Odfjell Group — Major Shareholding Notification 2010

Mar 3, 2010

Disclosure of large shareholding

ChemLog Holdings Limited completes sale of 16.8

million A-shares in Odfjell SE

ChemLog Holdings Limited ("ChemLog") has on 2 March

2010 sold 13,802,366 A-shares (21% of the voting

shares) in Odfjell SE at a price of NOK 44.00 per

share. In addition, ChemLog has terminated a total

return swap agreement (TRS) with DnB NOR Markets for

3,000,000 A-shares which have subsequently been sold

at NOK 44.00 per share as part of the transaction.

The transaction was conducted through a bookbuilding

process and was managed by DnB NOR Markets and Pareto

Securities AS.

After the transaction ChemLog owns no A-shares and

20,500 B-shares in Odfjell SE.