr. strong product tanker market) Order book Attractive long-term outlook for chemical tankers Fleet
orders were concluded at attractive point in the cycle ensuring long-term attractive returns. Robust backlog and counterparties provides forward visibility: Chemical tanker demand is expected to grow The global chemical tankers market is
characterized by steady growth driven by increasing demand for chemical transportation In the main chemical export hubs production capacity grows faster than consumption, likely resulting in continued increases in exports going forward (cfr.
US and MEG area) Some short term macro-economic headwinds : (i) Chinese economy remains uncertain, but with signs of improving, (ii) Production levels in Europe remain low for the time being; and (iii) Geopolitical tensions increase
further Chemical tankers Accelerated recovery expected to be aided by favorable supply-side dynamics NH3 5 <1 years Avg. age1 394 FMV $ millions 2+6 CMB.TECH Bochem fleet Energy Type Chemical tankers Bochem Fleet employment
2024E and 2028E Market Overview Spot
Source: Clarksons Specialised Products Trade Snapshot & Chemical Tanker Age
Profile – prepared for CMB.TECH, IMF. Clarksons has not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Chemical Tanker Fleet
Development SP Trade Volumes & Tonne-Mile Development Chemical tankers Steady volume growth in the medium term, whilst tonne-miles increase due to trade flow disruption & support by European import demand. Inflationary impacts on
demand to linger but freight likely to be supported by fleet contraction Chemical Tanker Fleet Development
Chemical tankers Key chemical trade flows by 2022 & 2023(1) volumes MEG to
FEA trade was the no.1 route of 2022/2023(1), followed by intra-FEA & Intra-Europe volumes, FEA imported almost one-third of all chemical cargoes in 2022/2023(1) (1)2023 volumes annualised basis Jan-Sept data. Source: Clarksons
Specialised Products Trade Snapshot & Chemical Tanker Age Profile – prepared for CMB.TECH, IMF. Clarksons has not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any
recommendations relating thereto.
Chemical tankers Chemical Tanker Fleet Age Profile – up to 55,000 DWT coated and
stainless chemical tanker fleet DWT distribution per build year In service fleet in numbers Detail Values Total number of ships 3,205 Sum of DWT (millions) 52 Confirmed order book (by DWT) 8% Avaerage age (Years) 16.5 No. of coated
chemical units 1,821 No. of stainless steel units 1,384 (1)2023 volumes annualised basis Jan-Sept data. Source: Clarksons Specialised Products Trade Snapshot & Chemical Tanker Age Profile – prepared for CMB.TECH, IMF. Clarksons has not
consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. (1)
Coffee break
Delphis and container markets
2023 2024 2025 2026 2027 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 CMA
CGM Masai Mara Jun-23 CMA CGM Zingaro Jan-24 CMA CGM Etosha Jun-24 CMA CGM Dolomites Aug-24 TBN 1,400
TEU 2026 Fleet employment 2024E and 2028E Newbuilding program under favourablelong-term charter contracts with CMA-CGM 4 super-eco 6,000 TEU ice class container feeder vessels (6,000 TEU with 1,150 reefer points) NH3 ready (Qingdao Yangfan
Shipbuilding Co. Ltd.) 1 x 1,400 TEU dual fuel NH3 (Qingdao Yangfan Shipbuilding Co. Ltd.) Future-proof fleet with increasing commercial value in a changing regulatory landscape Optimised Design providing trade flexibility and operational
efficiency (cfr. biggest ice-class ships in the world with compact dimensions for versatile global trading) Supply to outpace demand in both 2024 and 2025 Contracting of new ships continues at a faster than normal pace. Capacity delivered
during 2024 and 2025 is expected to reach 5.0 million TEU Recycling of ships remains low. It is expected to gather momentum during 2024 and 720,000 TEU is forecast to be recycled during 2024 and 2025 combined The fleet is expected to grow
8.8% in 2024 and 6.4% in 2025. Due to lower congestion and slower sailing speed, supply is forecast to grow 6.8% in 2024 and 6.4% in 2024 Fleet expansion is heavily skewed towards larger segments, whilst relatively oldest fleet today is 1-8k
TEU Order book The weakening that began in 2022 and took hold in 2023 is expected to continue also in 2024 and 2025 – however – CMB.TECH has strong contract coverage & forward visibility Robust backlog and counterparties provides forward
visibility: Market Overview Many uncertainties remain on the demand side The International Monetary Fund forecasts that the global economy will grow by 2.9% in 2024 and 3.2% in 2025 Yet, the global manufacturing PMI has been below 50.0 for
past eight months indicating a slowing activity. In addition, the inventory to sales ratio for most sectors are back to 2019 levels, indicating that inventory adjustments may have come to an end Growth in head-haul and regional trade volumes
is expected to recover. We expect demand growth between 3.0% and 4.0% in 2024 and between 3.5% and 4.5% in 2025 Container vessels High orderbook points to challenging markets in 2024-2025 but eco ships in demand NH3 5 <1 years Avg.
