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MPC Container Ships ASA Investor Presentation 2025

Mar 14, 2025

3666_rns_2025-03-14_6048e842-d71e-4c05-85c7-162ac78ec62e.pdf

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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 a d d i t i o n a l b o n d s u n d e r t h e I s s u e r ' s s e n i o r u n s e c u r e d s u s t a i n a b i l i t y -l i n k e d b o n d i s s u e w i t h I S I N N O0 0 1 3 3 5 5 2 4 8 ( t h e " B o n d s " ) . 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 5 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 u 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 top 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 o n e n e w b u i l d i n g o n o r d e r ( a n d a s e c o n d i n a 5 0/ 5 0 j o i n t v e n t u r e ) , 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 a r i s k t h a t t h e s e n e w b u i l d s w i l l n o t 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 s 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 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 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 s 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 s 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 .
  • 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 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 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 . S a n c t i o n s m a y c a u s e a t e r m i n a t i o n o f m a t e r i a l a g r e e m e n t s ( s u c h a s f i n a n c i n g a n d c h a r t e r a g r e e m e n t s ) .
  • 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 a r i s k t h a t t h e s e a c t i o n s w i l l n o t 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 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 e r e i s a r i s k t h a t a l i q u i d m a r k e t w i l l n o t 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 .

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 59 container ships1 .

Listing and ownership

  • » The Issuer's shares are listed on the Oslo Stock Exchange (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 Stock Exchange by July 9, 2025.

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 7.7bn2 .
  • » MPC Container Ships Invest B.V. issued a bond in 2017, which was redeemed in December 2021. MPCC issued a USD 125m senior unsecured bond in October 2024.
  • » 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 31 – 37 (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 Q4 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

  • KEY CREDIT HIGHLIGHTS
  • MARKET OVERVIEW
  • RISK FACTORS
  • APPENDIX

TRANSACTION SUMMARY TRANSACTION OVERVIEW

  • » MPCC is a leading global container shipping company that owns and operates a fleet of 58x feeder container ships. 3 smaller non-core vessels have been sold as part of its fleet optimization efforts generating USD~30m in liquidity, of which 1 vessel has been handed over1
  • » MPCC is contemplating a tap issuance of up to USD 75m under its USD 125m senior unsecured sustainability-linked bond issued in October 2024. The net proceeds from the contemplated bond tap issue shall be applied towards general corporate purposes of the Company, which may include refinancing of existing financial indebtedness and acquisition of maritime assets
  • » The Bonds will benefit from the Issuer having a robust leverage ratio of 0.7x, a USD 1.1bn charter backlog and 32% LTV (D/FV) pro forma for the Bond Issue

SIMPLIFIED CORPORATE STRUCTURE

TRANSACTION OVERVIEW PRO-FORMA CAPITALIZATION

USDm Q4 2024 Adjustment PF Transaction
Senior unsecured bonds 125 75 200
Senior secured debt3 224 44 268
Gross debt 349 119 468
Cash and cash equivalents4 132 109 241
Net debt 217 10 227
Remaining capex (newbuilds & acquisitions) 40 (40) 0
Gross debt (incl. remaining capex) 389 79 468
Net debt (incl. remaining capex) 257 (30) 227
Market capitalization5 809 (84) 726
Adj. enterprise value6 1,066 (113) 953
Current fleet value (FV)7 1,478 (30) 1,448
Current recycling value8 288 (6) 282
Adj. EBITDA LTM9 328 (9) 319
Revenue backlog 1,108 0 1,108
Net debt / EBITDA LTM 0.8x (0.1x) 0.7x
Gross debt incl. remaining capex-to-
FV		 26% 6pp 32%
Net debt incl. remaining capex-
to-FV		 17% (2pp) 16%

MPC Container Ships | | Notes: (1) 58x vessels pro-forma transaction = 59x vessels on-the-water less 2x vessels held for sale plus 1x newbuild (effectively excluding 1x 2026 delivery); (2) Vessels collateralized against undrawn revolving credit facility; (3) Excl. debt issuance costs; including refinancing proceeds for 1x 2,200 TEU vessel; (4) Consists of USD ~30m from proceeds of vessel sale and debt proceeds; (5) Based on MPCC closing share price as of 13 March 2025, of NOK 17.47/share and USD/NOK 10.68; (6) Market cap plus net debt; (7) Based on market value of total fleet (VesselValue March 2025) less vessels held for sale and newbuild to be delivered in 2026; (8) VesselsValue's quoted demolition value of total fleet as per March 2025 (9) Impact of 2x vessels held for sales

SUMMARY OF TERMS AND CONDITIONS

Issuer: MPC
Container
Ships
ASA
Status: Senior unsecured sustainability-linked
Outstanding Bonds: USD
125
million
(prior
to
the
contemplated
tap
issue)
Tap Issue Amount: Up
to
USD
75
million
Maximum Issue Amount: USD
200
million
Purpose of the Tap Issue: General corporate purposes
Maturity Date: 9
October
2029
Interest Rate: 7.375%
p.a.,
semi-annual
interest
payments
in
arrears
Tap Issue Price: [•]%
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
Amortisation: Bullet at maturity at par if the Sustainability Performance Target has been met, otherwise at 100.50% of the Nominal Amount
Make-whole
until
9
April
2027,
thereafter
callable
at
103.6875
/
102.95
/
102.2125
/
101.10625
/
100%
from
9
April
2027
/
9
October
2027
/
9
April
2028
Call Option: /
9
October
2028
/
9
April
2029,
respectively.
In
each
case,
plus
0.50%
of
the
Nominal
Amount
if
the
Sustainability
Performance
Target
has
not
been
met
Minimum
liquidity:
Cash
and
Cash
Equivalent
assets
of
at
least
USD
250,000
per
fully
consolidated
Group
vessel
-
Financial Covenants: 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
Customary
including,
inter
alia,
restrictions
and
undertakings
on
mergers/de-mergers,
disposals,
restrictions
on
subsidiaries
distributions
(for
Other covenants: financial
arrangements
entered
into
after
the
issue
date),
insurances
and
arm's
length
transactions
Standard
event
of
default
provisions,
including
cross
default
in
the
event
of
non-payment
of
Financial
Indebtedness,
insolvency,
insolvency
Events of Default: 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
by
9
July
2025
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.
the tap issue1
»
Very strong asset coverage with 37 debt-free vessels (>60% of fleet). Net debt is covered ~1.2x by recycling values alone PF for
Strategic prioritization
of sustainability as a
path to value creation		 »
Near completion of a USD 600m investment program for fleet renewals, retrofits, efficiency measures and newbuild orders.
»
Sustainability focus makes MPCC a more attractive partner for liners, helping to boost 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		 »
Geopolitical disruptions continue to contribute to TEU-mile demand.
»
Continued charter market strength with the HARPEX container charter index increasing by 153% since January 2024.
»
Average charter tenors are increasing, illustrating liners' need for tonnage and healthy vessel demand expectations for the foreseeable future.
»
Modest fleet growth expected in MPCC's vessel segment, with a 5% orderbook stacking up against ~22% of the fleet 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 debt/EBITDA of ~0.7x and gross debt/EBITDA of ~1.5x.
Low pro-forma gross LTV of 32%2
»
and 37 debt-free vessels, enabling strategic and financial flexibility going forward.
61% pro-forma Q4 2024 equity ratio and a USD 725m market capitalization3
»
with high trading liquidity and supportive shareholders.

