USD 100M SENIOR UNSECURED BOND ISSUE

Credit Investor Presentation

DISCLAIMER AND IMPORTANT INFORMATION

T H I S D O C U M E N T I S N O T F O R R E L E A S E , P U B L I C A T I O N O R D I S T R I B U T I O N , I N W H O L E O R I N P A R T , D I R E C T L Y O R I N D I R E C T L Y , I N O R I N T O O R F R O M T H E U N I T E D S T A T E S O F A M E R I C A , I T S T E R R I T O R I E S O R P O S S E S S I O N S , J A P A N , A U S T R A L I A , C A N A D A , O R T O A N Y R E S I D E N T T H E R E O F , O R A N Y J U R I S D I C T I O N W H E R E S U C H D I S T R I B U T I O N I S U N L A W F U L. T H I S D O C U M E N T I S N O T A N O F F E R O R A N I N V I T A T I O N T O B U Y O R S E L L S E C U R I T I E S .

T h i s p r e s e n t a t i o n ( t h e " P r e s e n t a t i o n " ) h a s b e e n p r o d u c e d b y M P C C o n t a i n e r S h i p s A S A ( t h e " I s s u e r " o r t h e " C o m p a n y " ) s o l e l y f o r i n f o r m a t i o n p u r p o s e s f o r u s e i n p r e s e n t a t i o n s t o p o t e n t i a l i n v e s t o r s i n c o n n e c t i o n w i t h t h e c o n t e m p l a t e d o f f e r i n g o f s e n i o r u n s e c u r e d b o n d s ( t h e " B o n d s " ) b y t h e I s s u e r. T h e a p p o i n t e d m a n a g e r s f o r t h e c o n t e m p l a t e d o f f e r i n g o f t h e B o n d s a r e A r c t i c S e c u r i t i e s A S a n d P a r e t o S e c u r i t i e s A S ( t h e " M a n a g e r s " ) .

T h i s P r e s e n t a t i o n a n d i t s c o n t e n t s a r e s t r i c t l y c o n f i d e n t i a l a n d s h a l l n o t ( i n w h o l e o r i n p a r t ) b e r e p r o d u c e d , d i s t r i b u t e d o r p a s s e d o n , d i r e c t l y o r i n d i r e c t l y , t o a n y o t h e r p e r s o n ( e x c l u d i n g i n v e s t m e n t p r o f e s s i o n a l ' s a d v i s e r s ) w i t h o u t t h e p r i o r w r i t t e n c o n s e n t o f t h e M a n a g e r s o r t h e I s s u e r.

T h i s P r e s e n t a t i o n c o n t a i n s c e r t a i n f o r w a r d-l o o k i n g s t a t e m e n t s r e l a t i n g t o t h e b u s i n e s s , f i n a n c i a l p e r f o r m a n c e a n d r e s u l t s o f t h e I s s u e r a n d i t s s u b s i d i a r i e s ( t h e " G r o u p " ) a n d / o r t h e i n d u s t r y i n w h i c h i t o p e r a t e s . F o r w a r d -l o o k i n g s t a t e m e n t s c o n c e r n f u t u r e c i r c u m s t a n c e s a n d r e s u l t s a n d o t h e r s t a t e m e n t s t h a t a r e n o t h i s t o r i c a l f a c t s , s o m e t i m e s i d e n t i f i e d b y t h e w o r d s " b e l i e v e s " , " e x p e c t s " , " p r e d i c t s " , " i n t e n d s " , " p r o j e c t s " , " p l a n s " , " e s t i m a t e s " , " a n t i c i p a t e s " , " t a r g e t s " , a n d s i m i l a r e x p r e s s i o n s . T h e f o r w a r d-l o o k i n g s t a t e m e n t s c o n t a i n e d i n t h i s P r e s e n t a t i o n , i n c l u d i n g a s s u m p t i o n s , o p i n i o n s a n d v i e w s o f t h e G r o u p o r c i t e d f r o m t h i r d p a r t y s o u r c e s a r e s o l e l y o p i n i o n s a n d f o r e c a s t s w h i c h a r e s u b j e c t t o r i s k s , u n c e r t a i n t i e s a n d o t h e r f a c t o r s t h a t m a y c a u s e a c t u a l e v e n t s t o d i f f e r m a t e r i a l l y f r o m a n y a n t i c i p a t e d d e v e l o p m e n t. N e i t h e r t h e I s s u e r , n o r a n y o f i t s p a r e n t o r s u b s i d i a r y u n d e r t a k i n g s o r a f f i l i a t e s o r a n y s u c h p e r s o n ' s d i r e c t o r s , o f f i c e r s , e m p l o y e e s , a d v i s o r s o r r e p r e s e n t a t i v e s ( c o l l e c t i v e l y , t h e " R e p r e s e n t a t i v e s " ) p r o v i d e s a n y a s s u r a n c e t h a t t h e a s s u m p t i o n s u n d e r l y i n g s u c h f o r w a r d -l o o k i n g s t a t e m e n t s a r e f r e e f r o m e r r o r s , n o r d o e s a n y o f t h e m a c c e p t a n y r e s p o n s i b i l i t y f o r t h e f u t u r e a c c u r a c y o f t h e o p i n i o n s e x p r e s s e d i n t h i s P r e s e n t a t i o n o r t h e a c t u a l o c c u r r e n c e o f t h e f o r e c a s t e d d e v e l o p m e n t s . T h e I s s u e r a n d i t s R e p r e s e n t a t i v e s a s s u m e n o o b l i g a t i o n , e x c e p t a s r e q u i r e d b y l a w , t o u p d a t e a n y f o r w a r d -l o o k i n g s t a t e m e n t s o r t o c o n f i r m t h e s e f o r w a r d -l o o k i n g s t a t e m e n t s t o t h e G r o u p ' s a c t u a l r e s u l t s .

T h i s P r e s e n t a t i o n h a s o n l y b e e n m a d e a n d s h a l l o n l y b e m a d e a v a i l a b l e t o a l i m i t e d n u m b e r o f p r o s p e c t i v e i n v e s t o r s ( t h e " R e c i p i e n t s " ) . T h e R e c i p i e n t s a r e r e m i n d e d t h a t t h i s P r e s e n t a t i o n c o n t a i n s c o n f i d e n t i a l a n d s e n s i t i v e i n f o r m a t i o n. B y a c c e p t i n g t h i s P r e s e n t a t i o n , e a c h R e c i p i e n t a g r e e s t o c a u s e t h e i r r e s p e c t i v e R e p r e s e n t a t i v e s t o e q u a l l y o b s e r v e t h e c o m m i t m e n t s d e s c r i b e d i n t h i s n o t i c e a n d t o u s e t h e P r e s e n t a t i o n o n l y t o e v a l u a t e a n i n v e s t m e n t i n t h e B o n d s a n d n o t d i s c l o s e a n y s u c h i n f o r m a t i o n t o a n y o t h e r p a r t y .

A n i n v e s t m e n t i n t h e B o n d s i n v o l v e s a h i g h l e v e l o f r i s k , a n d s e v e r a l f a c t o r s c o u l d c a u s e t h e a c t u a l r e s u l t s o r p e r f o r m a n c e o f t h e I s s u e r t o b e d i f f e r e n t f r o m w h a t m a y b e e x p r e s s e d o r i m p l i e d b y s t a t e m e n t s c o n t a i n e d i n t h i s P r e s e n t a t i o n. E a c h R e c i p i e n t a c k n o w l e d g e s t h a t i t w i l l b e s o l e l y r e s p o n s i b l e f o r i t s o w n a s s e s s m e n t o f t h e m a r k e t a n d t h e m a r k e t p o s i t i o n o f t h e I s s u e r , a n d t h a t i t w i l l c o n d u c t i t s o w n a n a l y s i s a n d b e s o l e l y r e s p o n s i b l e f o r f o r m i n g i t s o w n v i e w o f t h e p o t e n t i a l f u t u r e p e r f o r m a n c e o f t h e I s s u e r a n d t h e G r o u p ' s b u s i n e s s . T h e c o n t e n t o f t h i s P r e s e n t a t i o n s h a l l n o t b e c o n s t r u e d a s f i n a n c i a l , l e g a l , b u s i n e s s , i n v e s t m e n t , t a x o r o t h e r p r o f e s s i o n a l a d v i c e. E a c h R e c i p i e n t s h o u l d c o n s u l t w i t h i t s o w n p r o f e s s i o n a l a d v i s e r s f o r a n y s u c h a d v i c e. E a c h R e c i p i e n t m u s t c a r e f u l l y r e a d a n d c o n s i d e r t h e r i s k f a c t o r s d e s c r i b e d i n t h i s P r e s e n t a t i o n .

N o t h i r d p a r t y d u e d i l i g e n c e i n v e s t i g a t i o n s ( n e i t h e r l e g a l , c o m m e r c i a l n o r t e c h n i c a l ) o r o t h e r t h i r d p a r t y v e r i f i c a t i o n s h a v e b e e n c a r r i e d o u t b y t h e M a n a g e r s o r b y a n y o t h e r p a r t i e s i n c o n n e c t i o n w i t h t h e B o n d s . T h e R e c i p i e n t s a c k n o w l e d g e a n d a c c e p t t h e r i s k s a s s o c i a t e d w i t h t h e f a c t t h a t o n l y l i m i t e d i n v e s t i g a t i o n s h a v e b e e n c a r r i e d o u t. T h e i n f o r m a t i o n c o n t a i n e d i n t h i s P r e s e n t a t i o n h a s b e e n o b t a i n e d f r o m t h e I s s u e r o r i t s R e p r e s e n t a t i v e s . T h e M a n a g e r s h a v e n o t i n d e p e n d e n t l y v e r i f i e d t h e i n f o r m a t i o n c o n t a i n e d i n t h i s P r e s e n t a t i o n. W h i l e t h e i n f o r m a t i o n h e r e i n i s b e l i e v e d t o b e i n all m a t e r i a l r e s p e c t s c o r r e c t , t h e I s s u e r a n d t h e M a n a g e r s a n d t h e i r r e s p e c t i v e R e p r e s e n t a t i v e s ( t h e " C o v e r e d P e r s o n s " ) m a k e n o r e p r e s e n t a t i o n o r w a r r a n t y , e x p r e s s e d o r i m p l i e d , a s t o t h e f a i r n e s s , a c c u r a c y o r c o m p l e t e n e s s o f t h e i n f o r m a t i o n c o n t a i n e d i n t h i s P r e s e n t a t i o n , o r r e g a r d i n g a n y o t h e r a d d i t i o n a l i n f o r m a t i o n w h i c h h a s o r w i l l b e m a d e a v a i l a b l e t o t h e R e c i p i e n t s i n c o n n e c t i o n w i t h a n y i n v e s t m e n t i n t h e B o n d s . A c c o r d i n g l y , n o C o v e r e d P e r s o n a c c e p t s a n y l i a b i l i t y w h a t s o e v e r f o r a n y l o s s o f a n y n a t u r e a r i s i n g f r o m u s e o f t h i s P r e s e n t a t i o n o r i t s c o n t e n t s o r t h e a d d i t i o n a l i n f o r m a t i o n r e f e r r e d t o a b o v e o r o t h e r w i s e a r i s i n g i n c o n n e c t i o n t h e r e w i t h , e x c e p t a s m a y f o l l o w f r o m m a n d a t o r y law.

T h i s P r e s e n t a t i o n r e f l e c t s t h e c o n d i t i o n s a n d v i e w s a s o f t h e d a t e s e t o u t o n t h e f r o n t p a g e o f t h i s P r e s e n t a t i o n. T h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s s u b j e c t t o c h a n g e , c o m p l e t i o n , o r a m e n d m e n t w i t h o u t n o t i c e. I n f u r n i s h i n g t h i s P r e s e n t a t i o n , n o C o v e r e d P e r s o n u n d e r t a k e s a n y o b l i g a t i o n t o p r o v i d e t h e R e c i p i e n t w i t h a c c e s s t o a n y a d d i t i o n a l i n f o r m a t i o n .

T H I S P R E S E N T A T I O N H A S N O T B E E N R E V I E W E D B Y O R R E G I S T E R E D W I T H A N Y P U B L I C A U T H O R I T Y , S T O C K E X C H A N G E O R R E G U L A T E D M A R K E T , I S N O T A K E Y I N F O R M A T I O N D O C U M E N T ( " K I D " ) U N D E R T H E R E G U L A T I O N ( E U ) 1 2 8 6/ 2 0 1 4 ( T H E " P R I I P S R E G U L A T I O N " ) A N D D O E S N O T C O N S T I T U T E A P R O S P E C T U S U N D E R T H E E U P R O S P E C T U S R E G U L A T I O N ( R E G U L A T I O N ( E U ) 2 0 1 7 / 1 1 2 9 ) , A S A M E N D E D. N E I T H E R T H E I S S U E R , N O R A N Y O F T H E M A N A G E R S , H A S A U T H O R I S E D A N Y O F F E R T O T H E P U B L I C O F S E C U R I T I E S , O R H A S U N D E R T A K E N O R P L A N S T O U N D E R T A K E , A N Y A C T I O N T O M A K E A N O F F E R O F S E C U R I T I E S T O T H E P U B L I C R E Q U I R I N G T H E P U B L I C A T I O N O F A N O F F E R I N G P R O S P E C T U S , I N A N Y M E M B E R S T A T E O F T H E E U R O P E A N E C O N O M I C A R E A W H I C H H A S I M P L E M E N T E D T H E E U P R O S P E C T U S R E G U L A T I O N. N O O F F E R O F A N Y S E C U R I T I E S I S D I R E C T E D T O P E R S O N S I N A N Y J U R I S D I C T I O N W H E R E S U C H A N O F F E R W O U L D B E I N V I O L A T I O N O F A P P L I C A B L E L A W S O R W H O S E A C C E P T A N C E O F S U C H A N O F F E R W O U L D R E Q U I R E T H A T ( I ) F U R T H E R D O C U M E N T S A R E I S S U E D I N O R D E R F O R T H E O F F E R T O C O M P L Y W I T H L O C A L L A W O R ( I I ) R E G I S T R A T I O N O R O T H E R M E A S U R E S A R E T A K E N P U R S U A N T T O L O C A L L A W. N E I T H E R T H E C O M P A N Y N O R T H E M A N A G E R S , O R A N Y O F T H E I R R E S P E C T I V E R E P R E S E N T A T I V E S , S H A L L H A V E A N Y R E S P O N S I B I L I T Y O R L I A B I L I T Y W H A T S O E V E R ( I N N E G L I G E N C E O R O T H E R W I S E ) A R I S I N G D I R E C T L Y O R I N D I R E C T L Y I N C A S E O F A N Y V I O L A T I O N S O F S U C H L A W S O R R E G U L A T I O N S .

I n r e l a t i o n t o e a c h M e m b e r S t a t e o f t h e E u r o p e a n E c o n o m i c A r e a ( e a c h , a " R e l e v a n t S t a t e " ) , n o o f f e r o f B o n d s w i l l b e m a d e t o t h e p u b l i c i n t h a t R e l e v a n t S t a t e o t h e r t h a n : ( a ) t o a n y l e g a l e n t i t y w h i c h i s a q u a l i f i e d i n v e s t o r a s d e f i n e d i n t h e P r o s p e c t u s R e g u l a t i o n; ( b ) t o f e w e r t h a n 1 5 0 n a t u r a l o r l e g a l p e r s o n s ( o t h e r t h a n q u a l i f i e d i n v e s t o r s a s d e f i n e d i n t h e P r o s p e c t u s R e g u l a t i o n ); o r (c) i n a n y o t h e r c i r c u m s t a n c e s f a l l i n g w i t h i n A r t i c l e 1(4 ) o f t h e P r o s p e c t u s R e g u l a t i o n , p r o v i d e d t h a t n o s u c h o f f e r o f B o n d s s h a l l r e q u i r e t h e I s s u e r o r a n y M a n a g e r t o p u b l i s h a p r o s p e c t u s p u r s u a n t t o A r t i c l e 3 o f t h e P r o s p e c t u s R e g u l a t i o n. F o r t h e p u r p o s e s o f t h i s p r o v i s i o n , t h e e x p r e s s i o n a n " o f f e r o f B o n d s t o t h e p u b l i c " i n r e l a t i o n t o a n y B o n d s i n a n y R e l e v a n t S t a t e m e a n s t h e c o m m u n i c a t i o n i n a n y f o r m a n d b y a n y m e a n s o f s u f f i c i e n t i n f o r m a t i o n o n t h e t e r m s o f t h e o f f e r a n d t h e B o n d s t o b e o f f e r e d s o a s t o e n a b l e a n i n v e s t o r t o d e c i d e t o p u r c h a s e o r s u b s c r i b e f o r t h e B o n d s , a n d t h e e x p r e s s i o n " P r o s p e c t u s R e g u l a t i o n " m e a n s R e g u l a t i o n ( E U ) 2 0 1 7 / 1 1 2 9 , a s a m e n d e d .

T h e B o n d s m a y b e o f f e r e d t o a n d d i r e c t e d a t s p e c i f i c a d d r e s s e e s w h o , i f i n t h e U n i t e d K i n g d o m , a r e " q u a l i f i e d i n v e s t o r s " w i t h i n t h e m e a n i n g o f A r t i c l e 2 ( e ) o f R e g u l a t i o n ( E U ) 2 0 1 7 / 1 1 2 9 a s i t f o r m s p a r t o f U K law b y v i r t u e o f t h e E u r o p e a n U n i o n ( W i t h d r a w a l ) A c t a n d w h o a r e: ( i ) p e r s o n s h a v i n g p r o f e s s i o n a l e x p e r i e n c e i n m a t t e r s r e l a t i n g t o i n v e s t m e n t s w h o f a l l w i t h i n t h e d e f i n i t i o n o f " i n v e s t m e n t p r o f e s s i o n a l s " i n A r t i c l e 1 9 ( 5 ) o f t h e F i n a n c i a l S e r v i c e s a n d M a r k e t s A c t 2 0 0 0 ( F i n a n c i a l P r o m o t i o n ) O r d e r 2 0 0 5 ( t h e " O r d e r " ); o r ( i i ) h i g h n e t w o r t h e n t i t i e s f a l l i n g w i t h i n A r t i c l e 4 9 ( 2 ) ( a ) t o ( d ) o f t h e O r d e r; o r ( i i i ) a r e o t h e r p e r s o n s t o w h o m i t m a y o t h e r w i s e l a w f u l l y b e c o m m u n i c a t e d ( a l l s u c h p e r s o n s r e f e r r e d t o i n ( i) , ( i i ) a n d ( i i i ) t o g e t h e r b e i n g " R e l e v a n t P e r s o n s " ) , a n d o n l y i n c i r c u m s t a n c e s w h e r e , i n a c c o r d a n c e w i t h s e c t i o n 8 6 (1)(c) a n d ( d ) o f t h e F i n a n c i a l a n d S e r v i c e s M a r k e t s A c t 2 0 0 0, a s a m e n d e d ( " F S M A " ) , t h e r e q u i r e m e n t t o p r o v i d e a n a p p r o v e d p r o s p e c t u s i n a c c o r d a n c e w i t h t h e r e q u i r e m e n t u n d e r s e c t i o n 8 5 o f t h e F S M A d o e s n o t apply a s t h e m i n i m u m d e n o m i n a t i o n o f a n d s u b s c r i p t i o n f o r t h e B o n d s e x c e e d s E U R 1 0 0,000 o r a n e q u i v a l e n t a m o u n t. T h e B o n d s m a y n o t b e o f f e r e d t o o r d i r e c t e d a t s p e c i f i c a d d r e s s e e s w h o i n t h e U n i t e d K i n g d o m , a r e n o t R e l e v a n t P e r s o n s .

T h e B o n d s w i l l b e o f f e r e d o r s o l d w i t h i n t h e U n i t e d S t a t e s o n l y t o Q u a l i f i e d I n s t i t u t i o n a l B u y e r s ( " Q I B s " ) a s d e f i n e d i n R u l e 144A u n d e r t h e U.S. S e c u r i t i e s A c t o f 1 9 3 3 , a s a m e n d e d ( t h e " U.S. S e c u r i t i e s A c t " ) . T h e B o n d s h a v e n o t a n d w i l l n o t b e r e g i s t e r e d u n d e r t h e U.S. S e c u r i t i e s A c t o r a n y s t a t e s e c u r i t i e s law. T h e B o n d s m a y n o t b e o f f e r e d o r s o l d w i t h i n t h e U n i t e d S t a t e s to, o r f o r t h e a c c o u n t o r b e n e f i t o f , a n y U.S. p e r s o n ( a s s u c h t e r m i s d e f i n e d i n R e g u l a t i o n S o f t h e U.S. S e c u r i t i e s A c t ) , e x c e p t f o r Q I B s . B o n d h o l d e r s w i l l n o t b e p e r m i t t e d t o r e o f f e r , r e s e l l , p l e d g e o r o t h e r w i s e t r a n s f e r t h e B o n d s , e x c e p t ( i ) ( a ) p u r s u a n t t o a n e f f e c t i v e r e g i s t r a t i o n s t a t e m e n t u n d e r t h e U.S. S e c u r i t i e s A c t , ( b ) t o a p e r s o n w h o t h e t r a n s f e r e e r e a s o n a b l y b e l i e v e s i s a Q I B w i t h i n t h e m e a n i n g o f R u l e 144A u n d e r t h e U.S. S e c u r i t i e s A c t p u r c h a s i n g f o r i t s o w n a c c o u n t o r f o r t h e a c c o u n t o r b e n e f i t o f a Q I B i n a t r a n s a c t i o n m e e t i n g t h e r e q u i r e m e n t s o f R u l e 144A ( i f a v a i l a b l e ) , (c) i n a n o f f s h o r e t r a n s a c t i o n i n a c c o r d a n c e w i t h R e g u l a t i o n S u n d e r t h e U.S. S e c u r i t i e s A c t , i n c l u d i n g a t r a n s a c t i o n o n a n y d e s i g n a t e d o f f s h o r e s e c u r i t i e s m a r k e t , o r ( d ) p u r s u a n t t o a n y o t h e r e x e m p t i o n f r o m r e g i s t r a t i o n u n d e r t h e U.S. S e c u r i t i e s A c t , i n c l u d i n g R u l e 144 t h e r e u n d e r ( i f a v a i l a b l e ) a n d ( i i ) i n a c c o r d a n c e w i t h all a p p l i c a b l e s e c u r i t i e s l a w s o f t h e s t a t e s o f t h e U n i t e d S t a t e s a n d a n y o t h e r j u r i s d i c t i o n .

P l e a s e s e e t h e a p p l i c a t i o n f o r m f o r f u r t h e r a p p l i c a b l e s e l l i n g a n d t r a n s f e r r e s t r i c t i o n s .

T h e M a n a g e r s a n d / o r t h e i r e m p l o y e e s m a y h o l d b o n d s o r o t h e r s e c u r i t i e s o r i n t e r e s t s i n t h e I s s u e r a n d m a y , a s p r i n c i p a l o r a g e n t , b u y o r s e l l s u c h s e c u r i t i e s . T h e M a n a g e r s m a y h a v e o t h e r f i n a n c i a l i n t e r e s t s i n t r a n s a c t i o n s i n v o l v i n g t h e s e s e c u r i t i e s . T h e M a n a g e r s a r e a c t i n g o n l y f o r t h e I s s u e r a n d w i l l n o t b e r e s p o n s i b l e t o a n y o n e o t h e r t h a n t h e I s s u e r f o r p r o v i d i n g t h e p r o t e c t i o n s a f f o r d e d t o c l i e n t s o f t h e M a n a g e r s o r f o r p r o v i d i n g a d v i c e i n r e l a t i o n t o a n y p o t e n t i a l o f f e r i n g o f s e c u r i t i e s o f t h e I s s u e r.

B y r e c e i v i n g t h i s P r e s e n t a t i o n , e a c h R e c i p i e n t a g r e e s t o b e b o u n d b y t h e t e r m s a n d c o n d i t i o n s s e t f o r t h a b o v e a n d r e p r e s e n t s t h a t i t i s a q u a l i f i e d i n s t i t u t i o n a l o r o t h e r p r o f e s s i o n a l i n v e s t o r w h o i s s u f f i c i e n t l y e x p e r i e n c e d t o u n d e r s t a n d t h e a s p e c t s a n d r i s k s r e l a t e d t o a n i n v e s t m e n t i n t h e B o n d s , a n d w h o w i l l o b t a i n a d d i t i o n a l e x p e r t a d v i c e w h e r e a n d w h e n n e e d e d .

