ADS Maritime Holding

Investor Presentation • Sep 17, 2020

Pareto Securities' Energy Conference 2020

Presentation dated 11 September

Cautionary statement

This presentation of ADS Crude Carriers Plc (the "Company" or "ADSCC") contains forward looking information based on the intent, opinion, belief or current expectations of the Company and are based on management's assumptions and estimates.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors.

Actual results, performance and outcomes may be materially different.

This presentation does not contain all information concerning the Company and should be read in conjunction with other financial statements published by the Company.

ADS Crude Carriers in short

The Company

Established ~2 years ago Listed on OSE Merkur Markets Over 1,370 shareholders

The Fleet

Three¹ VLCC sister vessels

Japanese-built, 2002

Scrubber fitted

Shareholder value

Low cost base Quarterly dividends

Fleet growth only at attractive prices

Track record built in 2 years

2018

ADSCC established USD 57m private placement Listed on Oslo Børs Merkur Markets Purchase of three VLCCs

2019

Vessels upgraded; dividends commence Scrubbers installed during intermediate surveys Dividends paid all quarters of full vessel ops

H1-2020

Riding the tanker market wave

H1-20 net profit USD 19.4m; over 90% of net profits distributed Accretive sale of one vessel; recognizing value for shareholders

Strong key partners and investors Operational excellence

Cash flow focus Aggressive dividend policy

Opportunistic

Positioned for growth

Strong key partners & investors Established and experienced managers

Corporate manager

Managers

Norwegian shipping company founded in 1857, managing shipping & offshore investments on behalf of its shareholders and third parties

Commercial vessel manager

World leading owner and operator of crude tankers with over 35 years history

Technical vessel manager

Global ship manager with more than 30 years experience, >15,000 employees, 600 vessels under management and 30 offices worldwide

Shareholders

Largest shareholders

SFL Corporation Ltd – 17.2%

• One of the world's largest ship-owning companies controlled by John Fredriksen

Arendals Dampskibsselskab – 10.6%¹

Lenders

A company within the John Fredriksen group has provided the vessel loans

Shareholders

Growing shareholder base

Listed on Merkur Markets since 28 August 2018 ~1,370 shareholders

• Increased from 74 since listing 2-years ago
• Up ~175% since end 2019

Sale of ADS Stratus

Accretive transaction

On 9 September ADSCC entered a memorandum of agreement to sell ADS Stratus for USD 25.5m

• Delivery of the vessel expected around 17 September
• Sales price equivalent to TCE earnings at approximately USD 35k/d over remaining vessel lifetime

Use of proceeds

• Vessel debt USD 9.9m
• Can be rolled over to new investment

Opportunistic deal creating shareholder value

• Transaction accretive for share price
• Shows opportunistic and flexible approach by ADSCC to owning vessels

Low debt level

Increased dividend capacity

Low LTV of ~38%

Amortization (variable) expected completed ~Q3 2020

• Cash Sweep clause removed during Q3 2020
• Dividend Amortization* clause expected removed Q3/Q4 2020
• Provides increased dividend capacity

Current estimated recycle value of vessel significantly higher than balloon repayment

Loan profile vs vessel recycle value

* =whereby 50% of any dividend exceeding \$2m in any financial quarter, \$4m in any financial half-year and \$6m in any financial year is applied towards prepayment of the Fleet Loan until vessel loan reduced to \$27m in total

¹ = Maximum of \$0.9 million variable amortization remains under Dividend Amortization clause ² = Vessel recycle value an estimate based on USD 325/ldt

Upside to TCE rates

ADSCC cash BE significantly lower than historical market TCE rate

Historical VLCC rates vs ADSCC breakeven

Historical VLCC market benchmark rate of ~\$35k well above ADSCC break even of ~\$13k

Forecast TCE for VLCCs (USD thousands per day)	2021	2022
Arctic Securities	40	40
Cleaves Securities	23	49
Fearnley Securities	45	20
Pareto Securities	29	40
Average	34	37

¹ = Source: Clarksons Platou

Dividends Aggresive dividend policy

Pure play dividend vehicle Low entry level Partnered with leading and well established managers

Strong track record Low cash break even Moderate debt and amortization

Clear dividend policy and history Flexible approach Fleet renewal at the right price

Cyprus

ADS Crude Carriers Plc, OSM House, 22 Amathountos, 4532 Agios Tychonas Limassol, Cyprus

Tel +357 25335501

Norway

ADS Crude Holding AS, PO Box 198, 4802 Arendal, Norway

Tel: +47 41 49 40 00

Email: contact@adscrude.com

Visiting Address Norway: Sandvigveien 19, 4816 Kolbjørnsvik, Norway