MPC Container Ships | | Credit Investor Presentation 9 Notes: (1) Reported Q4 2024 interest-bearing debt, and VesselsValue recycling value estimates. (2) Q4 2024 reported debt plus remaining capex (newbuilds & acquisitions as previously defined). (3) Based on closing price of NOK 17.47 per 13 March 2025 and USDNOK 10.68. Source: Bloomberg, SIN

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

KEY CREDIT HIGHLIGHTS

  • MARKET OVERVIEW
  • RISK FACTORS
  • APPENDIX

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

D e v e l o p m e n t s s i n c e S e p . 2 4

59 vessels

With total capacity of ~141k TEU and USD ~1.5bn market value

+ 9 , 0 0 0 T E U c a p a c i t y

#1 position

Largest tonnage provider in intra-regional trade worldwide

U S D 7 6 m b a c k l o g f r o m n e w c h a r t e r s

USD ~800m

Asset coverage from 37 debt-free vessels1

+ U S D ~ 2 0 0 m m a r k e t v a l u e s

USD 1.1bn backlog

Firm charter backlog with 92/64% contract coverage in 2025/20262

+ 1 6 / 2 2 % c o v e r a g e f o r 2 0 2 5 / 2 0 2 6

0.8x Net debt/EBITDA

Pro-forma for the Transaction, with attractive debt terms

L a t e s t l o a n m a r g i n o n l y 1 . 7 5 % a b o v e b a s e r a t e

ESG focus

Strategic prioritization of sustainability with a total investment program of USD 600m

2 0 2 4 A E R p e r f o r m a n c e a b o v e S P T t r a j e c t o r y

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

THE FEEDER MARKET IS FIRMING UP

CHARTER PERIODS AND REDELIVERY SPREADS THE FEEDER MARKET IS FIRMING UP

LONGER CHARTER PERIODS

  • » Continued improvements in the term charter market with average charter periods now stretching beyond 17 months
  • » Strong owner sentiment as redelivery spreads remain tight despite longer charters

RATES AND ASSET VALUES ON THE RISE

  • » Higher asset values derisked by longer time charters and a higher rate environment
  • » Ongoing discussions on forward positions and potential fleet renewals only 9 open vessels remaining for 2025

MPCC HAS A STRONG CHARTER BACKLOG SECURED IN TOP LINER COUNTERPARTS

CHARTER BACKLOG DEVELOPMENT AND COUNTERPARTIES

MPC Container Ships | | Credit Investor Presentation 14 Notes: (1) Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and Projected EBITDA not including IFRS adjustments. (2) Revenues / Periods / TCE's / costs in good faith, but indicative only and subject to changes. Fixed revenue and days as of 25 February 2025. (3) Revenue and TCE not including IFRS amortization of time charter carry. (4) Projected EBITDA based on contracted revenue (consolidated fleet) reduced by operating costs of USD 8,510 per day and vessel (incl. voyage expenditures / OPEX / G&As / Shipman) . (5) Subject to redelivery of vessels (agreed min. / max. periods of charter contract). (6) Contracted forward TCE based on revenue divided by fixed operating days. (7) Ranking based on list of 100 largest container/ liner operators by Alphaliner. Sources: Company Information, Alphaliner.

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

S&P ACTIVITY 2024

STRATEGIC APPROACH TO FLEET RENEWAL AND OPTIMIZATION

  • » Continued use of the S&P and charter market to optimize fleet towards younger and more fuel-efficient vessels
  • » Extensive retrofit program to significantly increasing vessel efficiency
  • » Rational decision making when continuing fleet renewal projects, including to de-risk acquisitions through term charters
  • » Newbuilding projects fully de-risked by contracted EBITDA

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

Near Completed USD ~600m Investment Program for Fleet Renewal

VALUES ON THE RISE, BUT THE CHARTER MARKET HELPS DE-RISK INVESTMENTS

MPC Container Ships | | Credit Investor Presentation 16 Notes: Illustration based on current market levels for 2,500 TEU grd vessels. 8yr old vessel values derived from current quotes for 5yr and 10yr old tonnage Source: SIN, Company estimates

CONTINUED STRONG FINANCIAL METRICS

MPC Container Ships | | Credit Investor Presentation 17 Note: (1) Including restricted cash (USD 6.3m per Q4 2024). (2) Pro forma bond issue. (3) Demolition values as of March 2025. (4) Q4 2024 reported interest-bearing debt plus remaining newbuild & acquisition payments. (5) Adjusted EBITDA figures for 2024 (unaudited). (6) Q4'24 LTM interest cost plus USD 75m contemplated bond tap issue at 7.375%, and USD 44m senior secured at 1.75% bps margin + 5yr SOFR swap. Q4'24 LTM EBITDA, not adjusting for interest cost associated with 2x vessels held for sale. Source: Annual Reports, Quarterly Reports, VesselsValue.

Credit Investor Presentation

MPCC'S FINANCIAL STRATEGY ENSURES LOW FINANCIAL RISK BY MATCHING LONGTERM EARNINGS VISIBILITY WITH LIMITED LEVERAGE

CEMENTING THE POSITION AS THE LEADING MODERN TONNAGE PROVIDER

ACTIVELY USING THE S&P MARKET TO OPTIMIZE FLEET COMPOSITION SEASONED ISSUER SECURING ATTRACTIVE FINANCING TERMS

  • » MPCC continuously evaluates possible accretive S&P transactions, both for acquisitions of modern tonnage as well as disposal of older non-core assets as ordinary course of business
  • » The Company is currently in advanced discussions with an unrelated party for a potential en bloc divestment of 5x vessels
    • » 2x ~2,000 TEU vessels (2010 built); and
    • » 3x ~1,300 TEU vessels (2008 built)
  • » The transaction would otherwise be made on customary terms and conditions and subject to inspection and respective BoD approvals
  • » The vessels would be sold with charters attached, reducing the revenue backlog by USD ~24m in FY252 . Proceeds from such a sale would be directed towards the Company's fleet renewal program

POSSIBLE S&P TRANSACTION HIGHLIGHTS THE STRONG ASSET BACKING

  • » MPCC has strategically worked towards becoming a credible borrower, with strong reputation for transparency and maintaining good relationships
  • » Strong track record has led to stellar access to lenders, both through privates such as banks, first locally, now globally with sub 200bps margins on sr. secured debt, and through the Nordic high-yield market
  • » Currently working on 2x senior secured term loans that will finance 4x vessels that are currently cash equity financed
  • » USD ~50m each facility with bulge bracket lenders, priced in line with recent senior secured financing
  • » Optimizing the capital structure, while the released liquidity will remain in the Company for further investment into the company's fleet renewal

MPC Container Ships | | Credit Investor Presentation 19 Notes: (1) USD 81.7m at end of Q4'24. RCF capacity decreases gradually, and the capacity as of this date is USD 78m. (2) Due to book gain from vessel sale, EBITDA backlog will increase by USD ~7m. (3) Using 443,700,279 shares, at USDNOK of 10.68 per 13 March 2025. (4) Incl. remaining capex. Source: Company Information.