T h i s P r e s e n t a t i o n i s s u b j e c t t o N o r w e g i a n l a w , a n d a n y d i s p u t e a r i s i n g i n r e s p e c t o f t h i s P r e s e n t a t i o n i s s u b j e c t t o t h e e x c l u s i v e j u r i s d i c t i o n o f N o r w e g i a n c o u r t s , w i t h O s l o D i s t r i c t C o u r t ( N o . O s l o t i n g r e t t) a s l e g a l v e n u e .

SUMMARY OF RISK FACTORS

The r i s k f a c t o r s b e l o w a r e a s u m m a r y o f t h e r i s k f a c t o r s i n c l u d e d i n t h i s p r e s e n t a t i o n and n o i n v e s t o r s h o u l d m a k e any i n v e s t m e n t d e c i s i o n w i t h o u t h a v i n g r e v i e w e d and u n d e r s t o o d t h e r i s k f a c t o r s i n c l u d e d i n t h e p r e s e n t a t i o n .

T h e G r o u p f a c e s s i g n i f i c a n t r i s k s f r o m g l o b a l e c o n o m i c d e v e l o p m e n t s a n d g e o p o l i t i c a l t e n s i o n s t h a t c o u l d l e a d t o a d o w n t u r n i n h i r e a n d f r e i g h t r a t e s , a d v e r s e l y i m p a c t i n g r e v e n u e s a n d f i n a n c i a l s t a b i l i t y . W h i l e c u r r e n t l y b e n e f i t i n g f r o m m i d-t e r m t i m e c h a r t e r s , a s h i f t t o s h o r t-t e r m c o n t r a c t s m a y i n c r e a s e e x p o s u r e t o m a r k e t v o l a t i l i t y a n d p o t e n t i a l r e v e n u e l o s s .
T h e G r o u p ' s r e v e n u e i s h e a v i l y r e l i a n t o n c o n t a i n e r t r a n s p o r t a t i o n , s p e c i f i c a l l y t h r o u g h t i m e c h a r t e r c o n t r a c t s . T h i s l a c k o f d i v e r s i f i c a t i o n p o s e s a s i g n i f i c a n t r i s k; a n y a d v e r s e d e v e l o p m e n t s i n t h e c o n t a i n e r s h i p p i n g i n d u s t r y , p a r t i c u l a r l y i n t h e f e e d e r s e g m e n t , c o u l d s e v e r e l y i m p a c t t h e G r o u p ' s b u s i n e s s p e r f o r m a n c e , c a s h f l o w s , a n d o v e r a l l f i n a n c i a l h e a l t h .
T h e G r o u p f a c e s s i g n i f i c a n t c a p i t a l e x p e n d i t u r e r e q u i r e m e n t s t o m a i n t a i n i t s f l e e t , w h i c h h a s a n a v e r a g e a g e o f a p p r o x i m a t e l y 1 4. 2 y e a r s . T o p r e s e r v e o p e r a t i n g c a p a c i t y a n d e n s u r e l o n g-t e r m v i a b i l i t y , s u b s t a n t i a l i n v e s t m e n t s a r e n e c e s s a r y , a n d u n f a v o r a b l e m a r k e t c o n d i t i o n s c o u l d i m p a c t t h e r e l a t i o n s h i p b e t w e e n r e v e n u e s a n d v e s s e l c o s t s . I f t h e G r o u p c a n n o t m a i n t a i n a d e q u a t e c a s h r e s e r v e s o r s e c u r e a l t e r n a t i v e f i n a n c i n g f o r v e s s e l r e p l a c e m e n t s , i t s b u s i n e s s o p e r a t i o n s c o u l d b e a d v e r s e l y a f f e c t e d.
T h e G r o u p r e l i e s h e a v i l y o n i t s t o p f i v e c u s t o m e r s—M a e r s k L i n e , Z I M , N o r t h S e a C o n t a i n e r L i n e s , U n i f e e d e r, a n d H a p a g -L l o y d—f o r a s i g n i f i c a n t p o r t i o n o f i t s r e v e n u e s . A n y a d v e r s e e v e n t s a f f e c t i n g t h e s e c u s t o m e r s ' f i n a n c i a l s t a b i l i t y o r d e m a n d f o r c o n t a i n e r s h i p p i n g s e r v i c e s c o u l d l e a d t o r e d u c e d r e v e n u e s , p o t e n t i a l c o n t r a c t t e r m i n a t i o n s , a n d a m a t e r i a l n e g a t i v e i m p a c t o n t h e G r o u p ' s c a s h f l o w s , l i q u i d i t y , a n d o v e r a l l f i n a n c i a l c o n d i t i o n.
T h e G r o u p c u r r e n t l y h a s t h r e e n e w b u i l d s o n o r d e r , w i t h e x p e c t a t i o n s f o r t i m e l y d e l i v e r y a n d c o m p l i a n c e w i t h s h i p b u i l d i n g c o n t r a c t s . H o w e v e r , t h e r e i s n o g u a r a n t e e t h a t t h e s e n e w b u i l d s w i l l b e d e l i v e r e d o n s c h e d u l e o r i n s a t i s f a c t o r y c o n d i t i o n w h i c h c o u l d s i g n i f i c a n t l y i m p a c t t h e G r o u p ' s b u s i n e s s .
T h e G r o u p a c t i v e l y s e e k s o p p o r t u n i t i e s t o a c q u i r e s e c o n d- h a n d v e s s e l s t o o p t i m i z e i t s f l e e t , w h i c h e x p o s e s i t t o c o u n t e r p a r t y r i s k. W h i l e a c q u i s i t i o n s a r e b a s e d o n t h o r o u g h c o m m e r c i a l a n d t e c h n i c a l d u e d i l i g e n c e , f a c t o r s b e y o n d t h e G r o u p ' s c o n t r o l—s u c h a s e c o n o m i c c o n d i t i o n s , v e s s e l c o n d i t i o n , a n d t h e f i n a n c i a l h e a l t h o f c o u n t e r p a r t i e s—c a n i m p a c t c o n t r a c t f u l f i l l m e n t.
T h e G r o u p i s d e p e n d e n t o n t h e o p e r a t i o n a l p e r f o r m a n c e o f i t s o w n e d c o n t a i n e r v e s s e l s a n d m a y e x p e r i e n c e o p e r a t i o n a l p r o b l e m s t h a t m a y r e s u l t i n o f f- h i r e d a y s f o r t h e v e s s e l s a n d , u l t i m a t e l y , r e d u c e d r e v e n u e a n d i n c r e a s e d o p e r a t i o n a l a n d m a i n t e n a n c e c o s t s .
A s t h e G r o u p ' s f l e e t a g e s , i t f a c e s r i s i n g o p e r a t i n g c o s t s d u e t o i n c r e a s e d m a i n t e n a n c e a n d d r y d o c k i n g e x p e n s e s , w h i c h c a n l e a d t o u n e x p e c t e d c o s t s a n d o f f-h i r e t i m e. O l d e r v e s s e l s a r e g e n e r a l l y l e s s f u e l- e f f i c i e n t a n d m o r e e x p e n s i v e t o m a i n t a i n , m a k i n g t h e m l e s s a t t r a c t i v e t o c h a r t e r e r s a n d s u b j e c t t o h i g h e r c a r g o i n s u r a n c e r a t e s .
T h e G r o u p s o m e t i m e s o p e r a t e s i n h i g h -r i s k a r e a s e x p o s e d t o w a r , a r m e d c o n f l i c t s , p i r a c y , a n d t e r r o r i s m , w h i c h c a n s i g n i f i c a n t l y i n c r e a s e o p e r a t i o n a l c o s t s . R e c e n t t r e n d s s h o w a r i s e i n a t t a c k s o n v e s s e l s , p a r t i c u l a r l y i n r e g i o n s l i k e t h e G u l f o f A d e n a n d t h e R e d S e a , p o s i n g a t h r e a t t o t h e G r o u p ' s f l e e t. T h e p o t e n t i a l f o r m a t e r i a l d a m a g e t o v e s s e l s , h a r m t o c r e w m e m b e r s , a n d i n c r e a s e d s e c u r i t y a n d i n s u r a n c e c o s t s c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s o p e r a t i o n s a n d o v e r a l l b u s i n e s s p e r f o r m a n c e .
T h e G r o u p ' s b u s i n e s s i s a f f e c t e d b y l a w s a n d r e g u l a t i o n s i n t h e g e o g r a p h i c a l a r e a s i n w h i c h t h e G r o u p o p e r a t e s a n d t r a d e s , a n d t h e G r o u p m a y b e e x p o s e d t o p o l i t i c a l a n d o t h e r u n c e r t a i n t i e s , i n c l u d i n g r i s k s o f i m p o r t- e x p o r t q u o t a s , a n d t h e i m p o s i t i o n o f t r a d e s a n c t i o n s , e m b a r g o e s a n d o t h e r t r a d e b a r r i e r s .
T h e G r o u p i s s u b j e c t t o d e b t s e r v i c e o b l i g a t i o n s a n d c o v e n a n t s u n d e r v a r i o u s f i n a n c i n g a g r e e m e n t s , i n c l u d i n g f i n a n c e l e a s e s . I f t h e G r o u p f a i l s t o g e n e r a t e s u f f i c i e n t c a s h f l o w t o m e e t t h e s e o b l i g a t i o n s , i t r i s k s t e r m i n a t i o n o f a g r e e m e n t s , w h i c h c o u l d s e v e r e l y i m p a c t i t s f i n a n c i a l p o s i t i o n . A d d i t i o n a l l y , t h e c o v e n a n t s i m p o s e o p e r a t i o n a l r e s t r i c t i o n s a n d f i n a n c i a l l i m i t a t i o n s , p o t e n t i a l l y h i n d e r i n g t h e G r o u p ' s a b i l i t y t o i n c u r n e w d e b t , m a k e i n v e s t m e n t s , o r u n d e r g o c o r p o r a t e r e o r g a n i s a t i o n s .
T h e G r o u p m a y r e q u i r e a d d i t i o n a l c a p i t a l i n t h e f u t u r e t o e x e c u t e i t s s t r a t e g y o r f o r o t h e r o p e r a t i o n a l n e e d s , g i v e n t h e c a p i t a l-i n t e n s i v e n a t u r e o f i t s b u s i n e s s . I f s u f f i c i e n t c a s h f l o w i s n o t g e n e r a t e d f r o m o p e r a t i o n s o r a s s e t s a l e s , t h e G r o u p m a y n e e d t o s e e k p u b l i c o r p r i v a t e d e b t o r e q u i t y f i n a n c i n g , w h i c h m a y n o t b e a v a i l a b l e o n f a v o r a b l e t e r m s o r a t all. I n s u f f i c i e n t f u n d i n g c o u l d h i n d e r t h e G r o u p ' s a b i l i t y t o m a k e a c q u i s i t i o n s , m a i n t a i n o p e r a t i o n s , r e p a y d e b t , o r c a p i t a l i z e o n b u s i n e s s o p p o r t u n i t i e s , p o t e n t i a l l y l e a d i n g t o s i g n i f i c a n t a d v e r s e e f f e c t s o n i t s b u s i n e s s , f i n a n c i a l c o n d i t i o n.
D e c l i n e i n v e s s e l v a l u e s m a y r e s u l t i n i m p a i r m e n t c h a r g e s , b r e a c h o f f i n a n c i a l c o v e n a n t s , a n d r e d u c e d c a s h g e n e r a t i o n f r o m v e s s e l s a l e s , all o f w h i c h c o u l d m a t e r i a l l y a d v e r s e l y a f f e c t t h e G r o u p ' s b u s i n e s s , f i n a n c i a l p o s i t i o n , a n d o p e r a t i o n a l r e s u l t s .
F l u c t u a t i o n s i n b u n k e r f u e l p r i c e s c a n s i g n i f i c a n t l y i m p a c t t h e G r o u p ' s o p e r a t i n g c o s t s , e s p e c i a l l y f o r v e s s e l s n o t u n d e r t i m e c h a r t e r c o n t r a c t s , w h e r e t h e G r o u p b e a r s t h e f u e l e x p e n s e s . I n c r e a s e s i n b u n k e r p r i c e s o r l i m i t e d a v a i l a b i l i t y o f c o m p l i a n t f u e l c o u l d l e a d t o h i g h e r o p e r a t i n g c o s t s , a d v e r s e l y a f f e c t i n g t h e G r o u p ' s f i n a n c i a l r e s u l t s .
T h e G r o u p m u s t n a v i g a t e a c o m p l e x l a n d s c a p e o f e v o l v i n g i n t e r n a t i o n a l a n d l o c a l l a w s , p a r t i c u l a r l y r e g a r d i n g e n v i r o n m e n t a l r e g u l a t i o n s , w h i c h c a n b e c o s t l y t o c o m p l y w i t h. K e y r e g u l a t i o n s , s u c h a s t h e I M O ' s G l o b a l S u l p h u r C a p a n d t h e E U ' s F u e l E U M a r i t i m e a n d E m i s s i o n T r a d i n g S c h e m e , i m p o s e s t r i n g e n t r e q u i r e m e n t s o n e m i s s i o n s a n d f u e l u s a g e , n e c e s s i t a t i n g s i g n i f i c a n t i n v e s t m e n t s i n l o w- s u l p h u r f u e l , e x h a u s t g a s c l e a n i n g s y s t e m s , o r r e t r o f i t t i n g f o r a l t e r n a t i v e f u e l s . N o n - c o m p l i a n c e c o u l d l e a d t o s e v e r e p e n a l t i e s , o p e r a t i o n a l r e s t r i c t i o n s , a n d i n c r e a s e d c o s t s , a d v e r s e l y a f f e c t i n g t h e G r o u p ' s f i n a n c i a l p e r f o r m a n c e , v e s s e l v a l u e s , a n d o v e r a l l o p e r a t i o n a l r e s u l t s . A d d i t i o n a l l y , o n g o i n g r e g u l a t o r y c h a n g e s m a y r e q u i r e f u r t h e r c a p i t a l e x p e n d i t u r e s a n d o p e r a t i o n a l a d j u s t m e n t s , s i g n i f i c a n t l y i m p a c t i n g t h e G r o u p ' s b u s i n e s s .
T h e G r o u p f a c e s s i g n i f i c a n t f i n a n c i a l , o p e r a t i o n a l , a n d r e p u t a t i o n a l r i s k s r e l a t e d t o c o m p l i a n c e w i t h n a t i o n a l a n d i n t e r n a t i o n a l s a n c t i o n s r e g i m e s . F a i l u r e t o i m p l e m e n t e f f e c t i v e s a n c t i o n s s c r e e n i n g p r o c e s s e s a n d m a i n t a i n u p-t o-d a t e t r a i n i n g a n d c o m m u n i c a t i o n m a y d i s r u p t b u s i n e s s o p e r a t i o n s , e r o d e c u s t o m e r t r u s t , a n d d a m a g e t h e G r o u p ' s r e p u t a t i o n , u l t i m a t e l y a d v e r s e l y a f f e c t i n g i t s f i n a n c i a l p e r f o r m a n c e .
T h e G r o u p f a c e s t h e r i s k o f b e i n g u n a b l e t o r e p a y i t s B o n d s , a s i t s c a p a c i t y t o g e n e r a t e c a s h f l o w a n d m e e t s c h e d u l e d p a y m e n t s h i n g e s o n f u t u r e f i n a n c i a l p e r f o r m a n c e . I f t h e G r o u p c a n n o t s e r v i c e i t s d e b t , i t m a y n e e d t o p u r s u e a l t e r n a t i v e s t r a t e g i e s , s u c h a s r e d u c i n g c a p i t a l e x p e n d i t u r e s , s e l l i n g a s s e t s , o r r e s t r u c t u r i n g d e b t; h o w e v e r , t h e r e i s n o g u a r a n t e e t h e s e a c t i o n s w i l l b e s u c c e s s f u l o r p r o v i d e a d e q u a t e f u n d s f o r r e p a y m e n t.
T h e I s s u e r m a y f a c e i n s u f f i c i e n t f u n d s t o e x e c u t e r e q u i r e d r e p u r c h a s e s o f B o n d s , a s o u t l i n e d i n t h e B o n d T e r m s , w h i c h i n c l u d e r e d e m p t i o n m e c h a n i c s a t a p r e m i u m d u r i n g c e r t a i n e v e n t s , s u c h a s a c h a n g e o f c o n t r o l .
T h e r e i s c u r r e n t l y n o a c t i v e t r a d i n g m a r k e t f o r t h e B o n d s , a n d w h i l e t h e I s s u e r i s o b l i g a t e d t o l i s t t h e m o n t h e O s l o S t o c k E x c h a n g e o r a n o t h e r r e g u l a t e d m a r k e t w i t h i n n i n e m o n t h s o f i s s u a n c e , t h i s d o e s n o t g u a r a n t e e a l i q u i d m a r k e t w i l l d e v e l o p .
T h e B o n d s a r e s t r u c t u r a l l y s u b o r d i n a t e d t o t h e l i a b i l i t i e s o f t h e I s s u e r ' s s u b s i d i a r i e s , m e a n i n g t h a t c l a i m s f r o m c r e d i t o r s o f t h e s e s u b s i d i a r i e s—s u c h a s t r a d e c r e d i t o r s a n d s e c u r e d l e n d e r s—w i l l t a k e p r e c e d e n c e o v e r t h e B o n d s i n t e r m s o f a s s e t d i s t r i b u t i o n. I n t h e a b s e n c e o f g u a r a n t e e s f r o m t h e r e l e v a n t s u b s i d i a r i e s , B o n d h o l d e r s w i l l b e p a i d o n l y a f t e r t h e s e c r e d i t o r s h a v e b e e n f u l l y s a t i s f i e d f r o m t h e s u b s i d i a r i e s ' a s s e t s . A d d i t i o n a l l y , a s t h e B o n d s a r e u n s e c u r e d , t h e y a r e a l s o s u b o r d i n a t e d t o a n y s e c u r e d d e b t h e l d b y t h e I s s u e r , f u r t h e r i n c r e a s i n g t h e r i s k f o r B o n d h o l d e r s i n a n e n f o r c e m e n t s c e n a r i o .

MPC Container Ships | | Credit Investor Presentation 3

ISSUER CHARACTERISTICS AND CONFIRMATORY WORK UNDERTAKEN

Business overview

» MPC Container Ships ASA ("MPCC", the "Issuer" or the "Company") is a leading global container shipping company. Established in 2017, the Company owns and operates a fleet of 60 container ships.¹

Listing and ownership

» The Issuer's shares are listed on Oslo Børs (since 2018) under the ticker MPCC. The founder MPC Münchmeyer Petersen Capital AG is the largest shareholder with a 16.7% ownership interest.
» The Issuer will apply for listing of the Bonds on Oslo Børs within 9 months after the Issue Date.

Capital markets experience

» The Issuer is a public company, listed on the Oslo Stock Exchange under the ticker "MPCC" with a market cap of NOK 9.9bn² .
» MPC Container Ships Invest B.V. issued a bond in 2017, which was redeemed in December 2021.
» First time included in the OBX index in 2021.

Other Issuer characteristics

» Country of incorporation: Norway.
» Headquarters: Oslo, Norway.
» Country of operations: The Company operates worldwide.
» Auditor: Ernst & Young AS.

ISSUER CHARACTERISTICS CONFIRMATORY WORK UNDERTAKEN

» The Issuer will sign a "Declaration of Completeness" and has concluded a "Bring down due diligence call", among others confirming to the Managers that the marketing material in all material respect is correct and complete, and that all matters relevant for evaluating the Issuer and the Bond Issue is properly disclosed in the marketing material.
» Please review this Presentation in detail, including the Disclaimer on page 2 and the Risk Factors on pages 43 – 48 (as summarized on page 3)
» The Managers have not engaged any external advisors to carry out any formal due diligence investigations (neither legal, financial nor commercial).
» The 2023 annual report is the Issuer's latest audited financial report and the Q2 2024 financial report is the Issuer's latest unaudited interim report.

OVERVIEW OF ADVISORS

» Arctic Securities AS and Pareto Securities AS act as Global Coordinators and Joint Bookrunners (together the "Managers").
» Nordic Trustee AS (the "Trustee") acts as bond trustee.
» Advokatfirmaet Thommessen AS acts as legal counsel to the Issuer.
» Advokatfirmaet Wiersholm AS acts as legal counsel to the Managers.

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

TRANSACTION SUMMARY TRANSACTION OVERVIEW

» MPCC is a leading global container shipping company, owning and operating a fleet of 60¹ container ships.
» The Company is contemplating the issuance of USD 100 million senior unsecured sustainability-linked bonds (the "Bonds" or the "Bond Issue").
» The net proceeds from the contemplated Bond Issue shall be applied towards general corporate purposes of the Company, including refinancing of existing financial indebtedness and acquisition of maritime assets.
» The Bonds will benefit from the Issuer having a low leverage ratio, a USD 1.1bn backlog and a 31% gross loan-to-value pro forma the Bond Issue.

SIMPLIFIED CORPORATE STRUCTURE

TRANSACTION OVERVIEW PRO-FORMA CAPITALIZATION

USDm	Q2 2024	Adj	PF Bond Issue
Senior unsecured bonds	–	100	100
Senior secured debt4	173	–	173
Gross debt	173	100	273
Cash and cash equivalents5	169	100	269
Net debt	4	–	4
Remaining capex (newbuilds & acquisitions)6	140	–	140
Gross debt (incl. remaining capex)	313	–	413
Net debt (incl. remaining capex)	144	–	144
Market capitalization7	959	-	959
Adj. enterprise value7,8	1,103	-	1,103
Fleet value9	1,333	-	1,333
Recycle value10	296	-	296
EBITDA LTM	465	-	465
Revenue backlog	1,070	-	1,070
Net debt / EBITDA LTM	0.0x	-	0.0x
Gross loan11 -to-value	23%	-	31%
Net loan11 -to-value	11%	-	11%

MPC Container Ships | | Notes: (1) Fleet as of Q2 2024, excluding Q2 2024 vessel held for sale, including AS Nuria, AS Nara, Colorado (delivery subsequent to Q2) and 3x newbuilds to be delivered. (2) Vessels collateralized against undrawn revolving credit facility. (3) Based on fleet per Q2 2024, incl. vessel held for sale. (4) Incl. debt issuance fees. (5) Incl. USD 8.5m in restricted cash. (6) Incl. remaining instalments/payments for AS Nara, AS Nuria, Colorado, Greenboxes newbuilds to be delivered. Does not include capex for the Unifeeder JV vessel. (7) Based on closing price of NOK 22.75 per 19 September 2024. (8) Market cap plus net debt (incl. remaining capex). (9) VesselsValue's quoted market value of total fleet per 16.09.2024. Fleet as of Q2 2024, excluding Q2 2024 vessel held for sale, including AS Nuria, AS Nara, Colorado (delivery subsequent to Q2) and 3x newbuilds to be delivered. (10) VesselsValue's quoted demolition value of total fleet per 16.09.2024. (11) Debt (incl. remaining capex). Source: Quarterly Report, Company Information, Bloomberg.

