THIRD QUARTER REPORT 2014

2

Third Quarter Report 2014 Odfjell SE - Consolidated

Highlights 3Q 2014

Chemical Tankers EBITDA of USD 26 million, compared with USD 24 million in second quarter.

Time-charter results down by 3%.

Odfjell Terminals EBITDA of USD 4 million compared with negative USD 10 million in second quarter.

Conclusion of gas carrier joint venture, resulting in a capital gain in excess of USD 6 million.

Ongoing cost-cutting and efficiency review to significantly improve Odfjell results going forward.

Key figures

(USD mill unaudited) 2Q14 3Q14 3Q13 YTD14 YTD13. FY13

Revenue 275. 267 259. 807 771. 1,027. Share of net result from ass. and JVs 1 (11) (8) 30. (27) 25. (52) EBITDA 13. 19 61. 41 101. 41. EBIT (9) 1 33. (22) 30. (57) Net finance (15) (9) (22) (32) (30) (46) Net result (loss) (26) (9) 9. (57) (6) (108)

¹ Revenues and profit from all joint ventures are as from 1 January 2014 accounted for according to the “equity method”. All presented segment figures are based on internal management reporting using the “proportional consolidation method”.

Business segments

Chemical Tankers

The activity in the chemical tanker markets in third quarter was quite similar to that of the previous period. Reduced spot trading to Asia from Europe and the US caused downward pressure on freight rates as fewer cargoes where available. Towards the end of the quarter the CPP market improved, which we expect will positively affect also the chemical tanker sector. Lower oil prices have started to reduce our bunker costs, but the downward trend in prices for oil products also seems to hamper trade and the activity in general. Delays in port continue to rise, leaving even more ships competing for the already limited berth/dock availability at the key petrochemical hubs. This creates scheduling challenges for both customers and suppliers.

3

Chemical Tankers (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13. FY13

Revenue 270 263 262 795 771 1,028 Gross Result 49 51 52 141 151 193 EBITDA 24 26 30 67 79 98 EBIT 1 3 7 (2) 9 3 Net bunker price per tonne (USD) 559 565 565 563 555 556

Indices 30.06.14 30.09.14 30.09.13 31.12.13

Odfix (1990 =100)1 126 122 120 114

Opex (2002 = 100)² 161 156 168 167

¹ The Odfix index is a weighted time-charter earnings index for a selection of vessels.

² The Opex index includes owned and bareboat chartered vessels.

Fleet changes

In October we took delivery of the third of four coated chemical tankers from the Hyundai Mipo yard in South Korea. The last vessel is expected to be delivered in the fourth quarter. Vessels number one and two are on long-term bareboat charters to Odfjell, while the two remaining units will be fully owned by us. Fleet additions (last 12 months) DWT Built Tanks Transaction

October 2014 Bow Trident 46,600 2014 Coated Owned

August 2014 Kristin Knutsen 19,152 1998 Stainless Short-term TC

June 2014 Bow Tribute 49,600 2014 Coated Bareboat

May 2014 UACC Mansouria 45,352 2013 Coated Short-term TC

April 2014 Bow Trajectory 49,600 2014 Coated Bareboat

April 2014 Bow Harmony 33,619 2008 Stainless Purchase

March 2014 SG Friendship 19,773 2003 Stainless Medium-term TC

February 2014 Berlian Ekuator 35,000 cbm 2004 LPG Short-term TC

January 2014 Celsius Mumbai 19,993 2005 Stainless Medium-term TC

December 2013 RT Star 26,199 2011 Stainless Medium-term TC

December 2013 Celsius Miami 19,991 2005 Stainless Medium-term TC

November 2013 Celsius Manhattan 19 807 2006 Stainless Medium-term TC

November 2013 Bow Condor 16,121 2000 Stainless Purchase, J/V

October 2013 Bow Eagle 24,728 1988 Stainless Short-term TC Short-term: Up to one year Medium-term: 1-3 years Long-term: More than three years

Fleet disposals, owned (last 12 months) DWT Built Tanks Transaction

December 2013 Bow Mate 6,008 1999 Stainless Sale

October 2013 Bow Eagle 24,728 1988 Stainless Sale

4

Gas Carriers

The announced joint venture for our LPG/Ethylene vessels became effective 29 September 2014 when the transaction was closed concerning our sale of 50% of the shares in Odfjell Gas AS. A capital gain in excess of USD 6 million was realised as a result of this transaction. Results for the third quarter are slightly down from previous quarter due to weak market conditions in Asia. Positive contribution however came from our vessel operating in the Western Hemisphere where utilization was satisfactory. We expect the trading conditions to recover somewhat in fourth quarter improving our overall result. In September, our two 9,000 cbm LPG/Ethylene carriers Bow Gallant and Bow Guardian joined the Lauritzen Kosan pool, which now consists of 13 such vessels in total. Trading the vessels in a larger entity should create synergies and stability that will benefit our operations.

Gas Carriers (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13 FY13

Revenue 8. 7 2. 20 10. 11. Gross Result 2. 1 (1) 4 (1) (1) EBITDA 1. 1 (1) 2 (2) (3) EBIT 1. 7 (2) 7 (4) (6)

Tank Terminals

Odfjell’s shareholding in the tank terminals business delivered an EBITDA of USD 4 million in the third quarter. With the exception of the tank terminals in Rotterdam and Charleston, the terminal results were positive and in line with previous quarter. The tank terminal group, excluding our terminal in Rotterdam, had a gross occupancy of 92% as by end of September. Our terminal in Charleston is fully operational since the start of 2014, and contracts for the full capacity are in final negotiations. The addition of new stainless steel tank capacity in Houston was completed early September with full occupancy, and the new 17,150 cbm tank pit construction is underway with expected completion in 4Q 2015. The construction of the new Tianjin Terminal in China is progressing with start of operations scheduled in 1Q 2015. Odfjell Terminals (Rotterdam)’s EBITDA for third quarter ended negative USD 6 million. The main part of the re-organisation and subsequent reduction of staff was completed as per 1 August, 2014. This has improved the cost base for the Company. The commercial focus remains on improving utilisation of the distillation units. Two tank-pits supporting the distillation units will be re-commissioned in fourth quarter of 2014.

Tank Terminals (USD mill) 2Q14 3Q14 3Q13 YTD14 YTD13 FY13

Revenue 24 23 33 70 104 129.

Gross result (2) 9 14 13 45 53.

EBITDA (10) 4 7 (6) 22 22.

