Bruton Limited

Investor Presentation • Sep 11, 2025

Bruton Limited Company presentation

Pareto Securities Energy Conference September 2025

Disclaimer

Disclaimer

Important Notice and Disclaimer

This presentation contains forward-looking statements based on current expectations and assumptions. Such statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied in these forward-looking statements. The Company does not accept any responsibility whatsoever, or make any representation or warranty, express or implied, for the contents of the presentation, including its accuracy, completeness, or verification or for any other statement made or purported to be made in connection therewith by the Company.

Investment Risk

Investment in securities involves risk of loss. Past performance is not indicative of future results. The value of investments may fluctuate. Investors may lose all or part of their investment.

No Investment Advice

The information contained in this presentation does not constitute investment advice or a recommendation to buy or sell securities. Prospective investors are encouraged to conduct their own due diligence and consult with their financial advisors before making any investment decisions.

Information Accuracy

While the Company has taken reasonable care to ensure the information in this presentation is accurate as of the presentation date, no representations or warranties are made regarding the completeness or accuracy of the information. The Company assumes no responsibility for any losses that may arise from the use of this information. The Company does not assume any obligation to update or revise the presentation after the presentation date.

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Governing law

The presentation is subject to Norwegian law, and any dispute arising in respect of thereof is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Bruton Ltd

VLCCs Under Construction

Legal Structure

Company description

• 2 Dual Fuel VLCC newbuildings under construction at New Times Shipyard
• Targeted delivery in July 2026 and January 2027
• MCAP of \$65 million
• No funding commitments in 2025 next installment due in early 2026

Newbuilding Hull	Key Event	Expected Date	Installment - USDm
#330006	Steel Cutting	January 2026	13.4
#330005	Steel Cutting/Keel Laying	February 2026	26.8
#330005	Launching	May 2026	13.4
#330006	Keel Laying	July 2026	13.4
#330005	Targeted Delivery	July 2026	80.3
#330006	Launching	October 2026	13.4
#330006	Targeted Delivery	January 2027	80.3

Bruton Team and Top Shareholders

Tor Olav Troim, Main Principal
Mr. Tor Olav Troim serves as the main principal, and brings extensive industry knowledge and experience, from several	Rank	Name	Shareholding
leading management positions, in among others, Frontline, Seadrill, Marine Harvest and Golar LNG. In 2014, Troim started his
independent investment office, and founded Magni Partners. Troim is a Norwegian citizen and a resident in Monaco.	1	Drew Holdings Ltd	48 %
Bjørn Isaksen, Chairman
Mr. Bjørn Isaksen has served as a Director on our Board of Directors since 12 July 2023. Mr. Isaksen was employed by ABG			12 %
Sundal Collier Ltd. as a partner from 2005 until 2014 and has been employed by Magni Partners Limited since 2014. Mr. Isaksen
is a Norwegian citizen and a resident in Monaco.	3	MH CAPITAL AS	9 %
Gunnar Winther Eliassen, contracted CEO Bruton Ltd.
Mr. Gunnar Winther Eliassen was employed by Pareto Securities AS and Pareto Securities New York as a Partner from 2010 to			6 %
2015. From 2016 to 2023 Eliassen was employed by Seatankers Services UK LLP. Eliassen has been employed by Magni Partners
UK since 2024. Eliassen is a Norwegian citizen and a resident in the United Kingdom.
			6 %
			5 %
Patrick Schorn, Director			3 %
Mr. Patrick Schorn was appointed Director in October 2024. Mr. Schorn is the CEO of Borr Drilling Limited since September 2020
and was previously the EVP of Wells for Schlumberger Limited. During his 32-year career at Schlumberger, he held various			3 %
global management positions including President of Operations; President Production Group; President of Well Services;
President of Completions; and GeoMarket Manager.
Mi Hong Yoon, Director			1 %
Ms. Mi Hong Yoon has served as a Director on our BoD since 12 July 2023. Ms. Yoon was employed by Digicel Bermuda as Chief
Legal, Regulatory and Compliance Officer from Mar 2019 until Feb 2022 and as Senior Legal Counsel of Telstra Corp. Limited's	10	Jens Martin Jensen	1 %
global operations in Hong Kong and London from 2009 to 2019. Ms. Yoon is an Australian citizen and a resident of Bermuda.
	Lars-Christian Svensen, contracted CEO Andes Tankers I Ltd Mr. Lars-Christian Svensen is the CEO of 2020 Bulkers and Himalaya Shipping. From 2009 to 2017, Svensen was employed by Western Bulk, followed by several management positions in Golden Ocean Group. Svensen will provide services as contracted CEO to Andes Tankers I. Svensen is a Norwegian citizen	2 4 5 6 7 8 9	AFFINITY SHIPHOLDINGS II LLP Blenheim Special Investment MIDELFART Scorpio Holdings Robert Macleod Nils Stolt Nilsen Gunnar Winther Eliassen