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 ~315m for second hand eco-type vessels and USD 80m for conventional second-hand vessels. A further USD 30m invested or committed into retrofits of existing vessls; (2) Divestments include 2 vessels held for sale subject to successful handover. (3) Excluding Franziska, Fabiana and Fenja; (4) 59x vessels as per 31 December 2024 excluding newbuildings and vessels held for sale

…AND CONTINUING TO DELIVER ON THE PROVEN CREDIT FRIENDLY STRATEGY

CAPITAL ALLOCATION

  • Strong commitment to all stakeholders
  • Selective, accretive acquisitions and retrofits
  • Residual value risk mitigation
  • ✓ USD 726m market cap with strong trading liquidity and several large institutional shareholders1
  • ✓ USD 180m investment in 4x vessels (and TCs) in Oct. at attractive price, below current market values
  • ✓ Adding USD 76m of backlog since bond issue in October, gradually reducing fleet residual risk

BALANCE SHEET MANAGEMENT

Maintain high balance sheet flexibility
--- ----------------------------------------- -- --
  • Reduce leverage on existing fleet
  • Maintain high investment capacity
  • ✓ Contemplated bond tap issue increases share of unsecured financing and financial flexibility ✓ Deleveraging aligned with existing charter rates allowing an accelerated repayment profile
  • ✓ Growing investment capacity and reducing secured margins, latest refinancing priced at 1.75%

PORTFOLIO & OPERATIONS

  • Continuation of fleet renewal & optimization
  • Focus on operational excellence
  • ✓ Considering a sale of 5x older vessels deemed non-core at attractive market values of USD ~77m2
  • ✓ Continuously active in both the term charter and S&P market to optimize fleet & charter profile

TRANSACTION OVERVIEW

KEY CREDIT HIGHLIGHTS

MARKET OVERVIEW

  • 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 | | 23 Credit Investor Presentation Source: Clarksons (March 2025)

CONTAINER SHIPPING TRENDS ARE DIRECTLY INFLUENCED BY GLOBAL TRADE

GDP GROWTH & GLOBAL CONTAINER SEABORNE TRADE

» Global seaborne container trade grew by ~6% in 2024, indicating strong underlying container trade growth in terms of TEU.

» Global GDP growth is projected at 3.3% in both 2025 and 2026, below the historical average of 3.7%.

GLOBAL AND INTRA-REGIONAL SUPPLY/DEMAND DEVELOPMENT

» Based on MSI's forecast, the overall markets could ease in 2025/2026: MSI forecasts the global containership fleet – accounting for orderbook cancellations, slippage, deliveries and demolitions - to see a net fleet growth of 6.2% in 2025 and 3.2% in 2026, whereas container trade demand is expected by 3.6% in 2025 and 2.1% in 2026.

» For the intra-regional markets, the supply-/demand-relationship forecast by MSI looks better as there could be fleet stagnation while demand is expected to grow at rates of around 3.4% in 2025 and 2026. This can however not be taken as a guarantee for better earnings of the smaller segments, as container shipping markets are to some extent interconnected and TC-rates of smaller and larger container ships tend to follow identical trends.

AGEING FLEET AND LOW ORDERBOOK IN MPCC SEGMENT

AGE STRUCTURE OF FLEET AND ORDERBOOK BY NUMBER OF VESSELS

» In the segments from 1,000 TEU to 8,000 TEU, an orderbook of 137 vessels is facing an ageing fleet of 891 units that are already older than 20 years.

» The orderbook-to-fleet ratios in the segments from 1,000 TEU to 8,000 TEU are relatively low and the share of the fleet that is older than 20 years is relatively high at the same time and thus offers considerable potential for fleet modernization

CHARTER MARKETS HOLD STEADY AMID GROWING UNCERTAINTIES

FORWARD AVAILABILITY DROPPED SIGNIFICANTLY DURING 2024

» The substantial drawdown of open positions has help charter rates to remain healthy. Even after the election of US president Trump, charterers tried to secure vessels well in advance. As a result, forward fixing increased in Q4 2024 and help up in 2025 so far.

CHARTER PERIODS STILL INCREASE

Months

  • » The average duration of fixtures for vessels below 5.1k TEU increased to an average of 17.2 months. This is a year-over-year increase of 119%. However, due to the low availability of units the market was relative thin.
  • » The non-operating owners' fleet can still be deemed fully employed based on the very low count of idle vessels.

STRONG SECONDHAND DEMAND AND EVEN STRONGER CHARTER RATES

SECONDHAND PRICES AND TIME-CHARTER RATES

» The timecharter market remained robust throughout Q4 2024 and 2025 so far, with strong charter rates due to low vessel availability and positive sentiment.

» Secondhand sales recorded the third strongest year on record, with a total of 291 vessels and 1.0m TEU sold throughout the year. Despite a seasonal slowdown, there is continued buying interest, particularly from Chinese buyers focused on older feeder vessels and younger "eco" tonnage. The market faces a tight supply of charter-free tonnage, especially for the first half of 2025.

2025 MARKET OUTLOOK MARKET OVERVIEW

KEY TOPIC DESCRIPTION
Red Sea »
A potential return to the Red Sea could reduce average transport distances by ~12%, triggering reduced weekly cargo demand while
networks are re
arranged.
»
Continuously bypassing the Red Sea maintains the 12% TEU-mile boost
»
Generally, trade tensions create investment uncertainties, impacting future trade growth. At the same time, escalating US tariffs could reorganize supply
chains and strengthen trade among US partners, potentially neutralizing total container trade impact. So far, developments have been volatile, and Trump
has moved back and forth, announcing and then delaying or revoking tariffs in many cases.
US Tariffs / Trade Barriers »
Suggested million USD fees for Chinese built/operated vessels calling in US ports will be distributed across several hundred/thousands of TEU per port call
and thus not render trade commercially unprofitable (as was demonstrated by US record container import volumes at record freight
rates in 2024). If
implemented, niche operators servicing US ports with Chinese built ships, could be willing to pay premiums for charter rates and
asset values for South
Korean/Japanese container vessels. This would affect a neglible fraction of the market though.
Inventories »
Stabilized supply chains and tariffs may reduce inventories and cargo demand
»
Rising insecurities and tariff escalations could keep inventories high
Port Congestions »
Easing port congestion could free up vessel capacity
»
Potential Red Sea return might maintain port congestion challenges
Fleet Development
Supply / Demand		 »
Orderbook-to-fleet ratio at 27% with 1.8m TEU planned for 2025 delivery
»
MSI expects supply growth to exceed demand growth by 2.6% in 2025 and 1.1% in 2026, indicating market easing
»
The largest vessels dominate the orderbook; significant potential for modernization below 8,000 TEU
  • TRANSACTION OVERVIEW
  • KEY CREDIT HIGHLIGHTS
  • MARKET OVERVIEW
  • RISK FACTORS
  • APPENDIX

RISK FACTORS (1/7)

1 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 t o , 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 , all 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 to, 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 p a y 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 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. 2 T 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 , i n w h i c h t h e I s s u e r o p e r a t e s a n d d e p e n d s o n , 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 a s e x p e r i e n c e d f o l l o w i n g t h e C O V I D 1 9 p a n d e m i c t h a t i n f l i c t e d a s e r i e s o f s h o c k s o n t h e g l o b a l e c o n o m y , n o t l e a s t i m p a c t i n g g l o b a l t r a d e. 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 , i n w h i c h t h e I s s u e r o p e r a t e s a n d d e p e n d s o n , 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 i n t h e m a r k e t 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 i n t h e m a r k e t 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 , w h i c h m a y a f f e c t t h e e a r n i n g s o f t h e G r o u p . 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. A s t h e G r o u p p r i m a r i l y f o c u s e s o n s m a l l- t o m i d s i z e c o n t a i n e r v e s s e l s , 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 , c o n t r a r y t o r e l y i n g o n t h e s e r v i c e s o f t h e G r o u p. 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 .