SUMMARY OF TERMS AND CONDITIONS

Issuer:	MPC Container Ships ASA
Status:	Senior unsecured sustainability-linked
Initial Issue Amount:	USD 100 million
Maximum Issue Amount:	USD 200 million
Purpose of the Bond Issue:	General corporate purposes of the Group, including refinancing of existing financial indebtedness and acquisition of maritime assets
Tenor:	5 years
Interest Rate:	[•]% p.a., semi-annual interest payments in arrears
Issue Price:	100% of the Nominal Amount
Sustainability Performance Target:	Reduction in the fleet's average well-to-wake efficiency ratio (AER) with 2.00% per year (on average) from 2024 to and including 2028
Amortization:	Bullet at maturity if Sustainability Performance Target has been met, otherwise 100.50% of the Nominal Amount
Call Option:	Make-whole 30 months, thereafter callable at the Nominal Amount + 50% / 40% / 30% / 15% / 0% of the Interest Rate after 30 / 36 / 42 / 48 / 54 months,respectively. In each case, plus 0.50% of the Nominal Amount if the Sustainability Performance Target has not been met
Financial Covenants:	Minimum liquidity: Cash and Cash Equivalent Assets of at least USD 250,000 per fully consolidated Group vessel - Equity Ratio: The Group to maintain an Equity Ratio of minimum 40% -
Permitted Distribution:	Subject to Cash and Cash Equivalent Assets ≥ USD 30 million immediately following such Distribution
Other Covenants:	Customary including, inter alia, restrictions and undertakings on mergers/de-mergers, disposals, restrictions on subsidiaries distributions (for financial arrangements entered into after the issue date), insurances and arm's length transactions
Events of Default:	Standard event of default provisions, including cross default in the event of non-payment of Financial Indebtedness, insolvency, insolvency proceedings, creditor's process and breach of including financial maintenance covenants, and cross acceleration upon any other events of default, in each case subject to a threshold in respect of such cross default or cross acceleration in the total amount of USD 20 million
Change of Control:	Put option at 101% of the Nominal Amount
Listing:	The Issuer shall use its reasonable endeavours to ensure that the Bonds are listed on Oslo Stock Exchange within 9 months after the Issue Date
Governing Law:	Norwegian
Trustee:	Nordic Trustee
Global Coordinators and Joint Bookrunners:	Arctic Securities and Pareto Securities

COMMITTED TO MAKING THE MPCC FLEET MORE ENVIRONMENTALLY FRIENDLY

The Sustainability-Linked Financing Framework is aligned with ICMA's Sustainability-Linked Bond Principles¹:

1) Selection of Key-Performance Indicators ("KPI")
2) Calibration of Sustainability Performance Target ("SPT")
3) Bond Characteristics
4) Reporting and Transparency
5) Verification

Σ Σ

Sustainability-linked redemption price premium of 50 bps if SPT is not met

KPI

Fleet average Annual Efficiency Ratio ("AER") on a well-to-wake basis

SPT

A total fleet average well-to-wake AER reduction of 10% over the period of the Sustainability-Linked Bond

AER

= ℎ

SUSTAINABILITY-LINKED FINANCING FRAMEWORK SECOND PARTY OPINION FROM AMERICAN BUREAU OF SHIPPING ("ABS")

Second Party Opinion¹:

ABS regards MPCC's Sustainability-Linked Finance framework to be aligned with the core elements of the ICMA SLBP and LMA SLLP and the potential achievements of the SPTs to be impactful

"MPCC's carbon intensity targets are calibrated to be more ambitious than the IMO's 40% intensity target for 2030"

"MPCC has established a decarbonization pathway aligned with the 2023 IMO Strategy [...], which follows a well-below 2 degrees pathway"

American Bureau of Shipping is a global leader in providing classification services for marine and offshore assets, developing and verifying standards for the design, construction, and operational maintenance of marine and offshore assets

MPCC's Sustainability Performance Target is aligned with the 2023 International Maritime Organization's ("IMO") strategy on the reduction of GHG emissions from ships

TRANSACTION OVERVIEW KEY CREDIT HIGHLIGHTS

Leading position in the intra-regional container shipping markets	» A key partner for the leading liners, as the #1 tonnage provider in the <5.5k TEU (twenty-foot equivalent unit) segment with a global footprint. » Attractive fleet of increasingly modern tonnage, having invested substantially in retrofitting and new vessels in recent years. » USD 1.1bn charter backlog ensuring very strong earnings visibility and debt servicing capabilities for years. » Very strong asset coverage with 34 debt-free vessels (~60% of fleet) – Q2 2024 outstanding debt1 is covered ~1.7x by recycling values alone2
Strategic prioritization of sustainability as a path to value creation	» USD 400m investment program for fleet renewals, retrofits, efficiency measures and newbuild orders. » Sustainability focus making MPCC a more attractive partner for liners, thus boosting backlog and earnings visibility. » Proven commitment through the sustainability-linked bond framework with a second party opinion from ABS.
Strong market with high chartering activity and longer contract durations	» Ongoing geopolitical disruptions continue to contribute to TEU-mile demand. » Continued charter market strength with the HARPEX container charter index increasing by 145% since January 2024. » Modest fleet growth with a 6% orderbook in MPCC's vessel sizes, versus the large share (23%) of vessels older than 20 years.
Highly flexible balance sheet with strong backlog and industry low leverage	» Operational flexibility facilitated by a low-leverage structure at the heart of the Company's strategy. » Industry-low leverage, with a pro-forma net leverage of ~0.0x and gross leverage of ~0.6x. Low pro-forma gross LTV of 31%3 » and 34 debt-free vessels, enabling strategic and financial flexibility going forward. » 70% pro-forma Q2 2024 equity ratio and a USD 959m market capitalization4 with high trading liquidity and supportive shareholders.

MPC Container Ships | | Credit Investor Presentation 9 Notes: (1) Reported Q2 2024 interest-bearing debt. (2) Based on VesselsValue estimates. (3) Q2 2024 reported debt plus remaining capex (newbuilds & acquisitions as previously defined). (4) Based on closing price of NOK 22.75 per 19 September 2024. Source: Bloomberg.

TRANSACTION OVERVIEW PRESENTING TEAM

Constantin Baack, CEO

Served as CEO since foundation of the company in April 2017. Mr. Baack has 20 years of operational, management and investment experience in shipping, corporate strategy, capital markets, finance and alternative assets.

Moritz Fuhrmann, Co-CEO & CFO

Joined MPC Container Ships in 2022 serving as CFO. Prior to joining the company, Mr. Fuhrmann served as Principal in the maritime team in London-based Hayfin Capital Management LLP, and has substantial international experience within finance and shipping.

Pål Sætre, EVP – General Manager Norway

Served as EVP – General Manager Norway since June 2021. Prior to joining MPC Container Ships, he served as CEO for the London based hedge fund platform, AK Jensen Investment Management Ltd. Mr. Sætre also has prior experience within different capital markets positions.

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

COMPANY OVERVIEW

MARKET-LEADING CONTAINER SHIP COMPANY WITH STRONG CHARTER BACKLOG AND EARNINGS VISIBILITY

60 vessels

With total capacity of ~132k TEU and USD ~1.3bn market value¹

#1 position

Largest tonnage provider in intra-regional trade worldwide

USD ~609m

Asset coverage from debtfree vessels³

USD 1.1bn backlog

Firm charter backlog with 76% contract coverage in 2025²

0.0x net leverage

Pro-forma for the Transaction

ESG focus

Strategic prioritization of sustainability with a total investment program of USD 400m

A market-leading tonnage provider with a total charter backlog of USD 1.1 billion, industry-low leverage, and rational capital allocation principles

MPCC CHARTERS OUT ITS VESSELS TO LINER COMPANIES ON TIME CHARTERS, ENSURING EARNINGS VISIBILITY AND DEBT SERVICING CAPACITY

» Fuel costs, port fees and other voyage related expenses are at the expense of liner companies, in addition to the charter hire paid to tonnage providers for the ship » Vessels are chartered out to liner companies for a fixed period based on a mutually agreed "charter party" » Vessels are operated on regularly scheduled service routes to transport booked container boxes from port to port » Technical maintenance, crewing services, classification and vessel insurances are the responsibility of tonnage providers » Revenue is earned through fixed charter rates, driven by supply (available tonnage) and demand (containerized trade volumes) at the time of the fixture » Approximately 55% of liner companies' fleet is on average chartered in to outsource capital requirements and benefit from increased flexibility Vessel Chartering Technical Management Time Charter Rate Liner Schedules Voyage Expenses Chartering-In TONNAGE PROVIDERS – KEY CHARACTERISTICS LINER COMPANIES – KEY CHARACTERISTICS Key Players Key Players

COMPANY OVERVIEW

THE COMPANY HAS UNDERGONE STRONG GROWTH TO BECOME A LEADING, WEL L-CAPITALIZED TONNAGE PROVIDER

MPC Container Ships | | Credit Investor Presentation 14

COMPANY OVERVIEW

DISTINCT FOCUS ON INTRA-REGIONAL TRADE IN GLOBAL MARKETS

CHARACTERISTICS OF INTRA-REGIONAL TRADES

» Advantageous supply dynamics
- » Orderbook biased towards larger tonnage, high age profile
- » Significant capacity reduction expected due to upcoming regulation
» Favorable demand outlook as supply-chain developments promote regional trade flows

TOP TONNAGE PROVIDERS < 5.5K TEU ¹

Managing owner	Total fleet size (TEUk)	# of vessels
	132	602
Peter Döhle	150	48
Contships	52	47
Seaspan	144	38
Navios	161	36

FLEET EMPLOYMENT BY REGION³

» Feeder vessels play a crucial role in the supply chain by serving intra-regional trade lanes due to their versatility
» Enhancing port connectivity and accessibility as well as operational flexibility

Credit Investor Presentation

MPC Container Ships | | Notes: (1) Ranked by number of vessels; operator not considered and including orderbook. (2) Fleet as of Q2 2024, excluding Q2 2024 vessel held for sale, including AS Nuria, AS Nara, Colorado (delivery subsequent to Q2) and 3x newbuilds to be delivered. (3) Excl. orderbook of 3 Newbuilds. Sources: Company Information, Alphaliner(August 2024), MSI (August 2024), Clarksons (August 2024).

MPCC OWNS AND OPERATES A LARGE AND INCREASINGLY MODERN FLEET, FACILITATING LONGER TERM EMPLOYMENT

SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED¹

3x Dual-Fuel Methanol Vessels

Currently under construction with deliveries in 2024 and 2026

7x ECO Vessels²

Vessels usually built after 2012, optimized for lower speeds and fuel consumption

21x Vessels in Retrofit Program³

Re-optimization by adding new equipment or changes to the hull and propeller to improve efficiency

31x Conventional Vessels

Built prior to 2012, usually optimized for higher speeds

WITH A CORE FOCUS ON THE INTRA-REGIONAL SEGMENT

MPC Container Ships | | Notes: (1) Excluding 2 vessels held for sale. Retrofitted Vessels include 4 ECO Vessels. (2) Incl. 2 dual-fuel methanol ready newbuildings. (3) 15 of the 21 vessels, will receive major retrofits like new propellers/bows and/or pre-swirl devices. 5 major retrofits have been already successfully executed. 21 Vessels in retrofit program include 4 ECO Vessels.

A PRUDENT AND SELECTIVE APPROACH TO FLEET RENEWALS HELPS MAINTAIN MPCC'S COMPETITIVE POSITION FOR THE FUTURE

STRATEGIC APPROACH TO FLEET RENEWAL AND OPTIMIZATION

» Continued use of the S&P market to optimize fleet towards younger and more fuel-efficient vessels
» Extensive retrofit program in progress significantly increasing vessel efficiency
» Rational decision making when continuing fleet renewal projects
» Newbuilding projects fully de-risked by contracted EBITDA

NEWBUILD ORDERS CONTRIBUTE USD ~319M TO THE EBITDA BACKLOG

MPCC Ecoboxes MPCC Greenboxes Unifeeder JV¹

nifeeder JV1
--------------	--	--	--	--	--	--	--	--	--	--

# of vessels	2	2	1
TEU	5,500	1,300	1,300
Propulsion	Methanol ready (ECO)	DF-Methanol	DF-Methanol
Yard	HJSC	Taizhou Sanfu	Wenchong Guangpu
Charterer	ZIM	NCL	Unifeeder
Charter Hire	Avg. USD 39,000	EUR 16,4792	EUR 17,750
Charter Duration	7 years	15 years	7 years
Yard Price	USD 72.2m per vessel	USD 39m per vessel	USD 39m
EBITDA Backlog	USD ~78m per vessel	USD ~64m per vessel	EUR ~35m
Delivery	May & July 2024	Q4 2024	Q4 2026

ACTIVELY UTILIZING THE STRONG CHARTER MARKET TO INCREASE CHARTER BACKLOG AND CASHFLOW VISIBILITY

COMPANY OVERVIEW

MAJORITY OF THE BACKLOG IS WITH THE 10 LARGEST LINERS

CHARTER BACKLOG AND COUNTERPARTIES

» 90% of revenue backlog with top 10 liners and cargo-backed²
» 2.2 years average remaining contract duration

LINERS HAVE SIGNIFICANTLY LOWER LEVERAGE TODAY VS. 2019 (USD BN)¹

» Liners' balance sheets and hence MPCC's counterparty risk improved significantly from 2019 to today

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2

STRONG TRACK RECORD OF EXECUTING ON SELECTIVE FLEET RENEWALS TO OPTIMIZE FLEET PORTFOLIO AND IMPROVE BALANCE SHEET FLEXIBILITY

MPC Container Ships | | Notes: (1) Investments includes USD ~260m for newbuildings, USD ~135m for second hand eco-type vessels and USD 80m for conventional second-hand vessels. (2) Approximation. (3) Fleet as of Q2 2024, excluding Q2 2024 vessel held for sale, including AS Nuria, AS Nara, Colorado (delivery subsequent to Q2) and 3x newbuilds to be delivered.

MAINTAINED A SOLID REVENUE BACKLOG WHILST INCREASING DEBT-FREE VESSEL VALUES TO USD ~609 MILLION OVER THREE YEARS

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

STRONG FINANCIAL METRICS

MPC Container Ships | | Credit Investor Presentation 23 Note: (1) Including restricted cash (USD 8.5m per Q2 2024). (2) Pro forma bond issue. (3) Demolition values as of September 2024. (4) Q2 2024 reported interest-bearing debt plus remaining newbuild & acquisition payments. (5) Assumes USD 100m bond issue at 7% interest.

Source: Annual Reports, Quarterly Reports, VesselsValue.

ROBUST BACKLOG PROVIDES SIGNIFICANT EARNINGS VISIBILITY

98% 76% 42% 24% 58% 2% H2 2024 2025 2026 2027ff 379 190 290 25,082 23,155 234 26,037 FIXED OPERATING DAYS AND CHARTER BACKLOG / PROJECTED EBITDA 1, 2, 3 USD 1.1bn / 0.7bn Contracted forward revenues (USDm) 1, 3, 5 Contracted forward TCE (USD per day) 1, 3, 5, 6 Forward charter backlog 2, 3 / Proj. EBITDA 2 ,3, 4 Open operating days Fixed operating days

HISTORICAL REVENUE BACKLOG DEVELOPMENT (USDBN)

1) Global shipping severely impacted by covid-19 pandemic trade disruptions.
2) Market recoil due to trade inefficiencies caused by covid-19 and large supply boost.
3) Harvesting the unprecedented backlog into a more normalized market.
4) MPCC is returning to a "new" normalized market level.

Note: For notes 1-6, please refer to notes on pages 56 to 58. Source: Annual Reports, Quarterly Reports, Company Information. Credit Investor Presentation 24

OVERVIEW OF KEY TERMS ON EXISTING DEBT PORTFOLIO

Facility	Type	Outstanding 30/06/24	Total capacity	Interest rate	#	Contractual repayment profile	Maturity
HCOB	RCF	USD 0m	USD 96.7m	295bps + SOFR	13	Commitment will be reduced starting in Mar 2024 – Dec 2027	Dec. 2027
CA-CIB	Pre- & Post delivery finance	USD 58.7m	USD ~101m	175 – 275bps + SOFR	2	48x USD 1.1m + 8x USD 2.4m, 4x USD 1.4m, followed by subsequent instalments (to be agreed by borrower and lender)	Q2 2031
Ostfriesische Volksbank (OVB)	Term Loan	USD 4.1m	USD 8.3m	350bps + SOFR	1	Quarterly installments of USD 0.37m	Feb. 2027
HCOB-Ecofeeder	Term Loan	USD 47.4m	USD 50m	280bps + SOFR	5	20 x quarterly installments of USD 1.2m + USD 26m balloon	Oct. 2028
BoComm	Sale & Leaseback	USD 50.9m	USD 75m	260bps + SOFR	11	1x monthly installments of USD 1.9m, 12x USD 1.1m, 24x USD 0.3m + USD 26.2m balloon	Sep. 2027
Deutsche Bank	Pre- & Post delivery finance	USD 11.7m	USD ~54.5m	230bps + SOFR	2	23 x semi-annual installments of 3.333% + 23.34% balloon	2036

REPAYMENT SCHEDULE ON EXISTING DEBT PORTFOLIO¹ + THE CONTEMPLATED BOND ISSUE (USDm)

OPERATING WITH INDUSTRY-LOW LEVERAGE AND A FLEXIBLE BALANCE SHEET 1

» AS Nara and AS Nuria acquired post Q2 24 end with FMV of USD ~54m and EBITDA Backlog of USD ~53m

MPC Container Ships | | Notes: (1) Based on fleet per Q2 2024, incl. vessel held for sale. Excluding vessels delivered after Q2 2024, with a total EBITDA backlog of USD ~132m (AS Nara and AS Nuria with a backlog of USD ~53m), and Unifeeder JV Newbuilding currently under construction with construction CAPEX of USD 39m and indicative secured EBITDA of USD ~35m. (2) FMV = Fair Market Value based on VesselValue.com, dated 16th September 2024. (3) EBITDA Backlog as per end of Q2 2024. (4) Debt Outstanding as per end of Q2 2024 (please see note 9 in Q2 2024 report). Source: Company Information, VesselsValue.

VESSEL VALUES COVERING ALL FINANCIAL INDEBTEDNESS

BRIDGE FROM Q2 2024 TO PF Q2 2024 CAPITALIZATION (USDm) FLEET VALUE (USDM)3,4

Fleet Debt-free vessels

PF Q2'24 31% 11% LOAN-TO-VALUE4,5 Gross Loan-to-Value Net Loan-To-Value

RECYCLING VALUE COVERAGE5,6 RECYCLING VALUE (USDM)3,4

PF Q2'24

MPC Container Ships | | Notes: (1) Including USD 8.5m in restricted cash. (2) Pro Forma the Bond Issue. (3) Fleet as of Q2 2024, excluding Q2 2024 vessel held for sale, including AS Nuria, AS Nara, Colorado (delivery subsequent to Q2) and 3x newbuilds to be delivered. (4) VesselsValue's quoted market value for fleet as defined by footnote 1 on page 6. (5) Q2 2024 reported interest-bearing debt plus remaning capex (newbuilds and acquisitions). (6) VesselsValue's quoted demolition value for fleet as per defined by footnote 3. Source: Company Information, VesselsValue.

LOW CASH BREAK-EVEN ENSURES DEBT SERVICE CAPACITY THROUGH CYCLES

MPC Container Ships | | Note: (1) The illustrative cash break-even calculations are based on management assumptions, reflecting the fleet composition as of 19 September 2024. These figures are for demonstration purposes only, and the Company cannot guarantee that future cost levels will align with those shown. (2) Pro Forma the Bond Issue. Source: Company Information. Credit Investor Presentation 28

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS

MARKET OVERVIEW

SUSTAINABILITY
RISK FACTORS
APPENDIX

MPCC SPECIALIZES IN THE INTRA-REGIONAL FEEDER SEGMENT

OVERVIEW OF THE GLOBAL CONTAINER FLEET DIFFERENT SIZES OPERATE DIFFERENT TRADE ROUTES

MPC Container Ships | | 30 Credit Investor Presentation Source: Clarksons (August 2024)

THE NEW ALLIANCE STRUCTURE CAN BENEFIT FEEDER TONNAGE PROVIDERS

Current Alliance Structure 2025 Alliance Structure

Cooperations that MSC incurs

I. Zim will have a three-year vessel sharing agreement (VSA) and slot swap agreement together with MSC on their Asia-US East Cost / US Gulf trades (covering 6 services), scheduled to be launched in February 2025.
II. In the rebranded Premier Alliance, MSC becomes a partner from February 2025 onwards to cover Asia to North Europe / Mediterranean trades via slot sharing agreements.

Gemini publishes a second draft network plan including

I. Alt. 1: Cape of Good Hope Routing (341 Vessels)
II. Alt. 2: Suez Routing (300 Vessels)

Ocean Alliance Members (CMA CGM, COSCO and Evergreen)

Have not published any changes to their existing alliance network. Their cooperation remains unchanged.

Standalone Approach

MSC follows a stand-alone approach but forms of cooperations were announced recently

CONTAINER SHIPPING TRENDS ARE DIRECTLY INFLUENCED BY GLOBAL TRADE

» Global container seaborne trade is expected to increase by 5.2% this year, following an early peak season for trade and overall improving underlying trends in the segment.
» GDP growth for 2024 is expected to meet earlier forecasts, while services inflation complicates monetary policy, potentially leading to prolonged higher interest rates.

» TEU-mile demand is projected to rise by 16.9% in 2024, primarily driven by the rerouting of vessels away from the Red Sea, which will be the key factor shaping near-term demand trends.

IMPACT OF THE RED SEA DISRUPTION ON CONTAINER SHIPPING- AND FEEDER DEMAND

IMPACT OF THE CAPE OF GOOD HOPE DIVERSIONS CAPE OF GOOD HOPE REROUTING

What is the impact on the container shipping market?

» The Red Sea situation is adding 17% TEU-mile growth assuming that Suez Canal transits will not be possible for the rest of 2024. This contrasts with a fleet growth forecast of ~12% for full year 2024.
» Hence, the Red Sea situation indeed is still the main driver of supply/demand to be more balanced than the market would be without the current situation
» Containership Gulf of Aden arrivals remained very limited (down 89%), in line with the trend seen since the start 2024.

What is the impact on the feeder market?

» Red Sea diversions continue to provide underlying support to container shipping markets with rates remaining at historically elevated levels.
» The charter market also benefited from increased demand for charter tonnage across all size segments. Charter rates for feeder vessels increased by 130% from January to August 2024 and charter durations increased from 7 months (avg. in January) to 14 month on average in August.

What are the expectations going forward?

» It remains to be seen whether we have already reached the peak of spot freight rates due to the early peak season that usually takes place in Q3. Spot container rates are declining, but they are not falling off a cliff. A potential wildcard factor could be the ILA strikes at USEC and Gulf ports that might take place at the beginning of October.

How has the situation impacted MPCC?

» The overall elevated charter market since the start of the year has impacted MPCC in a positive way. Operationally, some vessel were affected by trading in the Red Sea area.

SHIPPING SECTORS CURRENT DEMAND UPLIFT DUE TO REROUTING

CONTAINER SHIPS	CRUDE TANKERS	PRODUCT TANKERS	BULK CARRIERS
+12%	+1%	+4.8%	+1.2%
TEU-miles	Tonne-miles	Tonne-miles	Tonne-miles

GLOBAL AND INTRA-REGIONAL DEMAND DEVELOPMENT

» The market will remain under pressure at least until 2025. MSI forecasts the global containership fleet accounting for orderbook cancellations, slippage, deliveries and demolitions to see a net fleet growth of 9.6% (an increase of 1.1 percentage points from the last update in May) in 2024 and 5.4% (an increase of 0.8 percentage points from the last update in May) in 2025.
» In contrast, container trade demand is expected to return to health this year, but only grow by 4.5% (an upward revision of 0.5 percentage points from the last update in May) in 2024 and 3.8% (a downward revision of 0.3 percentage points from the last update in May) in 2025.
» Currently, longer shipping routes via the Cape of Good Hope are driving up demand for TEU-miles following the attacks in the Red Sea. An industry estimate by Clarksons' forecasts additional demand of 16.7% in terms of TEU-miles, assuming that the Red Sea crisis continues throughout 2024. This would bring the total demand growth to ~20%for 2024 and therefore help to explain the strong freight and charter markets.

THE FEEDER SEGMENT CONSISTS OF AN AGING FLEET AND A RELATIVELY MODEST ORDERBOOK

47% 36% 17% 8% 0% 0% 6% 23% 23% 41% 282 307 144 9 66 244 371 2,000 1,500 1,000 500 0 Fleet 17+kTEU 12-17kTEU 30 8-12k TEU 3-8k TEU 1-3k TEU <1k TEU 213 466 657 1,488 2,448 1,250 >=25y 20-24y 15-19y 10-14y 5-9y 0-4y 77 218 110 113 123 50 0 50 100 150 200 Orderbook MPCC FOCUS OB as % of fleet % of fleet >20 years ~14.2 years MPCC's avg. fleet age¹ 5% 4%

AGE STRUCTURE OF FLEET AND ORDERBOOK BY NUMBER OF VESSELS

» In the segments from 1,000 TEU to 8,000 TEU, an orderbook of 236 vessels is facing a rapidly ageing fleet of 899 units that are already 20 years or older.

