Professionalism & Quality 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

ε
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

ε
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

25,000

19,814
20,000 19,143
USD/d across sector fleet

17,151 17,577

14,674
15,000 13,957
13,145

10,000

5,000

-
-
2019 2020 2021 2022
Cleaves Implied Consensus Cash Break-Even
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Supply/Demand (mDWT)
Oil Tankers, base case 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Deliveries¹ 32 35 28 17 11 12 26 33 24 32 24 20 28
Scrapping¹ (11) (9) (11) (11) (7) (2) (2) (11) (20) (14) (12) (8) (8)
Other¹ (6) (1) 0 2 2 5 6 3 1 1 0 0 0
Contracting¹ 37 12 14 37 28 53 13 35 26 22 28 31 32
Supply² 416 438 458 472 475 487 511 541 549 567 577 587 606
Δ y/y 4% 5% 5% 3% 1% 2% 5% 6% 1% 3% 2% 2% 3%
Demand² 346 353 371 387 401 443 432 435 435 472 495 514 532
Δ y/y 8% 2% 5% 4% 4% 10% -2% 1% 0% 8% 5% 4% 4%
Utilization² 83% 81% 81% 82% 84% 91% 85% 80% 79% 83% 86% 87% 88%
Oil Tankers² (TCE) 15,537 12,007 12,558 13,626 17,930 31,036 18,047 11,655 11,216 15,845 20,441 23,537 24,595
VLCC, spot² (TCE) 34,060 18,596 21,187 18,621 30,015 64,846 41,908 17,794 15,561 27,112 41,312 49,110 51,775
Suezmax, spot² (TCE) 27,864 18,432 16,908 15,511 27,791 46,713 27,799 15,436 16,466 20,558 29,172 34,232 35,962
Aframax, spot² (TCE) 17,690 12,378 12,541 14,131 24,705 37,954 23,142 13,873 16,175 18,299 23,053 26,585 27,793
MR, spot² (TCE) 10,692 10,638 10,589 13,464 12,517 21,444 12,166 10,213 8,750 12,146 14,526 16,147 16,701
VLCC, 5y² (USDm) 87 77 63 56 74 81 68 62 62 73 88 97 99
Suezmax, 5y² (USDm) 62 54 45 40 50 60 49 41 41 49 58 64 65
Aframax, 5y² (USDm) 44 39 31 29 39 46 36 30 31 38 45 50 51
MR, 5y² (USDm) 27 29 25 26 27 28 25 24 25 27 30 31 32
OB² 129 106 70 56 71 87 92 72 72 58 56 65 72
OB/Fleet² 31% 24% 15% 12% 15% 18% 18% 13% 13% 10% 10% 11% 12%
¹Sum during period ²Average during period
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

ε
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

45,000 80
40,000
39,366 Owned vessels (incl. NBs)
70
33,729
35,000 32,221
USD/d across sector fleet

60
30,000
50
23,152 24,060
25,000

# Vessels
40
20,000 17,982 18,130
30
15,000
20
10,000
10
5,000
- -
- ADSCME DHT US EURN US FRO US HUNT INSW US NAT US OET-ME TNK US
2018 2019 2020 2021 NO NO NO
Cleaves Implied Consensus Cash Break-Even VLCC Suez Afra Pana MR SR
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Supply/Demand ('000 cbm)

Base case 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Deliveries¹ 323 2,539 5,314 4,714 5,208 4,797 8,993 6,394 6,209 11,788 9,273
Scrapping¹ (122) (412) (269) (281) (256) (260) (524) (372) (150) (177) (240)
Other¹ (0) 0 (126) (126) 0 (125) (138) (179) (0) 0 (0)
Contracting¹ 6,319 6,488 11,179 5,580 1,423 2,460 11,762 7,605 6,908 5,434 4,830
Supply² 53,020 53,960 57,985 62,868 67,416 72,180 79,563 86,408 91,420 100,836 111,505
Δ y/y 2% 2% 7% 8.4% 7.2% 7.1% 10.2% 8.6% 5.8% 10.3% 10.6%
Demand² 50,223 49,198 49,196 46,421 49,237 55,917 69,644 76,479 83,890 88,839 89,728
Δ y/y 8% -2% 0% -5.6% 6.1% 13.6% 24.5% 9.8% 9.7% 5.9% 1.0%
Utilization² 95% 91% 85% 74% 73% 77% 88% 89% 92% 88% 80%
Spot rate² (USD '000/day) 126,683 104,346 71,942 36,038 33,470 46,058 88,692 94,921 111,168 88,722 56,616
OB² 12,276 17,400 19,963 25,444 23,486 20,365 18,714 21,028 23,152 21,351 14,904
OB/Fleet² 23% 32% 34% 40% 35% 28% 24% 24% 25% 21% 13%
¹Sum during period ²Average during period
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