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

M P C C s u n i t s t h a t w i l l b e a v a i l a b l e f o r c h a r t e r i n t h e s h o r t-t e r m s p a n a c r o s s s e g m e n t s f r o m 1, 2 0 0 T w e n t y -f o o t E q u i v a l e n t U n i t s ( " T E U " ) t o c a . 4 ,000 T E U. F o r t h e s e u n i t s , w e l l d o c u m e n t e d c h a r t e r m a r k e t s e x i s t. T h e c h a r t e r r a t e s o f d i f f e r e n t s i z e s a r e c o r r e l a t e d w h e r e b y i n boom t i m e s , c h a r t e r e r s h o n o r t h e h i g h e r c a r g o c a p a c i t y w i t h s u p e r p r o p o r t i o n a l l y h i g h e r r a t e s w h e r e a s d u r i n g d o w n t u r n s , t h e r a t e d i f f e r e n c e c o m p r e s s e s s i g n i f i c a n t l y .

S i n c e J a n u a r y 2 0 0 3 , m o n t h l y t i m e c h a r t e r r a t e s ( " T C r a t e s " ) q u o t e d s t a n d a r d 1,0 0 0 T E U v e s s e l s a v e r a g e d a r o u n d U S D 1 0, 360 p e r d a y , w i t h m i n i m u m r a t e s o f U S D 3 , 9 0 0 p e r d a y s e e n i n t h e a f t e r m a t h o f t h e G r e a t F i n a n c i a l C r i s i s a n d h e i g h t s o f U S D 4 1,000 p e r d a y s e e n d u r i n g t h e p a n d e m i c boom e a r l y i n 2 0 2 2 .

A t t h e u p p e r e n d , r a t e s q u o t e d f o r s o- c a l l e d " n a r r o w b e a m " 4 , 2 5 0 T E U v e s s e l s h a v e a v e r a g e d a r o u n d U S\$ 2 5 , 8 5 0 p e r d a y d u r i n g t h e s a m e p e r i o d w i t h m i n i m u m r a t e s o f U S 4 ,1 5 0 p e r d a y a t t h e e n d o f 2 0 1 6 a n d r a t e s a r o u n d U S D 1 2 1,0 0 0 p e r d a y f r o m M a r c h 2 0 2 2 t o J u n e 2 0 2 2 .

RISK FACTORS (2/7)

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

A l l 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 1 D e c e m b e r 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 s o l e l y d e p e n d e n t o n s u c h 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 w i t h n o o t h e r i n c o m e s o u r c e 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 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 n t e r a l i a , d u e t o a d e c r e a s 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 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 .

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

A s a t D e c e m b e r 3 1, 2 0 2 4 , t h e G r o u p ' s f l e e t o f 6 1 v e s s e l s ( i n c l u d i n g t w o n e w b u i l d s u n d e r c o n s t r u c t i o n a n d o n e v e s s e l 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 ) . T h e f l e e t 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 5 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 . A p a r t f r o m t h i s , t h e G r o u p h o l d s a 5 0 % s h a r e i n a n e w b u i l d ( w h i c h h a s b e e n o r d e r e d t h r o u g h a j o i n t v e n t u r e ) . 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 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 1 D e c e m b e r 2 0 2 4 , t h e G r o u p ' s top 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 t o p 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 top 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 top f i v e o r o t h e r 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 t o p f i v e c u s t o m e r s o r 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 r e l e v a n t a g r e e m e n t s o r a r e o t h e r w i s e u n a b l e o r u n w i l l i n g t o f u l f i l t h e i r 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 all 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 s 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 s . 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 d o c u m e n t t h e G r o u p h a s 1 n e w b u i l d o n o r d e r ( o n e a d d i t i o n a l s h i p i s o r d e r e d b y 5 0% o w n e d j o i n t v e n t u r e c o m p a n y ) , e x p e c t e d t o b e d e l i v e r e d i n Q1 / Q2 2 0 2 5 a n d Q4 2 0 2 6. 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 d / o r , c o n s e q u e n t l y , t h a t t h e G r o u p ' s c u s t o m e r s f a i l t o c o m p l y w i t h t h e i r r e s p e c t i v e c o m m i t m e n t s t o w a r d s t h e i r 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 . I n r e s p e c t o f t h e n e w b u i l d s , t h e I s s u e r w i l l r e c e i v e s o m e s u b s i d i e s f r o m E n o v a S F – a s t a t e -o w n e d o r g a n i s a t i o n a i m i n g t o c o n t r i b u t e t o t h e t r a n s i t i o n o f e n e r g y c o n s u m p t i o n a n d e n e r g y p r o d u c t i o n. I n t h e e v e n t o f f a i l i n g t o c o m p l y w i t h t h e r e s p e c t i v e r e q u i r e m e n t s s e t b y E n o v a S F u n d e r t h e r e s p e c t i v e s u b s i d i e s , t h e r e i s a r i s k t h a t t h e s e s u b s i d i e s w i l l b e r e d u c e d o r r e p a i d , w h i c h i m p l i e s t h a t t h e r e s p e c t i v e n e w b u i l d s w i l l n e e d t o s o l e l y r e l y o n o t h e r f u n d i n g .

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 . 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 t o , 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 n o 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 a n d C o-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 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 a l l , 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 .

RISK FACTORS (3/7)

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. 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 .

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

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

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

H u l l a n d m a c h i n e r y i n s u r a n c e p o l i c i e s a r e u s e d t o c o v e r d a m a g e t o t h e o w n p r o p e r t y a n d e v e n t h e t o t a l l o s s o f a s h i p. I t a l s o c o v e r s d a m a g e s t o t h i r d-p a r t y p r o p e r t y w h i c h a r e c a u s e d b y a c t i v e m o v e m e n t s o f t h e o w n s h i p , i. e. d a m a g e s t o o t h e r s h i p s , p o r t f a c i l i t i e s , e t c. I n a d d i t i o n , a l o s s o f h i r e i n s u r a n c e p o l i c y i s u s u a l l y t a k e n o u t t o p r o t e c t t h e G r o u p a g a i n s t a l o s s o f i n c o m e r e s u l t i n g f r o m a n i n c i d e n t c o v e r e d b y t h e H u l l & M a c h i n e r y i n s u r a n c e .

G i v e n t h e f a c t t h a t all t h e a b o v e m e n t i o n e d i n s u r a n c e s a r e e x c l u d i n g c e r t a i n r i s k s i n r e l a t i o n t o w a r a n d w a r-l i k e s i t u a t i o n s , a c o m p l e m e n t a r y W a r R i s k I n s u r a n c e i s i n p l a c e .