Management Team and Board of Directors Top 10 Shareholders

\$ 100m of equity fully funds vessel #1 & #2 and provides flexibility for growth

Case Study #1: Himalaya Shipping

Source: Company Data, Fearnleys

Source: Company Data, Fearnleys

Low VLCC orderbook outpaced by an aging fleet

• Delivered VLCC fleet of today 907 vessels

• Current orderbook of 112 vessels / 13% orderbook
• 48 vessels today 20Y or older / 16% of fleet
• By 2030 378 vessels older than 20Y / 37% of the fleet

A limited VL orderbook vs an agening fleet will lead to an average VL fleet of more than 16 years – highest on record in modern times

Sanction crude tanker fleet

• Shadow fleet constitute more than 20% of the crude tanker fleet today
• 14% of VLCC and 18% of total crude fleet sanctioned

Agening fleet and elevated sanctions will increase the demand for the complianet fleet and the need for fleet renewal

• OPEC-8 has committed to fully reverse 2.5 mbpd of voluntary cuts by September 2025
• Tranche 2 of 1.6mbpd production cut to be reversed over the next 12 months

Tranche 1 of production cut alone is expected to lead to up to 1 mbpd of increasing oil export out of AG implying additional demand of ~25 VLCC's representing close to 4% of the complianet fleet

Currently 3 relevant tax regimes for shipping

EU Emission Trading System (EU ETS)

• A key policy for the wider EU for greenhouse gases (GHG) with tradeable emission allowances of each tonne of CO2 emissions
• Shipping sector included from 2024 with a ramp-up in compliance to 100% by 2026
  • Creates an incentive to switch from high-carbon fuels (e.g. HFSO and VLFSO) to LNG, bio-fuels or other lowemission alternatives

Fuel EU

• Progressive reduction in the GHG intensity of emissions from fuel on ships used to, from and in the EU
• A fixed penalty scheme with the penalty increasing over time
• Implemented from January 2025 in all EU ports

IMO Net Zero – Global CO2 tax on shipping

• Overall goal is net-zero GHG emission from international shipping by 2050
• Similar as Fuel EU with a fixed penalty scheme with the penalty increasing over time
• Timeline
  • April 2025: Approved by 61% of the IMO member states, including China and EU en bloc
    • 24 members / 23% ABSTAINED, including the US and 16 members / 16% voted NO, including the Russia and Middle Eastern petro states
  • October 2025; Vote on adoption requiring 2/3 of the member representing 50% of global gross tonnage to vote FOR
• If adopted, to come into effecting from 2028

Source: IMO, Clarksons, FuelEU, EU Commission, Company data

DF Expected to Yield Significant Returns – Bruton ideally positioned

					Limited # of Alternative Fuel Capable VLCCs
Scenarios	Scenario #1	Scenario #2	Scenario #3	1200
LNG investme nt	USD 18m	USD 18m	USD 18m	1000	44
Daily tax savings	USD 5,000/d	USD 10,000/d	USD 20,000/d	800 600
Annual savings	USD 1.8m	USD 3.7m	USD 7.3m	400	1019
Payback	9.9Y	3.7Y	2.5Y	200
IRR (20Y life)	8%	20%	41%	0	Global VLCC fleet

44 VLCCs delivered + on order are LNG capable and/or capable of other compliant alternative fuel types 4.3% of fleet

Source: IMO, Clarksons, FuelEU, EU Commission, Company data

Bruton NAV Sensitivity – USD per Share

Conventional VLCC - Resale Value (USDm)

✓ Entry point below NAV

✓ Lowest cash break even - Highest Dividend Potential

✓ Only Tanker Vehicle targeting Monthly Dividend Payout

✓ Youngest Fleet & with DF LNG capabilities

✓Ideal delivery Window