age 441 FMV $ millions 6,000 TEU 1+3 1,400 TEU 0+1 Source: BIMCO, Clarksons. Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY, and Hagland Shipbrokers – basis fleet on the water + new building orders. The
firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. CMB.TECH Delphis fleet Energy Type Fixed under 10 y T/C Fixed under
15 y T/C
Container vessels Enabling the first green shipping route betweenNorway and
Europe 1400 TEU to be build at Yangfan Ice class FIRST EVER Dual fuel NH3 fitted Long term TC (15 years) with NCL / Yara Delivery Mid 26 1 2 3 4 5 The world's first container ship that will use clean ammonia as fuel Delphis
awarded with the contract because of: Specific niche container shipping knowledge (e.g. ice class) Access to low carbon technology (NH3) Long-term contracts and partnership approach
Windcat and offshore wind markets
Fair Market Value (FMV) sources: Arrow, BRS, Howe Robinson, Maersk Broker, SSY,
and Hagland Shipbrokers – basis fleet on the water + new building orders. The firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating
thereto. Offshore wind market Windcat future-proof fleet positioned to benefit from positive offshore wind industry outlook Windcat is expanding its commissioning service operation vessels (CSOV) fleet with currently 5 hydrogen-powered
CSOV’s on order (and one additional option) Upon delivery of the NB’s, Windcat’s CSOV fleet will be the 3th largest Tier 1 CSOV fleet that is stock listed Future-proof fleet powered by H2 at the heart of the sustainable transition Windcat
Fleet CTV CSOV 52+5 0+5 <1 years Avg. Age CSOV 8.9 years Avg. Age CTV Energy type 679 FMV mio $ 42 16
Overview personnel transfer solutions Offshore wind personnel can be transferred
to wind farms in multiple ways (C)SOVs are preferred for projects further offshore as they can accommodate personnel nearby the wind farm Helicopters are a lesser used alternative for fast and small assignments CTVs are the most
cost-efficient solution in most situations with very few limitations The cost-efficient solution for wind farms up to 100km from shore CTVs can both transfer passengers and cargo Quick distribution of personnel over multiple wind turbines
Limited in working hours Potential cost-efficient solution: personnel costs decrease as a result of reduced transit time for projects farther from shore SOVs can both transfer passengers and cargo, and accommodate crew personnel up to four
weeks Transferring to turbines using compensated gangway possible in higher sea states Higher day rates and fuel consumption Can provide fast passenger transfers in order to minimise costly downtime Requires the wind turbine to be
temporarily shut down Only able to transfer personnel, no cargo Expensive solution 8-26 0-10 tons 20-30 knots 0-100 km 40-90 0-2,500 tons 10-15 knots 50-150 km 6-8 n.a. ~150 knots 30-70 km Up to 1.5 - 2m wave height (Hs) Up to
3- 3.5m wave height (Hs) Wind limitation Weather limitations # personnel Cargo capacity Speed Optimal distancefrom shore Attributes Crew Transfer Vessel Commissioning & Service Operations Vessel Helicopter Type Direct vessel
transfer – push on Motion Compensated Gangway Dynamic Positioning Helicopter Hoist Transfer method
Strong growth expected in # of turbines, resulting in high demand for CSOVs –
supporting the strong outlook for CSOV economics In comparison to Q3 2022, the CSOV market has seen a fixed rate increase of around 15-25% on average. Most vessel owners proposed (and fixed) their CSOVs in the third quarter of 2023 at rate
levels between € 39-48,000 per day (mostly for deployment in 2024). Vessel rates for fixtures/charter proposals for 2024 are ranging around similar levels. Charterers have started their tender activity for 2024/2025 earlier than in previous
years, driven by an expected tight market for the foreseeable future Scheduled newbuilding deliveries remains significantly below the growing demand for CSOV’s for offshore wind turbine installations, in addition, delays and unscheduled work
at the existing wind farms result in additional work for CSOVs Source: Clarksons Offshore & Renewables, Fearnley Offshore Supply. The firms have not consented to the use of their names and data in this presentation, nor have they endorsed
the transaction or made any recommendations relating thereto. Slowly rising utilization rates support 2024/2025 economics European CTV market has been very busy in the spring/summer season with mostly all CTVs being on charter throughout the
summer, and most vessels being still on charter by the end of Q3 2023. High dayrates observed in the spot market, with rates of up to € 6,000 for 24 Pax CTVs (24/7), and 12 Pax CTVs ranging from € 2,200 to around € 4,000 per day (12/7).
Tendering for 2024 season has already started as well, and some Owners are already seeing limited availability for 2024 Market Overview CTV’s Market Overview CSOV Offshore wind market CSOV market demand is expected to increase 3x by the
end of the decade and current orderbook remains insufficient ‘000 $ per day 2020 2021 2022 2023e 2024e 2025e 2026e 28.6% CSOV Rates in ‘000 $/day – 2020 to 2026E
Offshore wind market Windcat Elevation class Length 89m, beam 20m, operational
draught approx. 5.3 m 90 cabins; maximum 120 POB. 4x 1780 kW Schottel SPR-D 98º azimuthing thrusters Large open work deck 550 m2 Large warehouse with ample space for containers: 500 m2; easily accessible from work deck; including
container handling system IMO Tier III Diesel-electric power generation, supported by hybrid battery Dual fuel hydrogen MAN generator set installed Potential upgrade of main engines to dual fuel hydrogen 3D motion compensated gangway
with elevator, 3D motion compensated offshore crane Helicopter deck 21m Platform features Future Fuel Equipment features
CMB.TECH industry and H2/NH3 combustion
Fuel equivalent for a typical voyage Net Weight [ton] Gross Weight [ton] Net
Volume [m³] CO2 tank-to-wake [ton] MGO* 700 749 777 2,205 H2 (compressed 300bar) 233 13,000 11,650 0 H2 (liquid -253°C) 233 420 3,281 0 Ammonia (liquid -33°C) 1,694 2,044 2,320 0 LNG (liquid
-162°C) 577 965 1,351 1,587 Methanol 1,616 1,791 2,015 2,214 LOHC (4,5wt% effective) 5,177 5,695 5,384 0 (*) 700ton of MGO is a typical fuel consumption for a Newcastlemax bulk carrier sailing between Australia - China Zero
carbon fuels Why CMB.TECH believes in hydrogen and ammonia Ships require a large energy buffer, resulting in a battery size which is too large, too heavy and too expensive. Currently there are no means to charge this battery during port
call. The ship’s surface is not big enough to even provide 10% of the required power during daylight. More interesting for slow sailing vessels. Deck space is challenging, but with a projected savingof 10-30% the technology itself is not
sufficient to reach the IMO limit of 50% GHG reduction. Currently, too expensive, not insurable, requires too much specialized personnel. Due to methane slip during production, storage & combustion, GHG effect saving is negligible, not
making it better than the fuel it replaces. Hydrotreated Vegetable Oil still emits carbon. Carbon neutrality is very dependent on origins of biomass. Challenging to produce at large scale at an affordable cost. Competition from other harder to