H o w e v e r , t h e r e i s a r i s k t h a t t h e s 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 . T h e a g e o f t h e v e s s e l s o f t h e G r o u p v a r i e s f r o m n e w b u i l d s t o v e s s e l s h a v i n g o p e r a t e d f o r o v e r 2 0 y e a r s . 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.

T h e r e i s a r i s k r e l a t e d t o t h e s h i p m a n a g e r s n o t b e i n g 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 . 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 ' s 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 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 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 R e d 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 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. 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 .

RISK FACTORS (4/7)

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

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

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 i n g 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 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 s e r v i c e i t s d e b t a n d t o 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 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 .

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

1.4.4 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 n a p p r o x . 9 0% s u b s i d i a r y i s e x p e c t e d t o 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. 5 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 p a r t l y 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 t h e G r o u p ' s f l o a t i n g -r a t e d e b t.

RISK FACTORS (5/7)

1. 5 R i s k r e l a t e d t o l a w s and r e g u l 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 m a n d a t e o f t h e I n t e r n a t i o n a l M a r i t i m e O r g a n i z a t i o n ( " I M O " ) 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 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 " ) , 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 r o c u r 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 . T h e r e i s a l s o a r i s k a s s o c i a t e d w i t h t h e c u s t o m e r s ' o f t h e G r o u p p o t e n t i a l f a i l u r e t o c o m p l y w i t h t h e i r o b l i g a t i o n t o d e l i v e r E U A s a t all o r i n t i m e .

I n o r d e r t o m e e t t h e a b o v e r e q u i r e m e n t s , t h e I s s u e r h a s d e v e l o p e d a S u s t a i n a b i l i t y -L i n k e d F i n a n c i n g F r a m e w o r k , u n d e r w h i c h t h e B o n d s a r e i s s u e d , a n d w h i c h a r e a l i g n e d w i t h t h e I n t e r n a t i o n a l C a p i t a l M a r k e t A s s o c i a t i o n s ( I C M 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 P r i n c i p l e s ( S P B P ) p u b l i s h e d i n 2 0 2 0 , a n d t h e L o a n M a r k e t s A s s o c i a t i o n ' s ( L M A ) S u s t a i n a b i l i t y - L i n k e d L o a n P r i n c i p l e s ( S L L P ) 2 0 1 9. T h e S u s t a i n a b i l i t y - L i n k e d F i n a n c i n g F r a m e w o r k d e f i n e s t h e i n v e s t m e n t s e l i g i b l e f o r f i n a n c i n g a s S u s t a i n a b i l i t y - L i n k e d F i n a n c i n g i n s t r u m e n t s i s s u e d b y t h e I s s u e r c f. , i n t e r a l i a , t h r o u g h t h e d e f i n i t i o n s o f S u s t a i n a b i l i t y - L i n k e d B o n d s ( S L B s ) a n d S u s t a i n a b i l i t y - L i n k e d L o a n s ( S L L s ) o n p a g e 1 1. P u r s u a n t t o t h e S u s t a i n a b i l i t y - L i n k e d F r a m e w o r k , i n t e r a l i a , t h r o u g h t h e D e f i n i t i o n / B a c k g r o u n d u n d e r t h e s e l e c t i o n o f K e y - P e r f o r m a n c e I n d i c a t o r s ( K P I ) , t h e I s s u e r i s c o m m i t t e d t o t h e " 2 0 2 3 I M O S t r a t e g y o n R e d u c t i o n o f GHG E m i s s i o n f r o m S h i p s " . T h i s s t r a t e g y i s a l i g n e d w i t h t h e 1, 5 ° t e m p e r a t u r e g o a l o f t h e P a r i s A g r e e m e n t.

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

C o m p l i a n c e w i t h t h e a p p l i c a b l 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 a n d c o m p l i a n c e w i t h t h e a p p l i c a b l e t o n n a g e t a x r e g i m e s . 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

O p e r a t i n g i n a n u m b e r o f j u r i s d i c t i o n s i n N o r t h- a n d S o u t h A m e r i c a , A f r i c a , E u r o p e , A s i a a n d O c e a n i a , t h e G r o u p i s 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 , f o r e x a m p l e a s p a r t o f t h e U N s a n c t i o n r e g i m e , t h e E U s a n c t i o n r e g i m e o r n a t i o n a l s a n c t i o n r e g i m e s p o t e n t i a l l y t a r g e t i n g b o t h j u r i s d i c t i o n s , i n d i v i d u a l s a n d l e g a l p e r s o n 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 . T h i s o b l i g a t i o n t o c o m p l y w i t h r e g u l a t o r y o b l i g a t i o n s a l s o e n t a i l s a r i s k o f b e i n g e x p o s e d t o 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 i n c a s e o f n o n - c o m p l i a n c e w i t h s u c h r e g u l a t o r y o b l i g a t i o n s

RISK FACTORS (6/7)

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 l a w 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 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 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. S u c h a l t e r n a t i v e s t r a t e g i e s m a y , a m o n g o t h e r s , r e s u l t i n n o t y i e l d i n g 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 i n t h e p o s s i b i l i t y 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 " ) m a y 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 .

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 ) , p r o v i d e d t h a t t h e I s s u e r 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 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 . 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 .

RISK FACTORS (7/7)

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 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 , i s s u e d u n d e r t h e I s s u e r ' s S u s t a i n a b i l i t y - L i n k e d F i n a n c i n g F r a m e w o r k , a d o p t e d b y t h e I s s u e r i n S e p t e m b e r 2 0 2 4 , p u r s u a n t t o t h e d e f i n i t i o n o f S u s t a i n a b i l i t y - L i n k e d B o n d s ( S L B s ) o n p a g e 1 1. T h e S u s t a i n a b i l i t y - L i n k e d F i n a n c i n g F r a m e w o r k i s a l i g n e d w i t h I C M A ' s ( t h e I n t e r n a t i o n a l C a p i t a l M a r k e t A s s o c i a t i o n ) S u s t a i n a b i l i t y - L i n k e d B o n d P r i n c i p l e s b e i n g ( i ) S e l e c t i o n o f K e y -P e r f o r m a n c e I n d i c a t o r s ( " K P I " ) , ( i i ) C a l i b r a t i o n o f S u s t a i n a b i l i t y P e r f o r m a n c e T a r g e t ( " S P T " ) , ( i i i ) B o n d C h a r a c t e r i s t i c s , ( i v ) R e p o r t i n g a n d T r a n s p a r e n c y a n d ( v ) V e r i f i c a t i o n , i n t e r a l i a i m p l y i n g a s u s t a i n a b i l i t y -l i n k e d r e d e m p t i o n p r i c e p r e m i u m o f 5 0 b p s i f t h e S P T i s n o t m e t , b o t h u p o n e a r l y r e d e m p t i o n s a n d m a t u r i t y .