EBIT (17) (5) 17 (29) 20 (72)

5

EBITDA by geographical segment (USD mill.) 1

2Q14 3Q14 3Q13 YTD14 YTD13 FY13

Europe (20) (6) (8) (34) (25) (33)

North America 4. 3 4. 10 10. 14.

Asia 4. 4 7. 11 21. 23.

Middle East 3. 2 4. 7 15. 18.

Total (10) 4 7. (6) 22. 22.

¹ Revenues and the profit from the terminals included in the Lindsay Goldberg transaction in 2013 are recognised according to the new ownership percentages as from 1 September 2013.

Finance

As we have seen lower oil prices and a weaker NOK toward the end of the quarter, the market value of our hedging positions related to bunkers and NOK purchase are negatively affected. The unrealized value of these positions is booked in the balance sheet. In connection with the delivery of Bow Trident, we drew on a new loan funded by export credit agencies and a relationship bank. The second tranche of this loan will be drawn on delivery of the fourth and final vessel from the yard. Key figures (USD mill.) 30.09.13 30.09.14 31.12.13

Cash and available-for-sale investments 117 123 94

Interest bearing debt 1,111 1,198 1,138

Net interest bearing debt 994 1,075 1,044

Available drawing facilities 102 0 0

Total equity 829 681 759

Equity ratio 39.1% 33.4% 37.2%

Shareholder information

By end of September, Odfjell A and B shares were trading at NOK 26.60 and NOK 24.50 respectively, against NOK 28.70 and NOK 28.00 respectively at the close of the previous quarter. In the same period the Oslo Stock Exchange Benchmark Index lost 2% and the Transportation Index was reduced by 8%. As of 30 September 2014 Odfjell had a market capitalisation of around NOK 2,265 million, which was equivalent to around USD 352 million.

Reducing cost and improving efficiency

The cost cutting and efficiency review was announced in May and fully mobilised as from July. Since then the process has been organized through work streams focusing on operating expenses, G&A, bunkers and trade optimization. The assessment phase has recently been completed. During the next two months all identified cost reductions will be subject to risk assessment and detailed planning. Implementation will take place as from January 2015. However, we will without delay continue implementing immediate cost saving and efficiency initiatives, related to reduced bunker consumption, trade optimization and selected cost items.

6

The immediate initiatives are expected to bring an annualised bottom line effect in excess of USD 50 million when fully implemented.

Prospects

US consumer confidence advanced in October to the highest in the past seven years as a result of further reductions in energy and transportation costs. The job market is continuing to improve, setting the stage for a stronger expansion of the US economy. German GDP contracted 0.2% in the previous quarter, with manufacturing and construction's contribution to growth at best being none. The deterioration in manufacturing continued over the summer. EU unemployment rate remained at 11.5% in September, versus the OECD average of 7.3%, and confidence in the economy slipped to the lowest in a year. The EU economic recovery seen in the spring is now hitting headwinds from weak internal demand and weakening global trade. China's gross domestic product grew at 7.4% in the January-September period compared with the previous 12-months period. China may lower its economic growth target to 7% next year as the Chinese government aims to improve economic structure. China has not missed its annual growth target since the Asian financial crisis of the late 1990s. A sustained drop in oil prices would act as a significant stimulus for the global economy should oil prices stay low, pushing down the cost of other commodities and reduce energy prices and transportation costs. Odfjell will benefit from lower bunker prices, albeit not dollar for dollar as we have locked in a portion of our bunker exposure at certain levels through bunker adjustment clauses and hedging contracts. We expect fourth quarter of 2014 to improve from the third quarter for our chemical tankers on a slightly stronger market, contract renewals, lower bunker costs and a reduced cost base. With regard to terminals, we expect improved results at Odfjell Terminals (Rotterdam) due to increased utilisation and a lower cost base. For the remainder of the terminals we expect a slight increase in earnings due to increase capacity.

Bergen, 12 November 2014 THE BOARD OF DIRECTORS OF ODFJELL SE

CONSO(USD mGross rVoyageTime-cOperatiGross r Share oGeneraOperatgain (lo DeprecCapitalOperat InterestInterestOther fNet fin Result Taxes Net res CONSOINCOM Net othin subsCash-flCash-flShare oequity m Net othloss in Net actOther Total c Net resNon-coOwner Total cNon-coOwner Earning

ODFJE

OLIDATED INmill) revenue e expenses charter expensesing expenses result

of net result fromal and administrting result befooss) on non-cu

ciation l gain (loss) on ting result (EB

t income t expenses financial items nancial items

before taxes

sult

OLIDATED SME

her comprehensequent periodlow hedges chalow hedges tranof comprehensivmethod

her comprehensubsequent pe

tuarial gain/(loscomprehensive

comprehensive

sult allocated toontrolling intereof parent

omprehensive iontrolling intereof parent

gs per share (U

ELL GROU

NCOME STA

s

m associates anrative expenses ore depreciatiorrent assets (E

non-current assBIT)

STATEMENT

nsive income tods: anges in fair valnsferred to profive income on in

nsive income neriods: ss) on defined be income

e income

: ests

income allocateests

SD) – basic/dilu

UP

ATEMENT

nd joint venture

on, amortisatioEBITDA)

sets

OF COMPRE

o be reclassifie

lue fit and loss statenvestments acc

ot being reclas

benefit plans

ed to:

uted

s

on and capital

EHENSIVE

d to profit or l

ement ounted for usin

ssified to profit

1Q14

266.

(130) (52) (43) 41.

(7)

(25) l

9.

(23) (0)

(14)

1. (9) 1.

(8)

(22)

(1) (23)

loss

1.(1)

ng (8)

t or

-..(8).

(31).

-..

(23)

-.. (31)

(0.26)

2Q14

275.

(127) (50) (48) 50.

(11) (26)

13.

(23)

0. (9)

1.

(10) (5)

(15)

(24)

(1) (26)

(1)0.

2.

-..1..

(24)

-..

(26)

-.. (24)

(0.29)

3Q14 3Q1

267. 25

(123) (127(47) (37(44) (4751. 4

(8) 3(24) (1

19. 6

(24) (23

7. (1. 3

1.

(10) (0. (1

(9) (22

(8) 1

(1) (2(9)

(6)(2)

(7) (

-..(15)

(24)

-.

(9)

-. (24)

(0.10) 0.

13

YTD 2014

59. 807. 7) (380) 7) (150) 7) (136)

49. 142.

30. (27) 8) (75)

61.

41.

3) (70) (5) 7. 33. (22)

1. 3.

