1. Second Quarter 2013 Results
Oslo – 23 August 2013

2. 2
Agenda
• Highlights
• Financials
• Operational review
• Market update and prospects
• Summary
• Q&A session

3. 3
Highlights
• EBITDA of USD 36 million compared
to USD 27 million in first quarter
• Improvement reflects a better
utilization of our chemical tanker fleet
and a somewhat better market
• Time-charter results up 8% compared
with last quarter
• Best quarter for chemical tankers
since third quarter 2008
• Delivery of Bow Pioneer, the world’s
largest chemical tanker
0
50
100
150
200
250
300
350
04 05 06 07 08 09 10 11 12 13
USDmill
Annual EBITDA – actual ownership
Chemical tankers Tank terminals
Highlights
0
50
100
150
200
03 04 05 06 07 08 09 10 11 12 13
Index1990=100
ODFIX

4. 4
Highlights
Highlights
• Finalization of agreements with Lindsay Goldberg to expand our existing
partnership to include substantially all tank terminal assets
• New tank terminal projects in China, USA and Europe

5. 5
Income statement - Second quarter 2013
USD mill 2Q13 1Q13
Gross revenue 294 291
Voyage expenses (116) (122)
TC expenses (39) (44)
Operating expenses (69) (68)
General and administrative expenses (34) (32)
Operating result before depr. (EBITDA) 36 27
Depreciation (31) (31)
Capital gain/loss on fixed assets 3 (1)
Operating result (EBIT) 8 (6)
Net finance (10) (6)
Taxes (0) (2)
Net result (2) (13)
Financials

6. 6
Quarterly figures - from continued operation
USD mill
0
50
100
150
200
250
300
350
2011 2012 2013
USDmill
Gross Revenue
0
5
10
15
20
25
30
35
40
45
2011 2012 2013
USDmill
EBITDA
• Increase in EBITDA of USD 9 million compared to last quarter reflecting better
utilization of the chemical tanker fleet
Financials

7. 7
Quarterly figures - from continued operation
USD mill
12 11
‐6
8
‐5
8
2
‐25
‐1
‐23
-30
-25
-20
-15
-10
-5
0
5
10
15
2011 2012 2013
USDmill
Operating Result (EBIT)
11
‐4 ‐13
5
‐28
‐2
261
‐39
‐8
‐40
-100
-50
0
50
100
150
200
250
300
2011 2012 2013
USDmill
Net Result
• Increase in EBIT of USD 14 million
compared to last quarter
• Stable net interest
• Capital gain of USD 5.4 million following the
LG transaction this quarter
• Capital loss of USD 2.6 million on vessel
sale
‐9 ‐10 ‐10 ‐11 ‐12 ‐12 ‐13 ‐13 ‐12 ‐11
2 2
‐2
5
0
‐9
‐3
‐6
6
1
-25
-20
-15
-10
-5
0
5
10
USDmill
Net Finance
Net interest Other financial/currency
2011 2012 2013
Financials

8. 8
Balance sheet – 30.06.2013
USD mill - Assets
Ships and newbuilding contracts 1 312
Tank terminals and intangible assets 561
Other non-current assets/receivables 171
Total non-current assets 2 044
Available-for-sale investments and cash 235
Other current assets 188.
Total current assets 423
Assets held for sale 173
Total assets 2 641
Equity and liabilities
Total equity 832
Non-current liabilities and derivatives 138
Non-current interest bearing debt 1 095
Total non-current liabilities 1 233
Current portion of interest bearing debt 244
Other current liabilities and derivatives 162
Total current liabilities 406
Liabilities held for sale 171
Total equity and liabilities 2 641
• Cash balance of USD 235 million + USD 11 million cash in «held for sale assets»
• 9.8% of own shares held as treasury shares
• Equity ratio 31.5%
Financials

9. 9
Debt development
• Secured refinancing of three second hand vessels in the total amount of USD 75 million
• Refinancing of loan balloons expected to be finalized in third quarter
• Financing of newbuilding program in Korea expected to be completed in third quarter
• Evaluating refinancing of bond maturing in December, NOK 350 million
0
200
400
600
800
1,000
1,200
1,400
2Q13 2014 2015 2016 2017
USDmill
Debt Portfolio
Ending balance Repayment
0
50
100
150
200
250
300
2Q13 2014 2015 2016 2017
USDmill
Planned Debt Repayments
Secured loans Balloon Leasing
NOK bond 09/13 NOK bond 12/15 NOK bond 12/17
Financials