T h e I s s u e r ' s S u s t a i n a b i l i t y -L i n k e d F i n a n c i n g F r a m e w o r k w a s s u b j e c t t o a s e c o n d p a r t y o p i n i o n i s s u e d b y A m e r i c a n B u r e a u o f S h i p p i n g ( A B S ) i n S e p t e m b e r 2 0 2 4 , a g l o b a l p r o v i d e r o f c l a s s i f i c a t i o n s e r v i c e s f o r m a r i n e a n d o f f s h o r e a s s e t s , d e v e l o p i n g a n d v e r i f y i n g s t a n d a r d s f o r t h e d e s i g n , c o n s t r u c t i o n , a n d o p e r a t i o n a l m a i n t e n a n c e o f m a r i n e a n d o f f s h o r e a s s e t s . I n a d d i t i o n , ABS s h a l l r e v i e w a n d c o n f i r m t h e I s s u e r ' s p e r f o r m a n c e w i t h r e s p e c t t o t h e S u s t a i n a b i l i t y P e r f o r m a n c e T a r g e t i n t h e B o n d s .

U n d e r t h e S u s t a i n a b i l i t y -L i n k e d F i n a n c i n g F r a m e w o r k , o n p a g e 1 2 " S e l e c t i o n o f K e y -P e r f o r m a n c e I n d i c a t o r s ( K P I ) " t h e KPI i s d e f i n e d a s t h e f l e e t a v e r a g e A n n u a l E f f i c i e n c y R a t i o ( A E R ) o n a w e l l-t o- w a k e b a s i s ( a c c o r d i n g t o G L E C F r a m e w o r k V e r s i o n 3.0. ) – c o n s i d e r i n g a c a l c u l a t i o n t h a t e n c o m p a s s e s t h e e n t i r e l i f e c y c l e o f t h e f u e l , f r o m e x t r a c t i o n ( w e l l ) t o c o m b u s t i o n ( w a k e ). A E R i s a m e t r i c u s e d t o m e a s u r e t h e c a r b o n e f f i c i e n c y o f a v e s s e l o r a n e n t i r e f l e e t. I t i s c a l c u l a t e d a s t h e a m o u n t o f C O2 e m i s s i o n s per t r a n s p o r t w o r k . T y p i c a l l y , i t i s e x p r e s s e d i n g r a m s o f C O2 p e r d e a d w e i g h t ton- m i l e ( g C0 2/ d w t-n m ) . A s p a r t o f i t s s u s t a i n a b i l i t y s t r a t e g y , t h e I s s u e r h a s a d o p t e d t h e f l e e t- a v e r a g e A E R o n a w e l l-t o- w a k e b a s i s a s a k e y p e r f o r m a n c e i n d i c a t o r. T h i s m e t r i c a l l o w s t h e I s s u e r t o t r a c k t h e r e d u c t i o n i n c a r b o n i n t e n s i t y a c r o s s i t s e n t i r e f l e e t , e n s u r i n g a l i g n m e n t w i t h t h e g o a l s a n d t a r g e t s s e t o u t i n t h e 2 0 2 3 I M O GHG S t r a t e g y . T h e S u s t a i n a b i l i t y P e r f o r m a n c e T a r g e t ( S P T ) u n d e r t h e S u s t a i n a b i l i t y - L i n k e d F i n a n c i n g F r a m e w o r k , a s d e f i n e d u n d e r " C a l i b r a t i o n o f S u s t a i n a b i l i t y P e r f o r m a n c e T a r g e t ( S P T ) " a t p a g e 1 3 , p r i m a r i l y f o c u s e s o n a t o t a l f l e e t a v e r a g e w e l l-t o-w a k e A E R r e d u c t i o n o f 1 0% o v e r t h e p e r i o d o f t h e r e s p e c t i v e 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 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 c o m p l e x , s u b j e c t t o c o n s t a n t c h a n g e a n d c o n s i s t s o f m u l t i p l e r e p o r t i n g r e g i m e s a n d s t a n d a r d s . T h i s m e a n s t h a t t h e d e f i n i t i o n o f " s u s t a i n a b l e " o r o t h e r e q u i v a l e n t t e r m s m a y v a r y a n d b e a l t e r e d f r o m t i m e t o t i m e. 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 . T h e c o n s e q u e n c e o f t h e B o n d s n o t b e i n g c l a s s i f i e d a p p l i c a b l e s t a n d a r d s i s t h a t i n v e s t o r s o n l y p e r m i t t e d t o i n v e s t i n s u c h i n s t r u m e n t s m a y n e e d t o s e l l t h e B o n d s i n a s h o r t p e r i o d o f t i m e f o r a d i s c o u n t , r e s u l t i n g i n a l o w e r p r i c e f o r 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.

  • TRANSACTION OVERVIEW
  • KEY CREDIT HIGHLIGHTS
  • MARKET OVERVIEW
  • RISK FACTORS
  • APPENDIX

KPI DEVELOPMENT AND PROGRESS OF SUSTAINABILITY LINKED TARGET (SLT)

» KPI on reduction of the fleet average carbon intensity

Fleet average Annual Efficiency Ratio (AER) on a Well-to-Wake basis (according to GLEC Framework Version 3.0)

  • » Sustainability Performance Target (SLT) A total fleet average well-to-wake AER reduction of 10% over the period of the SLB.
  • » Baseline and Baseline Year AER of 15.18 in 2023
  • » Target and Target Year AER of 13.66 in 2028
  • » KPI 2024 Performance

attained AER of 14.60 equals to (3.82) % reduction in 2024

» Reporting and Verification

Baseline based on FY23 was calculated and verified by ABS. ABS provided limited assurance on the FY24 performance.

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 5.1 BILLION assets under management

EUR 20+ BILLION invested across asset classes

PUBLICLY LISTED at Frankfurt stock exchange since 2000

270 REAL ASSETS in selected markets around the world

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

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

OVERVIEW OF CURRENT KEY TERMS ON EXISTING DEBT PORTFOLIO

Facility Type Outstanding
amount		 Total capacity Interest rate # Contractual repayment profile Maturity
DB -
Greenbox		 Term Loan (pre-del. finance) USD 35.0m USD ~54.5m 230bps + SOFR 2 23 x semi-annual installments of 3.33% + 23.34% balloon Dec 37
DBJ, Shinsei Term Loan USD 0m USD 16m 175bps + SOFR 1 Quarterly 8x 0.75m + 15x 0.28m + 5.9m balloon Apr 31
CA-CIB Term Loan USD 87.3m USD ~101m 175 –
275bps + SOFR		 2 Quarterly 5x 5.7m + 4 x 3.7m + 4x 1.4m1 Jun 31
Nordic HY Bond Snr. unsec. sustainability-linked USD 125m + [75] USD 200m 737.5bps / [750.0bps] N/A N/A Oct 29
First Citizen Bank Term Loan USD 28.5m USD 30m 195bps + SOFR 2 Quarterly 14 x 1.5m + 7.5m balloon Oct 28
HCOB-Ecofeeder Term Loan USD 34.4m USD 50m 280bps + SOFR 4 Quarterly 14 x 0.7m + 25.1m balloon Aug 28
HCOB RCF USD 0m USD 100/78m2 295bps + SOFR 13 Reduced commitment starting in Mar 24 –
Dec 27		 Dec 27
BoComm Sale & Lease back USD 36.8m USD 75m 260bps + SOFR 10 Monthly 5x 1.0m + 24x 0.3m + 22.0m balloon3 Sep 27

Planned In focus

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

MPC Container Ships | Notes: (1) Maturity profile on the debt portfolio per 28.02.2025 considering voluntary prepayments on CA | -CIB facility, including debt facilities for newbuilds and planned refinancing; (2) USD 81.7m at end of Q4'24. RCF capacity decreases gradually, and the capacity as of this date is USD 78m. (3) Subsequent instalments (to be agreed by borrower and lender) Credit Investor Presentation 43