abate industries. Photo-Voltaic panels Nuclear E-fuels (synthetically produced from H2) Starting point of any green fuel as it can be made by just using green electricity to power an electrolyser which splits water into H2 and O2. However,
due to its storing properties it becomes challenging if a large energy storage is required. Efficient hydrogen carrier as 1x nitrogen can bond 3x hydrogen molecules. Hazard complexity due to its toxicity. Blue ammonia can be made from natural
gas, if the CO2 is captured and stored during production. Cheap alternative in the transition towards green fuels. Same as LNG, it remains a carbon emitter if used as fuel and methane slip issues remain. If the CO2 doesn’t originate from an
acceptable source of biomass or from direct air capture, it is unclear what this fuel really saves. Same as with LNG, it emits CO2 during combustion. (Liquid organic hydrogen carrier) LOHC is an easy and safe way to store hydrogen in a
liquid oil (6,5%wt). However, about 1/3rd of the energy is lost for the endothermic reaction to release the hydrogen from the carrier. Hydrogen Ammonia E-LNG E-methanol LOHC Wind-Energy Bio-fuel & HVO Energy density LNG Batteries
Together with WinGD(1) a 2-stroke low-speed engine series is being developed The
WinGD X-DF-A dual-fuel ammonia engines have already been successfully tested at the development centre showing that NOx and N2O2 emissions are within the latest emission regulations and can easily be neutralized by an emission
aftertreatment CMB.TECH’s deep-sea ships will be fitted with these engines as off beginning 2026, allowing zero emission shipping NH3 engines – Low speed (2-stroke) Since 2018, CMB.TECH is developing in a joint venture with ABC Engines (1)a
series of hydrogen powered medium engines Both dual and mono fuel engines have been developed and brought to market The power ranges from 700kW up to 2600kW In 2020, CMB.TECH initiated the cooperation with MAN (1) to convert a V12 engine to
be used onboard Hydrocat Now, the first type approved dual fuel engine will be brought to the market which has adapted hardware to enhance the dual fuel performance(735kW up to 1250kW) Hydroville was the first marine class approved dual fuel
ship in the world powered by 2x Volvo Penta (1) engine converted by CMB.TECH Since 2017, CMB.TECH and Volvo Penta have successfully converted aD4, D8 and D13 engine to run in dual fuel mode (up to 735kW) With strategic partnerships and
co-development with OEMs,CMB.TECH has access to the first marine H2 & NH3 powered engines H2 engines – Medium speed (4-stroke) H2 engines – High speed (4-stroke) (1) These firms have not consented to the use of their names and logos in
this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
CMB.TECH’s Technology & Development Centre has 15 years ofexperience with H2
technology which is recognised by multiple OEMs The first tests with hydrogen combustion were conducted in 2008 25 years of experience as engineering and design team with a proven trackrecord working on complex and international
projects Since 2012 the dual fuel hydrogen-diesel technology was developed. The technology was further validated and finetuned on various engines and resulted in more than 100x applications which were tested in the field.The majority of the
converted vehicles were testing in a commercial,real-life environment We have a uniquely skilled calibration team experienced in H2 combustion, which has access to multiple dyno test cells fitted with the latest emission after treatment
measurement equipment Highly skilled engineering team which can deliver a project from concept up to the production level and who worked on a long list of world’s first Onsite capabilities at the T&D Centre: Test rig area with pressure
test equipment Hydrogen equipped dyno test cells Hardware in the loop test rig Engine build & prototyping workshops Electrical & electronics build lab Fabrication & model studio
CMB.TECH Industry develops land-based industrialequipment that is deployed in port
areas Heavy-duty and long endurance (up to 21h/day) industry favouring the use of dual fuel technology. Suitable equipment are: Trucks Port and cargo handling equipment Locomotives Power gensets BeHydro Engines Given our established
partnerships with BeHydro, Volvo Penta and Ford (1), a vast majority of solutions can be offered to this niche market where often fuel cell applications have a limited use From the equipment side, we are working with renowned partners with
whom we are designing multiple cargo handlers that can offer a robust, cost-effective and low carbon port operations Due to its long history in maritime, CMB.TECH has easy access to all major ports in the world CMB.TECH’s dual fuel technology
allows the set-up of local dual fuel workshops These hotspots will function as flywheel for CMB.TECH’s marine hydrogen powered tugs, coasters, multi-functional port utility vessels, etc Port Area 4 2 5 1 H2 production or H2
import CMB.TECH local dual fuel workshops 3 (1) These firms have not consented to the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
CMB.TECH Industry is an enabler for hydrogen supply and support services in port
areas and offers rapid scalability
1. Dual-fuel hydrogen-diesel trucks The truck can always continue its operation
on the proven diesel platform if H2 runs out or if there is no H2 refuelling station available. Advantage Conversion of the truck is done by2x technicians on 3x days. The conversion entails the installation of 6x Type III tanks on a frame
which is bolted to the chassis of the truck. The conversion From a customer perspective, H2 co-combustion has no compromise in range, payload, robustness, and durability, while having the ability tooffer a great emission reduction. Its cost
and flexibility answers today’s needs of logistics companies for a low threshold technology Currently we are conducting enhanced testing, together with the OEM to modify both the software and the hardware of the engine, to push the emission’s
savings further.It is expected that an 80% CO2 savings can be achieved while driving at the highwayat 90km/h with full load. Result Conversion is realized without the need for hardware or software changes on the current diesel engine. World
harmonized emissions tests witnessed by TUV Rheinland (1) show following savings in dual fuel mode: Phase 1: Supervisory conversion Stationary Cycle (WHSC): 21,6% of CO2 savings Transient Cycle (WHTC): 18,3% of CO2 savings Phase 2:
Integrated conversion (1) These firms have not consented to the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
2. Dual-fuel hydrogen-diesel cargo handlers As ports are standardized around the
ships, the cargo handlers have the same philosophy. What works in Antwerp will also work in Rotterdam, Hamburg, etc. Cargo handlers often can’t drive on public roads, thereby requiring dual fuel technology in case the HRS is out for
maintenance CMB.TECH is currently working on a yard tractor, Roro tractor and a hybrid straddle carrier which will be equipped with the dual fuel technology. Preparations for a dual fuel RTG (rubber-tired gantry) and reach stacker project
have already been initiated. The Volvo Penta D8 is the major workhorse in many cargo handlers. The emission savings realized by CMB.TECH's dual fuel technology are >80% CO2 at the sweet spot of this engine.