(8) (30) 5) (4) 2) (32)

11. (54)

(2) (3) 9. (57)

10. (6) (3) (3)

(12)

(13)

-. -.. (5) (22)

5. (78)

- -. 9 (57)

- -. 5 (78)

.12 (0.66)

7

YTD 2013

FY20

771. 1

(363) (120) (143) 146.

25. (70)

101.

(68) (4) 30.

1. (24)

(8) (30)

(0)

(6) (6)

6.(6)

(13)

-.(13)

(18)

-..

(6)

-..

(18)

(0.08)

Y 13

1 027. (489) (164) (189) 186.

(52) (93)

41.

(89)

(9) (57)

0.

(34) (13) (46)

(103)

(5)

(108)

6.(7)

(11)

.23.12.

(96)

0.(108)

0.(96)

(1.35)

CONSOLPOSITIO(USD millShips NewbuildiOther nonInvestmenLoan to asNon-curreTotal non

Current reBunkers anDerivativeAvailable-Cash and cTotal currAssets helTotal asse

Paid in equOther equiTotal equ Non-curreDerivativeNon-curreTotal non Current poDerivativeCurrent liaTotal currLiabilities Total equ

LIDATED STAON

l)

ing contracts -current assets

nts in associatesssociates and joent receivables n-current asset

ceivables nd other invent

e financial instru-for-sale investmcash equivalentrent assets ld for sale ets

uity ity ity

ent liabilities es financial instent interest bearn-current liabil

ortion of interese financial instruabilities rent liabilities held for sale ity and liabilit

ATEMENT OF

s and joint ventuint ventures

s

tories uments ments ts

truments ring debt lities

st bearing debt uments

ties

F FINANCIAL

ures

L 1Q14

1 233

72 55

374 -

24 1 757

138

27 4

10 70

249 -

2 006

199 530 729

26 11

991 1 029

131

9 108 248

- 2 006

2Q14

1 271 28 54

361 -

23 1 738

126

21 3

10 120 280

82 2 100

199 506 705

26 16

1 073 1 115

142

10 91

243 36

2 100

3Q14

1 256 29 53

397 9

19 1 762

132 23

- 10

113 278

- 2 040

199 482 681

24 14

1 064 1 102

134

21 101 256

- 2 040

3Q13

1 256

40 55

454 -

42 1 847

124

30 3

10 108 275

- 2 122

199 630 829

53 14

952 1 019

159

12 104 275

- 2 122

8

FY2013

1 246 69 55

390 -

30 1 790

126

35 4

10 84

260 -

2 050

199 560 759

16 14

1 012 1 043

124

9 114 247

- 2 050

1) Theexcep

CONSCHAN(USD m Equity ChangeEquity ComprOther aShare rDisposDemergEquity Equity ChangeEquity ComprEquity

e Group has applied IFpt for reclassification

OLIDATED STATENGES IN EQUITY mill)

as at 1.1.2013 e in accounting princias at 1.1.2013 adjuste

rehensive income adjustments repurchases al minority ger

y as at 30.9.2013

as at 1.1.2014 e in accounting princias per 1.1.2014 adjus

rehensive income y as at 30.9.2014

FRS 11 from 1 Januarof items within the eq

EMENT OF

iple 1) ed for changes

iple 1) sted for changes

ry 2013. The effect onquity.

Paid in equity

Excha

differe

83. -..

83.-.-.

(3) -.

119 199

199.

-c199.

-c199c

n the change in accou

ange rate

ences Cash-flow hedge

reserves

24. (12)

(27) -.(3) (12)

-. (1)-. -.-. -.-. -.-. -.

(3) (13)

10. (1)(13) 2.(3) 1.

-. (9)(3) (8)

unting principles is fur

Available for sale reserve

0. -.. 0. 0. -. -. -. -.

.111

0. -.. 0. 0. 1.

rther described in note

Pension remeasure-

ment

a

(10) -..

(10) -.. -.. -.. -.. -..

(10)

17 -.

17 -.

17

e 1 and note 9. The ch

OCI associates and joint ventures

Retaeq

-.. 27. 27.

(11) -. -. -. -. (

16

-.. 11. 11.

(13) (1).

hange has no effect on

ined quity

Total other

equity

822. 824. -.. -..

822. 824.(6) (18)

(18) (18) (39) (39)

-.. -.119) (119) 640 630

533. 560..

-.. -...533. 560..(57) (78).476. 482..

9

n the total equity,

Non-controlling

interests To

6.. -.. 6.. -.. -.. -..

(6) -.. -..

-.. -.. -.. -.. -..

9

otal equity

914. -..

914. (18) (18) (42) (6)

-. 829

759.

-.. 759. (78) 681.

1) R

r2) O

Tw

PROFITA Earnings pReturn on Return on Return on FINANCIAverage nBasic/dilutShare pricDebt repayCurrent raEquity rati USD/NOK

CONSOL

(USD mill

CASH-FLProfit befoTaxes paidDepreciatiCapital (gaInventory Trade debtTrade credDifferenceShare of nEffect of eChange inNet cash-f CASH-FLSale of nonInvestmenCapital coAvailable-Changes inNet cash-f

Return ratios relevant perioOn 1 OctoberThe TRS comwas terminate

ABILITY

per share (USDtotal assets 1) equity 1) capital employ

IAL RATIOS number of shareted equity per se per A-share (yment capabilit

atio io

K rate at period

LIDATED CAS

l)

LOW FROM Oore income taxed in the period ion and impairmain) loss on non(increase) decrtors (increase) dditors increase e in pension cosnet result from aexchange differn other current aflow from oper

LOW FROM In-current assets

nt in non-currenntribution/inve-for-sale investmn non-current reflow from inve

are based on aod. r 2012 Odfjell

mprised 5,891,ed 5 February

) - basic/diluted

yed 1)

es (mill.) 2) share (USD) USD) ty (Years)

end

SH-FLOW ST

OPERATING es

ment n-current assetsrease decrease (decrease)

st and pension passociates and jences

accruals rating activitie

INVESTING As

nt assets stments in sharments eceivables esting activities

annualised res

SE entered in166 A-shares 2013.

d

ATEMENT

ACTIVITIES

s

premium paid oint ventures

es

ACTIVITIES

es

s

sults, except f

nto a Total Reand 2,322,48

1Q14

(0.26)

(2.6%) (12.1%)

(2.8%)

86.8 8.4 5.9

347.7 1.0

36.3%

6.01

1Q14

(22) (2) 23. -.. 8. 4.

(3) 0. 7.

(0) (14)

1.

