[PPT] - INVESTOR PRESENTATION APRIL 2011 1 AGENDA 1. Key facts 2. PowerPoint Presentation

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INVESTOR PRESENTATION APRIL 2011

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AGENDA

1. Key facts
2. Business Model
3. Tanker Market



Demand



Supply

4. OFFSHORE SERVICES MARKET
5. Q&A

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1. KEY FACTS

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HISTORY

1995: JV Established between CNN & CMB
1997: Become full subsidiary of CMB
2000: founder of TI VLCC Pool
July 2004: Acquisition of ULCC with OSG
December 2004: Demerger from CMB
December 2004: Listing on Euronext
March 2005: Acquisition of Metrostar VLCC
April 2005: Merger with Tanklog (15 Suez)

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5 EURONAV

Stock Exchange: EURONEXT Ticker: EURN Bloomberg: EURN BB Reuters: EURN.BR

SAVERYS – LIVANOS Families 39.29% -- 20.97% Free Float 36.36%

PUBLIC COMPANY… …WITH SOLID REFERENCE S/H

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A FOCUSED FLEET

Vessel Type Cargo intake / vessel Euronav owned TC-IN (Weighted) World Fleet

FSO 3 m bls 2 x 50% n/a V-PLUS 3.2 m bls 1 2 VLCC 2 m bls 11 (2 CSR)

10+ (2 x 1/2 in J/V)

10 incl. JV (weighted 5,55) 502 Newbuilding VLCC 2 m bls 1 SUEZMAX 1 m bls 20 (16 ice-class) + (2 x in J/V) 363 Newbuilding Suezmax 1 m bls 4 (CSR)

2+ (3 x ½ in JV)

Total = 43 Ships + 5 Newbuildings Mix of spot and Fixed contracts

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2. Strategy

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2. BUSINESS MODEL

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A Balanced Strategy

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Year 2011 onhire days

Break-even OPEX VLCC $ 34,700 $ 10,200 Suezmax $ 24,500 $ 8,800

1,636 days 13% 4,654 days 37% 6,209 days 50%

fixed fixed-ps spot

1,904 days 15% 4,447 days 33% 6,949 days 52%

Year 2010 Onhire Days

fixed fixed-ps spot

Company contract Backlog (on 31 Dec 2010) USD 635.9 million

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CLIENTS OF EURN: TOP TIER

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VLCC SPOT MARKET VIA POOL

Increased access to information
Increased access to contracts (COA)
Increased access to private cargoes
Economies of scale
Greater flexibility (swap vessels)
Improved expertise through dedicated roles

(demurrage,scheduling,…)

Global operation
Reduce the effect of volatility
Bunkers (Fuel Oil) purchase
Develop dedicated IT systems
Arbitrage opportunities
Improved Charter Party terms

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TANKERS INTERNATIONAL POOL

GC Tankers Athenian Sea Carriers Overseas Shipholding Group Oak Maritime (HK) Inc., Ltd. Reederei “Nord” Klaus

E. Oldendorff

Euronav

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OFFSHORE SERVICE MARKET

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Business approach

Use our “older” assets for a second life cycle under LT

contracts

Convert only after winning contracts
Provide equity in kind (Ships)
Apply conservative policy with respect to leverage
Apply conservative policy with respect to depreciation
Manage in house when we are capable and partner

when needed

Outsourcing specialty skills (detailed engineering,

mooring systems,…)

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CONVERSION

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Type V-Plus

Size: 442,893 dwt (FSO Asia) 441,655 dwt (FSO Africa) Owners: Joint venture between OSG and Euronav Storage capacity: 2,800,000 barrels per vessel Location: Al Shaheen Offshore Qatar (FSO Asia) Al Shaheen Offshore Qatar (FSO Africa) Lease period: 8 years until March 2017 (FSO Asia) 3 years until August 2013 (FSO Africa)

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Conservative Capex

NEWBUILDING

1 VLCC

– 3Q11

2 Suezmax

– 3Q12 – 3Q13

2 Suezmax in JV

– 2 in 2011

CAPEX

2011: USD 187M 2012: USD 60M 2013: USD 51M Total: USD 298M

> Financing fully secured until end

2012

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Strenghtening of Balance sheet … throughout the cycle

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In thousands of USD 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 ASSETS NON-CURRENT ASSETS 2,337,131 2,500,550 2,278,551 2,091,158 2,165,302 2,003,205 CURRENT ASSETS 307,083 286,116 341,542 182,298 174,892 214,900 TOTAL ASSETS 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105 In thousands of USD 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 LIABILITIES EQUITY 1,078,508 1,071,629 1,178,326 984,492 1,022,483 906,319 NON-CURRENT LIABILITIES 1,314,341 1,463,456 1,181,793 963,340 1,107,555 1,133,029 CURRENT LIABILITIES 251,365 251,581 261,124 326,861 210,156 178,757 TOTAL LIABILITIES 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105

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ACCESS TO CAPITAL MKTS

PUBLICLY QUOTED COMPANY ON EURONEXT
CONVERTIBLE BOND IN 2009
Maturity: 2015
USD 150M
Coupon: 6.5% - Strike price: €16.2838

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...BUT PREF. FOR BANK DEBT

Main Facility: USD 1.6B
Maturity: 2013
Revolver of up to USD 488M
FSO Financing: USD 500M
Maturity: 2017
JV Vessels (2 Suezmax)
Maturity: 2020 - 2021
All fully financed (pre and post delivery)
2009 Facility: USD 300M ... In the middle of the financial crisis
Maturity: 2014

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3. THE TANKER MARKET

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WORLD FLEET VLCC EARNINGS

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$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 TCE

World Fleet VLCC Earnings (TCE)

Platts/BITR TI VLCC Database TI Actual

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VLCC AVERAGE EARNINGS

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SUEZMAX AVERAGE EARNINGS

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Demand DEMAND

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WORLD OIL DEMAND

65 70 75 80 85 90 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 mbpd

World Oil Demand in million bpd (Source - IEA)

Source: IEA

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WORLD OIL PRODUCTION

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Oil demand set to grow by 2%-3% between 2011 and

2015.