SHIPBUILDING CYCLE TRENDING TOWARDS LARGER VESSELS

DELIVERIES AND ORDERBOOK SHIPYARDS ARE FULLY BOOKED THROUGH 2025/26 FOR LARGER VESSELS AS CONTAINERSHIP NEWBUILDING PRICES CONTINUE TO SOAR

» The shipbuilding cycle that started in 2023 is significantly skewed towards large and ultra-large container vessels

SPOT MARKET TIGHTENS WHILE PERIODS REACH HIGHEST LEVEL SINCE PANDEMIC

FORWARD AVAILABILITY DROPS SIGNIFICANTLY FIXTURE DURATIONS INCREASED DRASTICALLY

» Vessel availability declined over the course of Q2 2024.
» Vessels available in the upcoming six months are today 25% lower compared to January 2024.

» With fewer vessels coming open for charter, charterers decided to extend their current charter ships by forward fixing some of their contracts.
» Increasing charter durations and forward fixing are indicators for a strong charter market in Q2 2024.

STRONG TIMECHARTER AND SECONDHAND MARKET, DESPITE MACRO ECONOMIC UNCERTAINTY

» Time charter rates and durations are significantly above initial expectations for 2024, even if the momentum of charter rates has slowed slightly in recent weeks. Charter rates have stabilized with subdued activity in many segments due to low availability and the summer period
» Secondhand market remains busy, and prices are up almost 30% year-to-date

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

SUSTAINABILITY

SUSTAINABILITY IS A KEY FOCUS AREA AND A STRATEGIC PRIORITY FOR VALUE CREATION

KEY DEVELOPMENTS FY 2023 AND YTD 2024

Fleet in full compliance with EEXI, CII, and ETS regulations
Secured Green Loan financing for dualfuel methanol "Greenbox" newbuildings
Completed Double Materiality Assessment
Updated governance structure, strengthening the Board's oversight on ESG strategy and reporting
→ Preparing for reporting in alignment with CSRD for FY 2024

INVESTING INTO FLEET RENEWAL AND OPTIMIZATION

Secondhand eco-vessels
Eco-designed and dual-fuel methanol newbuildings
Extensive retrofit program incl. joint investments with charter customers
Net-zero by 2025 → Total USD 400 million investment program

IMO-ALIGNED GHG EMISSIONS INTENSITY REDUCTION TARGETS¹

SUSTAINABILITY

2022

ILLUSTRATION OF DECARBONIZATION STRATEGY IN EXECUTION

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

RISK FACTORS (1/6)

R I S K F A C T O R S

A n i n v e s t m e n t i n t h e b o n d s ( t h e " B o n d s " ) i n v o l v e s i n h e r e n t r i s k s . T h e s e r i s k s i n c l u d e , b u t a r e n o t l i m i t e d to, r i s k s a t t r i b u t a b l e t o M P C C o n t a i n e r S h i p s A S A ( t h e " I s s u e r " o r t h e " C o m p a n y " ) , i t s s u b s i d i a r i e s ( t o g e t h e r w i t h t h e I s s u e r , t h e " G r o u p " ) a n d i t s a f f i l i a t e s . B e f o r e m a k i n g a n i n v e s t m e n t d e c i s i o n w i t h r e s p e c t t o t h e B o n d s , i n v e s t o r s s h o u l d c a r e f u l l y c o n s i d e r t h e r i s k f a c t o r s a n d all i n f o r m a t i o n c o n t a i n e d i n t h i s p r e s e n t a t i o n. A n i n v e s t m e n t i n t h e B o n d s i s s u i t a b l e o n l y f o r i n v e s t o r s w h o u n d e r s t a n d t h e r i s k s a s s o c i a t e d w i t h t h i s t y p e o f i n v e s t m e n t a n d w h o c a n a f f o r d t o l o s e all o r p a r t o f t h e i r i n v e s t m e n t.

T h e r i s k s a n d u n c e r t a i n t i e s d e s c r i b e d b e l o w a r e t h e p r i n c i p a l r i s k s a n d u n c e r t a i n t i e s k n o w n t o t h e G r o u p a t t h e d a t e h e r e o f t h a t t h e I s s u e r b e l i e v e s a r e m a t e r i a l t o a n i n v e s t m e n t d e c i s i o n w i t h r e s p e c t t o t h e B o n d s . I f a n y o f t h e f o l l o w i n g r i s k s w e r e t o m a t e r i a l i s e , i n d i v i d u a l l y o r t o g e t h e r w i t h o t h e r c i r c u m s t a n c e s , t h e r e m a y b e a m a t e r i a l a n d a d v e r s e e f f e c t o n t h e b u s i n e s s , f i n a n c i a l c o n d i t i o n , r e s u l t s o f o p e r a t i o n s , c a s h f l o w s o r p r o s p e c t s o f t h e G r o u p , w h i c h c o u l d c a u s e a d e c l i n e i n t h e v a l u e a n d t r a d i n g p r i c e o f t h e B o n d s a n d a n i n a b i l i t y o f t h e I s s u e r t o pay a m o u n t s d u e u n d e r t h e t e r m s o f t h e B o n d s ( t h e " B o n d T e r m s " ) , w h i c h m a y r e s u l t i n t h e l o s s o f all o r p a r t o f a n i n v e s t m e n t.

T h e r i s k s p r e s e n t e d a r e n o t e x h a u s t i v e , a n d a d d i t i o n a l r i s k f a c t o r s w h i c h a r e c u r r e n t l y u n k n o w n o r w h i c h a r e c u r r e n t l y n o t d e e m e d t o b e m a t e r i a l m a y a l s o m a t e r i a l i s e . T h e a b s e n c e o f n e g a t i v e p a s t e x p e r i e n c e w i t h r e s p e c t t o a g i v e n r i s k f a c t o r d o e s n o t m e a n t h a t t h e r i s k s a n d u n c e r t a i n t i e s d e s c r i b e d h e r e i n s h o u l d n o t b e c o n s i d e r e d p r i o r t o m a k i n g a n i n v e s t m e n t d e c i s i o n w i t h r e s p e c t t o t h e B o n d s .

T h e r i s k f a c t o r s a r e p r e s e n t e d i n a l i m i t e d n u m b e r o f c a t e g o r i e s , b a s e d o n t h e n a t u r e o f t h e r i s k t h e y r e p r e s e n t. T h e m o s t m a t e r i a l r i s k f a c t o r i n a c a t e g o r y i s p r e s e n t e d f i r s t u n d e r t h a t c a t e g o r y , w h e r e t h e m a t e r i a l i t y h a s b e e n d e t e r m i n e d b a s e d o n t h e e s t i m a t e d p r o b a b i l i t y o f i t s o c c u r r e n c e a n d e x p e c t e d m a g n i t u d e o f i t s n e g a t i v e i m p a c t. S u b s e q u e n t r i s k f a c t o r s i n t h e s a m e c a t e g o r y a r e p r e s e n t e d i n n o p a r t i c u l a r o r d e r.

1.1 R i s k s r e l a t e d t o t h e i n d u s t r y i n w h i c h t h e G r o u p o p e r a t e s

1.1.1 D e v e l o p m e n t s i n t h e g l o b a l e c o n o m y a n d c o n t a i n e r s h i p p i n g i n d u s t r y r e s u l t i n g i n a d o w n t u r n i n t h e h i r e a n d f r e i g h t r a t e s c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s b u s i n e s s

T h e G r o u p ' s e a r n i n g s a n d a v a i l a b l e c a s h i s d e p e n d e n t o n t h e G r o u p ' s a b i l i t y t o c h a r g e p r o f i t a b l e c h a r t e r r a t e s f o r i t s v e s s e l s . T h e G r o u p ' s o p e r a t i o n s a r e i n t h i s r e g a r d s u b j e c t t o m o s t o f t h e r i s k s c o m m o n i n i t s i n d u s t r y a n d t h e c o n t a i n e r s h i p p i n g m a r k e t. A n u m b e r o f f a c t o r s o u t s i d e o f t h e G r o u p ' s c o n t r o l m a y a d v e r s e l y a f f e c t t h e c h a r t e r r a t e s t h e G r o u p i s a b l e t o c h a r g e f o r i t s v e s s e l s , i n c l u d i n g b u t n o t l i m i t e d t o g e o p o l i t i c a l r i s k s , t h e g l o b a l s u p p l y a n d d e m a n d f o r c o n t a i n e r v e s s e l c a p a c i t y , a n d g l o b a l d e m a n d f o r c a r g o t o b e t r a n s p o r t e d b y c o n t a i n e r v e s s e l s , i n p a r t i c u l a r i n t h e f e e d e r s e g m e n t. F u r t h e r m o r e , g l o b a l t r a d e f l o w s a n d t r a d e v o l u m e s h a v e b e e n a n d c o n t i n u e t o b e i m p a c t e d b y e c o n o m i c d e v e l o p m e n t s s u c h a s w e a k e n i n g g r o w t h i n t h e U S a n d C h i n a , g e o p o l i t i c a l c i r c u m s t a n c e s i n c l u d i n g t h e o n g o i n g w a r i n U k r a i n e a n d i n s t a b i l i t y i n t h e M i d d l e E a s t , p r o t e c t i o n i s t m e a s u r e s c o n c e r n i n g t r a d e , a n d a d y n a m i c e n v i r o n m e n t i n r e l a t i o n t o s a n c t i o n s a n d e x p o r t c o n t r o l s , a l l o f w h i c h m a y h a v e a m a t e r i a l a n d a d v e r s e e f f e c t o n t h e G r o u p ' s r e v e n u e s , r e s u l t s o f o p e r a t i o n s a n d / o r f i n a n c i a l c o n d i t i o n .

A s o f t h e d a t e o f t h i s P r e s e n t a t i o n t h e m a j o r i t y o f t h e G r o u p ' s v e s s e l s o p e r a t e o n m i d-t e r m t i m e c h a r t e r s t a k i n g a d v a n t a g e o f t h e p r e v a i l i n g s t r o n g m a r k e t c o n d i t i o n s . T h e G r o u p h a s h a d i n t h e p a s t , a n d m a y i n t h e f u t u r e s h i f t t o , a s t r o n g e r f o c u s o n s h o r t-t e r m c h a r t e r c o n t r a c t s d e p e n d i n g o n t h e G r o u p ' s v i e w o f t h e m a r k e t o u t l o o k a n d t h e a v a i l a b i l i t y o f a t t r a c t i v e l o n g -t e r m t i m e c h a r t e r s , w h i c h w o u l d m a k e t h e G r o u p m o r e e x p o s e d t o s h o r t-t e r m f l u c t u a t i o n s a n d e x t r a o r d i n a r y e v e n t s t h a t t e m p o r a r i l y a f f e c t c h a r t e r r a t e s . I n c a s e o f a d v e r s e d e v e l o p m e n t s i n g l o b a l g e o p o l i t i c s a n d t h e e c o n o m y a n d t h e c o n t a i n e r s h i p p i n g m a r k e t , e. g. r e s u l t i n g i n a n o v e r s u p p l y o f c o n t a i n e r v e s s e l c a p a c i t y i m p a c t i n g t r a d e f l o w s , t h e G r o u p m a y n o t b e a b l e t o e n t e r i n t o n e w c h a r t e r a g r e e m e n t s a t a t t r a c t i v e r a t e s o r d u r a t i o n s o r e m p l o y i t s v e s s e l s a t all. I f t h e G r o u p i s u n a b l e t o r e- e m p l o y a v e s s e l , i t w i l l n o t r e c e i v e a n y r e v e n u e f r o m t h i s v e s s e l , b u t t h e G r o u p w o u l d s t i l l b e r e q u i r e d t o c o v e r e x p e n s e s n e c e s s a r y t o m a i n t a i n t h e v e s s e l i n o p e r a t i n g c o n d i t i o n a n d t o pay a n y d e b t s e r v i c e . T h i s c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , r e s u l t s o f o p e r a t i o n s , c a s h f l o w s a n d f i n a n c i a l p o s i t i o n .

A d v e r s e a n d u n p r e d i c t a b l e d e v e l o p m e n t s i n t h e g l o b a l c o n t a i n e r s h i p p i n g m a r k e t c o u l d r e s u l t i n d e v i a t i o n s b e t w e e n t h e G r o u p ' s e s t i m a t e s a n d a s s u m p t i o n s a n d t h e a c t u a l m a r k e t s i t u a t i o n. W a r s a n d o t h e r g e o p o l i t i c a l t e n s i o n s a n d c o n f l i c t s a r e d i s r u p t i n g t r a d e p a t t e r n s , a n d i m p a c t a m o n g o t h e r t h i n g s f r e i g h t a n d c h a r t e r r a t e s a s w e l l a s c o n t r a c t d u r a t i o n s a n d a l s o p o s e a s e v e r e r i s k r e l a t e d t o t h e s a f e t y a n d s e c u r i t y o f v e s s e l s a n d t h e i r c r e w. T h e s e , a s w e l l a s o t h e r n e w a n d e x i s t i n g e v e n t s i n c l u d i n g o u t b r e a k o f e p i d e m i c o r p a n d e m i c d i s e a s e s t h a t h a d a n d w i l l l i k e l y c o n t i n u e t o h a v e a s i g n i f i c a n t i m p a c t o n t h e g l o b a l c o n t a i n e r s h i p p i n g m a r k e t , a n d t h u s t h e G r o u p ' s b u s i n e s s .

1.1. 2T h e s h i p p i n g i n d u s t r y h a s h i s t o r i c a l l y b e e n c y c l i c a l a n d c o m p e t i t i v e

H i s t o r i c a l l y , t h e c o n t a i n e r s h i p p i n g m a r k e t h a s b e e n h i g h l y c y c l i c a l , w i t h p e r i o d s o f h i g h d e m a n d , l i m i t e d s u p p l y a n d h i g h f r e i g h t a n d c h a r t e r r a t e s a l t e r n a t i n g w i t h p e r i o d s o f l o w d e m a n d , e x c e s s s u p p l y a n d l o w f r e i g h t a n d c h a r t e r r a t e s . T h i s h a s p r i m a r i l y b e e n d u e t o c h a n g e s i n t h e l e v e l a n d p a t t e r n o f g l o b a l e c o n o m i c g r o w t h , t h e h i g h l y c o m p e t i t i v e n a t u r e o f t h e w o r l d o f t h e s h i p p i n g i n d u s t r y a n d c h a n g e s i n t h e s u p p l y o f n e w b u i l d s a n d t h e d e m a n d f o r v e s s e l c a p a c i t y . P e r i o d s o f l o w d e m a n d a n d e x c e s s s u p p l y i n t e n s i f y c o m p e t i t i o n i n t h e i n d u s t r y a n d m a y r e s u l t i n t h e G r o u p ' s v e s s e l s e a r n i n g s u b s t a n t i a l l y l e s s f o r l o n g p e r i o d s o f t i m e. A n i n c r e a s e i n t h e s u p p l y o f v e s s e l s w i t h o u t a c o r r e s p o n d i n g i n c r e a s e i n d e m a n d f o r t r a n s p o r t a t i o n c o u l d c a u s e f r e i g h t a n d c h a r t e r r a t e s t o d e c l i n e. P r o l o n g e d p e r i o d s o f l o w u t i l i z a t i o n c o u l d r e d u c e d e m a n d f o r t h e G r o u p ' s s e r v i c e s a n d m a t e r i a l l y a n d a d v e r s e l y a f f e c t t h e G r o u p ' s b u s i n e s s , o p e r a t i n g i n c o m e a n d o v e r a l l f i n a n c i a l c o n d i t i o n .

T h e c o n t a i n e r s h i p p i n g m a r k e t i s a l s o h i g h l y c o m p e t i t i v e w i t h n u m e r o u s i n d u s t r y p a r t i c i p a n t s . T h e G r o u p f o c u s e s o n c o n t a i n e r s h i p s f o r i n t r a -r e g i o n a l t r a d e. T h e r e i s a r i s k t h a t t h e c u s t o m e r s o f t h e G r o u p m a y i n c r e a s i n g l y p r e f e r t o r e l y o n l a r g e r v e s s e l s a n d / o r p r e f e r t o c o n t r a c t a n d o p e r a t e t h e i r o w n v e s s e l s . S u c h c o m p e t i t i o n a n d a n y o t h e r c o m p e t i t i o n t h a t t h e G r o u p m a y e x p e r i e n c e ( e . g. b y m o r e v e s s e l s e n t e r i n g t h e m a r k e t ) m a y l e a d t o r e d u c e d p r o f i t a b i l i t y a n d t h e G r o u p ' s m a r k e t s h a r e i n t h e m a r k e t s i n w h i c h i t o p e r a t e s m a y e r o d e i n t h e f u t u r e . T h e i n a b i l i t y t o c o m p e t e s u c c e s s f u l l y w i t h e x i s t i n g a n d n e w c o m p e t i t o r s o f t h e G r o u p c o u l d h a v e a n a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , o p e r a t i n g i n c o m e a n d o v e r a l l f i n a n c i a l c o n d i t i o n .

1. 2 R i s k s r e l a t e d t o t h e b u s i n e s s o f t h e G r o u p

1. 2 .1 T h e G r o u p i s d e p e n d e n t o n r e v e n u e g e n e r a t e d f r o m c o n t a i n e r t r a n s p o r t a t i o n

T h e G r o u p ' s r e v e n u e s f o r t h e q u a r t e r w h i c h e n d e d 3 0 J u n e 2 0 2 4 a r e g e n e r a t e d f r o m p r o v i d i n g t o n n a g e c a p a c i t y o n t i m e c h a r t e r c o n t r a c t s f o r t h e s e a b o r n e t r a n s p o r t a t i o n o f c o n t a i n e r s . C o n s e q u e n t l y , t h e G r o u p i s d e p e n d e n t o n r e v e n u e s g e n e r a t e d f r o m c o n t a i n e r t r a n s p o r t a t i o n. D u e t o t h e l a c k o f d i v e r s i f i c a t i o n i n t h e G r o u p ' s r e v e n u e g e n e r a t i n g b u s i n e s s , a n a d v e r s e d e v e l o p m e n t i n t h e G r o u p ' s c o n t a i n e r b u s i n e s s , o r i n t h e c o n t a i n e r s h i p p i n g i n d u s t r y , a n d i n p a r t i c u l a r r e d u c e d a p p e t i t e i n t h e f e e d e r s e g m e n t , g e n e r a l l y w o u l d h a v e a s i g n i f i c a n t i m p a c t o n t h e G r o u p ' s b u s i n e s s , c a s h f l o w s , f i n a n c i a l c o n d i t i o n a n d r e s u l t s o f o p e r a t i o n s .

RISK FACTORS (2/6)

1. 2 . 2 S u b s t a n t i a l c a p i t a l e x p e n d i t u r e s a r e r e q u i r e d t o m a i n t a i n o p e r a t i n g c a p a c i t y o f t h e G r o u p b y r e n e w a l o f t h e f l e e t

T h e G r o u p ' s f l e e t o f 5 8 v e s s e l s ( i n c l u d i n g t h e t h r e e n e w b u i l d s c u r r e n t l y u n d e r c o n s t r u c t i o n b u t w i t h o u t t h e t w o v e s s e l s h e l d f o r s a l e , s u b j e c t t o s u c c e s s f u l d e l i v e r y t o n e w b u y e r s ) h a s a n a v e r a g e a g e o f a p p r o x i m a t e l y 1 4. 2 y e a r s a s o f t h e d a t e o f t h i s P r e s e n t a t i o n. T h e e s t i m a t e d u s e f u l l i f e o f e a c h o f t h e G r o u p ' s v e s s e l s i s 2 5 y e a r s .

T h e G r o u p m u s t m a k e s u b s t a n t i a l c a p i t a l e x p e n d i t u r e s o v e r t h e l o n g -t e r m t o m a i n t a i n t h e o p e r a t i n g c a p a c i t y o f i t s f l e e t a n d p r e s e r v e i t s c a p i t a l b a s e. T h e r e l a t i o n b e t w e e n a c h i e v a b l e r e v e n u e s a n d n e w b u i l d i n g p r i c e s f o r n e w b u i l d i n g ' s a n d / o r s e c o n d-h a n d v e s s e l s m i g h t b e l e s s f a v o u r a b l e t h a n a n t i c i p a t e d .

F u r t h e r m o r e i f t h e G r o u p i s u n a b l e t o m a i n t a i n s u f f i c i e n t c a s h r e s e r v e s t o f i n a n c e t h e r e q u i r e d e q u i t y p a r t f o r t h e r e p l a c e m e n t o f t h e v e s s e l s i n i t s f l e e t a t t h e e n d o f t h e i r u s e f u l l i v e s a n d a l t e r n a t i v e s o u r c e s o f f i n a n c i n g a r e u n a v a i l a b l e , t h e b u s i n e s s w o u l d b e a d v e r s e l y a f f e c t e d .

1. 2 . 3 T h e G r o u p h a v e d e r i v e d , a n d m a y c o n t i n u e t o d e r i v e a s i g n i f i c a n t p o r t i o n o f i t s r e v e n u e s f r o m i t s t o p f i v e c u s t o m e r s a n d t h e l o s s o f a n y o f t h e s e a s a c u s t o m e r , o r d e f a u l t b y a n y o f t h e s e c u s t o m e r s , c o u l d r e s u l t i n a s i g n i f i c a n t l o s s o f r e v e n u e s a n d c a s h f l o w s

F o r t h e q u a r t e r e n d e d 3 0 J u n e 2 0 2 4, t h e G r o u p ' s t o p f i v e c u s t o m e r s , M a e r s k l i n e , Z I M , N o r t h S e a C o n t a i n e r L i n e s ( N C L ) , U n i f e e d e r a n d H a p a g- L l o y d , r e p r e s e n t e d a s i g n i f i c a n t p o r t i o n o f t h e G r o u p ' s t o t a l r e v e n u e s . G i v e n t h e top f i v e c u s t o m e r s s i g n i f i c a n t i m p o r t a n c e f o r t h e G r o u p , a n y e v e n t s t h a t a f f e c t t h e t o p f i v e c u s t o m e r ' s f i n a n c i a l p o s i t i o n a n d t h e r e b y r e d u c i n g t h e i r d e m a n d f o r c o n t a i n e r s h i p p i n g s e r v i c e s , i s l i k e l y t o a l s o h a v e a n e g a t i v e e f f e c t o n t h e G r o u p ' s r e v e n u e s . A r e d u c e d d e m a n d f o r c o n t a i n e r v e s s e l s f r o m a n y o f t h e G r o u p ' s t o p f i v e c u s t o m e r s , d u e t o e x t r a o r d i n a r y c i r c u m s t a n c e s , o r d u e t o a d e c r e a s e i n d e m a n d f o r c o n t a i n e r s h i p p i n g c a u s e d b y m a r k e t d o w n t u r n s , m a y r e s u l t i n t e r m i n a t i o n o r n o n-r e n e w a l o f o n e o r m o r e o f t h e t o p f i v e c u s t o m e r a g r e e m e n t s w i t h t h e G r o u p. T h i s c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e C o m p a n y ' s c a s h f l o w s , l i q u i d i t y , r e s u l t s o f o p e r a t i o n s a n d f i n a n c i a l c o n d i t i o n .

F u r t h e r m o r e , t h e t o p f i v e c u s t o m e r s m a y , u n d e r t h e i r r e s p e c t i v e a g r e e m e n t s , i n c e r t a i n c i r c u m s t a n c e s t e r m i n a t e t h e i r c h a r t e r a g r e e m e n t s w i t h t h e G r o u p. I f a n y o f t h e G r o u p ' s top f i v e c u s t o m e r s ( o r a n y o t h e r c u s t o m e r s o f t h e G r o u p ) t e r m i n a t e t h e i r r e s p e c t i v e c h a r t e r a g r e e m e n t s w i t h t h e G r o u p p u r s u a n t t o t h e t e r m s o f t h e a g r e e m e n t o r o t h e r w i s e i s u n a b l e t o f u l f i l i t s c o n t r a c t u a l o b l i g a t i o n s , t h e G r o u p m a y b e u n a b l e t o e n t e r i n t o n e w c h a r t e r a g r e e m e n t s f o r t h e r e l e v a n t v e s s e l s a t a t t r a c t i v e r a t e s o r a t a l l w h i l e s t i l l b e i n g r e q u i r e d t o p a y e x p e n s e s n e c e s s a r y t o m a i n t a i n t h e v e s s e l i n a p r o p e r o p e r a t i n g c o n d i t i o n , i n s u r e i t a n d s e r v i c e a n y i n d e b t e d n e s s s e c u r e d b y s u c h v e s s e l. I f t h e G r o u p i s u n a b l e t o e n t e r i n t o n e w c h a r t e r a g r e e m e n t s f o r a v e s s e l , t h e G r o u p w i l l n o t r e c e i v e a n y r e v e n u e f r o m t h i s v e s s e l , w h i c h c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e C o m p a n y ' s o p e r a t i o n s , c a s h f l o w s , r e s u l t s a n d f i n a n c i a l c o n d i t i o n .