-. (8)

-. 0. 6.

(2)

for non-recurri

eturn Swap (TR2 B-shares wi

2Q14

(0.29)

(5.8%) ((14.2%) (

(2.1%) (

86.8 8.1 4.7 NA 1.3

33.6% 3

6.13

2Q14

(24) (0) 23.

0. 6. 1.

(13) 0.

11. (0) 22. 24.

-.. (99)

-.. (0) 1.

(99)

ing items that

RS) agreemenith pre agreed

3Q14 3Q

(0.10) 0

(1.4%) 1.2(8.1%) (2.3(0.9%) 4.3

86.8 787.8 104.1 6

32.0 171.1 1

3.4% 39.1

6.43 6.0

3Q14 3Q1

(8) 1(0) 24 2(7) (1) (

(18) (23

0 8 (30 (

(13) (28 (1

- (8) (1

- (4(0) ((3) 2

(10) (2

are included

nt with DNB Mstrike prices.

Q13 YTD2014

.12 (0.66)2% (1.9%)

3%) (10.9%)3% (1.6%)

8.6 86.8 0.6 7.8 6.7 4.1 7.9 132.6 1.0 1.1 1% 33.4%

00 6.43

13 YTD

2014

11. (54) -.. (3)

23. 70. 5. (7)

(6) 12. (3) (12) 6. 7. 4. 0.

32) 27. (2) 0. 20) (7) 12) 34.

- -. 14) (115) 41) -. (0) (0) 26 4.

29) (111)

10

in the

Markets. The TRS

YTD2013

(0.08) 0.8% (1.7%) 3.1%

79.710.6

6.717.9

1.039.1%

6.00

YTD2013

(0) (18) 68.

4. 6.

(12) 10. (2)

(25) (2) 1.

30.

8. (86)

1. 2. 7.

(68)

FY 2013

(1.35)

(3.6%) (12.8%)

(6.4%)

79.4 9.7 6.7

15.7 1.1

37.2%

6.08

FY2013

(103) (17) 89.

9. 0. 8.

(50) (4) 52. 14. 19. 17.

22. (141)

7. 14.

7. (91)

Notes to Note 1 – Odfjell SEOslo Stoc Basis of pThe interGroup haReportingannual fin31 Decem The inter New stanThe accouthe annuaand interp The Groujoint ventarrangemventures. arrangem The prior31has beein joint op Joint ventaccountedinterest in11 is thataccountedfinancial in note 9.

CASH-FLNew intereRepaymenPurchase oNet cash-f Effect on cfluctuationNet chang Opening cClosing ca

the consolida

Accounting pE is ultimate pck Exchange.

preparation aim consolidat

ave been prepag”. The interinancial statemmber 2013.

im financial s

ndards, interpunting principal financial stapretations effe

up has appliedtures’. IFRS 1

ment rather thaThe joint ope

ment. A joint o

r policy choiceen eliminated.perations will

tures arise whd for under thn its joint arrat all entities prd for by applyposition have.

LOW FROM Fest bearing debnt of interest beof treasury sharflow from fina

cash balances frns ge in cash and

cash and cash eqash and cash e

ated financial

principles parent companThe company

and changes ted financial stared in accordim financial st

ments, and sho

statements are

pretations anples used in thatements for thective as of 1

d for the first t11 ‘Joint arranan its legal formerations arise wperator accou

e of proportio. Equity accoul follow accou

here the investe Equity meth

angements is wreviously accoying the Equitye been adjusted

FINANCING At aring debt

res ancing activitie

from currency e

cash equivalen

quivalents equivalents

l statements

ny of the Odfjy’s address is C

to the Grouptatements for

dance with Intetatements do n

ould be read in

unaudited.

nd amendmenhe preparation he year endedJanuary 2014

ime IFRS 11 ngements’ focum. There are twhen the inve

unts for its sha

nate consolidaunting is mandunting much li

tors have righthod. After evawithin the defiounted for by ay method. Cod accordingly

ACTIVITIES

es

xchange rate

nts

fjell Group. OdConrad Mohr

p’s accountingthe first nine ernational Acnot include alln conjunction

nts adopted bn of these finand 31 December.

‘Joint arrangeuses on the rigtwo types of jestors have rigare of the asset

ation for jointdatory for partike that for joi

ts to the net asaluating IFRS inition of a ‘joapplying the pomparative figy. The effect o

1Q14

18. (32)

-.. (14)

0. (15)

84 70

dfjell SE is a psv. 29, Bergen

g policies months endedcounting Stanl the informatiwith the Grou

by the Groupncial statemenr 2013, excep

ements’. The Ights and obligoint arrangem

ght to assets ants, liabilities, r

tly controlled ticipants in joint operations

ssets of the ar11, Managem

oint venture’. proportionate gures in the inf changes in th

2Q14 3

152. (27)

-.. 124

0 50

70

120

public listed cn, Norway.

d 30 Septembendard IAS 34 “ion and disclo

up’s annual fin

nts are consistet for the adopt

IFRS 11 replagations of the pments: joint opnd obligationsrevenue and e

entities in accint ventures. today.

rangement. Joment has consi

The consequeconsolidated mcome statemehe accounting

3Q14 3Q1

27. 7(30) (12

-. (3) (53

(0) (6) (9

120 20113 10

company trade

er 2014 for Od“Interim Finanosures requirenancial statem

ent with thosetion of new st

aces IAS 31 ‘inparties to the

perations and js for the liabilexpenses

cordance with Entities that p

oint ventures aidered that theence of applyinmethod now i

ent and statemg principles ar

13 YTD 2014

72. 197. 24) (90)

-.. -.. 3).... 107

0.

(0) 93) 29

02 84 08 113

11

ed on the

dfjell ncial d in the

ments as at

e used in tandards

nterest in

oint ities of an

IAS participate

are e Group’s ng IFRS is

ment of re shown

YTD 2013

265.

(197) (42) 25..

(1) (14)

122 108

FY 2013

388. (309)

(42) 37.....

(0) (37)

122.

84.

Several oannual co IFRS 10 The standcontrol. Tcontrol is IFRS 12 IFRS 12 rrisks and 12 have n There havinstrumenThese chastatement Note 2 – Managemmanagemapplying Chemicawith ship Tank terproducts. Gas CarrOdfjell G

(USD millChemical Gas CarrieTank TermGross reveTotal grosChemical Gas CarrieTank TermTotal operamortisatnon-curreChemical Gas CarrieTank TermTotal operChemical Gas CarrieTank TermTotal net Chemical Gas CarrieTank TermAssets helTotal asse

other new stanonsolidated fin

‘consolidated dard changes tThe revised des present. The

‘ disclosure orequires entitifinancial effe

no impact on t

ve in addition nts: presentatianges have nots.