10. 10
Capital expenditure programme – Odfjell’s share
In USD mill Per 2Q13 2014 2015 2016 2017
Hyundai Mipo, 4 x 46,000 DWT 8 110
Docking 14 27 27 27 27
Terminals1) 78 51 39 20 20
Total 100 188 66 47 47
1) Planned not commited – Odfjell’s share post Lindsay Goldberg global partnership agreement
Keel laying of two of the newbuildings at Hyundai Mipo
Financials

11. 11
Income statement – 2Q13 chemical tankers and LPG/Ethylene
USD mill 2Q13 1Q13
Gross revenue 258 257
Voyage expenses (116) (122)
TC expenses (39) (44)
Operating expenses (48) (49)
General and administrative expenses (26) (25)
Operating result before depr. (EBITDA) 29 18
Depreciation (23) (22)
Capital gain/loss on fixed assets (3) (1)
Operating result (EBIT) 4 (5)
Net finance (16) (7)
Taxes (1) (3)
Net result (13) (16)
Financials

12. 12
Income statement – 2Q13 tank terminals
USD mill 2Q13 1Q13
Gross revenue 36 35
Operating expenses (21) (19)
General and administrative expenses (9) (7)
Operating result before depr. (EBITDA) 7 9
Depreciation (8) (9)
Capital gain/(loss) 5 -
Operating result (EBIT) 3 (1)
Net finance 7 2
Taxes 1 2
Net result 10 3
Financials

13. 13
Results per segment
2Q13 1Q13
USD mill
Chemical
tankers/LPG
Tank
terminals
Chemical
tankers/LPG
Tank
terminals
Gross revenue 258 36 257 35
EBITDA 29 7 18 9
EBIT 4 3 (5) (1)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Gross revenue EBITDA Assets
Chemical tankers Tank terminals
Financials
0
50
100
150
200
250
300
350
04 05 06 07 08 09 10 11 12 13
USDmill
Annual EBITDA – actual ownership
Chemical tankers Tank terminals

14. 14
Tank terminals EBITDA – by geographical segment
‐17
7
14
11
-20
-15
-10
-5
0
5
10
15
20
Europe North
America
Asia Middle East
USDmill EBITDA YTD 2013
EBITDA Tank Terminals by
2Q13 1Q13
geographical segment*
Europe (9) (8)
North America 3 4
Asia 7 8
Middle East 5 5
Total EBITDA 7 9
• Recovery of Rotterdam terminal behind schedule,
negative EBITDA 2Q13 USD 8.4 million
• Minor seasonal variances on the other terminals
Financials
*Figures includes tank terminal overhead cost. Pre Lindsay Goldberg transaction.

15. 15
Bunker development
95.7 83.4 84.0 82.7 81.0
(15.7) (9.8) (8.5) (8.5) (5.9)
(2.8) (5.8)
(1.9) (2.0) (1.0)
77.2
67.8 73.5 72.2 74.1
(30)
(20)
(10)
-
10
20
30
40
50
60
70
80
90
100
110
2Q12 3Q12 4Q12 1Q13 2Q13
USDmill
Net Bunker Cost
Bunker purchase Bunker clauses Bunker hedging Net bunker cost
• Net bunker cost per tonne in the second quarter was
USD 542
• About 30% of the remaining bunker exposure in
2013 and about 20% of the 2014 exposure is hedged
• Bunker clauses in CoAs cover about
50% of the exposure0
100
200
300
400
500
600
700
800
08 09 10 11 12 13
USD/mt
Platts 3.5% FOB Rotterdam
Operational review

16. 16
Fleet development - last 12 months
Fleet additions DWT Built Tanks Transaction
July 2013 Celsius Mayfair 20,000 2007 Stainless 2 year TC
June 2013 Bow Pioneer 75,000 2013 Coated New delivery
May 2013 Bow Engineer 30,086 2006 Coated Purchase
March 2013 UACC Messila 45,352 2012 Coated 1 year TC
March 2013 Bow Nangang 9,000 2013 Stainless New delivery
March 2013 Chembulk Sydney 14,271 2005 Stainless 1-2 years TC
January 2013 Chembulk Wellington 14,312 2004 Stainless 1-2 years TC
November 2012 Bow Dalian 9,000 2012 Stainless New delivery
October 2012 Chemroad Hope 33,552 2011 Stainless 1 year TC
September 2012 UACC Masafi 45,352 2012 Coated 1 year TC
September 2012 Bow Guardian 9,000CBM 2008 LPG Purchase
August 2012 Bow Gallant 9,000CBM 2008 LPG Purchase
Operational review

17. 17
Fleet development – last 12 months
Fleet disposals, owned DWT Built Tanks Transaction
May 2013 Bow Cheetah 40,257 1988 Coated Recycling
January 2013 Bow Leopard 39,512 1988 Coated Recycling
November Bow Fraternity 45,507 1987 Coated Recycling
October 2012 Bow Lion 39,423 1988 Coated Recycling
Operational review