1. 2 .4 R i s k r e l a t e d t o n e w b u i l d i n g c o n t r a c t s

A s o f t h e d a t e o f t h i s P r e s e n t a t i o n t h e G r o u p h a s 3 n e w b u i l d s o n o r d e r. A l t h o u g h t h e G r o u p e x p e c t s t h a t t h e s e n e w b u i l d s w i l l b e d e l i v e r e d o n t i m e a n d i n a c c o r d a n c e w i t h t h e a p p l i c a b l e s h i p b u i l d i n g c o n t r a c t s , n o a s s u r a n c e c a n b e g i v e n t o t h a t e f f e c t. I f t h e n e w b u i l d s a r e d e l a y e d o r b u i l d i n u n s a t i s f a c t o r y c o n d i t i o n , t h e r e i s a r i s k t h a t t h e G r o u p w i l l e x p e r i e n c e c a p a c i t y s h o r t a g e a n d / o r t h a t t h e G r o u p f a i l s t o c o m p l y w i t h i t s c o m m i t m e n t s t o w a r d s i t s c u s t o m e r s . A n y d e l a y s i n d e l i v e r y , c o s t i n c r e a s e s o r i s s u e s w i t h t h e n e w b u i l d s p r i o r o r a f t e r d e l i v e r y m a y h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s a n d o p e r a t i o n .

1. 2 . 5 R i s k r e l a t e d t o s a l e / p u r c h a s e o f s e c o n d- h a n d t o n n a g e

T h e G r o u p c o n t i n u o u s l y l o o k f o r o p p o r t u n i t i e s t o a c q u i r e s e c o n d- h a n d v e s s e l s t o f u r t h e r o p t i m i z e t h e f l e e t , w h i c h s u b j e c t s t h e G r o u p t o c o u n t e r p a r t y r i s k. T h e a c q u i s i t i o n o f t h e s e v e s s e l s i s a l w a y s b u i l t o n a p r o p e r c o m m e r c i a l a n d t e c h n i c a l d u e d i l i g e n c e . H o w e v e r , t h e a b i l i t y a n d w i l l i n g n e s s o f e a c h c o u n t e r p a r t y t o f u l f i l i t s o b l i g a t i o n s u n d e r a c o n t r a c t f o r t h e s a l e a n d p u r c h a s e o f v e s s e l s d e p e n d o n s e v e r a l f a c t o r s b e y o n d t h e G r o u p ' s c o n t r o l. T h e s e f a c t o r s m a y i n c l u d e , b u t a r e n o t l i m i t e d to, g e n e r a l e c o n o m i c c o n d i t i o n s , t h e s t a t e o f t h e v e s s e l s , t h e o v e r a l l f i n a n c i a l h e a l t h o f t h e c o u n t e r p a r t y , a n d c h a r t e r a n d f r e i g h t r a t e s f o r c o n t a i n e r v e s s e l s . S h o u l d a c o u n t e r p a r t y f a i l t o h o n o u r i t s o b l i g a t i o n s u n d e r a n y s u c h c o n t r a c t s o r a t t e m p t t o r e n e g o t i a t e a n a g r e e m e n t , t h e G r o u p m a y s u s t a i n s i g n i f i c a n t l o s s e s t h a t c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n i t s b u s i n e s s a n d f i n a n c i a l c o n d i t i o n. F u r t h e r , i t c a n ' t b e e x c l u d e d t h a t t h e t e c h n i c a l c o n d i t i o n i s w o r s e t h a n e x p e c t e d w h i c h c o u l d l e a d t o a l o w e r v a l u e o f t h e v e s s e l , a d d i t i o n a l m a i n t e n a n c e e x p e n s e s . o f f- h i r e p e r i o d s o r t h e t e r m i n a t i o n o f t h e c h a r t e r.

1. 2 . 6 T h e G r o u p d e p e n d s o n r e t a i n i n g a n d a t t r a c t i n g q u a l i f i e d p e r s o n s f o r k e y p o s i t i o n s w i t h i n t h e G r o u p , a n d t h e f a i l u r e o f s u c h c o u l d h a r m t h e G r o u p ' s b u s i n e s s g o i n g f o r w a r d

T h e G r o u p ' s m a n a g e m e n t c o n s i s t o f t h e c h i e f e x e c u t i v e o f f i c e r , t h e c h i e f f i n a n c i a l o f f i c e r , t h e c h i e f o p e r a t i n g o f f i c e r a n d t h e e x e c u t i v e v i c e p r e s i d e n t – g e n e r a l m a n a g e r N o r w a y . T h e G r o u p h a s a l i m i t e d m a n a g e m e n t t e a m a n d a l i m i t e d n u m b e r o f k e y e m p l o y e e s , a n d i s t h e r e f o r e h i g h l y d e p e n d e n t o n t h e l e a d e r s h i p a n d e x p e r i e n c e o f i t s m a n a g e m e n t t e a m a n d k e y e m p l o y e e s , a s w e l l a s a t t r a c t i n g n e w t a l e n t s w h o k n o w t h e G r o u p ' s b u s i n e s s a n d t h e c o n t a i n e r s h i p p i n g m a r k e t. L o s s o f t h e s e r v i c e s o f a n y m e m b e r s o f t h e G r o u p ' s M a n a g e m e n t t e a m o r k e y e m p l o y e e s c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n i t s b u s i n e s s a n d p r o s p e c t s , a s i t m a y n o t b e a b l e t o f i n d s u i t a b l e i n d i v i d u a l s t o r e p l a c e s u c h p e r s o n n e l o n a t i m e l y b a s i s , o r a t all, n o r w i t h o u t i n c u r r i n g i n c r e a s e d c o s t s f o r t h e G r o u p .

T h e r e i s a h i g h l e v e l o f c o m p e t i t i o n f o r e x p e r i e n c e d , s u c c e s s f u l p e r s o n n e l i n t h e c o n t a i n e r s h i p p i n g i n d u s t r y . I f t h e G r o u p i s n o t a b l e t o r e t a i n i t s k e y e m p l o y e e s a n d a t t r a c t n e w q u a l i f i e d p e r s o n n e l , t h i s c o u l d i m p a i r i t s g r o w t h p o t e n t i a l a n d p r o f i t a b i l i t y l e v e l s , t h u s r e s u l t i n g i n a n a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , o p e r a t i n g i n c o m e a n d o v e r a l l f i n a n c i a l c o n d i t i o n .

1. 2 . 7 T h e G r o u p i s d e p e n d e n t u p o n i t s s o u r c e d c o r p o r a t e m a n a g e m e n t s e r v i c e s

T h e G r o u p s o u r c e s m a n a g e m e n t s e r v i c e s f r o m M P C M ü n c h m e y e r P e t e r s e n C a p i t a l A G ( " M P C " ). T h e s e r v i c e s r e l a t e t o a d m i n i s t r a t i v e a n d c o r p o r a t e s e r v i c e s w i t h i n l e g a l , f i n a n c e a n d p r o j e c t r e l a t e d a c t i v i t i e s , a m o n g s t o t h e r s . T h e G r o u p i s d e p e n d e n t u p o n c o n t i n u e d a n d s a t i s f a c t o r y s u p p l y o f t h e s e s e r v i c e s f r o m M P C. M P C h a s p r o v i d e d t h e G r o u p w i t h c o r p o r a t e m a n a g e m e n t s e r v i c e s f r o m i n c e p t i o n o f t h e I s s u e r a n d h a s d e v e l o p e d a u n i q u e u n d e r s t a n d i n g o f t h e G r o u p ' s o p e r a t i o n s a n d e f f e c t i v e w o r k i n g r e l a t i o n s h i p w i t h i t s m a n a g e m e n t.

A l t h o u g h M P C i s a r e l a t e d p a r t y t o t h e C o m p a n y , t h e r e c a n b e n o a s s u r a n c e t h a t M P C w i l l c o n t i n u e t o p r o v i d e s e r v i c e s t o t h e G r o u p o r o p e r a t e s a t i s f a c t o r i l y a n d s u c c e s s f u l l y . S h o u l d M P C t e r m i n a t e o r d i s c o n t i n u e t h e i r s e r v i c e s t o t h e G r o u p , o r f a i l t o p e r f o r m t h e i r o b l i g a t i o n s t o t h e G r o u p , t h e G r o u p ' s o p e r a t i o n s m a y b e s e v e r e l y n e g a t i v e l y a f f e c t e d , w h i c h c o u l d h a v e a n a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , o p e r a t i o n s , o p e r a t i n g i n c o m e a n d o v e r a l l f i n a n c i a l c o n d i t i o n .

RISK FACTORS (3/6)

1. 3 R i s k s r e l a t e d t o t h e G r o u p ' s o p e r a t i o n s

1. 3 .1 O p e r a t i o n a n d m a n a g e m e n t o f a c o n t a i n e r v e s s e l f l e e t i n v o l v e s a s i g n i f i c a n t r i s k

T h e G r o u p i s d e p e n d e n t o n t h e o p e r a t i o n a l p e r f o r m a n c e o f i t s o w n e d c o n t a i n e r v e s s e l s a n d m a y e x p e r i e n c e o p e r a t i o n a l p r o b l e m s t h a t m a y r e s u l t i n o f f- h i r e d a y s f o r t h e v e s s e l s a n d , u l t i m a t e l y , r e d u c e d r e v e n u e a n d i n c r e a s e d o p e r a t i o n a l a n d m a i n t e n a n c e c o s t s . C o n t a i n e r v e s s e l s a r e c o m p l e x v e s s e l s a n d t h e i r o p e r a t i o n i s t e c h n i c a l l y c h a l l e n g i n g , m e a n i n g t h a t t h e G r o u p ' s o p e r a t i o n s a r e s u b j e c t t o a v a r i e t y o f r i s k s a n d p r o b l e m s s u c h a s d a m a g e t o v e s s e l s , m e c h a n i c a l f a i l u r e a n d m a l f u n c t i o n o f e q u i p m e n t.

T h e G r o u p o p e r a t e s b y w a y o f e n t e r i n g i n t o t i m e c h a r t e r a r r a n g e m e n t s f o r i t s o w n e d v e s s e l s w i t h l i n e r s h i p p i n g c o m p a n i e s a n d r e g i o n a l c a r r i e r s . A s a r e g i s t e r e d o w n e r o f a v e s s e l a n d c o n t r a c t p a r t y , t h e G r o u p w i l l g e n e r a l l y a s s u m e r e s p o n s i b i l i t y f o r t h e r i s k s r e l a t e d t o t h e t e c h n i c a l c o n d i t i o n s o f t h e v e s s e l a n d t h e p e r f o r m a n c e o b l i g a t i o n s u n d e r t h e c h a r t e r c o n t r a c t s . A n y f a i l u r e t o m a i n t a i n t h e r e q u i r e d t e c h n i c a l c o n d i t i o n o r o p e r a t i o n a l p e r f o r m a n c e o f t h e G r o u p ' s c h a r t e r e d- o u t v e s s e l s c o u l d r e s u l t i n l o s s o f i n c o m e t o t h e G r o u p a n d p o t e n t i a l c o n t r a c t u a l l i a b i l i t y . F u r t h e r m o r e , u n d e r t h e G r o u p ' s t i m e c h a r t e r a r r a n g e m e n t s , t h e G r o u p i s c o m m i t t e d t h r o u g h o u t t h e c h a r t e r p e r i o d a n d w i l l g e n e r a l l y n o t h a v e t h e l i b e r t y t o c a n c e l a c h a r t e r s h o u l d t h e m a r k e t b e c o m e u n f a v o u r a b l e , w h i c h m a y c a u s e t h e G r o u p t o o p e r a t e v e s s e l s o n u n f a v o u r a b l e t e r m s f o r a n e x t e n d e d p e r i o d .

F u r t h e r m o r e , i n s u r a n c e s m a y n o t b e a v a i l a b l e o r s u f f i c i e n t t o c o v e r all l o s s e s s u f f e r e d b y t h e G r o u p i n r e l a t i o n t o o p e r a t i o n a l r i s k s .

A n y c h a n g e s o r d e v e l o p m e n t s r e l a t i n g t o t h e s e c h a l l e n g e s , m a y h a v e , a d v e r s e e f f e c t o n t h e G r o u p ' s l i q u i d i t y a n d c a s h f l o w.

1. 3 . 2 T h e a g e i n g o f t h e f l e e t m a y r e s u l t i n i n c r e a s e d o p e r a t i n g c o s t s i n t h e f u t u r e , a s t h e G r o u p w i l l b e r e q u i r e d t o m a k e s u b s t a n t i a l c a p i t a l e x p e n d i t u r e s i n o r d e r t o m o d e r n i s e a n d t o m a i n t a i n t h e q u a l i t y o f t h e v e s s e l s

I n g e n e r a l , t h e c o s t o f m a i n t a i n i n g a v e s s e l ( i n c l u d i n g d r y d o c k i n g e x p e n s e s ) i n g o o d o p e r a t i n g c o n d i t i o n i n c r e a s e s w i t h t h e a g e o f t h e v e s s e l. A s t h e G r o u p ' s f l e e t a g e s , t h e G r o u p w i l l i n c u r i n c r e a s e d a n d s o m e t i m e s e x t r a o r d i n a r y / u n e x p e c t e d c o s t s a n d o f f- h i r e t i m e. T h i s w i l l c a u s e a d d i t i o n a l c o s t s a n d m i g h t l e a d t o e x t r a o r d i n a r y t e r m i n a t i o n o f c h a r t e r. O l d e r v e s s e l s a r e t y p i c a l l y l e s s f u e l e f f i c i e n t a n d m o r e c o s t l y t o m a i n t a i n t h a n m o r e r e c e n t l y c o n s t r u c t e d v e s s e l s d u e t o g r a d u a l i m p r o v e m e n t s i n e n g i n e t e c h n o l o g y a n d o t h e r d e s i g n f e a t u r e s . C a r g o i n s u r a n c e r a t e s i n c r e a s e w i t h t h e a g e o f a v e s s e l , m a k i n g o l d e r v e s s e l s l e s s d e s i r a b l e t o c h a r t e r e r s . G o v e r n m e n t a l r e g u l a t i o n s a n d s a f e t y o r o t h e r e q u i p m e n t s t a n d a r d s r e l a t e d t o t h e a g e o f v e s s e l s m a y a l s o r e q u i r e e x p e n d i t u r e s f o r a l t e r a t i o n s o r t h e a d d i t i o n o f n e w e q u i p m e n t t o t h e G r o u p ' s v e s s e l s a n d m a y r e s t r i c t t h e t y p e o f a c t i v i t i e s i n w h i c h t h e G r o u p ' s v e s s e l s m a y e n g a g e .

L o s s o f e a r n i n g s , i n c r e a s e d c a p i t a l e x p e n d i t u r e s a n d o p e r a t i n g c o s t s m a y m a t e r i a l l y a n d a d v e r s e l y a f f e c t t h e G r o u p ' s b u s i n e s s a n d f i n a n c i a l c o n d i t i o n.

1. 3 . 3 T h e G r o u p i s d e p e n d e n t o n t e c h n i c a l a n d c o m m e r c i a l m a n a g e m e n t o f v e s s e l s

U n d e r t h e t i m e c h a r t e r a g r e e m e n t s t h e C o m p a n y i s r e s p o n s i b l e f o r t h e t e c h n i c a l m a n a g e m e n t o f t h e v e s s e l s i t o w n s a n d c h a r t e r s o u t t o t h e G r o u p ' s c u s t o m e r s . T h e p e r f o r m a n c e o f t e c h n i c a l s h i p m a n a g e m e n t s e r v i c e s i s s u b c o n t r a c t e d t o v a r i o u s s p e c i a l i z e d s h i p m a n a g e r s . T h e m a j o r i t y o f t h e C o m p a n y ' s f l e e t i s u n d e r t e c h n i c a l m a n a g e m e n t o f W i l h e l m s e n A h r e n k i e l S h i p M a n a g e m e n t G m b H & C o. K G a n d W i l h e l m s e n A h r e n k i e l S h i p M a n a g e m e n t B.V. ( j o i n t l y " W i l h e l m s e n A h r e n k i e l " ) , b o t h r e l a t e d p a r t i e s t o W i l h e l m s e n S h i p M a n a g e m e n t a n d M P C. C o m m e r c i a l m a n a g e m e n t o f v e s s e l s o w n e d b y t h e G r o u p i s p e r f o r m e d b y H a r p e r P e t e r s e n & C o. G m b H & C o. K G a n d H a r p e r P e t e r s e n & C o. B.V. ( j o i n t l y " H a r p e r P e t e r s e n & C o. " ) , b o t h f u l l y o w n e d b y M P C

E v e n t h o u g h W i l h e l m s e n A h r e n k i e l a n d H a r p e r P e t e r s e n & C o. m a y b e c o n s i d e r e d a s r e l a t e d p a r t i e s t o t h e G r o u p ( t h r o u g h t h e s h a r e h o l d i n g o f t h e m a i n s h a r e h o l d e r o f t h e I s s u e r ) , t h e r e c a n b e n o a s s u r a n c e t h a t s a i d p a r t i e s w i l l c o n t i n u e t o p r o v i d e s e r v i c e s t o t h e G r o u p. F u r t h e r m o r e , t h e r e c a n b e n o g u a r a n t e e t h a t s a i d s e r v i c e p r o v i d e r s w i l l c o n t i n u e t o o p e r a t e s a t i s f a c t o r i l y a n d s u c c e s s f u l l y a n d t h e l o s s o f s u c h s h i p m a n a g e r s ' s e r v i c e s o r t h e i r f a i l u r e t o p e r f o r m t h e i r o b l i g a t i o n s t o t h e G r o u p c o u l d m a t e r i a l l y a n d a d v e r s e l y a f f e c t t h e r e s u l t s o f t h e G r o u p ' s o p e r a t i o n s . T h e s h i p m a n a g e r s m a y f o r e x a m p l e n o t b e a b l e t o p e r f o r m t h e i r o b l i g a t i o n s t o t h e G r o u p b e c a u s e o f e v e n t s s u c h a s , b u t n o t l i m i t e d t o , l a b o u r d i s r u p t i o n s o r d i s p u t e s , a s h o r t a g e o f q u a l i f i e d p e r s o n n e l , t r a v e l r e s t r i c t i o n s i n c o n n e c t i o n w i t h p a n d e m i c s o r e p i d e m i c s , o r o t h e r f a c t o r s b e y o n d t h e s h i p m a n a g e r s ' c o n t r o l. T h e G r o u p ' s b u s i n e s s w i l l b e h a r m e d i f t h e s e r v i c e p r o v i d e r s f a i l t o p e r f o r m t h e s e s e r v i c e s s a t i s f a c t o r i l y , i f t h e y c a n c e l t h e i r a g r e e m e n t s , o r i f t h e y s t o p p r o v i d i n g t h e s e s e r v i c e s t o t h e G r o u p . I n s u f f i c i e n t m a n a g e m e n t o f t h e G r o u p ' s v e s s e l s c o u l d , a m o n g o t h e r , l e a d t o i n c r e a s e d o p e r a t i o n a l e x p e n s e s a n d d e t e r i o r a t i n g t e c h n i c a l c o n d i t i o n s o f t h e v e s s e l s .

1. 3 .4 T h e G r o u p h a s o p e r a t i o n s i n h i g h -r i s k a r e a s w h e r e i t i s e x p o s e d t o t h e r i s k o f w a r , a r m e d c o n f l i c t s , p i r a c y , t e r r o r i s m a n d o t h e r t y p e s o f a t t a c k s , w h i c h c o u l d r e s u l t i n i n c r e a s i n g c o s t s o f o p e r a t i o n s

T h e G r o u p v e s s e l s h a v e s o m e t i m e s t o o p e r a t e i n h i g h-r i s k a r e a s w h e r e i t i s e x p o s e d t o t h e r i s k o f w a r , a r m e d c o n f l i c t s , a c t s o f p i r a c y , t e r r o r i s m a n d o t h e r t y p e s o f a t t a c k s . A t t a c k s o n o c e a n- g o i n g v e s s e l s h a v e i n c r e a s e d i n f r e q u e n c y i n r e c e n t y e a r s i n p a r t i c u l a r i n t h e G u l f o f A d e n a n d t h e Red S e a w i t h t h e a t t a c k s f r o m t h e H o u t h i s , w h i c h c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s b u s i n e s s . A c t s o f p i r a c y , a n d a r m e d r o b b e r y o f v e s s e l s h a v e h i s t o r i c a l l y o c c u r r e d i n a r e a s w h e r e t h e G r o u p o p e r a t e s , s u c h a s t h e w e s t c o a s t o f A f r i c a a n d t h e G u l f o f A d e n , a n d t h e r e i s a h i g h r i s k t h a t a c t s o f p i r a c y w i l l c o n t i n u e t o o c c u r i n t h e s e a r e a s , a s w e l l a s o t h e r r e g i o n s , s u c h a s t h e s t r a i t s o f M a l a c c a . T h e r e c a n b e n o a s s u r a n c e t h a t t h e G r o u p w i l l n o t b e v i c t i m o f f u t u r e a t t a c k s o n i t s f l e e t w h e n o p e r a t i n g i n h i g h -r i s k a r e a s . T o p r e v e n t a m a t e r i a l i m p a c t o n t h e G r o u p s f i n a n c i a l c o n d i t i o n t h e e n t e r i n g i n t o s u c h h i g h r i s k a r e a s i s s u b j e c t t o a n a d d i t i o n a l i n s u r a n c e c o v e r. H o w e v e r i t c a n ' t b e r u l e d o u t t h a t s u c h a t t a c k s m a y r e s u l t , a m o n g o t h e r s , i n m a t e r i a l d a m a g e t o t h e G r o u p ' s v e s s e l s a n d h a r m t o c r e w m e m b e r s , a n d m a y c a u s e i n c r e a s e d i n s u r a n c e p r e m i u m s , i n c r e a s e d o p e r a t i n g c o s t s d u e t o i n c r e a s e d s e c u r i t y a r r a n g e m e n t s a n d u n e x p e c t e d a n d c o s t l y d e l a y s a n d i n c r e a s e d c r e w c o s t s t o c o m p e n s a t e t h e c r e w f o r t h e i n c r e a s e d r i s k , w h i c h a r e n o t c o v e r e d b y i n s u r a n c e a n d w o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s o p e r a t i o n a n d b u s i n e s s .

1. 3 . 5 T h e v e s s e l s o f t h e G r o u p m a y b e s u s p e c t e d o f b e i n g i n v o l v e d i n s m u g g l i n g o p e r a t i o n s

T h e G r o u p t r a n s p o r t s c o n t a i n e r s i n t e r a l i a b e t w e e n c o u n t r i e s i n A f r i c a a n d C e n t r a l / S o u t h A m e r i c a e x p o s i n g t h e G r o u p t o a r i s k t h a t t h e v e s s e l s m a y b e s u s p e c t o f d r u g s m u g g l i n g o r o t h e r s m u g g l i n g o p e r a t i o n s . I n t h e e v e n t o f s u c h s u s p e c t e d s m u g g l i n g o p e r a t i o n s t h e r e i s a r i s k t h a t t h e G r o u p ' s v e s s e l s m a y b e d e t a i n e d , w h i c h w o u l d r e s u l t i n i m m e d i a t e c h a r t e r r e v e n u e l o s s a n d i n c u r m a n a g e m e n t c o s t t o r e s o l v e t h e m a t t e r a n d c o u l d h a v e m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s o p e r a t i o n a n d b u s i n e s s .