Segment info

ment has determent. In acco

the proportion

al Tankers: Tps. The compo

rminals: The t The segment

riers: The GroGas has today e

l) Tankers ers minals enue from interss revenue Tankers ers minals rating result b

tion and capitaent assets (EBITankers ers minals rating result (ETankers ers minals result Tankers ers minals ld for sale ets

ndards and intenancial statem

financial statthe definition efinition of conew definitio

f interests in oies to discloseects associatedthe interim fin

been made mion’, IAS 39 ‘o material imp

ormation

rmined the operdance with thnate consolida

The Chemical Tosition of the s

tank terminal t is operated th

oup re-enteredeight vessels o

rnal customers

before depreciaal gain (loss) onITDA)

EBIT)

erpretations apments or the int

ements’ of control so ntrol focuses

on does not res

other entities’e information td with the entinancial statem

minor adjustme‘financial instpact of the Gro

erating segmehe internal fination method.

Tankers segmships enables t

segment offerhrough the joi

d into the LPGon order for d

1Q14263.

5.23.(1)

290.17.

0.(0)

ation,n

17.(6)(1)(8)

(15)(17)

(1)(4)

(22)1 568

81673

-.2 322

pply for the finterim financia

that the same on the need tosult in any cha

that helps finaities interest in

ments.

ents to IAS 19truments’, IASoup’s annual f

ents based on tnancial reporti

The Group h

ment involves athe Group to o

rs storage andint venture Od

G market in 20delivery betwe

2Q14 270

8 24

1 302 24.

1. (10)

15. 1. 1.

(17) (15) (12)

0. (14) (26)

1 672 -

674 82

2 428

irst time in 20al statements o

criteria are apo have both poange in the co

ancial statemen subsidiaries,

9 ‘employee bS 36 ‘impairmfinancial state

the informationg, investmenas three repor

a ‘round the woffer both glob

d distillation odfjell Termina

012 by acquirieen 2015 and 2

3Q14 3Q263.

7. 23. (1)

292.26.

1. 4.

31. 3. 7.

(5) 5.

(5) 5.

(9) (9)

1 662 167

654 -

2 383 2

14. However, of the Group.

pplied to all enower and variansolidation fo

nts readers to , joint venture

enefits’, IAS ment of assets’

ments or the i

on regularly rents in joint ventable segment

world’ transpobal and region

f various chemls AS.

ing two LPG/2017.

Q13 YTD2014

262. 7952. 20

33. 70(2) (1

296 88530 67(1) 2

7 (6

37 637. (2

(2) 717. (2923 (24(0) (34(2) 412. (27

9. (57616 1 66265 67

770 654-

451 2 383

they do not imThese standar

ntities to deterable returns b

or the Group.

o evaluate the nes and associat

32 ‘Financial and IFRIC 2interim financ

eview by senionture are repots:

ortation of chenal transportat

mical and petr

/Ethylene carr

D 4

YTD 2013

5. 771. 0. 10. 0. 104. 1) (3) 5. 882. 7. 79. 2. (2) 6) 22

3.

100 2) 9. 7. (4) 9) 20. 4) 25. 4) (25) 4. (6) 7) 25. 7) (6) 2 1 616 7 65 4 770 - - 3 2 451

12

mpact rds are:

rmine before

nature, tes. IFRS

1 ‘levies’. cial

or rted by

micals tion.

roleum

riers, and

FY2013 1 028.

11. 129.

(3) 1 165..

98. (3) 22.

117. 3.

(6) (72) (75) (46)

(8) (53)

(108) 1 625

50 685

- 2 360

Reconcili

(USD mi

Total grRevenueRevenue

Total gr

Total EBEBITDAEBITDAShare of

Total EB

Total segSegmentSegmentShare of

Total EB

Note 3 - N

(USD millLoans fromFinancial lBonds Current poTransactioTotal inteCash and cAvailable Net intere

(USD millNew intereDisposal oPayment o

Note 4 – In the norparties. O

iation:

ill)

ross revenue see from associatee from associate

ross revenue in

BITDA segmenA from associateA from associatef net result from

BITDA income

gment EBIT t EBIT from asst EBIT from assf net result from

BIT income sta

Net interest b

l) m financial instileases

ortion interest bon costs rest bearing dcash equivalentfor sale investm

est bearing liab

l) est bearing debtof interest bearinof interest bearin

Transactions

rmal course oOdfjell conside

egments es and joint venes and joint ven

ncome statemen

nts es and joint venes and joint ven

m associates and

e statement

sociates and joisociates and joi

m associates and

atement

bearing liabil

itutions – floati

earing debt

ebt t ments bilities

t ng debt ng debt

s with related

f the conduct ers these arran

tures - Tank tertures - Chemica

nt

ntures - Tank terntures - Chemicd joint ventures

nt ventures – Tnt ventures - Ch

d joint ventures

lities

ing interest rate

d parties

of its businessngements to be

rminals al Tankers

rminals cal Tankers

Tank terminalshemical Tanker

e

s, the Group ee on reasonab

1Q1

29(23

(

26

1(0(0(7

(15

rs (0(7

(14

enters into a nble market term

14 2Q14

0. 302.3) (24)1) (3)

6. 275.

7. 15.0) 10.0) (1)7) (11)

9. 13.

5) (15)8. 17.0) (0)7) (11)

4) (9)

3Q14 4474.

260. 336. 134.

(6) 1 198. (113)

(10) 1 075

3Q14

27. (15) (30)

umber of tranms.

3Q14

292. (24)

(2)

267.

31. (4) (1) (8)

19.

5. 5.

(1) (8)

1.

3Q13

496. 169. 294. 159.

(7) 1 111. (108)

(10) 993.

3Q13

72. -.

(124)

nsactions with

13

YTD2013 2

882 1(104) (1

(6)

771 1 0

100.(22)

(2) 25

101

25.

(20) (0) 25.

30.

FY2013 542. 183. 294. 124.

(7) 1 136

(84) (10)

1 042.

FY2013 388.

-. (309)

related

FY 2013

165.129)

(8)

027.

117.(22)

(2) (52)

41.