ε
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Implied q/q demand growth since 1997 Implied q/q demand growth since 1997
20% 20%

15% 15%

10% 10%

5% 5%

0%
0%
Q1 Q2 Q3 Q4
-5%
-5%
-10%
-10%
-15%
Q1 Q2 Q3 Q4 -15%
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Spot rate seasonality since '92 (% vs Y avg) VLGC spot rate seasonality since '92 (% vs Y
15% avg)
10% 150%

5%
100%
0%
1 2 3 4 5 6 7 8 9 10 11 12 50%
-5%
-10% 0%
-15% 1 2 3 4 5 6 7 8 9 10 11 12
-50%
-20%
-25% -100%
Avg Median Range ('92-'13) Avg ('92-'13) 2017 2018

150,000

130,000 Infrastructure bottlenecks => VLGCs

110,000 gained ~100% of the arbitrage
VLGC spot rate (TCE/d)

90,000 US market interconnected with the Far

East. Global energy markets
70,000 oversupplied => VLGC earnings near
marginal cost
50,000

30,000

10,000

-10,000

-30,000
Available for VLGCs (TCE $95,135/d) VLGC spot rates (TCE $40,454/d)
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Demand/Supply ('000 cbm)

Base case 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Deliveries¹ 162 1,073 669 2,935 3,863 2,081 829 1,320 1,731 1,234 2,195
Scrapping¹ - - - - (161) (154) (391) (373) (675) (468) (627)
Other¹ (0) 0 - - - - - - - - -
Contracting¹ 913 3,271 3,879 3,401 416 1,149 1,878 1,593 2,300 2,407 2,233
Supply² 11,446 12,292 12,979 14,760 18,977 21,316 22,101 22,875 24,098 24,498 25,933
Δ y/y 2% 7% 6% 14% 29% 12% 4% 4% 5% 2% 6%
Demand² 9,794 10,788 12,410 14,433 15,433 16,702 17,675 19,533 21,350 22,311 23,427
Δ y/y 1% 10% 15% 16% 7% 8% 6% 11% 9% 4% 5%
Utilization² 86% 88% 96% 98% 81% 78% 80% 85% 89% 91% 90%
Spot rate² (USD/day) 32,890 39,437 77,070 88,508 22,859 14,990 18,326 31,999 39,736 49,321 46,233
VLGC value, 3y² (USDm) 71 73 88 83 65 60 59 69 79 82 79
OB² 1,454 2,490 6,787 7,317 5,275 2,829 3,409 3,625 3,822 5,349 5,657
OB/Fleet² 13% 20% 52% 50% 28% 13% 15% 16% 16% 22% 22%
¹Sum during period ²Average during period
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

ε
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

Portfolios
Weights #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11
Oil 0% 13% 25% 38% 50% 63% 70% 78% 85% 93% 100%
Dry 100% 80% 60% 40% 20% 0% 0% 0% 0% 0% 0%
LNG 0% 4% 8% 12% 16% 20% 16% 12% 8% 4% 0%
LPG 0% 4% 7% 11% 14% 18% 14% 11% 7% 4% 0%
0%
SUM 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Return 55% 69% 83% 97% 111% 125% 127% 129% 132% 134% 136%
sigma 0.50 0.44 0.39 0.35 0.31 0.30 0.31 0.32 0.33 0.35 0.36
Sharpe 1.05 1.50 2.06 2.74 3.47 4.14 4.08 4.00 3.90 3.79 3.67
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 Professionalism & Quality 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
160BUY 200%
​​​​​​​​​​​​​​​​​
BUY
140 150%
​​ ​ ​ ​ ​ ​ ​
BUY
120
100%
100
Share price