3. Dual-fuel hydrogen-diesel locomotives HyRail project for long haul Shunting
locomotive concept with BeHydro engine To showcase the potential of the technology for long haul transport, CMB.TECH is working on the HyRail project where 2x locomotives are converted to operate with green H2 fuel in dual-fuel mode. The
project includes the design, build, test, commissioning and operation of the locomotive and H2 fuel tender car The dual fuel technology implemented uses the BeHydro V12 medium speed engine which base engine is already widely used in railway.
This engine is also compatible with the GE's 7FDL12 engine making it an ideal engine for repowering projects. In Africa alone there are 4000x locomotives that are nearing end of life, offering great forward potential for the BeHydro
engines. Railways are hard to fully electrify in port areas. Especially where the electric overhead lines cannot be used for safety reasons.Furthermore on container terminals containers, the carriages are loaded from the top. CMB.TECH’s
combustion technology allows the use of the zero-emission technology and can be implemented in the locomotive drivetrain with minimal engineering,keeping the robustness and simplicity Our high-speed engines Volvo Penta D8 and MAN (1) V12
engines are also suitable for the smaller sized locomotives, typically used for shunting applications. Dual fuel capability is key in order to kickstart the energy transition in railway. Our dual fuel technology can later on be converted to
monofuel hydrogen and is compatible with the hybridization of locomotives. (1) These firms have not consented to the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating
thereto.
4. Hydrogen powered gensets (dual-fuel and monofuel) Gensets Since 2018 CMB.TECH
has put mono and dual fuel gensets into operation to power events (such as COP26) and has sold a dozen of them to Ziero, Aggreko, PlusZero and NENS-power (1) for showcasing the technology. In 2023, we have partnered up with e-power
(land-based) and DBR(1) (marine), who are packaging our mono/dual fuel engines into a commercial applications which are offered to the market. Power barge Feasibility has already been conducted and new regulations force ports to offer cold
ironing technology to the ships before 2030. A mobile power barge could offer the flexibility to supply ships with clean power, everywhere at any time. No need for expensive grid upgrade nor the investments into expensive power electronics
for delivering the right Frequency/Voltage. The power barge can also be used as a floating refuelling station for H2 powered ships. The hydrogen genset can also be installed on shore to cut emissions. (1) These firms have not consented to
the use of their names and logos in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
H2 Infra and the projects in Namibia
Maritime & public H2 production & refueling station Antwerp Mobile
refueller CMB.TECH has developed a 40ft 500bar trailer to facilitate remote refueling for all of our applications. This enables us to support the customers of our Marine & Industry division with the supply of hydrogen. This trailer can
refuel 3 x CTVs, 20 x trucks or 15 x straddle carriers. Two trailers are in operation, and two trailers are being delivered Q1 2024 Access to cheap ammonia by developing a green NH3 production project in a country with abundant availability of
sun. Selection of Namibia: stable country, significant solar potential, availability of port infrastructure, and abundant land availability Cooperation with Namibian partner Olthaver & List (1) to incooperate local know-how into
project The PV2Fuel strategy is to start small with a realistic and concrete approach. Construction works are ongoing for our first phase, a hydrogen production project. PV2Fuel Namibia Offshorerefueling station CMB.TECH’s H2 infra
division offers hydrogen and ammonia fuel to its customers, either through its own production or by sourcing it from third party producers.Within H2 infra, the necessary technology and infrastructure is designed, developed and operated to
produce and distribute green hydrogen and ammonia. Using renewable wind power to produce H2 at sea to refuel ships. Solution supports growth of Windcat Project in feasibility phase H2 Infra: flywheel for both marine and industry
divisions CMB.TECH has built the world’s first maritime & public H2 refueling station with onsite green H2 production whichcan be dispensed to trucks, cars, trailers, and ships (1.2 MW PEM electrolyser) Thanks to the Antwerp production
and refuelling station, CMB.TECH has gained valuable experience and insights on costs, operational and technical issues that will be used in future projects. (1) These firms have not consented to the use of their names and logos in this
presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
Visual impression H2 Infra Ongoing construction of Hydrogen production and
refuelling station in Namibia Refuelling operation of Hydrocat with mobile refueller Hydrogen production and refuelling station in Antwerp Artistic impression of offshorerefuelling station
Project description: Small-scale hydrogen and ammonia production including a
hydrogen refueling station. Hydrogen production project entails 5MW solar park, 5MW electrolyser, 5,9MWh BESS, 3 compressors (3x45 kg/hr), Storage (40bar, 300bar & 500bar). Envisaged hydrogen production of 182 ton/y. Ammonia plant will
entail containerized units with a design capacity of 4 t/d. Project ambition: Build-up and train a local Namibian team Get the experience with the country, the permitting and the technology in the right environment Build-up a trustworthy