18. 18
Bow Pioneer – the world’s largest chemical tanker
Operational review
• 75,000 dwt
• 30 tanks with a total cargo
capacity of 86,000 cbm
• Entering pool in November –
with sister vessel owned by
NCC

19. 19
Finalizing transaction with Lindsay Goldberg
• The previous announced transaction has now been closed
• Lindsay Goldberg aquires 49% interest in Odfjell Terminals AS (OTAS), the
holding company for substantially all of Odfjell’s tank terminal activities
• Capital increase of USD 219 million in OTAS
• All tank terminal assets will be owned by OTAS
• Odfjell will realize a total gain of USD 27 million of which USD 5.4 million has
been booked in second quarter
• Our tank terminal division is now poised for a strong growth in the years to come
Operational review

20. 20
New joint venture agreement in China
• Odfjell Terminals has signed an agreement to
enter into a joint venture with the Founder Group
• Will acquire a 50% equity share in the existing
Fujian Fangtong Terminals Co Ltd., including the
land and an existing jetty at a price of USD 21
million
Operational review
• The new terminal is to be located in the Quangang Industrial Zone at the mainland
side of the Taiwan Strait
• The future Odfjell Terminals Fujian (Quanzhou) Co. Ltd has 14.8 hectares of available
land, making possible the construction of 184,000 cbm of total storage capacity,
supported by two jetties
• The planned total investment in the terminal is USD 137 million

21. 21
Entered into a letter of intent to purchase Chem-
Marine Corporation
Operational review
• Odfjell Terminals has entered into a Letter of Intent to purchase Chem-Marine
Corporation of South Carolina
• Located adjacent to Odfjell’s tank terminal in North Charleston, South Carolina, USA
• This acquisition has an estimated value below USD 10 million

22. 22
Tank terminal capacity
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Cubic Metres`000
Mineral oil storage Chemical storage Ongoing expansions
Current capacity 5,310,291
Ongoing expansions 489,291
Total capacity in CBM (incl. related parties):
Operational review
* Odfjell’s ownership share in the respective tank terminals is shown in percentage

23. 23
Market update - chemical tankers
• Chemical tanker market improved
• Contract coverage increased to 56%
• Time charter results up by 8% compared with quarter
• Improved spot rates
• Vessel demand is expected to outgrow vessel supply
Market update and prospects

24. 24
Core Chemical Deep-sea Fleet 2003-2016 - Orderbook and
estimated demolition per August 16th, 2013
* Outphasing 30 years (Europe built) and 25 years (Asian built)Source: Odfjell FLEETBASE
Market update and prospects
- 8 0 0
- 4 0
0
04 0 0
8 0 0
1 , 2 0 0
1 , 6 0 0
2 , 0 0 0
03 04 05 06 07 08 09 10 11 12 13 14 15 16
' 0 0 0 D w t
- 6 . 0 %
- 3 . 0 %
0 . 0 %
3 . 0 %
6 . 0 %
9 . 0 %
1 2 . 0 %
1 5 . 0 %
D e l i v e r i e s O r d e r b o o k
A c t u a l l y d e m o l i s h e d E s t i m . v e s s e l o u t p h a s i n g
N e t f l e e t g r o w t h
% o f y e a r - s t a r t f l e e t
Average annual net growth:
2003-2012: 8.0%
2013-2016: 1.1%

25. 25
Chemical Tanker Demand 2007 - 2016
25
27
29
31
33
35
37
39
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Mill. Dwt
Average annual growth: 2007 – 2012: -1.2 %
2013 – 2016: 3.1 %
Source: Drewry Shipping Consultants, 2013Q1
Market update and prospects

26. 26
Prospects
• World economy remains uncertain
• Freight markets remain in line with second quarter
• No material changes in the supply/demand balance – still favourable outlook
• Fluctuations in bunker prices have a major impact on our results
• Expecting second half to be moderately better than first half of 2013
Market update and prospects

27. 27
Summary
• Slightly better chemical tanker market and stable terminal earnings
• Final agreement signed with Lindsay Goldberg
• Positioned for growth in both the tanker and tank terminal sector
Summary

28. 28
Company representatives
Terje Iversen – CFO, Odfjell SE
Email: Terje.Iversen@odfjell.com
Phone: +47 932 40 359
IR – contact:
Tom A. Haugen – VP Finance, Odfjell SE
Email: Tom.Haugen@odfjell.com
Phone: +47 905 96 944
Jan A. Hammer – CEO, Odfjell SE
Email: Jan.Hammer@odfjell.com
Phone: +47 908 39 719
Summary

29. 29
Thank you
For more information please visit our webpage at www.odfjell.com
Q&A session