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) In September 2024, MPCC ASA purchased 50%'s share owned by WLR/TRF Shipping S.a.r.l of Luxembourg
  • (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) Remaining 50% owned by North-Sea Management AS
  • (8) Vessels held for sale

MPC Container Ships | | Credit Investor Presentation 44

"AS SELINA" Schifffahrtsgesellschaft mbH & Co. KG (Dormant)

"AS RAFAELA" Schifffahrtsgesellschaft mbH & Co. KG (Dormant)

100% 100% 100%

"AS SERAFINA" Schifffahrtsgesellschaft mbH & Co. KG (Dormant)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

In USD thousands Q4 2024 Q4 2023 FY 2024 FY 2023
(unaudited) (unaudited) (unaudited) (audited)
Operating revenues 129,951 152,830 540,860 711,282
Commissions (3,202) (4,364) (14,433) (20,000)
Vessel voyage expenditures (5,726) (1,303) (19,195) (9,898)
Vessel operation expenditures (42,783) (39,380) (155,844) (153,390)
Ship management fees (2,591) (2,635) (9,865) (9,999)
Share of profit or loss from joint venture 13 4 (395) 22,637
Gross profit 75,662 105,152 341,128 540,632
Administrative expenses (4,438) (3,753) (17,732) (14,805)
Other expenses (2,183) (7,595) (3,861) (9,338)
Other income 3,748 1,013 8,044 3,089
Gain (loss) from sale of vessels 10,552 (1,208) 21,145 (1,208)
Depreciation (16,513) (19,963) (71,139) (102,706)
Impairment - (34,926) - (79,378)
Operating profit 66,828 38,720 277,585 336,286
Finance income 2,816 3,365 9,422 7,841
Finance costs (7,977) (5,906) (20,636) (18,373)
Profit (loss) before income tax 61,667 36,179 266,371 325,754
Income tax expenses 67 (451) 323 (638)
Profit (loss) for the period 61,734 35,728 266,694 325,116
Attributable to:
Equity holders of the Company 61,734 35,706 266,683 324,961
Minority interest 0 22 11 155
Basic earnings per share –
in USD		 0.14 0.08 0.60 0.73
Diluted earnings per share –
in USD		 0.14 0.08 0.60 0.73

MPC Container Ships | | Credit Investor Presentation 45

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

in USD thousands Dec 31, 2024
(unaudited)		 Dec 31, 2023
(audited)
ASSETS
Non-current Assets
Vessels 1,003,460 691,291
Newbuildings 44,344 78,980
Right-of-use asset 264 84
Investments in associate and joint venture 5,245 2,934
Total non-current assets 1,053,313 773,289

Current Assets

TOTAL ASSETS 1,231,374 954,744
Total current assets 178,061 181,455
Cash and cash equivalents 125,696 117,579
Restricted cash 6,364 5,005
Financial instruments at fair value 1,060 1,951
Trade and other receivables 37,735 23,667
Inventories 7,206 8,088
Vessel held for sale - 25,165
in USD thousands Dec 31, 2024
(unaudited)		 Dec 31, 2023
(audited)
EQUITY AND LIABILITIES
Equity
Share capital 48,589 48,589
Share premium 1,879 1,879
Other paid-in capital 286 -
Retained earnings 762,602 700,021
Other reserves (260) (843)
Non-controlling interest 4,524 3,835
Total equity 817,620 753,481
Non-current liabilities
Non-current Interest-bearing debt 299,237 92,951
Lease liabilities -long-term 79 -
Deferred tax liabilities - 748
Total non-current liabilities 299,316 93,699
Current liabilities
Current interest-bearing debt 44,037 33,564
Trade and other payables 12,632 20,397
Derivative financial instruments -
short
term		 101
Related party payables 72 21,459
Income tax payable 164 289
Deferred revenues 29,706 35,230
Other liabilities 27,726 17,022
Total current liabilities 114,438 107,564
TOTAL EQUITY AND LIABILITIES 1,231,374 954,744

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

FY 2024 FY 2023
in USD thousands (unaudited) (audited)
Profit (loss) before income tax 266,371 325,754
Income tax expenses paid - (783)
Net change inventory and trade and other receivables (13,004) (1,171)
Net change in trade and other payables and other
liabilities		 9,155 (9,710)
Net change Other non-current assets/Other non-current
liabilties		 4,238 -
Net change in deferred revenues (5,524) (4,903)
Depreciation 71,139 102,706
Share-based payment 286 -
Finance costs (net) 11,214 10,532
Share of profit (loss) from joint venture 395 (22,637)
Impairment - 79,378
(Gain) loss from sale of vessels and fixed assets (19,331) 8,185
Amortization of TC contracts (1,012) (2,717)
Cash flow from operating activities 323,927 484,634
Cash flow from investing activities (312,976) (152,059)
Investment in associate (4,005) (404)
Dividend received from joint venture investment - 41,000
Other financial income - 484
Interest received 5,258 3,938
Cash acquired in acquisition of company 974 -
Acquisition of vessels (227,296) (169,376)
Newbuildings (124,663) (35,100)
Scrubbers, dry dockings and other vessel upgrades (56,226) (48,254)
Proceeds from disposal of vessels 92,982 55,653
FY 2024 FY 2023
in USD thousands (unaudited) (audited)
Dividends paid (204,359) (293,134)
Additions from non-controlling interest 935 1,421
Proceeds from debt financing 263,340 142,013
Repayment of long-term debt (43,975) (167,397)
Payment of principal of leases (185) (186)
Interest paid (10,090) (13,661)
Debt issuance costs (7,082) (3,594)
Other finance paid (397) -
Cash from /(to) financial derivatives 527 (970)
Cash flow from financing activities (1,286) (335,507)
Restricted cash, cash & cash equiv. at end of the period 132,060 122,584
Restricted cash, cash & cash equiv. at beginning of the period 122,584 125,517
Net foreign exchange difference (189)
Net change in cash and cash equivalents 9,665 (2,933)