reputation towards government and local communities Show we can deliver complex projects in Namibia and that we can bring hydrogen and ammonia to the market. Location: Plant is located in Walvis Bay (Farm 58), an industrial area close to the
airport and in approximately to Port of Walvis Bay (+/- 12km). Lease agreement has been signed with Municipality of Walvis Bay for 24ha. Option agreement received for remainder of 175 ha for next project phases. Status: Hydrogen production
project is under construction. All major hydrogen equipment has been ordered and first equipment has been delivered to Walvis Bay. For ammonia production the Pre-FEED is ongoing which will be finalized in February 2024. Envisaged timeline:
Hydrogen production and refueling station will be operational mid-2024; ammonia production is targeted for end 2025. CAPEX: Total investment of $ 40 million. PhasedApproach PV2Fuel Namibia has been defined in 4 phases Phase PV2Fuel : Small
scale H2 and NH3 Production 1 NH3 storage and bunkering facility Building bunkering infrastructure for Blue/ Green NH3 2 Small scaleGreen H2/NH3 Experience Namibia, upskilling Namibians & build-up local
reputation 1 Industrial Scale Green H2/NH3 3 Facilitate upscaling Green NH3 Secure long-term availability and affordability of green NH3 4 Visit President Hage Geingob to site Realising the first large scale building block of
PV2Fuel
Phase PV2Fuel: NH3 Terminal 2 Project description: An import/ export ammonia
terminal including bunkering facilities with a storage capacity of 40.000 tons. The terminal can be integrated into the exiting jetty operated by Namcor by adding NH3 loading lines and NH3 loading arm. Project ambition: Create an ammonia
bunkering and storage hub to kickstart the usage of ammonia as a bunker fuel for shipping Create a unique gateway to clean-fuels customers from a location where green ammonia can be produced at the lowest cost Status: Front-End Engineer
Design (FEED) ongoing. Non-binding MOU signed with Namcor for the existing Jetty Envisaged timeline: Operational 2026 Location: Terminal will be located in the North Porth of Walvis Bay close to the existing Jetty. Option agreement received
from Namport for an area of 113ha. CAPEX estimation: $ 200 million Visual impression NH3 tank terminal Existing Jetty NH3 storage and bunkering facility to kickstartthe usage for shipping
1 2 3b 3a Arandis(2000ha) Farm 58(175ha) Walvis Bay (113ha) Phase PV2Fuel:
NH3 Production Project description: Industrial scale green ammonia production based on 930MWp solar plant, 500MW electrolyser (CF of 41%) and a total estimated ammonia production of 185kton/y Project ambition: Secure long-term
availability of green ammonia at low-cost for our fleet by developing and investing, in cooperation with other companies, in a first industrial-scale green NH3 project. Acquire the knowledge on green NH3 production cost for future offtake
agreements Facilitate the upscaling to several multi-GW scale projects in the region to support the world’s demand for clean fuels. Status: PRE-FEED engineering finalized by Technip Energies and preparing Invitation to Bid for FEED
engineering. Envisaged timeline: Operational 2028 Location: Solar park and electrolysers will be located in Arandis. Produced hydrogen will be transported to Farm 58 via pipeline where it will be used to produce NH3. Farm 58 will be connected
with the tank terminal via an ammonia pipeline. CAPEX estimation : $ 2.55 billion Namibia Project area SCALE 10km H2 pipeline (80km 18”) NH3 pipeline (5km 18”) NH3 pipeline (12km 6”) Project location LEGEND: Once the technology
is proven, PV2Fuel can be scaled upwhich will result in a low-cost NH3 production 3 Phase PV2Fuel: NH3 Upscaling Once the technology, the business model and framework agreements with suppliers, governments, contractors are proven, the
technology is ready for scale up. As CMB.TECH we can support this upscaling based on our experience. The utilisation rate of the electrolyser will drive the LCOA much less, as the cost of the electrolyser is expected to decrease drastically in
the near future. It is expected that once production can be scaled further, green ammonia can be competitive with blue and grey ammonia. 4
Closing Remarks Questions?
Decarbonize today Navigate tomorrow
5. Annex Focus section on H2 market and shipping
Future energy demand: accelerating efficiencyand reducing fossil fuel
dependency In a net zero scenario, total energy supply shifts away from unabated fossil fuels while supply from low-emissions sources increases Electrification becomes more prevalent, resulting in a cleaner power sector Key trends shaping
the future of energy: Diminished significance of hydrocarbons Swift growth of renewable energy sources Amplified adoption of electrification Escalating utilization of low-carbon hydrogen By 2050, the hydrogen (and by extension, ammonia)
market could be 20 times larger than it is today Total final consumption by fuels Total energy consumption by fuel in 2050 in two different scenarios Key takeaways Global consumption shifts away from fossil fuels to decrease carbon
footprint H2 Sources: IEA, Bloomberg, Fearnleys. These firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
Global energy demand supplied from Hydrogen (MT) Core industries approx. 500 GW
incremental approx. 1,300 GW incremental approx. 3,200 GW incremental Clean Hydrogen growth potential: energy demand supplied from hydrogen to witness north of 25% CAGR next 30 years Sources: IEA, Hydrogen Council. These firms have not
consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto.