50%
80 ​​​ ​
BUY
BUY ​​​
BUY ​​​​​​​​​​​​​​​​ 0%
60 ​ BUY
​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BUY
BUY ​​​​​​​​​​​​
​ BUY -50%
40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​BUY
SELL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​BUY
​​​​​​​​​​​​​​​​​​
BUY ​​​​​​​​​​​​

20 -100%

Cleaves return (153%) Consenus return (-80%)

0 -150%

80 73
70 59 62
60 52 51
50
34 38 36 36
40
Price per share

30
20 11
10 1
0

/sh (ccy) Price TP

120
100
80
60
40
USDm

20
0
-20
-40
-60
Net financing cash flow Net investing cash flow
Net operational cash flow Cash balance
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

12.0 2.00

1.80
10.0
1.60

1.40
8.0

NAVPS (USD)
1.20

P/NAV
6.0 1.00

0.80
4.0
0.60

0.40
2.0
0.20

0.0 0.00

NAVPS P/NAV

700

600

500

400
USDm

300

200

100

-100

Oper. CF NAV (less oper. CF) NAV

10.0 9.4 50%

9.0 Assets 8.4 40%

Price 7.3
8.0 30%

7.0 6.2 20%

NAV/share (USD)

6.0 5.1 10%

5.0 4.1 0%
Δ NAV

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
4.0
3.0 -10%
3.0
1.9 -20%
2.0
0.8 -30%
1.0
-40%
0.0
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% -50%
Δ Asset prices Δ Asset prices

900 900 70%

800 800
60%
700 700
600 50%
Primary assets (USDm)

600
Net Loan to Value

500
500 40%
USDm

400
400 30%
300
300
200 20%
200
100
10%
0 100

-100 0 0%

Primary assets Net LTV

Rise/Fall in asset prices Fleet value, current prices Total fleet value
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

P&L
1Q19 Preview 1Q19 Actuals vs Actuals vs
USDm 1Q18 4Q18 Cleaves Consenus Cleaves Consensus Cleaves Consensus
Net sales 14.5 26.8 15.7 14.9 - 0.8 0% 5%
EBITDA 4.0 14.9 4.6 4.0 - 0.7 0% 14%
EBIT -5.8 4.4 -5.9 -6.5 - 0.6 0% 10%
PTP -12.3 -2.7 -12.9 -14.1 - 1.2 0% 10%
Net earnings -12.3 -2.8 -13.1 -13.2 - 0.1 0% 1%
EPS -0.19 -0.04 -0.20 -0.21 - 0.00 0% 2%
DPS - - - #N/A N/A - #VALUE!
Implied, line by line 1Q18 4Q18 Cleaves Consenus Cleaves Consensus Cleaves Consensus
TCE revenue 14.5 26.8 15.7 14.9 - 0.8 0% 5%
Opex & G&A 10.5 11.8 11.0 10.9 - 0.1 0% 1%
Depreciation 9.8 10.6 10.6 10.5 - 0.1 0% 1%
Net finance 6.5 7.1 6.9 7.6 - -0.6 0% -9%
Taxes & Minorities - 0.1 0.3 -0.9 - 1.1 0% 436%

CF & BS
1Q19 Preview Actuals vs Actuals vs
USDm 1Q18 4Q18 Cleaves Consenus Cleaves Consensus Cleaves Consensus
Net operational cash flow -4 13 2 - 0%
Free cash flow -10 10 1 - 0%
Net cash flow -15 5 20 - 0%
TCE/day 12,637 21,310 12,817 12,171 - 646 0% 5%
Utilization 91% 98% 97% 0% 0%
Cash break-even 17,848 18,938 18,598 - 0%
Liquidity 47 47 68 - 0%
Interest bearing debt 483 492 512 - 0%
Net interest bearing debt 435 445 444 - 0%
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

CS vs consensus range (2019E) CS vs consensus range (2020E)

200 250

200
150 129
158

150
100 85 113
USDm

USDm
100 71
42
50 45 45
15 14 50

-
-

-50 -50
Sales EBITDA EBIT PTP Net earnings Sales EBITDA EBIT PTP Net earnings

​​​​ ​​​​​​​​​​​​​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 Professionalism & Quality 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