FLEET EMPLOYMENT OVERVIEW

No Vessel Cluster Charterer Remark MPCC Current
Fixture (USD/day)		 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25
Dec-25		 Jan-26 Feb-26 Mar-26 Min / Max
1 AS SVENJA 1,700 grd CMA CGM Retrofit 21,000 DD1 Feb-25 / Feb-25
2 AS NORA 3,500 grd CMA CGM Retrofit 40,000 Apr-25 / Jun-25
3 AS FRANZISKA 1,300 grd Maersk 17,000 DD1 May-25 / Jun-25
4 AS FABIANA 1,300 grd Maersk 29,500 May-25 / Jul-25
5 SEVILLIA 1,700 grd Samudera 15,000 May-25 / Jul-25
6 AS PENELOPE2 2,500 gls Hapag-Lloyd 16,950 DD1 Jun-25 / Aug-25
7 AS ANGELINA 2,000 grd Maersk 36,500 Aug-25 / Oct-25
8 AS SERENA 1,700 grd Maersk 20,300 Aug-25 / Nov-25
9 AS SOPHIA 1,700 grd Maersk 38,000 Sep-25 / Nov-25
10 AS SIMONE 1,700 grd Maersk Eco & Retrofit 20,8093 Sep-25 / Sep-26
11 AS SILJE 1,700 grd Maersk Eco & Retrofit 19,2983 Oct-25 / Oct-26
12 AS SABINE 1,700 grd Maersk Eco & Retrofit 19,0553 Nov-25 / Nov-26
13 AS STINE 1,700 grd Maersk Eco & Retrofit 19,2983 DD1 Dec-25 / Dec-26
14 AS FILIPPA 1,300 grd CMA CGM 13,500 Jan-26 / Mar-26
15 AS FABRIZIA 1,300 grd King Ocean 11,000 Feb-26 / Apr-26
16 AS CYPRIA 2,800 gls Hapag-Lloyd 16,825 18,500 Feb-26 / Apr-26
17 AS FLORIANA 1,300 gls CFS 27,750 17,650 Feb-26 / Apr-26
18 AS FLORETTA 1,300 grd Crowley 16,800 Mar-26 / May-26
19 AS FELICIA 1,300 grd ZISS 24,000 Mar-26 / May-26
20 AS PATRIA 2,500 grd KMTC 25,0004 DD1 15,500 Mar-26 / Jul-26
21 AS FIORELLA 1,300 grd COSCO 15,000 Apr-26 / Jun-26
22 AS CARELIA 2,800 gls Hapag-Lloyd 19,500 Apr-26 / Jun-26
23 AS ALVA 2,000 grd MSC 15,500 Apr-26 / Jun-26
24 AS CARLOTTA 2,800 grd ONE 25,500 May-26 / Jun-26
25 AS CLEMENTINA 2,800 gls Unifeeder 21,178 May-26 / Jul-26

Min. period Max. period

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

The charter period includes charterers option to add the off-hire period in relation to vessels drydocking

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

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

FLEET EMPLOYMENT OVERVIEW

No Vessel Cluster Charterer Remark MPCC Current
Fixture (USD/day)		 Feb-25 Mar-25
Apr-25		 May-25 Jun-25 Jul-25 Aug-25 Sep-25
Oct-25		 Nov-25 Dec-25 Jan-26 Feb-26
Mar-26		 Min / Max
26 STADT DRESDEN 2,800 gls Hapag-Lloyd 19,500 Jun-26 / Sep-26
27 AS CHRISTIANA 2,800 grd Sea Consortium 26,800 Jul-26 / Aug-26
28 AS PIA 2,500 grd Maersk Retrofit 45,7501 Aug-26 / Jan-27
29 AS COLUMBIA 2,800 gls Maersk Retrofit 24,000 DD2 Sep-26 / Oct-26
30 AS CONSTANTINA 2,800 gls COSCO 26,500 DD2 Sep-26 / Nov-26
31 AS SICILIA 1,700 grd MSC 17,000 Sep-26 / Nov-26
32 AS CAMELLIA 2,800 gls Maersk 24,000 Oct-26 / Dec-26
33 AS CLAUDIA 2,800 gls Hapag-Lloyd 19,500 Oct-26 / Jan-27
34 AS PALINA 2,500 HR grd Maersk Retrofit 45,7503 Oct-26 / Apr-27
35 AS SELINA 1,700 grd Maersk 22,0884 Nov-26 / Jan-27
36 AS SAVANNA 1,700 grd Maersk Retrofit 22,0884 Nov-26 / Jan-27
37 AS CAROLINA 2,800 gls ZISS 41,000 Nov-26 / Jan-27
38 AS PETRONIA 2,500 HR grd Maersk Retrofit 45,750 Nov-26 / May-27
39 AS CALIFORNIA 2,800 gls Maersk 24,000 Dec-26 / Feb-27
40 AS ANNE 2,200 grd OOCL Eco 25,500 Dec-26 / Feb-27
41 AS SABRINA 1,700 grd Maersk Retrofit 22,0884 Dec-26 / Feb-27
42 AS SAMANTA 1,700 grd Maersk Retrofit 22,0884 Jan-27 / Mar-27
43 AS SARA 1,700 grd Maersk Retrofit 23,250 DD2 / 12,5004 Feb-27 / Apr-27
44 AS PAMELA 2,500 grd EMC 26,500 Mar-27 / Apr-27
45 AS ALEXANDRIA 2,000 gls SCI 13,500 MSC –
23,500		 Mar-27 / May-27
46 AS CASPRIA 2,800 gls ZISS 40,700 Mar-27 / May-27
47 AS ANITA 2,000 gls COSCO 18,000 DD2 / 23,600 Mar-27 / May-27
48 AS SUSANNA 1,700 grd ONE 39,990 18,000 DD2 Mar-27 / Jun-27
49 AS FREYA 1,300 grd Maersk 28,000 King Ocean – 16,250 Apr-27 / Jun-27
50 AS NURIA 3,500 gls Maersk Retrofit 25,150 Jun-27 / Aug-27

Min. period Max. period

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

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

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, index-linked scheme with a floor of USD 12,500 and a ceiling of USD 20,000. 50/50 profit share for all assessed rates between USD 20,000 and USD 30,000

FLEET EMPLOYMENT OVERVIEW

No Vessel Cluster Charterer Remark MPCC Current
Fixture (USD/day)		 Feb-25 Mar-25 Apr-25
May-25		 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Min / Max
51 AS NARA 3,500 gls Maersk 25,150 Jul-27 / Sep-27
52 AS NINA 3,500 gls Maersk Retrofit 18,250 30,000 DD1 Jul-27 / Sep-27
53 LIVORNO EXPRESS2 3,800 grd Hapag-Lloyd Eco 16,700 Hapag-Lloyd – 33,2503 Mar-28 / Jun-28
54 DETROIT EXPRESS2 3,800 grd Hapag-Lloyd Eco 16,700 Hapag-Lloyd – 33,2503 Mar-28 / Jun-28
55 GENOA EXPRESS2 3,800 grd Hapag-Lloyd Eco 16,700 Hapag-Lloyd – 33,2503 Mar-28 / Jun-28
56 BARCELONA EXPRESS2 3,800 grd Hapag-Lloyd Eco 16,700 Hapag-Lloyd – 33,2503 Mar-28 / Jun-28
57 MACKENZIE 5,500 gls ZISS Eco 70,0004 Jun-31 / Jul-31
58 COLORADO 5,500 gls ZISS Eco 70,0004 Jul-31 / Sep-31
59 H2530 1,300 gls Unifeeder Dual-Fuel Methanol Charter rate of EUR 17,750 per day Dec-33 / Dec-33
60 NCL VESTLAND 1,300 grd NCL Dual-Fuel Methanol EUR 16,892 Nov-39 / Mar-40
61 NCL NORDLAND 1,300 grd NCL Dual-Fuel Methanol EUR 16,3005 Jan-40 / May-40

Min. period Max. period Under construction

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

Livorno Express to be renamed to AS Natalie, Detroit Express to be renamed to AS Nele, Genoa Express to be renamed to AS Nanne and Barcelona Express to be renamed to AS Ninette

New charter with Hapag-Lloyd beginning on 01.05.2025 for Livorno Express, Detroit Express, Genoa Express and Barcelona Express

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)

Base charter rate of 16,300 EUR per day increasing by 1.1% each year on January 1st. The final rate to also incorporate any adjustments for constructional agreements.

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