(75) 72. (1)

(52)

(57)

Note 5 –

(USD millNet carryinInvestmenSale of nonDepreciatiExchange Net carryi Note 6 – The Grouinputs usequoted prmeasuremeither dirto be the payables. During 20transfers caused th Assets anfair value (USD millRecurringFinancial a Deriva DerivaFinancial l Deriva DerivaAvailable-

Non-current

l) ng amount begi

nts in non-currenn-current assetson and impairmdifferences ing amount en

Fair value an

up classifies faed in making rices (unadjusment date, andectly or indirebest estimate .

014 there havbetween level

he transfer.

nd liabilities we hierarchy we

l) g fair value meassets at fair vaatives instrumenatives instrumenliabilities at fairatives instrumenatives instrumen-for-sale-investm

t assets

inning nt assets s ment

nd

nd financial i

air value measthe measuremted) in active

d level 2 are inectly. For somof fair value d

e been no tranls of the fair v

which are measere as follows

easurement alue through pronts – non hedgints - hedging r value throughnts – non hedgints - hedging ments

instruments

surements usinment. The mea

markets for idnputs other tha

me non-derivatdue to short m

nsfers betweenvalue hierarchy

sured at fair v:

ofit or loss: ing

h profit or loss:ing

ng a fair valueasurement useddentical assetsan quoted prictive financial a

maturity date a

n levels of they from the dat

value in the Co

3Q14Level

1

3Q141 369

115(77)(70)

-1 338

e hierarchy thd by Odfjell iss or liabilities ces that are obassets and liab

and valid term

e fair value hiete of the event

onsolidated Ba

4 1

3Q1Level

- -

- 2- 0

3Q13 1 345

86 (11) (68)

(1) 1 351

at reflects the s either level 1that the entity

bservable for thbilities we cons, i.e. current

erarchy. The Gt or change in

alance Sheet a

14

2 3Q

Leve

- -

26 9 -

FY2013 1 345.

141. (28) (89)

1. 1 370

significance 1 or 2, where y an access at the asset or liansider carryingreceivables an

Group accounn circumstance

and their level

Q13 el 1

3QLev

- -

- -

10

14

of the level 1 is the

ability, g amount nd

ts for es that

l of the

Q13 el 2

- 3

22

4 -

Note 7 – The sharebased on expenses,

(USD mill Gross reveEBITDA EBIT Net result Non-curreCurrent asTotal asse Total equ Non-curreCurrent liaTotal liab

Note 8 –

(USD millChanges inCurrency gOther Total othe

Included partnersh Note 9 – With the figures ar

Investments

e of result andequity metho, total assets, t

l)

enue

ent assets ssets ets

ity closing bala

ent liabilities abilities

bilities

Other financ

l) n fair value in dgains (losses)

er financial ite

in “Other” in hip agreement

Figures pres

effect from 1 re presented b

CONSOLID(USD mill) Gross revenuVoyage expeTime-charterOperating exGross result

in associates

d balance sheed in the interimtotal liabilities

ance

cial items

derivatives

ems

second quartewith Lindsay

ented based o

January 2014based on Propo

DATED INCO

ue enses r expenses xpenses t

and joint ven

et items from im financial sts and equity:

Chem

Tank

1Q141.0.

(1)1.

er are provisioGoldberg.

on Proportio

4 Odfjell changortionate meth

OME STATEM

ntures

investments intatements. The

mical kers

TTermi

7.(1)(1)(0)

98

17

10

347

2Q14 (8) 8.

(5) (5)

ons related to

onate method

nged from Prophod for compa

MENT

n associates ane figures below

YTD14Tank inals

GaCarrier

70.(6)

(29)(27)

588 565 1

653 6

333 5

256 164

320 1

3Q14 3Q(5) 6.

(0) 0.

specific indem

portionate mearison purpose

Propo

YT

nd joint venturw show our sh

as rs Total

- 77. - (7) - (30) - (27)

53 650 16 89 69 739

54 397

13 272

2 70 15 343

Q13 YTD2014

(4) (12(11) 14

(1) (6(15) (4

mnity clauses

thod to equityes.

ortional method

TD 2014

Pro

885.

(383) (150) (195) 157.

ures are recognhare of revenu

Chemical Tankers

5 1 1 0

5 5

10

9

0 1 1

D 4

YTD 2013

2) 8. 4. (9) 6) (7) 4) (8)

in the global

y method. Bel

oportional

method FY 2013

1 165. (491) (165) (268) 241.

15

nised ue and

YTD13 Tank

Terminals

104222025

641131772

444

24484

328

FY2013 8.

(14) (7)

(13)

ow

Total

109232125

646137783

454

24485

329

Share of net General and Operating rcapital gain DepreciationImpairment Capital gain Operating r Interest incoInterest expeOther financNet financia Result befor Taxes Net result

Intangible asShips NewbuildingTank terminOther non-cuInvestments Non-current Total non-c Current receBunkers andDerivative fiAvailable-foCash and casTotal currenTotal assets Paid in equitOther equityTotal equity Non-current Derivatives fNon-current Total non-c Current portDerivative fiCurrent liabiTotal currenTotal equity

result from assadministrative

result before dn (loss) on non-

n

(loss) on non-cresult (EBIT)

ome enses cial items al items

re taxes

ssets

g contracts als urrent assets in associates anreceivables urrent assets

eivables d other inventorinancial instrumor-sale investmesh equivalents nt assets

s

ty y y

liabilities financial instruinterest bearingurrent liabiliti

ion of interest binancial instrumilities nt liabilities y and liabilities

sociates and joinexpenses epreciation, amcurrent assets

current assets

nd joint venture

ies ments ents

ments g debt ies

bearing debt ments

s

nt ventures

mortisation an (EBITDA)

es

nd

Proportiomet

30.09.2

1

2

2

11

2

0.

(94)

63.

(94) -. 7.

(24)

2. (37) (10) (45)

(69)

12.

(57)

onal thod 2014

Pr

3

43 295 50

498 83 21 26

016

161 24

- 10

172 367 383

199 482 681

51 17

306 375

155

21 151 327 383

1. (125)

117.

(126) (81) 16.