Clean hydrogen has the potential to deliver up to 30% of end-use energy by
2050 Hydrogen is seen as a key technology for becoming carbon-neutral By 2050, Hydrogen could meet 18% of total global energy demand By 2050, hydrogen demand in the US could reach 63 million MT (14% of final energy demand) Net-zero emission
by 2050 (one of top 3 global clean H2 producers) Reaching net-zero GHG emissions by 2050 Commitment to reach carbon-neutrality by 2060 Re-entered in theParis Agreement Committed to becoming climate-neutral by 2050 14% hydrogen in the
energy mix, or 500 GW of renewable electrolysers Vision / Goal Publishments Current CMB presence Hydrogen strategy As % of GDP world(1) Representing approximately 66% worldwide GDP 2% 4% 18% 25% 16% Sources: World Bank, National
strategies /. Note: (1) Data as of 2022. These firms have not consented to the use of their names and data in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. Growth trajectory supported
by national strategies:worldwide efforts to combat climate change
Long-haul hydrogen transportation will be likely in the form of Ammonia Distance
(km) Volume (MtH2/yr) 1 000 5 000 10 000 Repurposed pipeline Liquid H2 Ammonia NH3 New pipeline H2 LHV (MJ/kg) Volumetric density (GJ/m3) Storage temperature (°C) Storage pressure (bar) Handling / Conversion
complexity NH3 18.6 12.7 1 -34 + + Liquid H2 120 7.5 8.5 700 1 20 -253 + + Gas Liquid 0.5 1.0 1.5 + Transportation infrastructures eye ammonia as a safer, cost-effective means to export hydrogen in large
quantities Ammonia boasts high volumetric H2 density (17.6 wt%) and a 1.5x higher heating value compared to pure liquid H2, making it an attractive option Its stability and lower energy requirement for liquefaction add to its appeal over pure
H2 Ammonia leverages established synthesis technology and existing supply chains, streamlining its integration The potential for ammonia extends to transportation, notably in marine bunkering, as engine manufacturers work on dual-fuel systems
incorporating ammonia for ships' internal combustion engines Key takeaways Sources: Roland Berger, Wood Mackenzie, Irena. These firms have not consented to the use of their names and data in this presentation, nor have they endorsed the
transaction or made any recommendations relating thereto.
Alternative fuel adoption in today’s maritime industry is shaping tomorrow’s
conventional fuel independence by 2050 Ships in operation Ships on order H2 + A fuel technology transition is already underway in the maritime industry and gathering pace while the search for solutions continues For ships in operation,
6.52% of tonnage can now operate on alternative fuels, compared to 5.5% last year The uptake of methanol and LPG is starting to be effective, together with the first hydrogen-fueled newbuilds Several demonstration projects for ammonia-fueled
ships are also ongoing nowadays and some preparation for potential conversion to ammonia propulsion has been done at the newbuild stage The uptake of vessels capable of operating with ammonia as a primary fuel is expected to gather pace in the
coming years with the development of the technology Sources: DNV, McKinsey & Company, Mærsk Mc-Kinney Møller Center / Note: (1) As of July 2023. These firms have not consented to the use of their names and data in this presentation, nor
have they endorsed the transaction or made any recommendations relating thereto. Alternative fuel uptake in the world fleet by gross tonnage(1) Expectations of the main shipping players on the future fuel sources
5. Annex Fleet List
Fleet List (1/3) # Ship's name Built Type Size Shipyard H2/NH3 1 Mineral
Belgie Jul-23 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN) 2 Mineral Nederland Aug-23 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN) 3 Mineral Luxembourg Jan-24 Newcastlemax bulk
carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN) 4 Mineral France Jan-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN) 5 Mineral Deutschland May-24 Newcastlemax bulk carrier 210.000 dwt Qingdao
Beihai Super-Eco (MAN); NH3 Ready 6 Mineral Italia Jul-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN); NH3 Ready 7 Mineral Danmark Jul-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco
(MAN); NH3 Ready 8 Mineral Eire Aug-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN); NH3 Ready 9 Mineral Hellas Sep-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN); NH3
Ready 10 Mineral Espana Oct-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (MAN); NH3 Ready 11 Mineral Portugal Nov-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
Ready 12 Mineral Osterreich Dec-24 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 Ready 13 Mineral Sverige Mar-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