1. 3 . 6 T h e G r o u p i s e x p o s e d t o s a n c t i o n s a n d i n t e r n a t i o n a l t r a d e r e s t r i c t i o n s

T h e G r o u p ' s b u s i n e s s i s a f f e c t e d b y l a w s a n d r e g u l a t i o n s i n t h e g e o g r a p h i c a l a r e a s i n w h i c h t h e G r o u p o p e r a t e s a n d t r a d e s , a n d t h e G r o u p m a y b e e x p o s e d t o p o l i t i c a l a n d o t h e r u n c e r t a i n t i e s , i n c l u d i n g r i s k s o f i m p o r t- e x p o r t q u o t a s , a n d t h e i m p o s i t i o n o f t r a d e s a n c t i o n s , e m b a r g o e s a n d o t h e r t r a d e b a r r i e r s . A c c o r d i n g l y , t h e G r o u p i s a f f e c t e d b y t h e a d o p t i o n o f l a w s a n d d e c i s i o n s i n i n t e r n a t i o n a l b o d i e s a n d m a y b e r e q u i r e d t o m a k e s i g n i f i c a n t c a p i t a l e x p e n d i t u r e s o r o p e r a t i o n c h a n g e s t o c o m p l y w i t h s u c h l a w s , r e g u l a t i o n s a n d d e c i s i o n s . A d d i t i o n a l l y , a n y f a i l u r e t o c o m p l y w i t h a p p l i c a b l e s a n c t i o n s , e m b a r g o e s a n d o t h e r r e s t r i c t i o n s c o u l d a l s o r e s u l t i n c r i m i n a l a n d c i v i l p e n a l t i e s a n d s a n c t i o n s w h i c h m a y h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s o p e r a t i o n a n d b u s i n e s s .

RISK FACTORS RISK FACTORS (4/6)

1.4 R i s k s r e l a t e d t o f i n a n c i n g and m a r k e t r i s k

1.4.1 T h e G r o u p i s s u b j e c t t o d e b t s e r v i c e o b l i g a t i o n s a n d c o v e n a n t s u n d e r i t s f i n a n c i a l a r r a n g e m e n t s a n d b r e a c h o f a n y s u c h p a y m e n t o b l i g a t i o n s a n d / o r c o v e n a n t s c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s o p e r a t i o n s .

T h e G r o u p h a s e n t e r e d i n t o d i f f e r e n t f i n a n c i n g a g r e e m e n t s ( i n c l u d e f i n a n c e l e a s e a r r a n g e m e n t s )

m a i n l y t o r e f i n a n c e a c q u i s i t i o n s . I f t h e G r o u p ' s i s n o t a b l e t o g e n e r a t e s u f f i c i e n t c a s h f l o w t o pay i t s d e b t s e r v i c e i t s d e b t a n d e n s u r e c o m p l i a n c e w i t h f i n a n c i a l a n d o t h e r c o v e n a n t s i n i t s f i n a n c i n g a g r e e m e n t s t h e r e l e v a n t a g r e e m e n t s m i g h t b e t e r m i n a t e d w h i c h w o u l d h a v e a n m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p s f i n a n c i a l p o s i t i o n . S i n c e t h e a b i l i t y t o g e n e r a t e c a s h m i g h t b e n e g a t i v e l y a f f e c t e d b y t h e o t h e r r i s k f a c t o r s w h i c h a r e t o t h e v a s t e x t e n d b e y o n d t h e G r o u p ' s c o n t r o l t h e r e c a n b e n o a s s u r a n c e t h a t t h e G r o u p w i l l b e a b l e t o g e n e r a t e s u f f i c i e n t c a s h f r o m i t s o p e r a t i o n s a n d / o r o b t a i n n e w c a p i t a l t o pay i t s d e b t s o r o t h e r p a y m e n t o b l i g a t i o n s i n t h e f u t u r e o r t o r e f i n a n c e i t s i n d e b t e d n e s s .

F u r t h e r m o r e t h e G r o u p ' s f i n a n c i n g a g r e e m e n t s c o n t a i n c e r t a i n c o v e n a n t s a n d g e n e r a l u n d e r t a k i n g s , w h i c h a r e c u s t o m a r y i n f i n a n c i n g s o f t h e s e t y p e , w h i c h i m p o s e r e s t r i c t i o n s o n t h e G r o u p ' s o p e r a t i o n s , a n d i m p o s e f i n a n c i a l r e s t r i c t i o n s o n t h e G r o u p. T h e s e a g r e e m e n t s m a y l i m i t t h e G r o u p ' s a b i l i t y t o , a m o n g s t o t h e r t h i n g s : i n c u r a d d i t i o n a l i n d e b t e d n e s s , m a k e c e r t a i n d i s p o s a l s , c o n d u c t c o r p o r a t e r e o r g a n i s a t i o n s , m a k e i n v e s t m e n t s o r a c q u i s i t i o n s . I n p a r t i c u l a r , t h e G r o u p i s s u b j e c t t o c e r t a i n f i n a n c i a l c o v e n a n t s , c o n d i t i o n s t o b e a b l e t o u p s t r e a m c a s h , c r o s s - d e f a u l t p r o v i s i o n s a n d c h a n g e o f c o n t r o l p r o v i s i o n s . E v e n i f t h e G r o u p c a r e f u l l y m o n i t o r s t h e k e y f i n a n c i a l i n d i c a t o r s a n d r a t i o s , t h e r e i s n o a s s u r a n c e t h a t t h e G r o u p w i l l b e a b l e t o c o m p l y w i t h f i n a n c i a l a n d / o r o t h e r c o v e n a n t s i n t h e f u t u r e a s s o m e d e v e l o p m e n t s a r e b e y o n d t h e G r o u p s c o n t r o l . F a i l u r e t o c o m p l y w i t h s u c h c o v e n a n t s o r o b l i g a t i o n s m a y c o n s t i t u t e a n e v e n t o f d e f a u l t a n d t h a t c r e d i t o r s a s a r e s u l t w i l l b e e n t i t l e d t o a c c e l e r a t e t h e i r c l a i m s a g a i n s t t h e G r o u p , w h i c h w i l l h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , f i n a n c i a l c o n d i t i o n s a n d / o r p r o s p e c t s .

1.4. 2 T h e G r o u p m a y r e q u i r e a d d i t i o n a l c a p i t a l i n t h e f u t u r e i n o r d e r t o e x e c u t e i t s s t r a t e g y o r f o r o t h e r p u r p o s e s w h i c h m a y n o t b e a v a i l a b l e o n f a v o u r a b l e t e r m s , o r a t a l l

N o a s s u r a n c e c a n b e g i v e n t h a t t h e G r o u p w i l l n o t r e q u i r e a d d i t i o n a l f u n d s i n o r d e r t o e x e c u t e i t s s t r a t e g y , o r f o r o t h e r p u r p o s e s . T h e G r o u p ' s b u s i n e s s i s c a p i t a l i n t e n s i v e a n d , t o t h e e x t e n t t h e G r o u p d o e s n o t g e n e r a t e s u f f i c i e n t c a s h f r o m o p e r a t i o n s ( o r b y s e l l i n g a s s e t s ) , t h e C o m p a n y o r i t s s u b s i d i a r i e s m a y n e e d t o r a i s e a d d i t i o n a l f u n d s t h r o u g h p u b l i c o r p r i v a t e d e b t o r e q u i t y f i n a n c i n g t o f u n d o p e r a t i o n s a n d c a p i t a l e x p e n d i t u r e s . A d e q u a t e s o u r c e s o f f u n d s i n t h e f u t u r e m a y n o t b e a v a i l a b l e , o r a v a i l a b l e a t a c c e p t a b l e t e r m s a n d c o n d i t i o n s , w h e n n e e d e d. I f f u n d i n g i s i n s u f f i c i e n t a t a n y t i m e i n t h e f u t u r e , t h e G r o u p m a y b e u n a b l e t o f u n d a c q u i s i t i o n s o r m a i n t e n a n c e r e q u i r e m e n t s , t o r e p a y d e b t , o r t o m e e t i t s p a y m e n t s o b l i g a t i o n s t o w a r d s o t h e r i m p o r t a n t c o n t r a c t u a l p a r t n e r s , t o t a k e a d v a n t a g e o f b u s i n e s s o p p o r t u n i t i e s o r t o r e s p o n d t o c o m p e t i t i v e p r e s s u r e s . A n y o f t h i s c o u l d m a t e r i a l l y a n d a d v e r s e l y i m p a c t t h e G r o u p ' s b u s i n e s s , r e s u l t s o f o p e r a t i o n s , c a s h f l o w s , f i n a n c i a l c o n d i t i o n a n d / o r p r o s p e c t s .

1.4. 3 F l u c t u a t i o n s i n v e s s e l v a l u e s m a y l e a d t o b r e a c h e s i n f i n a n c i a l c o v e n a n t s , i m p a i r m e n t c h a r g e s a n d l o s s e s u p o n t h e s a l e o f a v e s s e l

T h e G r o u p ' s v e s s e l s a r e t h e p r i m a r y a s s e t s o f t h e G r o u p. T h e v a l u e o f t h e G r o u p ' s c o n t a i n e r v e s s e l s , a n d t h e c h a r t e r r a t e s t h e G r o u p i s a b l e t o a c h i e v e f o r i t s v e s s e l s , m a y f l u c t u a t e s u b s t a n t i a l l y d u e t o a n u m b e r o f f a c t o r s s u c h a s , b u t n o t l i m i t e d to, p r e v a i l i n g e c o n o m i c c o n d i t i o n s i n t h e g l o b a l m a r k e t s , t h e s u p p l y o f c o n t a i n e r v e s s e l c a p a c i t y , r e c y c l i n g p r i c e s , d e m a n d f o r c o n t a i n e r v e s s e l c a p a c i t y a n d t h e c o n d i t i o n a n d a g e o f t h e v e s s e l s . D e c l i n e i n v e s s e l v a l u e s m a y r e s u l t i n i m p a i r m e n t c h a r g e s , o r a f f e c t t h e G r o u p ' s a b i l i t y t o b e i n c o m p l i a n c e w i t h i t s l o a n -t o- v a l u e o r c o m p a r a b l e c o v e n a n t s u n d e r i t s f i n a n c i n g a r r a n g e m e n t s a n d l i m i t t h e c a s h w h i c h c a n b e g e n e r a t e d b y s e l l i n g s h i p s , w h i c h c o u l d h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , f i n a n c i a l p o s i t i o n a n d r e s u l t s o f o p e r a t i o n s .

1.4.4 F l u c t u a t i o n s i n b u n k e r p r i c e s m a y l e a d t o h i g h e r o p e r a t i n g c o s t s a n d l o s s i n r e v e n u e

I n c a s e s w h e r e t h e G r o u p ' s v e s s e l s a r e n o t o n t i m e c h a r t e r c o n t r a c t s , t h e G r o u p i s l i a b l e f o r t h e o p e r a t i n g c o s t s r e l a t e d t o b u n k e r f u e l. A c c o r d i n g l y , a n y i n c r e a s e i n b u n k e r f u e l p r i c e s a n d / o r a n y l i m i t e d a v a i l a b i l i t y o f c o m p l i a n t f u e l m a y a f f e c t t h e G r o u p ' s o p e r a t i n g c o s t s c o n s i d e r a b l y , w h i c h i n t u r n m a y h a v e a m a t e r i a l n e g a t i v e e f f e c t o n t h e G r o u p ' s r e s u l t s a n d f i n a n c i a l c o n d i t i o n .

F o r s o m e o f t h e G r o u p ' s v e s s e l s t h a t h a v e e x h a u s t g a s c l e a n i n g s y s t e m s ( " E G C S " ) i n s t a l l e d , t h e G r o u p h a s e n t e r e d i n t o t i m e c h a r t e r a r r a n g e m e n t s w i t h a p r e m i u m c o m p o n e n t t h a t i s b a s e d o n t h e d i f f e r e n c e b e t w e e n t h e m a r k e t p r i c e o f h i g h- s u l p h u r a n d l o w- s u l p h u r f u e l. T h e p r e m i u m c o m p o n e n t e n t a i l s t h a t a n y d e c r e a s e i n t h e d i f f e r e n c e b e t w e e n t h e m a r k e t p r i c e s f o r h i g h - s u l p h u r a n d l o w- s u l p h u r f u e l w o u l d l e a d t o a d e c r e a s e i n t h e r e v e n u e s f o r t h e G r o u p u n d e r s u c h t i m e c h a r t e r s . U n f a v o u r a b l e f l u c t u a t i o n s i n t h e d i f f e r e n c e b e t w e e n t h e p r i c e s f o r h i g h - s u l p h u r a n d l o w- s u l p h u r f u e l m a y h a v e a m a t e r i a l n e g a t i v e i m p a c t o n t h e G r o u p ' s r e v e n u e , c a s h f l o w a n d f i n a n c i a l p o s i t i o n .

1.4. 5 F o r e i g n c u r r e n c y e x c h a n g e r a t e f l u c t u a t i o n s c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s o p e r a t i n g e x p e n s e s

T h e G r o u p ' s f u n c t i o n a l a n d o p e r a t i o n a l c u r r e n c y i s U S D. T h e G r o u p ' s c h a r t e r h i r e i s n o r m a l l y p a y a b l e i n U S D a n d t h e v a l u e o f t h e G r o u p ' s v e s s e l s i s n o r m a l l y d e n o m i n a t e d i n U S D. T h e G r o u p i s e x p o s e d t o t h e r i s k t h a t t h e f a i r v a l u e o r f u t u r e c a s h f l o w s a n d f i n a n c i a l i n s t r u m e n t s w i l l f l u c t u a t e b e c a u s e o f c h a n g e s i n f o r e i g n e x c h a n g e r a t e s , e s p e c i a l l y w i t h r e s p e c t t o E U R / U S D a n d N O K / U S D. T h e G r o u p h a s i n p a r t i c u l a r e x p o s u r e t o E U R a n d N O K f l u c t u a t i o n s b e c a u s e p a r t s o f t h e G r o u p ' s a d m i n i s t r a t i o n a n d v e s s e l o p e r a t i n g e x p e n s e s , a n d a p o r t i o n o f t h e G r o u p ' s c a s h a n d c a s h e q u i v a l e n t s , o t h e r s h o r t-t e r m a s s e t s , t r a d e p a y a b l e s a n d p r o v i s i o n s a n d a c c r u a l s , a m o n g o t h e r s , a r e d e n o m i n a t e d i n E U R a n d N O K. C u r r e n c y e x c h a n g e f l u c t u a t i o n s m a y t h e r e f o r e c a u s e i n c r e a s e d e x p e n s e s f o r t h e G r o u p , w h i c h m a y , d e p e n d i n g o n t h e f l u c t u a t i o n , h a v e a s i g n i f i c a n t n e g a t i v e i m p a c t o n t h e G r o u p ' s o p e r a t i o n a l c o s t s a n d t h e G r o u p ' s r e v e n u e a n d f i n a n c i a l p o s i t i o n. A s o f t h e d a t e o f t h i s P r e s e n t a t i o n , t h e G r o u p h a s n o t e n t e r e d i n t o a n y f i n a n c i a l i n s t r u m e n t s w i t h t h i r d p a r t i e s t o m i t i g a t e t h i s r i s k . H o w e v e r , t h e e x p e c t e d E U R- c h a r t e r h i r e f o r t w o v e s s e l s c o n c l u d e d b y a 9 0 % s u b s i d i a r y w i l l r e d u c e t h i s U S D / E U R e x c h a n g e r a t e r i s k .

1.4. 6 F l o a t i n g i n t e r e s t r a t e f l u c t u a t i o n s c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s o p e r a t i n g e x p e n s e s

T h e G r o u p ' s f i n a n c e a r r a n g e m e n t s i n c l u d e e l e m e n t s o f f l o a t i n g r a t e b o r r o w i n g s t h a t r e q u i r e s t h e G r o u p t o m a k e i n t e r e s t p a y m e n t s b a s e d o n a r e f e r e n c e r a t e ( e. g. S O F R ) . T h e G r o u p i s e x p o s e d t o t h e r i s k t h a t s i g n i f i c a n t i n c r e a s e s i n i n t e r e s t r a t e s c o u l d h a v e a s i g n i f i c a n t n e g a t i v e i m p a c t o n o p e r a t i n g m a r g i n s , r e s u l t s o f o p e r a t i o n s a n d a b i l i t y t o s e r v i c e d e b t. T h e G r o u p u s e s i n t e r e s t r a t e c a p s t o r e d u c e i t s e x p o s u r e t o m a r k e t r i s k f r o m c h a n g e s i n i n t e r e s t r a t e s . T h e p r i n c i p a l o b j e c t i v e o f t h e s e c o n t r a c t s i s t o m i n i m i z e t h e r i s k s a n d c o s t s a s s o c i a t e d w i t h o u r f l o a t i n g -r a t e d e b t.

RISK FACTORS RISK FACTORS (5/6)

1. 5 R i s k r e l a t e d t o l a w s , r e g u l a t i o n s and l i t i g a t i o n

1. 5 .1 C o m p l i a n c e w i t h a w i d e v a r i e t y o f c o m p l e x l a w s a n d r e g u l a t i o n s i n c l u d i n g e n v i r o n m e n t a l l a w s a n d r e g u l a t i o n s m a y b e e x p e n s i v e a n d n o n - c o m p l i a n c e m a y h a v e a n a d v e r s e e f f e c t o n t h e G r o u p ' s r e s u l t s o f o p e r a t i o n s

T h e s h i p p i n g i n d u s t r y i s a f f e c t e d b y e x t e n s i v e a n d c h a n g i n g i n t e r n a t i o n a l c o n v e n t i o n s a n d n a t i o n a l , s t a t e a n d l o c a l l a w s a n d r e g u l a t i o n s r e l a t i n g t o s a n c t i o n s , e x p o r t a n d i m p o r t r e s t r i c t i o n s , t h e e n v i r o n m e n t a n d h e a l t h a n d s a f e t y i n i n t e r n a t i o n a l w a t e r s a n d t h e j u r i s d i c t i o n s i n w h i c h t h e G r o u p ' s v e s s e l s o p e r a t e a n d a r e r e g i s t e r e d. S u c h r e g u l a t o r y m e a s u r e s m a y i n c l u d e , a m o n g o t h e r s , t h e I M O ' s m a n d a t e t o r e d u c e s u l p h u r e m i s s i o n s f r o m 3 .5% t o 0.5 % f r o m 1 J a n u a r y 2 0 2 0 ( I M O 2 0 2 0 G l o b a l S u l p h u r C a p ) , r e q u i r i n g s h i p o w n e r s t o e i t h e r u s e l o w- s u l p h u r f u e l , i n s t a l l E G C S ' , o r r e t r o f i t v e s s e l s f o r a l t e r n a t i v e o r r e n e w a b l e f u e l s s u c h a s l i q u i f i e d n a t u r a l g a s , s y n t h e t i c m e t h a n o l o r a m m o n i a . O t h e r m a n d a t o r y m e a s u r e s f r o m t h e I M O i n c l u d e t h e C a r b o n I n t e n s i t y I n d i c a t o r ( C I I ) , t h e E n e r g y E f f i c i e n c y D e s i g n I n d e x ( E E D I ) a n d t h e E n e r g y E f f i c i e n c y E x i s t i n g S h i p I n d e x ( E E X I ) . T h e C a r b o n I n t e n s i t y I n d i c a t o r ( C I I ) m e a s u r e s t h e o p e r a t i o n a l e f f i c i e n c y o f s h i p s a n d r e q u i r e s a n n u a l i m p r o v e m e n t s i n c a r b o n i n t e n s i t y , w i t h r a t i n g s f r o m A t o E , w h e r e s h i p s r a t e d D o r E f o r t h r e e c o n s e c u t i v e y e a r s m u s t s u b m i t c o r r e c t i v e a c t i o n p l a n s . T h e t h r e s h o l d s b e t w e e n t h e C I I r a t i n g c a t e g o r i e s w i l l b e c o m e i n c r e a s i n g l y m o r e s t r i n g e n t t o w a r d s 2 0 2 7 a n d t h e f o l l o w i n g y e a r s .

M o r e r e c e n t l y o n 2 5 J u l y 2 0 2 3 t h e E U C o u n c i l a d o p t e d t h e F u e l E U M a r i t i m e w h i c h e f f e c t i v e f r o m 1 J a n u a r y 2 0 2 5 w i l l i m p o s e a w e l l-t o- w a k e g r e e n h o u s e g a s i n t e n s i t y r e q u i r e m e n t o n e n e r g y u s e d d u r i n g a y e a r , e f f e c t i v e l y f o r c i n g t h e u s e o f q u a l i f i e d l o w g r e e n h o u s e g a s f u e l s . T h e m a x i m u m l i m i t s f o r t h e g r e e n h o u s e g a s i n t e n s i t y o f t h e e n e r g y u s e d o n b o a r d w i l l b e c o m e m o r e s t r i n g e n t o v e r t i m e w i t h r e q u i r e d r e d u c t i o n s o f 2 % a s o f 2 0 2 5 a n d b y a s m u c h a s 8 0% a s o f 2 0 5 0 ( c o m p a r e d t o 2 0 2 0 l e v e l s ) . F a i l u r e t o c o m p l y w i t h t h e o b l i g a t i o n s i n t r o d u c e d b y t h e F u e l E U M a r i t i m e R e g u l a t i o n w i l l b e s u b j e c t t o e c o n o m i c p e n a l t i e s a n d s h i p p i n g c o m p a n i e s f a i l i n g t o c o m p l y f o r t w o y e a r s i n a row m a y b e s u b j e c t t o a n e x p u l s i o n o r d e r , w h i c h i n v o l v e s t h a t m e m b e r s t a t e s s h a l l r e f u s e e n t r y o f t h e s h i p i n t o a n y o f t h e i r p o r t s o r a f l a g d e t e n t i o n ( i n t h e s h i p ' s f l a g s t a t e ). A n o t h e r m e a s u r e f r o m t h e E U h a v i n g b e e n e x t e n d e d t o s h i p p i n g a n d b e i n g e f f e c t i v e s i n c e 1 J a n u a r y 2 0 2 4 , t h e E U E m i s s i o n T r a d i n g S c h e m e ( E U E T S ) , r e q u i r e s s h i p o w n e r s t o p u r c h a s e a n d s u r r e n d e r e m i s s i o n a l l o w a n c e s f o r 1 0 0% o f c a r b o n e m i s s i o n s o n v o y a g e s w i t h i n t h e E U / E E A a n d 5 0% o n v o y a g e s i n t o o r o u t o f t h e E U / E E A. T h i s r e g u l a t i o n w i l l b e p h a s e d i n g r a d u a l l y . T h e o b l i g a t i o n t o s u r r e n d e r E m i s s i o n U n i t A l l o w a n c e s ( E U A s ) w i l l c o r r e s p o n d t o 4 0% o f v e r i f i e d e m i s s i o n s i n 2 0 2 4 , 7 0% i n 2 0 2 5 , a n d 1 0 0% i n 2 0 2 6 a n d b e y o n d . A d d i t i o n a l l y , f r o m 2 0 2 6 t h e E U E T S w i l l b e e x t e n d e d t o c o v e r e m i s s i o n s f r o m m e t h a n e a n d n i t r o u s o x i d e s e m i s s i o n s .

