Norway Ship Finance Forum Oslo 30 May 2002

Norway Ship Finance Forum, Oslo 30 May 2002

AGENDA m m m 2 Company overview Market information Financials Share information Summary

MISSION STATEMENT Odfjell shall be a leading, preferred and profitable global provider of transportation and storage of bulk liquid chemicals, acids, edible oils and other special products. Odfjell shall be a true logistic service provider, capable of combining different modes of transportation and storage. Odfjell shall provide its customers with safe, reliable and efficient services. In the execution of its services, Odfjell is to meet high quality, safety and environmental standards. 3

HISTORY m Established 1916 m Pioneered the chemical tanker trade in the mid 50 s m Tank Terminals since the mid 60 s m Stock listed on the Oslo Stock Exchange in 1986 m International Share Issue in 1989 m Fleet expansions in 1990’s and 2000’s m USD accounting from 2000 m Merger with competitor Seachem in 2000 m Tank terminals in strategic petrochemical areas 4

BUSINESS AREAS Global Trade Regional Trade - Leading global operator - 61 vessels and 10 nb’s on order - Revenue $621 million - 73% of revenue/73% of EBITDA - Total assets $1, 2 billion - Asia/Americas/Brazil/Chile - 27 vessels - Revenue $103 million - 12% of revenue/7% of EBITDA - Total assets $136 million INTEGRATED LOGISTICS Tank Terminals - 6 owned at strategic locations - 8 associated - Revenue $87 million - 10% of revenue/17% of EBITDA - Total assets $259 million 5 Tank Containers - Start-up in 1999 - 5 000 containers - Revenue $34 million - 4% of revenue/2% of EBITDA - Total assets $ 29 million

LEADING INDUSTRY CONSOLIDATOR m Odfjell is the leading consolidator in an industry increasingly moving towards an oligopoly of 4 -5 players; 2000 -2001 acquisitions include l Seachem, a major global deep-sea competitor l Vopak’s Botlek tank terminal in Rotterdam l 50% of Oiltanking Singapore Chemical Storage in Singapore l 55% of Korea Petrochemical Industry Company’s chemical tank terminal in Onsan, Korea m Significant newbuilding program in 1994 - 2005 6

CONSOLIDATED MARKET SHARE Note: Market share based on core fleet over 10, 000 tdw. - about 9. 5 mill. tdw. ) 7

BUSINESS CHARACTERISTICS m Barriers to entry l Highly specialised vessels and operation l Scale – Threshold l Systems, organisation and human resources l Customer relations – Track record l Contract coverage m Customer expectations l Quality – Safety – Reliability l On spec and on time delivery l Frequencies - Regularity l Many ports for loading and discharging l Cost efficiency 8 => Few and large operators

GLOBALISATION, NEW PLANTS & TRADE PATTERNS 9 = Regional trade

PRODUCT GROUPS # of products Organic chemical Global annual production (mill. mts) Global seaborne transport. (mill. mts) 400 + 403 75 Inorganic chemicals 3 310 22 Vegetable oils & Animal fats 10 99 36 Other products 3 97 18 909 146 2, 490 450 3, 400 596 Total Clean Petr. Prod. Gross total Source: Various sources, Odfjell BDP 10 4

BUSINESS DRIVERS m Demand l Global trade l Industrial production/GDP l Ton-mile (trading pattern) m Supply l Order book l Yard capacity l New IMO regulations/scrapping l Customer requirements - inspections 11

SUSTAINABLE CHEMICAL MARKET GROWTH Chemicals and plastics growth has outpaced GDP growth over the last two decades US ”Recession” Asia Financial Crisis Global Recession Global Growth Index (Index Base Year =1985) 12 Source: CMAI – March 2002

DELIVERIES OF NEWBUILDINGS (Core fleet over 10, 000 tdw. ) 13 12 April 2002

FREIGHT RATE DEVELOPMENT (Chemicals) 14

CUSTOMERS 15

END USES 16

ODFJELL TERMINALS Quebec Rotterdam Dalian Onsan Ningbo Houston Callao San Antonio 17 Sao Luis Santos Rio Grande Campana Buenos Aires Singapore

GROWTH PROFIT AND LOSS BALANCE SHEET 33% 29% Book values 18

NET PROFIT, CASH FLOW AND RETURN - Average Ro. E 19 1990 – 1999: 13% 1991 – 2000: 11% 2001: 11, 4% 1 Q 02: 4, 2%

WORLD ECONOMIC GROWTH (GDP) 20

BALANCE SHEET (31. 03. 2002) ASSETS Liquid assets LIABILITIES & EQUITY ST debt Other fixed and current assets Tank terminals LT debt Vessels & nb’s Equity 21 • USD 532 million • USD 23. 24/ NOK 205 per share

SHAREHOLDER STRUCTURE m m 22 Odfjell family 33% Chemlog Ap. S 24% 5 Norwegian Funds 14% Others 29%

LISTED ON THE OSLO STOCK EXCHANGE $ in Millions, except per share Share price (A-share) TRADING Symbol: ODF and ODFB NOK 144 # of shares (MM) 22. 87 Market capitalization $399 Net interest bearing debt 731 Enterprise Value $1, 130 Enterprise Value/2001 EBITDA 5. 6 x Price/2001 Earnings 7. 2 x Price/2001 Cash Flow 3. 0 x EBITDA 2001/Net interest coverage 5. 1 x Market capitalization/Book Equity 76% Dividend yield 23 6% Odfjell OBX

SHARE PRICE DEVELOPMENT 24

DIVIDEND AND YIELD 25 Dividend per share in NOK. Yield equals dividend as a percentage of yearly average share price.

CONCLUSION m Strong market position and corporate platform m Focus on core business m Growth in: l Tank Terminals l Tank Containers m Fleet development m Focus on long-term return 26