Ready 14 Mineral Suomi May-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 Ready 15 Mineral Polska Jul-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
Ready 16 Mineral Cesko Sep-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 Ready 17 Mineral Slovensko Sep-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
FITTED 18 Mineral Slovenija Oct-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 FITTED 19 Mineral Malta Nov-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
FITTED 20 Mineral Kypros Dec-25 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 FITTED 21 Mineral Eesti Jan-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
FITTED 22 Mineral Latvija Mar-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 FITTED 23 Mineral Lietuva Mar-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
FITTED 24 Mineral Magyar May-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 FITTED 25 Mineral Romania Jun-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3
FITTED 26 Mineral Balgariya Sep-26 Newcastlemax bulk carrier 210.000 dwt Qingdao Beihai Super-Eco (WINGD); NH3 FITTED 27 TBN 5.000 dwt 2026 General cargo 5.000 dwt Dung Quat Super-Eco ; H2 FITTED 28 TBN 5.000 dwt 2026 General
cargo 5.000 dwt Dung Quat Super Eco ; H2 FITTED # Ship's name Built Type Size Shipyard H2/NH3 1 CMA CGM Masai Mara Jun-23 Container vessel 6.000 TEU Yangfan Shipyard Super-Eco (MAN); NH3 Ready 2 CMA CGM
Zingaro Jan-24 Container vessel 6.000 TEU Yangfan Shipyard Super-Eco (MAN); NH3 Ready 3 CMA CGM Etosha Jun-24 Container vessel 6.000 TEU Yangfan Shipyard Super-Eco (MAN); NH3 Ready 4 CMA CGM Dolomites Aug-24 Container
vessel 6.000 TEU Yangfan Shipyard Super-Eco (MAN); NH3 Ready 5 TBN 1.400 TEU 2026 Container vessel 1.400 TEU Yangfan Shipyard Super-Eco (WinGD); NH3 FITTED # Ship's name Built Type Size Shipyard H2/NH3 1 Bochem
Houston Jun-23 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 2 Bochem Rotterdam Oct-23 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 3 Bochem Casablanca Apr-24 Chemical tanker 25.000
dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 4 Bochem Shanghai Jun-24 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 5 Bochem New Orleans Jul-24 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3
Ready 6 Bochem Brisbane Sep-24 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 7 Bochem TBN 2025 Chemical tanker 25.000 dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 8 Bochem TBN 2025 Chemical tanker 25.000
dwt CMJL Dingheng Super-Eco (MAN); NH3 Ready 6,000 TEU 1+3 1,400 TEU 0+1 Newcastlemax 2+24 Chemical tankers 2+6 # Ship's name Built Type Size Shipyard H2/NH3 1 Hydroville 2017 Ferry 16 pax BW Seacat Volvo Penta H2
fitted 2 HydroBingo 2020 Ferry 80 pax TFC Volvo Penta H2 fitted 3 HydroTug 2023 Tugboat 65 tbp Armon Shipyard BeHydro H2 fitted Other 3 0+2 5.000 dwt
# Ship's name Built Type Size Shipyard H2/NH3 1 Windcat
1 24/02/2004 CTV 3 AF Theriault Volvo D16 2 Windcat 2 26/04/2005 CTV 1 AF Theriault Volvo D12 3 Windcat 3 29/03/2005 CTV 1 AF Theriault Volvo D12 4 Windcat 4 02/11/2005 CTV 1 AF Theriault Volvo D12 5 Windcat
6 11/07/2007 CTV 2 AF Theriault Volvo D16 6 Windcat 7 30/05/2007 CTV 2 Island Boats Inc Volvo D16 7 Windcat 10 19/05/2008 CTV 3XLR AF Theriault Volvo D16 8 Windcat 11 22/07/2008 CTV 3XL AF Theriault Volvo
D16 9 Windcat 14 30/03/2009 CTV 3 Dok en Scheepsbouw Woudsend Volvo D16 10 Windcat 15 30/03/2009 CTV 3XLR Dok en Scheepsbouw Woudsend Volvo D16 11 Windcat 16 01/10/2008 CTV 3 AF Theriault Volvo D16 12 Windcat
17 02/03/2009 CTV 3XLR AF Theriault Volvo D16 13 Windcat 18 11/05/2009 CTV 3XLR AF Theriault Volvo D16 14 Windcat 19 24/03/2008 CTV 3XLR AF Theriault Volvo D16 15 Windcat 20 07/09/2009 CTV 3 Dok en Scheepsbouw
Woudsend Volvo D16 16 Windcat 21 25/02/2010 CTV 3 AF Theriault MTU 8V 17 Windcat 22 05/02/2010 CTV 3XL Dok en Scheepsbouw Woudsend Volvo D16 18 Windcat 23 25/05/2010 CTV 3 AF Theriault MTU 8V 19 Windcat
24 09/06/2010 CTV 3XLR Dok en Scheepsbouw Woudsend MTU 8V 20 Windcat 25 01/12/2010 CTV 3 Dok en Scheepsbouw Woudsend MTU 8V 21 Windcat 26 06/04/2011 CTV 3 Dok en Scheepsbouw Woudsend MTU 8V 22 Windcat
27 06/04/2011 CTV 3 AF Theriault MTU 8V 23 Windcat 28 15/03/2012 CTV 3 Dok en Scheepsbouw Woudsend MTU 8V 24 Windcat 29 18/08/2011 CTV 3XL AF Theriault MTU 8V 25 Windcat 30 25/10/2012 CTV 3RW Dok en Scheepsbouw
Woudsend Volvo D16 26 Windcat 31 10/04/2013 CTV 3RW Dok en Scheepsbouw Woudsend Volvo D16 27 Windcat 32 09/07/2013 CTV 3RW Dok en Scheepsbouw Woudsend Volvo D16 28 Windcat 33 14/12/2013 CTV 3RW Dok en Scheepsbouw