C o m p l i a n c e w i t h t h e s e r e g u l a t i o n s m a y r e s u l t i n s i g n i f i c a n t c o s t s , i n c l u d i n g t h e n e e d f o r l o w- s u l p h u r f u e l , i n s t a l l a t i o n o f E G C S ' , o r r e t r o f i t t i n g v e s s e l s f o r a l t e r n a t i v e f u e l s . N o n - c o m p l i a n c e o r i n c r e a s e d r e g u l a t o r y b u r d e n s c o u l d a d v e r s e l y a f f e c t t h e G r o u p ' s f i n a n c i a l p e r f o r m a n c e a n d o p e r a t i o n a l r e s u l t s . C o m p l i a n c e w i t h c h a n g e s i n l a w s a n d r e g u l a t i o n s m a y a l s o a f f e c t t h e r e s a l e v a l u e o r u s e f u l l i v e s o f t h e v e s s e l s , l e a d t o i n c r e a s e d i m p a i r m e n t c h a r g e s , a n d r e q u i r e r e d u c t i o n s i n c a r g o c a p a c i t y , s h i p m o d i f i c a t i o n s o r o p e r a t i o n a l c h a n g e s o r r e s t r i c t i o n s . F u r t h e r , s u c h c h a n g e s c o u l d l e a d t o d e c r e a s e d a v a i l a b i l i t y o f i n s u r a n c e c o v e r a g e , i n c r e a s e d p o l i c y c o s t s f o r e n v i r o n m e n t a l m a t t e r s , o r r e s u l t i n t h e d e n i a l o f a c c e s s t o c e r t a i n j u r i s d i c t i o n a l w a t e r s o r p o r t s o r d e t e n t i o n i n c e r t a i n p o r t s , o r r e q u i r e t a x e s t o b e p a y a b l e i n r e l a t i o n t o t h e G r o u p ' s g r e e n h o u s e g a s e m i s s i o n s . R e g u l a t i o n s o f v e s s e l s , p a r t i c u l a r l y i n t h e a r e a s o f s a f e t y a n d e n v i r o n m e n t a l i m p a c t , m a y a l s o c h a n g e i n t h e f u t u r e a n d r e q u i r e t h e G r o u p t o i n c u r s i g n i f i c a n t c a p i t a l e x p e n d i t u r e s a n d / o r a d d i t i o n a l o p e r a t i n g c o s t s i n o r d e r t o k e e p t h e G r o u p ' s v e s s e l s i n c o m p l i a n c e . C o m p l i a n c e w i t h p r e v a i l i n g a n d f u t u r e e n v i r o n m e n t a l l a w s a n d r e g u l a t i o n s c o u l d c o n s e q u e n t l y m a t e r i a l l y a f f e c t t h e G r o u p ' s o p e r a t i o n s a n d r e s u l t s .

1. 5 . 2 T h e G r o u p ' s b u s i n e s s i s s u b j e c t t o t a x a t i o n r i s k s

T h e G r o u p ' s o p e r a t i o n s a n d p e r s o n n e l s p a n s a c r o s s v a r i o u s j u r i s d i c t i o n s a n d a r e , a n d m a y b e i n t h e f u t u r e , s u b j e c t t o a n u m b e r o f t a x r e g i m e s . T h e f i n a l d e t e r m i n a t i o n o f t h e G r o u p ' s t a x l i a b i l i t i e s i n v o l v e s t h e i n t e r p r e t a t i o n o f l o c a l t a x l a w s , t a x t r e a t i e s a n d t h e d e t e r m i n a t i o n o f t a x a u t h o r i t i e s i n e a c h j u r i s d i c t i o n . C h a n g e s i n t h e o p e r a t i o n e n v i r o n m e n t , l o c a t i o n o f a s s e t s a n d p e r s o n n e l , c h a n g e s i n t a x l a w s o r p r a c t i c e s a n d c u r r e n c y / r e p a t r i a t i o n c o n t r o l s c o u l d m a t e r i a l l y a f f e c t t h e G r o u p ' s f i n a n c i a l p e r f o r m a n c e .

1. 5 . 3 T h e G r o u p ' s b u s i n e s s i s s u b j e c t t o r i s k o f f u t u r e c l a i m s u n d e r l e g a l p r o c e e d i n g s a n d c o n t r a c t u a l d i s p u t e s

T h e G r o u p ' s b u s i n e s s m a y e x p o s e i t t o l i t i g a t i o n , i n c l u d i n g e n v i r o n m e n t a l l i t i g a t i o n , c o n t r a c t u a l l i t i g a t i o n d i s p u t e s a n d l i t i g a t i o n w i t h c h a r t e r e r s , s h i p y a r d s , r e f u n d g u a r a n t o r s a n d o t h e r t h i r d p a r t i e s , t a x o r s e c u r i t i e s l i t i g a t i o n , a n d m a r i t i m e l a w s u i t s i n c l u d i n g p o s s i b l e a r r e s t o r d e t e n t i o n o f t h e G r o u p ' s v e s s e l s . T h e G r o u p i s c u r r e n t l y n o t i n v o l v e d i n a n y l i t i g a t i o n , w h i c h i s e x p e c t e d t o h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s , b u t m a y i n t h e f u t u r e b e i n v o l v e d i n l i t i g a t i o n m a t t e r s f r o m t i m e t o t i m e , w h i c h m a y h a v e a m a t e r i a l a d v e r s e e f f e c t o n t h e G r o u p ' s b u s i n e s s .

1. 5 .4 T h e G r o u p ' s b u s i n e s s i s s u b j e c t t o s a n c t i o n r i s k s

T h e G r o u p a r e e x p o s e d t o p o t e n t i a l f i n a n c i a l , o p e r a t i o n a l , a n d r e p u t a t i o n a l r i s k s a r i s i n g f r o m i t s a n d i t s c o u n t e r p a r t i e s i n c l u d i n g c h a r t e r e r s , f i n a n c i n g b a n k s a n d s h i p y a r d ' s c o m p l i a n c e w i t h n a t i o n a l a n d i n t e r n a t i o n a l s a n c t i o n s r e g i m e s a n d r e g u l a t o r y r e q u i r e m e n t s . I n a d e q u a t e m o n i t o r i n g a n d a s s e s s m e n t o f t r a n s a c t i o n s , c u s t o m e r s , a n d c o u n t e r p a r t i e s f o r p o t e n t i a l s a n c t i o n s v i o l a t i o n s c o u l d l e a d t o s e v e r e p e n a l t i e s , f i n e s , l e g a l a c t i o n s , a n d r e s t r i c t i o n s o n t h e G r o u p ' s a b i l i t y t o c o n d u c t i t s o p e r a t i o n s . T h e G r o u p ' s f a i l u r e t o i m p l e m e n t r o b u s t s a n c t i o n s s c r e e n i n g p r o c e s s e s , k e e p p a c e w i t h e v o l v i n g s a n c t i o n s r e g i m e s , a n d e n s u r e e f f e c t i v e c o m m u n i c a t i o n a n d t r a i n i n g a c r o s s i t s w o r k f o r c e m a y r e s u l t i n d i s r u p t i o n s t o i t s b u s i n e s s o p e r a t i o n s , e r o s i o n o f c u s t o m e r t r u s t , a n d d a m a g e t o i t s r e p u t a t i o n . N o n - c o m p l i a n c e w i t h s a n c t i o n s r e g u l a t i o n s a n d r e l a t e d l a w s c o u l d a l s o r e s u l t i n a d v e r s e i m p a c t s o n t h e G r o u p ' s f i n a n c i a l p e r f o r m a n c e .

1. 5 . 5 O p e r a t i o n s i n p o l i t i c a l l y u n s t a b l e r e g i o n s a n d l e g a l s y s t e m s a l l o v e r t h e w o r l d m a y c a u s e b u s i n e s s i n t e r r u p t i o n s , r e p u t a t i o n a l d a m a g e a n d c o m p l i a n c e r i s k s

T h e G r o u p t r a n s p o r t s p r o d u c t s a c r o s s a w i d e v a r i e t y o f n a t i o n a l j u r i s d i c t i o n s a n d g e o g r a p h i c a l a r e a s , s u c h a s A s i a , S o u t h A m e r i c a , M i d d l e E a s t a n d W e s t A f r i c a , a m o n g o t h e r s , w h i c h e n t a i l s a r i s k o f b u s i n e s s i n t e r r u p t i o n s t h a t m a y r e s u l t f r o m p o l i t i c a l c i r c u m s t a n c e s , t r a d e d i s p u t e s o r i n a d e q u a c i e s i n t h e l e g a l s y s t e m s a n d law e n f o r c e m e n t m e c h a n i s m s i n c e r t a i n c o u n t r i e s i n w h i c h t h e G r o u p o p e r a t e s . C e r t a i n c o u n t r i e s a n d i n t e r n a t i o n a l b o d i e s a l s o i m p o s e l a w s a n d r e g u l a t i o n s w i t h e x t r a t e r r i t o r i a l a p p l i c a t i o n ( s u c h a s s a n c t i o n s a n d b r i b e r y a n d c o r r u p t i o n l e g i s l a t i o n ) , w h i c h m a y f u r t h e r i n c r e a s e t h e r i s k o f b u s i n e s s i n t e r r u p t i o n s a n d r e p u t a t i o n a l d a m a g e r e s u l t i n g f r o m t h e G r o u p ' s c r o s s - b o r d e r a c t i v i t i e s . I n a w o r s t-c a s e s c e n a r i o , t h e G r o u p ' s a b i l i t y t o t r a d e w i t h c e r t a i n c o u n t r i e s , i n c l u d i n g e n t i t i e s a n d i n d i v i d u a l s l i n k e d t o s u c h c o u n t r i e s , m a y b e s e v e r e l y r e s t r i c t e d . T h e p o l i t i c a l c i r c u m s t a n c e s o r i n a d e q u a c i e s o f t h e l e g a l s y s t e m s a n d law e n f o r c e m e n t m e c h a n i s m s i n c e r t a i n c o u n t r i e s i n w h i c h t h e G r o u p o p e r a t e s m a y h a v e a m a t e r i a l n e g a t i v e i m p a c t o n t h e G r o u p ' s r e p u t a t i o n , r e v e n u e , c a s h f l o w s a n d f i n a n c i a l c o n d i t i o n.

1. 6 R i s k s r e l a t e d t o t h e b o n d s and t h e b o n d t e r m s

1. 6 .1 R i s k o f b e i n g u n a b l e t o r e p a y t h e B o n d s

D u r i n g t h e l i f e t i m e o f t h e B o n d s , t h e I s s u e r w i l l b e r e q u i r e d t o m a k e p a y m e n t s o n t h e B o n d s . T h e a b i l i t y t o g e n e r a t e c a s h f l o w f r o m o p e r a t i o n s a n d t o m a k e s c h e d u l e d r e p a y m e n t s a n d i n t e r e s t p a y m e n t s o n i n d e b t e d n e s s , i n c l u d i n g t h e B o n d s , w i l l d e p e n d o n f u t u r e f i n a n c i a l p e r f o r m a n c e o f t h e G r o u p. T h e g e n e r a t e d c a s h f l o w f r o m o p e r a t i o n s w i l l h a v e t o b e d i s t r i b u t e d u p w a r d s t o t h e I s s u e r i n o r d e r t o s e r v i c e t h e B o n d s a n d r e l e v a n t s u b s i d i a r i e s m a y h a v e d i v i d e n d r e s t r i c t i o n s i n c u r r e n t f i n a n c i n g a r r a n g e m e n t s l i m i t i n g a c c e s s t o g e n e r a t e d c a s h f l o w. I f t h e G r o u p i s u n a b l e t o s e r v i c e i t s i n d e b t e d n e s s , i t w i l l b e f o r c e d t o a d o p t a n a l t e r n a t i v e s t r a t e g y t h a t m a y i n c l u d e a c t i o n s s u c h a s r e d u c i n g o r d e l a y i n g c a p i t a l e x p e n d i t u r e s , s e l l i n g a s s e t s , r e s t r u c t u r i n g o r r e f i n a n c i n g i n d e b t e d n e s s o r s e e k i n g e q u i t y c a p i t a l . T h e G r o u p c a n n o t a s s u r e i n v e s t o r s t h a t a n y o f t h e s e a l t e r n a t i v e s t r a t e g i e s c o u l d b e e f f e c t u a t e d o n s a t i s f a c t o r y t e r m s , i f a t a l l , t h a t t h e y w o u l d y i e l d s u f f i c i e n t f u n d s t o m a k e r e q u i r e d p a y m e n t s o n t h e B o n d s a n d o t h e r i n d e b t e d n e s s , o r t h a t h o l d e r s o f t h e B o n d s ( t h e " B o n d h o l d e r s " ) w o u l d n o t l o s e all o r p a r t o f t h e i r c l a i m s i n a n y r e s t r u c t u r i n g o r i n s o l v e n c y p r o c e e d i n g .

RISK FACTORS (6/6)

1. 6 . 2 T h e I s s u e r m a y h a v e i n s u f f i c i e n t f u n d s t o m a k e r e q u i r e d r e p u r c h a s e s o f B o n d s

T h e B o n d T e r m s p r o v i d e f o r c e r t a i n r e d e m p t i o n a n d r e p u r c h a s e m e c h a n i c s i n r e s p e c t o f t h e B o n d s w h i c h e n t a i l r e d e m p t i o n o r r e p u r c h a s e w i t h a p r e m i u m , e i t h e r v o l u n t a r i l y o r m a n d a t o r i l y . T h e l a t t e r w i l l b e t h e c a s e , i n t e r a l i a , u p o n t h e o c c u r r e n c e o f a c h a n g e o f c o n t r o l e v e n t ( a s d e s c r i b e d i n t h e B o n d T e r m s ) , w h e r e b y e a c h i n d i v i d u a l B o n d h o l d e r h a s a r i g h t t o r e q u i r e t h a t t h e I s s u e r p u r c h a s e s all o r s o m e o f t h e B o n d s a t 1 0 1 % o f p a r v a l u e ( p l u s a c c r u e d i n t e r e s t ) . T h e r e c a n b e n o a s s u r a n c e t h a t t h e I s s u e r w i l l h a v e s u f f i c i e n t f u n d s a t t h e t i m e o f s u c h e v e n t t o m a k e t h e r e q u i r e d r e p u r c h a s e o f t h e B o n d s , s h o u l d a m a n d a t o r y r e p u r c h a s e e v e n t o c c u r.

1. 6 . 3 T h e r e a r e r e s t r i c t i o n s o n t h e t r a n s f e r a b i l i t y o f t h e B o n d s

T h e B o n d s h a v e n o t b e e n a n d w i l l n o t b e r e g i s t e r e d u n d e r t h e U.S. S e c u r i t i e s A c t o f 1 9 3 3 , a s a m e n d e d , o r a n y U.S. s t a t e s e c u r i t i e s l a w s . F u r t h e r m o r e , t h e I s s u e r d o e s n o t i n t e n d t o r e g i s t e r t h e B o n d s u n d e r a n y o t h e r c o u n t r y ' s s e c u r i t i e s l a w s . T h i s l i m i t s t h e B o n d h o l d e r s ' a b i l i t y t o o f f e r o r s e l l t h e B o n d s i n c e r t a i n j u r i s d i c t i o n s . I t i s e a c h p o t e n t i a l i n v e s t o r ' s o b l i g a t i o n t o e n s u r e t h a t t h e o f f e r s a n d s a l e s o f B o n d s c o m p l y w i t h a l l a p p l i c a b l e s e c u r i t i e s l a w s . D u e t o t h e s e r e s t r i c t i o n s , t h e r e i s a r i s k t h a t a B o n d h o l d e r w i l l n o t b e a b l e t o s e l l i t s B o n d s a s d e s i r e d .

1. 6 .4 T h e r e i s p r e s e n t l y n o a c t i v e t r a d i n g m a r k e t f o r t h e B o n d s

P u r s u a n t t o t h e B o n d T e r m s , t h e I s s u e r h a s a n o b l i g a t i o n t o l i s t t h e B o n d s o n t h e O s l o S t o c k E x c h a n g e o r a n y o t h e r r e g u l a t e d m a r k e t ( a s d e f i n e d u n d e r M i F I D I I a n d M i F I R) w i t h i n 9 m o n t h s o f t h e f i r s t i s s u e d a t e. E v e n i f t h e B o n d s a r e a d m i t t e d t o t r a d i n g , a c t i v e t r a d i n g i n t h e B o n d s m a y n o t o c c u r a n d a l i q u i d m a r k e t f o r t r a d i n g i n t h e B o n d s m a y n o t b e a v a i l a b l e e v e n i f t h e B o n d s a r e l i s t e d . F o r e x a m p l e , i f t h e I s s u e r f a i l s t o c o m p l y w i t h t h e v a r i o u s o b l i g a t i o n s a n d s t a n d a r d s o f c o n d u c t w h i c h f o l l o w t h e l i s t i n g o f t h e B o n d s , t h i s m a y l e a d t o t h e e x c l u s i o n o f t h e B o n d s f r o m t r a d i n g. A s a r e s u l t , B o n d h o l d e r s m a y f i n d i t d i f f i c u l t o r i m p o s s i b l e t o t r a d e t h e i r B o n d s w h e n d e s i r e d o r a t a p r i c e l e v e l w h i c h a l l o w s f o r a p r o f i t c o m p a r a b l e t o s i m i l a r i n v e s t m e n t s .

T h e r e i s a r i s k t h a t t h e v a l u e o f t h e B o n d s m a y d e c r e a s e d u e t o t h e c h a n g e s i n t h e G r o u p , i t s f i n a n c i a l p o s i t i o n a s w e l l a s r e l e v a n t m a r k e t r i s k f a c t o r s . F u r t h e r m o r e , t h e p r i c e a n d m a r k e t v a l u e o f a s i n g l e b o n d i s s u e w i l l , g e n e r a l l y , f l u c t u a t e d u e t o g e n e r a l d e v e l o p m e n t s i n t h e f i n a n c i a l m a r k e t s , a s w e l l a s , s p e c i f i c a l l y , i n v e s t o r i n t e r e s t i n ( a n d , t h u s , t h e l i q u i d i t y o f ) t h e B o n d s a n d m a r k e t s i n w h i c h t h e G r o u p i s e n g a g e d. I n a d d i t i o n , i n r e c e n t y e a r s , t h e g l o b a l f i n a n c i a l m a r k e t s h a v e e x p e r i e n c e d s i g n i f i c a n t p r i c e a n d v o l u m e f l u c t u a t i o n s , w h i c h , i f r e p e a t e d i n t h e f u t u r e , c o u l d a d v e r s e l y a f f e c t t h e m a r k e t v a l u e o f t h e B o n d s w i t h o u t r e g a r d t o t h e I s s u e r ' s a n d G r o u p ' s o p e r a t i n g r e s u l t s , f i n a n c i a l c o n d i t i o n o r p r o s p e c t s . A c c o r d i n g l y , t h e r e i s a r i s k t h a t t h e v a l u e o f t h e B o n d s m a y d e c r e a s e d e s p i t e a n u n d e r l y i n g p o s i t i v e d e v e l o p m e n t i n t h e G r o u p ' s b u s i n e s s a c t i v i t i e s .

T h e l i q u i d i t y o f t h e B o n d s w i l l a t all t i m e s d e p e n d o n t h e m a r k e t p a r t i c i p a n t s ' v i e w o f t h e v a l u e o f t h e B o n d s . P o t e n t i a l i n v e s t o r s s h o u l d n o t e t h a t i t m a y b e d i f f i c u l t o r e v e n i m p o s s i b l e t o t r a d e a n d s e l l t h e B o n d s i n t h e s e c o n d a r y m a r k e t.

1. 6 . 5 T h e B o n d s a r e s t r u c t u r a l l y s u b o r d i n a t e d t o l i a b i l i t i e s o f t h e I s s u e r ' s s u b s i d i a r i e s

G e n e r a l l y , c l a i m s o f c r e d i t o r s o f t h e I s s u e r ' s s u b s i d i a r i e s i n c l u d i n g t r a d e c r e d i t o r s , s e c u r e d c r e d i t o r s , a n d c r e d i t o r s h o l d i n g i n d e b t e d n e s s a n d g u a r a n t e e s i s s u e d b y s u c h s u b s i d i a r y , w i l l h a v e p r i o r i t y w i t h r e s p e c t t o t h e a s s e t s a n d e a r n i n g s o f t h e s u b s i d i a r y o v e r t h e c l a i m s o f c r e d i t o r s o f t h e I s s u e r a n d w i l l b e e n t i t l e d t o p a y m e n t s o f t h e i r c l a i m s f r o m t h e a s s e t s o f s u c h s u b s i d i a r i e s b e f o r e t h e s e a s s e t s a r e m a d e a v a i l a b l e f o r d i s t r i b u t i o n t o t h e I s s u e r , a s a d i r e c t o r i n d i r e c t s h a r e h o l d e r , i n e a c h c a s e t o t h e e x t e n t t h e I s s u e r ' s o b l i g a t i o n s a r e n o t g u a r a n t e e d b y t h e r e l e v a n t e n t i t y . A c c o r d i n g l y , a b s e n t a g u a r a n t e e f r o m t h e r e l e v a n t s u b s i d i a r y , t h e B o n d s w i l l b e s t r u c t u r a l l y s u b o r d i n a t e d t o all s u c h c r e d i t o r s ' c l a i m s a g a i n s t s u c h s u b s i d i a r i e s a n d i n a n e n f o r c e m e n t s c e n a r i o , s u c h c r e d i t o r s w i l l g e n e r a l l y b e e n t i t l e d t o p a y m e n t i n f u l l f r o m t h e s a l e o r o t h e r d i s p o s a l o f t h e a s s e t s o f s u c h s u b s i d i a r i e s b e f o r e t h e I s s u e r , a s a d i r e c t o r i n d i r e c t s h a r e h o l d e r , w i l l b e e n t i t l e d t o r e c e i v e a n y d i s t r i b u t i o n s . F u r t h e r , a s t h e B o n d s a r e a l s o u n s e c u r e d t h e y w i l l b e s t r u c t u r a l l y s u b o r d i n a t e d t o t h e I s s u e r ' s s e c u r e d d e b t. T h e G r o u p ' s f i n a n c i n g a r r a n g e m e n t s m a y h a v e r e s t r i c t i o n s o n d i s t r i b u t i o n s w h i c h m e a n s t h a t g e n e r a t e d c a s h f l o w m a y n o t b e i m m e d i a t e l y a v a i l a b l e t o t h e I s s u e r , e v e n i f s u c h c a s h f l o w c a n b e a c c o u n t e d f o r i n t h e c a l c u l a t i o n o f t h e l i q u i d i t y c o v e n a n t p u r s u a n t t o t h e t e r m s o f t h e B o n d s .

1. 6 . 6 I n d i v i d u a l B o n d h o l d e r s d o n o t h a v e t h e r i g h t o f a c t i o n a g a i n s t t h e I s s u e r

I n a c c o r d a n c e w i t h t h e B o n d T e r m s , t h e b o n d t r u s t e e w i l l r e p r e s e n t all B o n d h o l d e r s i n all m a t t e r s r e l a t i n g t o t h e B o n d s a n d t h e B o n d h o l d e r s a r e p r e v e n t e d f r o m t a k i n g a c t i o n o n t h e i r o w n a g a i n s t t h e I s s u e r. C o n s e q u e n t l y , i n d i v i d u a l B o n d h o l d e r s d o n o t h a v e t h e r i g h t t o t a k e e n f o r c e m e n t a c t i o n a g a i n s t t h e I s s u e r i f i t d e f a u l t s a n d t h e y w i l l i n s t e a d n e e d t o w a i t u n t i l a r e q u i s i t e m a j o r i t y o f B o n d h o l d e r s a g r e e s t o t a k e s u c h a c t i o n. T h e b o n d t r u s t e e w i l l i n s o m e c a s e s h a v e t h e r i g h t t o m a k e d e c i s i o n s a n d t a k e a c t i o n s t h a t b i n d all B o n d h o l d e r s . I t i s p o s s i b l e t h a t s u c h d e c i s i o n s a n d a c t i o n s w i l l n e g a t i v e l y a f f e c t o n e o r m o r e B o n d h o l d e r s .

1. 6 . 7 B o n d h o l d e r s m a y b e o v e r r u l e d b y m a j o r i t y v o t e s t a k e n i n B o n d h o l d e r s ' m e e t i n g s

T h e B o n d T e r m s i n c l u d e c e r t a i n p r o v i s i o n s r e g a r d i n g B o n d h o l d e r s ' m e e t i n g s a n d w r i t t e n p r o c e d u r e s . S u c h m e e t i n g s a n d p r o c e d u r e s m a y b e u s e d t o r e a c h d e c i s i o n s o n m a t t e r s r e l a t i n g t o t h e B o n d h o l d e r s ' i n t e r e s t s . T h e B o n d T e r m s a l l o w f o r s t a t e d m a j o r i t i e s t o b i n d all B o n d h o l d e r s , i n c l u d i n g B o n d h o l d e r s w h o h a v e n o t t a k e n p a r t i n t h e m e e t i n g o r p r o c e d u r e a n d t h o s e w h o h a v e v o t e d a g a i n s t t h e m a j o r i t y . C o n s e q u e n t l y , t h e r e i s a r i s k t h a t t h e a c t i o n s o f t h e m a j o r i t y i n s u c h m a t t e r s w i l l i m p a c t a B o n d h o l d e r ' s r i g h t s i n a m a n n e r t h a t i s u n d e s i r a b l e t o i t.