(75)

5. (51)

6. (40)

(115)

7. (108)

roportional method

31.12.2013

44 1 256

69 492

85 23 33

2 002

155 37

4 10

152 357

2 360

199 560 759

65 17

1 216 1 298

134

9 159 302

2 360

16

Note 10 –

Odfjell anL.P. has bagreemenconsideraand the Pprogrammfirst classmodern a

Up to 30 2014, Odmeasuremremaining Odfjell ainclude stransactiocompany cash inveOdfjell atransactio

– Disposals

nnounces 1 Obeen closed. Tnt, Breakwateration for the 5Partners have eme for the joins operators, toand eco-friend

September 20dfjell recognisment of aboug investment i

announced 18substantially aon, Lindsay Gy for Odfjell's testment in OTand 49% by on, accounted

ctober 2014 thThe closing tor Capital and O0% equity inteach agreed tont venture. Od build a leadin

dly fleet and a

014, Odfjell hsed its retaine

ut USD 6 milin Odfjell Gas

June 2013 tall of the Od

Goldberg has tank terminalsTAS, by way Lindsay Goldfor in 3Q 201

hat the transacok place on 3Oak Hill Adverest in Odfje

o commit apprdfjell and the Png LPG/Ethyllong-term ma

has consolidateed investmentllion is recogs AS is recogn

that the transadfjell's tank tacquired a 4

s activities. Inof a capital i

dberg. Odfjel13.

ction with Bre0 September 2

visors, L.P invell’s LPG/Ethyroximately USPartners aim, tlene carriers parket perspecti

ed Odfjell Gant (50%) in Ognised in the nised accordin

action to expterminals bus49% interest n exchange forincrease of Ull realized a

eakwater Capi2014. In accoested approximylene businessSD 50 millionthrough conso

platform foundive.

as AS 100%. UOdfjell Gas A

income stateng to the equit

pand the jointsiness globallyin Odfjell Ter a 49% share

USD 219.2 mibook gain o

ital and Oak Hordance with tmately USD 5s (Odfjell Gas to finance the

olidation and pded upon oper

Upon loss of cS at its fair v

ement. On 30y method.

t venture withy had been c

erminals AS (in OTAS, Linllion. OTAS f USD 24.5

Hill Advisors, the joint ventu50 million as s AS). Furthere existing newpartnerships wrational excell

control at 30 Svalue. The ga0 September

h Lindsay Goclosed. As p("OTAS"), thndsay Goldbeis now ownemillion relat

17

ure

r, Odfjell wbuilding with other lence, a

September ain on re-2014, the

oldberg to art of the

he holding erg made a d 51% by ted to the

FLEET & TERMINAL OVERVIEW as per 10 November 2014

CHEMICAL TANKERS YEAR STAINLESS NUMBEROWNED: SHIP BUILT DWT CBM STEEL, CBM OF TANKS

Bow Trident 2014 49 622 53 188 - 22 Bow Pioneer 2013 75 000 86 000 - 30 Bow Nangang 2013 9 156 10 523 10 523 14 Bow Dalian 2012 9 156 10 523 10 523 14 Bow Fuling 2012 9 156 10 523 10 523 14 Bow Lind 2011 46 047 48 698 - 29 Bow Elm 2011 46 098 48 698 - 29 Flumar Brasil 2010 51 188 55 452 - 14 Bow Harmony 2008 33 619 38 052 38 052 16 Bow Saga¹ 2007 40 085 52 126 52 126 40 Bow Sirius¹ 2006 49 539 52 155 52 155 40 Bow Sea 2006 49 511 52 107 52 107 40 Bow Engineer 2006 30 086 36 274 36 274 28 Flumar Maceio 2006 19 975 21 713 21 713 22 Bow Summer 2005 49 592 52 128 52 128 40 Bow Spring 2004 39 942 52 127 52 127 40 Bow Star 2004 39 832 52 127 52 127 40 Bow Santos 2004 19 997 21 846 21 846 22 Bow Sun 2003 39 842 52 127 52 127 40 Bow Firda 2003 37 427 40 645 40 645 47 Bow Chain 2002 37 518 40 621 40 621 47 Bow Andes 2000 16 020 17 120 17 120 22 Bow Condor 2000 16 121 17 622 17 622 30 Bow Fortune 1999 37 395 40 619 40 619 47 Bow Master 1999 6 046 7 018 7 018 14 Bow Pilot 1999 6 008 7 005 7 005 14 Bow Sailor 1999 6 008 7 011 7 011 14 Bow Cecil 1998 37 369 40 515 33 236 47 Bow Flora 1998 37 369 40 515 33 236 47 Bow Balearia 1998 5 846 6 075 6 075 20 Bow Oceanic 1997 17 460 19 616 19 616 24 Bow Bracaria 1997 5 846 6 071 6 071 20 Bow Brasilia 1997 5 800 6 067 6 067 20 Bow Cardinal 1997 37 446 41 487 34 208 52 Bow Faith 1997 37 479 41 487 34 208 52 Bow Aratu 1997 13 843 15 834 15 834 29 Bow Querida 1996 10 106 11 181 11 181 18 Bow Cedar 1996 37 455 41 488 41 488 52 Bow Atlantic 1995 17 460 19 588 19 588 24 Bow Fagus 1995 37 375 41 608 34 329 52 Bow Clipper 1995 37 221 41 596 34 328 52 Bow Flower 1994 37 221 41 492 34 213 52 Bow Victor 1986 33 000 34 500 21 975 31

TIME CHARTERED/POOL:Bow Tribute² 2014 49 622 53 188 - 22 Bow Trajectory² 2014 49 622 53 188 - 22 UACC Mansouria 2013 45 352 52 566 - 22 UACC Marah 2013 45 249 52 565 - 22 Chemroad Hope 2011 33 552 37 161 37 161 18 RT Star 2011 26 199 27 912 27 912 18 SG Pegasus 2011 13 086 14 523 14 523 16 Southern Koala 2010 21 290 20 008 20 008 20 Bow Tone 2009 33 625 37 974 37 974 16 Bow Hector 2009 33 694 37 384 37 384 16 Southern Ibis 2009 19 905 22 158 22 158 20 Southern Jaguar 2009 19 997 22 157 22 157 20 Bow Sagami 2008 33 641 38 000 38 000 16 Bow Kiso 2008 33 641 37 974 37 974 16 Bow Heron 2008 33 707 37 365 37 365 16 Celsius Mayfair 2007 19 999 21 714 21 714 20 Bow Fuji 2006 19 805 22 140 22 140 22 Celsius Manhattan 2006 19 807 22 143 22 143 22 Moyra 2005 19 806 22 838 22 838 18 Bow Sky² 2005 40 005 52 126 52 126 40 Bow Architect 2005 30 058 36 290 36 290 28 Celsius Monaco 2005 19 999 21 851 21 851 22 Celsius Mumbai 2005 19 993 22 186 22 186 22 Celsius Miami 2005 19 991 22 192 22 192 22 Chembulk Sydney 2005 14 271 16 571 16 571 20 Golden Top 2004 12 705 13 388 13 388 22 Chembulk Wellington 2004 14 312 15 591 15 591 20 Bow Asia² 2004 9 901 11 088 11 088 20 Bow Singapore² 2004 9 888 11 089 11 089 20 Bow Americas 2004 19 707 22 735 22 735 36 SG Friendship 2003 19 773 21 651 21 651 26 Bow Jubail² 1996 37 499 41 488 34 209 52 Bow Mekka² 1995 37 272 41 606 34 257 52 Bow Riyad² 1995 37 221 41 492 34 213 52 Kristin Knutsen 1998 19 152 19 409 19 409 34 Number of ships: 78 2 211 628 2 476 881 1 887 964 2 211

¹ Vessel beneficially owned through financial lease.² Vessel on bare-boat charter.³ Vessel on variable time charter/pool.