Woudsend Volvo D16 29 Windcat 34 18/10/2013 CTV 3.2XL Dok en Scheepsbouw Woudsend Volvo D16 30 Windcat 35 02/04/2014 CTV 3,2 Dok en Scheepsbouw Woudsend Volvo D16 31 Windcat 36 15/09/2014 CTV 3,2 Dok en Scheepsbouw
Woudsend Volvo D16 32 Windcat 37 20/02/2015 CTV 3.2XL Dok en Scheepsbouw Woudsend Volvo D16 33 Windcat 38 05/07/2015 CTV 3,2 Dok en Scheepsbouw Woudsend Volvo D16 # Ship's name Built Type Size Shipyard H2/NH3 34 Windcat
39 15/01/2016 CTV 3,2 Dok en Scheepsbouw Woudsend Volvo D16 35 Windcat 40 20/04/2017 CTV 3,5 Dok en Scheepsbouw Woudsend MTU 8V 36 Windcat 41 22/01/2018 CTV 3,5 Dok en Scheepsbouw Woudsend MTU 8V 37 Windcat
42 29/06/2018 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 38 Windcat 43 19/11/2018 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 39 Windcat 44 25/04/2019 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 40 Windcat
45 15/09/2019 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 41 Windcat 46 20/03/2020 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 42 Windcat 47 30/09/2020 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 43 Windcat
48 25/10/2021 CTV H2 Dok en Scheepsbouw Woudsend MAN H2 fitted 44 Windcat 49 15/07/2021 CTV 3.5 Dok en Scheepsbouw Woudsend MAN H2 ready 45 Windcat 50 31/03/2022 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 46 Windcat
51 10/05/2022 CTV 3.5 Dok en Scheepsbouw Woudsend MTU 8V 47 Windcat 52 12/01/2022 CTV 3.5 Neptune Shipyards MAN H2 ready 48 Windcat 53 14/07/2022 CTV 3,5 Neptune Shipyards MAN H2 ready 49 Windcat
54 09/12/2022 CTV 3,5 Neptune Shipyards MAN H2 ready 50 Windcat 55 09/01/2023 CTV 3,5 Kuipers Wouds. MAN H2 fitted 51 Windcat 56 01/01/2024 CTV 3,5 Neptune Shipyards MAN H2 ready 52 Windcat 57 01/03/2024 CTV 3,5 Dok en
Scheepsbouw Woudsend MAN H2 ready 63 Windcat 58 01/08/2024 CTV 5 Dok en Scheepsbouw Woudsend MAN H2 fitted 54 Windcat 59 01/11/2024 CTV 5 Neptune Shipyards MAN H2 ready 55 Windcat 60 01/12/2024 CTV 5 Dok en Scheepsbouw
Woudsend MAN H2 fitted 56 Windcat 101 01/04/2011 CTV 4 Bloemsma & van Bremen MTU 8V 57 Dorothea 21/02/2011 CTV X South Boats Special Projects Scania D16 # Ship's name Built Type Size Shipyard H2/NH3 1 CSOV
552205 May-25 CSOV 120 pax Damen Vietnam H2 powered 2 CSOV 552206 Jul-25 CSOV 120 pax Damen Vietnam H2 powered 3 CSOV 552207 Oct-25 CSOV 120 pax Damen Vietnam H2 powered 4 CSOV XXX 2026 CSOV 120 pax Damen Vietnam H2
powered 5 CSOV XXX 2026 CSOV 120 pax Damen Vietnam H2 powered (*) CSOV XXX Option 2026 CSOV 120 pax Damen Vietnam H2 powered CTV CSOV 52+5 0+5 Fleet List (2/3)
# Ship's name Built Type Size Shipyard 1 FSO
Africa 2002 FSO 432,023 Daewoo 2 FSO Asia 2002 FSO 432,023 Daewoo # Ship's name Built Type Size Shipyard 1 Brest 2024 Suezmax 156,851 Hyundai Samho Heavy Industries Co., Ltd. 2 Bristol 2024 Suezmax 156,851 Hyundai
Samho Heavy Industries Co., Ltd. 3 Brugge 2023 Suezmax 156,851 Hyundai Samho Heavy Industries Co., Ltd. 4 Cap Corpus Christi 2018 Suezmax 156,600 Hyundai 5 Cap Felix 2008 Suezmax 158,765 Samsung 6 Cap
Lara 2007 Suezmax 158,826 Samsung 7 Cap Pembroke 2018 Suezmax 156,600 Hyundai 8 Cap Port Arthur 2018 Suezmax 156,600 Hyundai 9 Cap Quebec 2018 Suezmax 156,600 Hyundai 10 Cap
Theodora 2008 Suezmax 158,819 Samsung 11 Cap Victor 2007 Suezmax 158,853 Samsung 12 Captain Michael 2012 Suezmax 157,648 Samsung 13 Cedar 2022 Suezmax 157,310 Daehan Shipbuilding Co.
Ltd. 14 Cypress 2022 Suezmax 157,310 Daehan Shipbuilding Co.,Ltd. 15 Fraternity 2009 Suezmax 157,714 Samsung 16 H5088 2024 Suezmax 156,790 DH Shipbuilding Co., Ltd. 17 H5089 2024 Suezmax 156,790 DH Shipbuilding Co.,
Ltd. 18 HXXXX 2026 Suezmax DH Shipbuilding Co., Ltd. 19 HXXXX 2026 Suezmax DH Shipbuilding Co.,
Ltd. 20 Maria 2012 Suezmax 157,523 Samsung 21 Sapphira 2008 Suezmax 150,205 Universal 22 Selena 2007 Suezmax 150,205 Universal 23 Sienna 2007 Suezmax 150,205 Universal 24 Sofia 2010 Suezmax 165,000 Hyundai 25 Statia 2006 Suezmax 150,205 Universal 26 Stella 2011 Suezmax 165,000 Hyundai # Ship's
name Built Type Size Shipyard 1 Aegean 2016 VLCC 299,999 Hyundai 2 Alsace 2012 VLCC 320,350 Samsung 3 Antigone 2015 VLCC 299,421 Hyundai 4 Daishan 2007 VLCC 306,005 Daewoo 5 Dalma 2007 VLCC 306,543 Daewoo 6 Dia 2015 VLCC 299,999 Daewoo 7 Donoussa 2016 VLCC 299,999 Daewoo 8 Hakata 2010 VLCC 302,550 Universal 9 Hakone 2010 VLCC 302,624 Universal 10 Hirado 2011 VLCC 302,550 Universal 11 Hojo 2013 VLCC 302,965 JMU 12 Ilma 2012 VLCC 314,000 Hyundai 13 Ingrid 2012 VLCC 314,000 Hyundai 14 Iris 2012 VLCC 314,000 Hyundai 15 Nectar 2008 VLCC 307,284 Dalian 16 Newton 2009 VLCC 307,284 Dalian 17 Noble 2008 VLCC 307,284 Dalian 18 TK300K-1 2026 VLCC 319,000 Qingdao
Beihai Shipyard 19 TK300K-2 2026 VLCC 319,000 Qingdao Beihai Shipyard 20 TK300K-3 2026 VLCC 319,000 Qingdao Beihai Shipyard VLCC Suezmax Storage 17+3 22+4 2 Fleet List (3/3)