1. 6 . 8 S u s t a i n a b i l i t y -l i n k e d b o n d

T h e B o n d s a r e e n v i s a g e d t o b e s t r u c t u r e d a s a s u s t a i n a b i l i t y -l i n k e d b o n d . A s t h e r e g u l a t o r y l a n d s c a p e o n E S G / s u s t a i n a b i l i t y i s u n d e r c o n s t a n t c h a n g e , a n d a l t h o u g h t h e B o n d s a t p r e s e n t m a y b e i s s u e d u n d e r a s u s t a i n a b i l i t y -l i n k e d b o n d f r a m e w o r k , t h e B o n d s w i l l n o t n e c e s s a r i l y b e r e g a r d e d a s " s u s t a i n a b l e " u n d e r t h e E U G r e e n B o n d R e g u l a t i o n a n d / o r o t h e r s p e c i f i c E U r u l e s o n c e t h e s e e n t e r i n t o f o r c e .

TRANSACTION OVERVIEW

COMPANY OVERVIEW
FINANCIALS
MARKET OVERVIEW
SUSTAINABILITY
RISK FACTORS
APPENDIX

MPC CAPITAL - LEADING INVESTMENT MANAGER AND OPERATOR OF MARITIME AND ENERGY INFRASTRUCTURE

Established in 1994, MPC Capital is a leading investment and asset manager, powering profitable growth in maritime and energy infrastructure with a proven track record

30 YEARS track record in real asset investments

EUR 4.8 BILLION assets under management

EUR 20+ BILLION invested across asset classes

PUBLICLY LISTED at Frankfurt stock exchange since 2000

200 REAL ASSETS in selected markets around the world

MPCC IS WELL UNDERWAY IN ITS COMPREHENSIVE FLEET RENEWAL PROGRAM

PROCEEDS FROM SALE OF VESSELS (USDM)

HISTORICAL CAPEX (USDM) H2 2024 CAPEX (USDM)²

Vessel acquisition (incl. installment) Drydock, retrofit, maintenance and upgrades

» MPCC took delivery of the 5,500 TEU NB in August 2024, settling the final installment of USD 43m
» 2x 1,300 TEU NBs to be delivered in Q4'24 and Q1'25
» 1x 1,300 TEU for the JV with Unifeeder estimated to be delivered in Q4'26
» Forward looking drydock, retrofit, maintenance & upgrades reflects the drydocking schedule (later in appendix), assuming a cost per drydock of USD 2.5m, in addition to retrofit payments of USD 13m for the remainder of 2024

Proceeds from sale of vessels

MPC Container Ships | | Notes: (1) Includes the acquisition of Songa, whereas USD 85m was paid in cash and USD 151m was paid with MPCC shares. (2) Based on latest management budget. Source: Annual Reports, Quarterly Reports, Company Information. Credit Investor Presentation 51

CORPORATE STRUCTURE

Generalremarks:
Dormant entities / Entities without current ship-ownership held by sub holdings are not displayed.
Remaining 0.1% in each Dutch C.V. is owned by Wilhelmsen Ship Management B.V. (0.05%) and Harper Petersen & Co. B.V. (0.05%)
The B.V.s (being the general partners of the Dutch C.V.s) are not shown in the group chart. All B.V.s are owned by MPC Container Ships Invest B.V.
Vessels in German ownership have entered into bareboat charter agreements for flag purposes. The foreign bareboat entities are owned by the respective German SPV

Notes:

(1) Remaining 50% owned by WLR/TRF Shipping S.a.r.l. of Luxembourg. All ships are sold and the SPVs are in liquidation process
(2) 9.9% owned by Topeka MPC Maritime AS
(3) The SPVs are registered in Norway and subject to Norwegian tonnage tax
(4) The vessels are under a sale and leaseback transaction with BoComm. Legal ownership of the vessels is held by BoComm controlled Irish SPVs. The Dutch SPVs act as bareboat charterers
(5) On 29/11/2023, MPCC Box AS was merged into MPCC Third Financing AS. For tax and accounting purposes, the merger took place with retrospective effect from 01/01/2023
(6) Unifeeder A/S and MPCC ASA each hold 50% of the partnership interest in Palmaille 75 Einundachtzigste Beteiligungsgesellschaft mbH & Co. KG
(7) Vessels held for sale

MPC Container Ships | | Credit Investor Presentation 52

"AS SELINA" Schifffahrtsgesell schaft mbH & Co. KG (Dormant)

"AS RAFAELA" Schifffahrtsgesell schaft mbH & Co. KG (Dormant)

"AS SERAFINA" Schifffahrtsgesell schaft mbH & Co. KG (Dormant)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

In USD thousands	Q2 2024	Q2 2023	H1 2024	H1 2023
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Operating revenues	130,899	194,368	278,442	374,491
Commissions	(3,762)	(5,421)	(7,753)	(10,551)
Vessel voyage expenditures	(3,936)	(3,448)	(7,280)	(6,295)
Vessel operation expenditures	(38,738)	(38,173)	(76,159)	(72,358)
Ship management fees	(2,157)	(2,469)	(4,778)	(4,783)
Share of profit or loss from joint venture	(349)	1,520	(378)	10,268
Gross profit	81,957	146,376	182,094	290,772
Administrative expenses	(4,360)	(3,508)	(8,687)	(6,716)
Other expenses	(638)	(805)	(1,163)	(1,290)
Other income	1,040	684	2,102	1,386
Gain (loss) from sale of vessels	6,412	-	6,201	-
Depreciation	(17,521)	(20,611)	(35,265)	(40,215)
Held for sale loss/impairment	-	(18,391)	-	(18,391)
Operating profit	66,890	103,745	145,282	225,547
Finance income	2,435	1,485	4,397	3,009
Finance costs	(4,393)	(3,689)	(8,690)	(7,312)
Profit (loss) before income tax	64,932	101,542	140,989	221,245
Income tax expenses	(119)	(50)	277	(93)
Profit (loss) for the period	64,813	101,491	141,266	221,152
Attributable to:
Equity holders of the Company	64,797	101,439	141,220	221,051
Minority interest	16	53	46	101
Basic earnings per share – in USD	0.15	0.23	0.32	0.50
Diluted earnings per share – in USD	0.15	0.23	0.32	0.50

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	June 30, 2024	Dec 31, 2023
in USD thousands	(unaudited)	(audited)
ASSETS
Non-current Assets
Vessels	728,750	691,291
Newbuildings	66,593	78,980
Right-of-use asset	359	84
Other non-current assets	2,496	-
Investments in associate and joint venture	6,557	2,934
Total non-current assets	804,755	773,289
Current Assets
Vessel held for sale	-	25,165
Inventories	6,537	8,088
Trade and other receivables	24,807	23,667
Financial instruments at fair value	2,782	1,951
Restricted cash	8,492	5,005
Cash and cash equivalents	160,788	117,579
Total current assets	203,406	181,455
TOTAL ASSETS	1,008,161	954,744

in USD thousands	June 30, 2024 (unaudited)	Dec. 31, 2023 (audited)
EQUITY AND LIABILITIES
Equity
Share capital	48,589	48,589
Share premium	1,879	1,879
Retained earnings	725,879	700,021
Other reserves	135	(843)
Non-controlling interest	3,624	3,835
Total equity	780,106	753,481

Non-current liabilities

Total non-current liabilities	131,931	93,699
Deferred tax liabilities	-	748
Other non-current liabilities	2,669	-
Lease liabilities -long-term	169	-
Non-current Interest-bearing debt	129,093	92,951

Current liabilities
Current interest-bearing debt	38,028	33,564
Acquired TC contracts, current	13,570	20,397
Trade and other payables	452	21,459
Income tax payable	721	289
Deferred revenues	29,060	35,230
Other liabilities	14,293	17,022
Total current liabilities	96,124	107,564
TOTAL EQUITY AND LIABILITIES	1,008,161	954,744

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

	H1 2024	H1 2023
in USD thousands	(unaudited)	(unaudited)
Profit (loss) before income tax	140,989	221,245
Income tax expenses paid	-	(173)
Net change inventory and trade and other receivables	984	(2,179)
Net change in trade and other payables and other liabilities	1,716	(6,676)
Net change in deferred revenues	(6,170)	2,479
Depreciation	35,265	40,215
Finance costs (net)	4,293	4,302
Share of profit (loss) from joint venture	377	(10,268)
Impairment	-	18,391
(Gain) loss from sale of vessels and fixed assets	(4,648)	-
Amortization of TC contracts	(926)	(1,565)
Cash flow from operating activities	171,880	265,771

Cash flow from investing activities	(42,556)	(103,642)
Investment in associate	(4,000)	(404)
Dividend received from joint venture investment	-	20,950
Interest received	3,019	1,907
Acquisition of vessels	-	(75,344)
Newbuildings	(72,850)	(22,638)
Scrubbers, dry dockings and other vessel upgrades	(19,114)	(28,113)
Proceeds from disposal of vessels	50,389	-

	H1 2024	H1 2023
in USD thousands	(unaudited)	(unaudited)
Dividends paid	(115,619)	(164,461)
Additions from non-controlling interest	-	541
Proceeds from debt financing	61,670	8,300
Repayment of long-term debt	(18,516)	(31,400)
Payment of principal of leases	(97)	(100)
Interest paid	(5,188)	(6,261)
Debt issuance costs	(3,648)	-
Other finance paid	(1,376)	-
Cash from /(to) financial derivatives	146	(1,194)
Cash flow from financing activities	(81,628)	(194,575)

Net change in cash and cash equivalents	46,696	(32,446)
Restricted cash, cash & cash equiv. at beginning of the period	122,584	125,517
Restricted cash, cash & cash equiv. at end of the period	169,280	93,071

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	Remark	MPCC Current Fixture (USD/day)	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Apr-25	Aug-25	Min / Max
1	AS FATIMA1	1,300 gls	COSCO		11,500								Aug-24 / Sep-24
2	AS PAOLA1	2,500 grd	CMA CGM		28,900						DD2		Sep-24 / Oct-24
3	AS SVENJA	1,700 grd	CMA CGM	Retrofit	29,995					DD2			Oct-24 / Dec-24
4	AS FRANZISKA	1,300 grd	Maersk		11,500								Oct-24 / Dec-24
5	AS FENJA	1,200 gls	COSCO		27,000					DD2			Nov-24 / Jan-25
6	AS ANITA	2,000 gls	COSCO		18,000								Jan-25 / Feb-25
7	AS NINA	3,500 gls	Maersk		18,250						DD2		Jan-25 / Mar-25
8	AS ALEXANDRIA	2,000 gls	SCI		13,500								Feb-25 / Apr-25
9	AS FLORIANA	1,300 gls	CFS		27,750								Feb-25 / Apr-25
10	AS FREYA	1,300 grd	Maersk	Retrofit	28,000								Feb-25 / Apr-25
11	AS PENELOPE	2,500 gls	Hapag-Lloyd		16,950							DD2	Mar-25 / Jun-25
12	AS NORA	3,500 grd	CMA CGM	Retrofit	40,000								Apr-25 / Jun-25
13	AS FABIANA	1,300 grd	Maersk	Retrofit	29,500								May-25 / Jul-25
14	SEVILLIA	1,700 grd	Samudera		15,0003								May-25 / Jul-25
15	AS ANGELINA	2,000 grd	Maersk		36,500								Aug-25 / Oct-25
16	AS SERENA	1,700 grd	Shanghai Jin Jiang		15,0004		Maersk –	20,300					Aug-25 / Nov-25
17	AS SOPHIA	1,700 grd	Maersk	Retrofit	38,000								Sep-25 / Nov-25
18	AS SIMONE	1,700 grd eco	Maersk	ECO	23,5005								Sep-25 / Sep-26
19	AS SILJE	1,700 grd eco	Maersk	ECO	23,5005		DD2						Oct-25 / Oct-26
20	AS SABINE	1,700 grd eco	Maersk	ECO	23,5005								Nov-25 / Nov-26
21	AS STINE	1,700 grd eco	Maersk	ECO	23,5005				DD2				Dec-25 / Dec-26
22	AS FILIPPA	1,300 grd	CMA CGM		18,250	13,500							Jan-26 / Mar-26
23	AS FABRIZIA	1,300 grd	King Ocean		11,000								Feb-26 / Apr-26
24	AS CYPRIA	2,800 gls	Hapag-Lloyd		16,825						18,500		Feb-26 / Apr-26
25	AS FLORETTA	1,300 grd	Crowley		16,800								Mar-26 / May-26

Sold – to be handed over after re-delivery in Q3 / Q4

Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period

Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Index-linked charter rate with a floor of USD 8,750 and a ceiling of USD 14,500 - 50/50 profit share for all assessed rates between USD 17,000 and USD 35,000

Min. period Max. period On subs

No	Vessel	Cluster	Charterer	Remark	MPCC Current Fixture (USD/day)	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25	May-25	Min / Max
26	AS FELICIA	1,300 grd	ZISS		24,000									Mar-26 / May-26
27	AS PATRIA	2,500 grd	KMTC		25,0001					DD2				Mar-26 / Jul-26
28	AS FIORELLA	1,300 grd	COSCO		25,950			15,000						Apr-26 / Jun-26
29	AS ALVA	2,000 grd	MSC		15,500									Apr-26 / Jun-26
30	AS CARELIA	2,800 gls	Hapag-Lloyd		19,500									Apr-26 / Jun-26
31	AS CARLOTTA	2,800 grd	ONE		25,500									May-26 / Jun-26
32	AS CLEMENTINA	2,800 gls	Unifeeder	Retrofit	21,178									May-26 / Jul-26
33	STADT DRESDEN	2,800 gls	Hapag-Lloyd		18,300	19,500								Jun-26 / Sep-26
34	AS CHRISTIANA	2,800 grd	CMA CGM		32,400			Seacon	– 26,800					Jul-26 / Aug-26
35	AS SICILIA	1,700 grd	Unifeeder		30,000	MSC –	17,000							Jul-26 / Sep-26
36	AS PIA	2,500 grd	Maersk	Retrofit	45,7503									Aug-26 / Jan-27
37	AS COLUMBIA	2,800 gls	Sea Consortium		15,500			DD2 / Maersk –		24,000				Sep-26 / Oct-26
38	AS CAMELLIA	2,800 gls	MSC		17,750		Maersk –	24,000						Sep-26 / Nov-26
39	AS CONSTANTINA	2,800 gls	COSCO		39,900		26,500						DD2	Sep-26 / Nov-26
40	AS CALIFORNIA	2,800 gls	MSC		17,750		Maersk –	24,000						Sep-26 / Nov-26
41	AS SAVANNA	1,700 grd	Maersk	Retrofit	12,500	DD2	12,5004							Sep-26 / Nov-26
42	AS SELINA	1,700 grd	Maersk	Retrofit	29,500				12,5004					Nov-26 / Jan-27
43	AS PETRONIA	2,500 HR grd	Maersk	Retrofit	45,7505									Nov-26 / May-27
44	AS CLAUDIA	2,800 gls	Hapag-Lloyd		16,000					19,500				Oct-26 / Jan-27
45	AS PALINA	2,500 HR grd	Maersk	Retrofit	45,7505									Oct-26 / Apr-27
46	AS ANNE	2,200 grd eco	CMA CGM	ECO	17,250					OOCL –	25,500			Nov-26 / Jan-27
47	AS SABRINA	1,700 grd	Maersk	Retrofit	13,500			DD2	12,5004					Nov-26 / Jan-27
48	AS SAMANTA	1,700 grd	Seaboard	Retrofit	22,4006			DD2	Maersk –	12,5004				Nov-26 / Jan-27
49	AS CAROLINA	2,800 gls	ZISS		41,000									Nov-26 / Jan-27
50	AS SARA	1,700 grd	Maersk	Retrofit	35,000				DD1			12,5002		Feb-27 / Apr-27

First year at USD 70,000, next year at USD 55,000, thereafter one year at USD 25,000 and then USD 15,500 for the remaining period

Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

as of 29.08.2025 the charter rate will change to an index-linked scheme with a floor of USD 10,500 and a ceiling of USD 16,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Contracted base rate, index-linked scheme with a floor of USD 12,500 and a ceiling of USD 20,000

FLEET EMPLOYMENT OVERVIEW

as of 21.10.2025 the charter rate will change to an index-linked scheme for AS Palina and as of 19.11.2025 for AS Petronia with a floor of USD 11,000 and a ceiling of USD 17,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Min. period Max. period On subs

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	Remark	MPCC Current Fixture (USD/day)	Aug-24	Nov-24	Dec-24	Jan-25 Feb-25	Mar-25	Sep-25	Min / Max
51	AS PAMELA	2,500 grd	COSCO		37,500		DD2	Evergreen –	26,500			Mar-27 / Apr-27
52	AS CASPRIA	2,800 gls	ZISS		40,700							Mar-27 / May-27
53	AS SUSANNA	1,700 grd	ONE		39,990				DD1	18,000		Mar-27 / Jun-27
54	AS NURIA	3,500 gls	Maersk		25,150							Jun-27 / Aug-27
55	AS NARA	3,500 gls	Maersk		25,150							Jul-27 / Sep-27
56	MACKENZIE	5,500 grd	ZISS	ECO	70,0003							Jun-31 / Jul-31
57	COLORADO	5,500 grd	ZISS	ECO	70,0003							Jul-31 / Sep-31
58	H2530	1,300 gls	Unifeeder	Dual-Fuel Methanol		Charter rate of EUR 17,750 per day						Dec-33 / Dec-33
59	NCL VESTLAND	1,300 grd	NCL	Dual-Fuel Methanol								May-39 / Sep-39
60	NCL NORDLAND	1,300 grd	NCL	Dual-Fuel Methanol		NCL - base charter rate of 16,300 EUR per day increasing by 1.1% each year on January 1st					Aug-39 / Dec-39

Min. period Max. period On subs

1 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitment

2 Contracted base rate, index-linked with a floor of USD 12,500 and a ceiling of USD 20,000

3 avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years USD 21,565)

AI Terminal

MPC Container Ships ASA

3666_rns_2024-09-20_ca01ac3e-e36d-4154-b3fa-8a1c941358af.pdf

USD 100M SENIOR UNSECURED BOND ISSUE

DISCLAIMER AND IMPORTANT INFORMATION

SUMMARY OF RISK FACTORS

MPC Container Ships | | Credit Investor Presentation 3

ISSUER CHARACTERISTICS AND CONFIRMATORY WORK UNDERTAKEN

Business overview

Listing and ownership

Capital markets experience

Other Issuer characteristics

ISSUER CHARACTERISTICS CONFIRMATORY WORK UNDERTAKEN

OVERVIEW OF ADVISORS

TRANSACTION OVERVIEW

TRANSACTION SUMMARY TRANSACTION OVERVIEW

SIMPLIFIED CORPORATE STRUCTURE

TRANSACTION OVERVIEW PRO-FORMA CAPITALIZATION

SUMMARY OF TERMS AND CONDITIONS

COMMITTED TO MAKING THE MPCC FLEET MORE ENVIRONMENTALLY FRIENDLY

SUSTAINABILITY-LINKED FINANCING FRAMEWORK SECOND PARTY OPINION FROM AMERICAN BUREAU OF SHIPPING ("ABS")

Second Party Opinion¹:

TRANSACTION OVERVIEW KEY CREDIT HIGHLIGHTS

TRANSACTION OVERVIEW PRESENTING TEAM

Constantin Baack, CEO

Moritz Fuhrmann, Co-CEO & CFO

Pål Sætre, EVP – General Manager Norway

TRANSACTION OVERVIEW

COMPANY OVERVIEW

MARKET-LEADING CONTAINER SHIP COMPANY WITH STRONG CHARTER BACKLOG AND EARNINGS VISIBILITY

60 vessels

#1 position

USD 1.1bn backlog

0.0x net leverage

MPCC CHARTERS OUT ITS VESSELS TO LINER COMPANIES ON TIME CHARTERS, ENSURING EARNINGS VISIBILITY AND DEBT SERVICING CAPACITY

COMPANY OVERVIEW

THE COMPANY HAS UNDERGONE STRONG GROWTH TO BECOME A LEADING, WEL L-CAPITALIZED TONNAGE PROVIDER

MPC Container Ships | | Credit Investor Presentation 14

COMPANY OVERVIEW

DISTINCT FOCUS ON INTRA-REGIONAL TRADE IN GLOBAL MARKETS

CHARACTERISTICS OF INTRA-REGIONAL TRADES

TOP TONNAGE PROVIDERS < 5.5K TEU 1

FLEET EMPLOYMENT BY REGION3

Credit Investor Presentation

MPCC OWNS AND OPERATES A LARGE AND INCREASINGLY MODERN FLEET, FACILITATING LONGER TERM EMPLOYMENT

SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED1

3x Dual-Fuel Methanol Vessels

7x ECO Vessels2

21x Vessels in Retrofit Program3

31x Conventional Vessels

WITH A CORE FOCUS ON THE INTRA-REGIONAL SEGMENT

A PRUDENT AND SELECTIVE APPROACH TO FLEET RENEWALS HELPS MAINTAIN MPCC'S COMPETITIVE POSITION FOR THE FUTURE

STRATEGIC APPROACH TO FLEET RENEWAL AND OPTIMIZATION

NEWBUILD ORDERS CONTRIBUTE USD ~319M TO THE EBITDA BACKLOG

ACTIVELY UTILIZING THE STRONG CHARTER MARKET TO INCREASE CHARTER BACKLOG AND CASHFLOW VISIBILITY

COMPANY OVERVIEW

MAJORITY OF THE BACKLOG IS WITH THE 10 LARGEST LINERS

LINERS HAVE SIGNIFICANTLY LOWER LEVERAGE TODAY VS. 2019 (USD BN)1

STRONG TRACK RECORD OF EXECUTING ON SELECTIVE FLEET RENEWALS TO OPTIMIZE FLEET PORTFOLIO AND IMPROVE BALANCE SHEET FLEXIBILITY

MAINTAINED A SOLID REVENUE BACKLOG WHILST INCREASING DEBT-FREE VESSEL VALUES TO USD ~609 MILLION OVER THREE YEARS

TRANSACTION OVERVIEW

STRONG FINANCIAL METRICS

ROBUST BACKLOG PROVIDES SIGNIFICANT EARNINGS VISIBILITY

HISTORICAL REVENUE BACKLOG DEVELOPMENT (USDBN)

OVERVIEW OF KEY TERMS ON EXISTING DEBT PORTFOLIO

REPAYMENT SCHEDULE ON EXISTING DEBT PORTFOLIO1 + THE CONTEMPLATED BOND ISSUE (USDm)

OPERATING WITH INDUSTRY-LOW LEVERAGE AND A FLEXIBLE BALANCE SHEET 1

VESSEL VALUES COVERING ALL FINANCIAL INDEBTEDNESS

BRIDGE FROM Q2 2024 TO PF Q2 2024 CAPITALIZATION (USDm) FLEET VALUE (USDM)3,4

Fleet Debt-free vessels

PF Q2'24 31% 11% LOAN-TO-VALUE4,5 Gross Loan-to-Value Net Loan-To-Value

RECYCLING VALUE COVERAGE5,6 RECYCLING VALUE (USDM)3,4

LOW CASH BREAK-EVEN ENSURES DEBT SERVICE CAPACITY THROUGH CYCLES

TRANSACTION OVERVIEW

MARKET OVERVIEW

MPCC SPECIALIZES IN THE INTRA-REGIONAL FEEDER SEGMENT

OVERVIEW OF THE GLOBAL CONTAINER FLEET DIFFERENT SIZES OPERATE DIFFERENT TRADE ROUTES

MPC Container Ships | | 30 Credit Investor Presentation Source: Clarksons (August 2024)

THE NEW ALLIANCE STRUCTURE CAN BENEFIT FEEDER TONNAGE PROVIDERS

Current Alliance Structure 2025 Alliance Structure

TOP TONNAGE PROVIDERS < 5.5K TEU ¹

FLEET EMPLOYMENT BY REGION³

SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED¹

7x ECO Vessels²

21x Vessels in Retrofit Program³

LINERS HAVE SIGNIFICANTLY LOWER LEVERAGE TODAY VS. 2019 (USD BN)¹

REPAYMENT SCHEDULE ON EXISTING DEBT PORTFOLIO¹ + THE CONTEMPLATED BOND ISSUE (USDm)

IMO-ALIGNED GHG EMISSIONS INTENSITY REDUCTION TARGETS¹