YEAR NUMBERLPG/ETHYLENE CARRIERS SHIP BUILT DWT CBM TYPE OF TANKSOWNED: Bow Gallant³ 2 008 10 282 8 922 LPG/Ethylene 2

Bow Guardian³ 2 008 10 282 8 922 LPG/Ethylene 2

TIME CHARTERED: Berlian Ekuator 2 004 26 776 35 000 LPG/Ammonia 3 Number of ships: 3 47 340 52 844 7

ON ORDER: YARD DELIVERY DWT OWNER COMMENTHyundai Mipo Dockyard., Ltd 2014 49 622 OdfjellNumber of newbuildings: 1 49 622

LPG/ETHYLENE CARRIERS YARD DELIVERY CBM OWNER COMMENT

Nantong Sinopacific Offshore & Engineering Co., Ltd 2015 17 000 Odfjell Gas 50/50 JV" 2015 17 000 Odfjell Gas "

" 2016 17 000 Odfjell Gas "" 2016 17 000 Odfjell Gas "" 2016 22 000 Odfjell Gas "" 2016 22 000 Odfjell Gas "" 2017 22 000 Odfjell Gas "" 2017 22 000 Odfjell Gas "

Number of newbuildings: 8 156 000

STAINLESSTANK TERMINALS LOCATION CBM

STEEL, CBM

TANKS

Odfjell Terminals (Rotterdam) BV Rotterdam, NL 51 % 1 636 100 32 550 281 Odfjell Terminals (Houston) Inc Houston, USA 51 % 362 134 112 833 110 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 491 - 9 Odfjell Terminals (Jiangyin) Co Ltd Jiangyin, China 28.05 % 99 800 30 000 22 Odfjell Terminals (Dalian) Ltd Dalian, China 25.5 % 119 750 18 350 51 Odfjell Terminals (Korea) Co Ltd Onsan, Korea 25.5 % 313 710 15 860 85 Oiltanking Odfjell Terminal Singapore Ltd Singapore 25.5 % 365 051 13 520 79 Oiltanking Odfjell Terminal & Co. LLC Sohar, Oman 15.17 % 1 294 780 - 66 Noord Natie Terminals Antwerp, Belgium 12.75% 350 000 50 800 241 Exir Chemical Terminals PJSCO BIK, Iran 35 % 22 000 1 000 18 Total terminals 10 terminals 4 642 816 274 913 962

STAINLESSPROJECTS AND EXPANSIONS LOCATION CBM

STEEL, CBM

COMPLETION

Odfjell Nangang Terminals (Tianjin) Co.,Ltd Tianjin, China 24.99% 137 800 7 000 Q4 2014Odfjell Terminals (Houston) Inc Houston, USA 51 % 17 170 - Q2 2014/Q3 2015Oiltanking Odfjell Terminal Singapore Ltd Singapore 25.5 % 12 000 - Q1 2015Odfjell Terminals Quanzhou (Fujian) Quanzhou, China 25.5% 184 000 - Q1 2016Total expansion terminals 2 new terminals 350 970 7 000

STAINLESSTANK TERMINALS PARTLY OWNED BY RELATED PARTIES*) LOCATION CBM

STEEL, CBM

TANKS

Depositos Quimicos Mineros S.A. Callao, Peru 52 980 1 600 43 Granel Quimica Ltda Santos I, Brazil 97 720 19 880 99 Granel Quimica Ltda Rio Grande, Brazil 61 150 2 900 32 Granel Quimica Ltda Sao Luis I, Brazil 75 710 - 35 Granel Quimica Ltda Ladario, Brazil 8 060 - 6 Granel Quimica Ltda Triunfo, Brazil 12 430 - 3 Granel Quimica Ltda Teresina, Brazil 7 640 - 6 Granel Quimica Ltda Palmas, Brazil 11 000 8 Odfjell Terminals Tagsa S.A. Buenos Aires, Argentina 38 826 530 56 Odfjell Terminals Tagsa S.A. Campana, Argentina 68 580 10 190 102 Terquim S.A. San Antonio, Chile 32 840 - 25 Terquim S.A. Mejillones, Chile 16 840 - 7 IMTT-Quebec Quebec, Canada 293 130 5 500 53 Total tank terminals partly owned by related parties 13 terminals 776 906 40 600 475

PROJECTS AND EXPANSIONS TANK TERMINALS PARTLY OWNED BY RELATED PARTIES*) LOCATION CBM COMPLETION

Depositos Quimicos Mineros S.A. Callao II, Peru 17 850 - ready Q4 2015Granel Quimica Ltda Santos II, Brazil 52 000 - ready Q4 2016Granel Quimica Ltda Sao Luis II, Brazil 52 750 - ready Q2 2015Granel Quimica Ltda Palmas, Brazil 6 000 - ready Q2 2015Total expansion tank terminals partly owned by related parties 2 new terminals 128 600 -

Grand total (incl. related tank terminals partly owned by related partie 23 existing terminals 5 419 722 315 513

*) Tank terminals and projects partly owned by Odfjell family.**) Odfjell SE's indirect ownership share

OWNER SHIP**)

OWNER SHIP**)

Investor Relations contact Media contact Tom A. Haugen Margrethe Gudbrandsen Phone: + 47 55 27 46 69 Phone: + 47 55 27 45 48 Mobile: + 47 90 59 69 44 Mobile: + 47 48 07 47 47 tom.haugen@odfjell.com margrethe.gudbrandsen@odfjell.com

ODFJELL SE Conrad Mohrsveg 29, P.O.Box 6101 Postterminalen 5892 Bergen, Norway Tel: +47 5527 0000 Fax: +47 5528 4741 E-mail: ir@odfjell.com Org. no: 930 192 503 www.odfjell.com