Oil demand fell 1.5% in 2009.
Demand increase mainly supported by Asia, Middle East

and Latin America.

World Oil Demand

2.0%

1.5%
0.3%

1.6% 1.1% 1.7% 83.0 83.5 84.0 84.5 85.0 85.5 86.0 86.5 87.0 2005 2006 2007 2008 2009 2010 mbpd

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WORLD OIL PRODUCTION

65 70 75 80 85 90 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 mbpd

World Oil Production in million bpd (Source - IEA)

Source: IEA

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OPEC CAPACITY ON CALL

Call on OPEC 2011 (IEA)

28.0 28.5 29.0 29.5 30.0 30.5 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 mbpd

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CHINA OIL STATISTICS

China Crude Production (IEA Feb 2011)

3.5 3.7 3.9 4.1 4.3 4.5 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 mbpd China 12 Month Average Production Forecast (Jun 10)

China Oil Demand (IEA Feb 2011)

6.0 7.0 8.0 9.0 10.0 11.0 12.0 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 mbpd China Forecast (Jun 10)

China Refining Additions (IEA June 2010)

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 2011 2012 2013 2014 2015 mbpd Crude Distillation Additions and Expansions

China Vessel Demand (TUKA Mar 2011)

20 40 60 80 100 120 140 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Vessels 20 40 60 80 100 120 140 Vessels

201 201 1

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Large Tanker Supply

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VLCC WORLD FLEET

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VLCC Fleet Development - Base Case

Basis TUKA VLCC Database Fleet at year start DH SH NBs Total Exit SH to DH Growth Growth % 2006 467 304 163 18 2 16 3.4% 2007 483 322 161 29 22 4 7 1.4% 2008 490 354 136 42 38 3 4 0.8% 2009 494 396 98 53 33 3 20 4.0% 2010 514 450 64 60 43 3 17 3.3% 2011 531 512 19 65 20 1 45 8.5% 2012 576 572 4 76 6 70 12.2% 2013 646 642 4 50 6 44 6.8% 2014 690 686 4 20 6 14 2.0% 2015 704 700 4 9 9 0.0% 2016 704 703 1 1 6

5
0.7%

2011YTD 541 528 13 16 6 1 10 1.8% Rest of Year 49 14 35 6.5% Reference Date: 1 Apr 11

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SUEZMAX WORLD FLEET

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Suezmax Fleet Development

Souce: Clarksons Fleet at year start DH SH NBs Total Exit Growth Growth % 2006 321 253 68 26 3 23 7.2% 2007 344 279 65 25 12 13 3.8% 2008 357 304 53 14 12 2 0.6% 2009 359 317 42 46 15 31 8.6% 2010 390 361 29 40 18 22 5.6% 2011 412 399 13 56 12 44 10.7% 2012 456 455 1 61 61 13.4% 2013 517 516 1 36 36 7.0% 2014 553 552 1 3 1 2 0.4% 2015 555 555 0.0% 2016 555 555 0.0% Reference Date: 1 Apr 11

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Large Tanker Supply

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TRIGGERS FOR TANKER MARKET

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ORDERBOOK DLVY SCHEDULE

TUKA cancellation and deferrals estimate

Orderbook Delivery Schedule

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20 40 60 80 100 2010 2011 2012 2013 2014 Vessels Deferral Estimate Cancellation Estimate Deliveries

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Orderbook Delivery Schedule

Additional orders for delivery in 2013-14

Orderbook Delivery Schedule

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20 40 60 80 100 2010 2011 2012 2013 2014 Vessels Additional NBs Orders Deferred 12 Months Cancelled Orders Deliveries

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SLOW STEAMING

Super slow steaming reduce dramatically

consumption of bunker costs

But add additional days into each voyage.

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VLCC STORAGE

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VLCC Storage Seasonality

10 20 30 40 50 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec VLCCs 2008 2009 2010 2011

VLCC STORAGE

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Piracy

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North Africa – Unrest Middle-East

Libya: 1.3 Mbls/day out of production
Same capacity has to come from elsewhere
Middle-East or West Africa

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Japan Earthquake

Japan is the 3rd largest crude oil importer
4.4 mbpd or 46% of Total Energy
Nuclear Energy was 11% of Total Energy
> additional Energy demand:

* Short Term: Product + LNG * Mid Term: Additional Crude for 300 kbpd?

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Scrapping

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Supply of ships in perspective

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World Fleet Development vs. Oil Demand

100 200 300 400 500 600 700 800 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 World VLCC Fleet 40 50 60 70 80 90 100 110 120 Oil Demand (mbpd) World Fleet Oil Demand (IEA)

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4. OFFHSORE SERVICES

MARKET

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