100 150%
BUY ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
90
​ BUY
BUY ​​​​​​​​​​​​​​​​​ ​​​​​​
BUY
80 ​​ ​ ​ ​ ​ ​ ​
BUY 100%
BUY ​​​​​​​​​​​​​​​​
70 ​​​ ​ ​
BUY
60 ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BUY 50%
Share price

BUY ​​​​​​
50
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BUY
SELL ​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ ​​​​​​
BUY
BUY
40 0%

30

20 -50%

10
CS return (108%) Consenus return (-40%)
0 -100%
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

20.0 2.00

18.0 1.80

16.0 1.60

14.0 1.40

NAVPS (USD)
12.0 1.20

P/NAV
10.0 1.00

8.0 0.80

6.0 0.60

4.0 0.40

2.0 0.20

0.0 0.00

NAVPS P/NAV

3000

2500

2000
USDm

1500

1000

500

Oper. CF NAV (less oper. CF) NAV

14.0 12.8 50%

Assets
11.5 40%
12.0
Price
10.1 30%
10.0 8.8 20%
NAV/share (USD)

7.5
8.0 10%
6.1
0%
Δ NAV

6.0 4.8 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
-10%
3.4
4.0 -20%
2.1
-30%
2.0 0.8
-40%
0.0
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% -50%
Δ Asset prices Δ Asset prices

2500 2500 70%

60%
2000
2000
50%
Primary assets (USDm)

1500
Net Loan to Value

1500
40%
USDm

1000
30%
1000
500
20%
0 500
10%

-500
0 0%

Primary assets Net LTV

Rise/Fall in asset prices Fleet value, current prices Total fleet value
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

CS vs consensus range (2019E) CS vs consensus range (2020E)

500 442 700
581
600
400
500
395
300 254
400
300
USDm

USDm
159 259 259
200 300
113 113
200
100
100
-
-

-100 -100
Sales EBITDA (adj.) EBIT (adj.) PTP Net earnings (adj.) Sales EBITDA (adj.) EBIT (adj.) PTP Net earnings (adj.)

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​​​​​​​​​​​​​​​​​​​​​​​​​​​​

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

​​​​​​​​​​ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
 Professionalism & Quality 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

25 60%

40%
20
​​​​​​​​​​​​​​​​​
BUY
20%
​ ​​​ ​ ​ ​ ​
BUY BUY
BUY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​BUY
​​​​​​​​​​​​​​ BUY ​​​​​​​​​​​​​​​​
Share price

15
​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BUY 0%
BUY ​​​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ -20%
BUY
10
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HOLD
SELL ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
-40%
5
-60%

Cleaves return (37%) Consenus return (-55%)

0 -80%

25 22
21
20
20 17
14
15 13 13 13
11
Price per share

10 7

5 3

/sh (ccy) Price TP

200

150

100
USDm

50

-50

-100
Net financing cash flow Net investing cash flow
Net operational cash flow Cash balance
 𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1

30.0 2.00

1.80
25.0
1.60

1.40
20.0

NAVPS (USD)
1.20

P/NAV
15.0 1.00

0.80
10.0
0.60

0.40
5.0
0.20

0.0 0.00

NAVPS P/NAV

1800

1600

1400

1200

1000
USDm

800

600

400

200

Oper. CF NAV (less oper. CF) NAV

30.0 50%
Assets
24.4 40%
25.0 Price 22.1
30%
19.8
20.0 20%
17.5
NAV/share (USD)

15.1 10%
15.0 12.8
0%
Δ NAV

10.5 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
-10%
10.0 8.2
5.9 -20%
3.6
5.0 -30%
1.3
-40%
0.0
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% -50%
Δ Asset prices Δ Asset prices

1800 1800 60%

1600 1600
50%
1400 1400
Primary assets (USDm)

1200 1200 40%

Net Loan to Value

1000 1000
USDm

30%
800 800

600 600 20%

400 400
10%
200 200

0 0 0%

Primary assets Net LTV

Rise/Fall in asset prices Fleet value, current prices Total fleet value
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1
𝑓 λ = 𝑎0 + 𝛽1 𝜆𝜏 , 𝑅2 ≈ 1