INVESTOR PRESENTATION April 2014 Forward looking statements - - PDF document

INVESTOR PRESENTATION

April 2014

1

Forward looking statements

Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events and financial performance and may include statements concerning plans,

• bjectives, goals, strategies, future events or performance, and underlying assumptions and other statements,

which are other than statements of historical facts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may

• ccur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general

industry conditions future operating results of the Company’s vessels, capital expenditures , expansion and growth

• pportunities, bank borrowings, financing activities and other such matters, are forward-looking statements.

Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses when the are delivered to us, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. We undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information, future events or

• therwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events

discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

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Today’s presenters

Hugo De Stoop Chief Financial Officer

• CFO since 2008
• Executive Committee since 2008
• Investor Relations from 2004
• Joined Euronav 2014
• 20 years in capital markets
• Extensive buy side experience

Brian Gallagher Head of Investor Relations Paddy Rodgers Chief Executive Officer

• Appointed CEO in 2000
• BOD/Executive Committee since 2003
• Served as CFO from 1998 – 2000

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Euronav at a glance

• Fully-integrated, established top quality provider of international maritime shipping
• Market capitalization: ~$1.3bn share price up 149% in past 12 months

One of the largest independent owners and operators of crude oil tankers in the world

Note: Market data as of 04/15/14

Vessel count Average age (yrs)

VLCC Up to 320,000 DWT 2 Million barrels SUEZMAX 125,000-180,000 DWT 1 Million barrels FSO Stripped water capacity 380k barrels 2.8 Million barrels V PLUS Over 441,000 DWT 3 Million barrels

27 23 2 1 ~6 ~12 ~8 ~12

Fleet average age: ~7 years

Overview

Fleet: 53 vessels

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Agenda

• Industry overview
• Company overview
• Financial overview
• Conclusion

Industry overview

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Crude Oil tankers: High volatility market

• 10,000

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 USD/DAY

Daily average tankers freight rate over 10 years

Average VLCC 2000-built Average VLCC 2010-built Average Suezmax 2000-built Average Suezmax 2010-built

Notional Break- Even

PROFITABLE ZONE

SUPER CYCLE EVERY 6-7 YEARS

7

30 32 34 36 38 40 42 44 46 48 50 2009 2010 2011 2012 2013E 2014E 2020E (mb/day) OECD Non-OECD Source: BP historical figures, IEA World Energy Outlook 2013 forecast figures

Factors affecting shipping demand: Demand for oil and Distance

OECD demand Non-OECD demand Non-OECD demand

• vertaking OECD

demand

Global oil demand is growing … … and increasingly moving to non-OECD countries

Source: IEA Oil Market Report and World Energy Outlook 2013

0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 5.0 10.0 15.0 20.0 25.0 (mb/day) (mb/day) Total World (rhs) United States China India European Union

8

Demand for oil and shipping

Recent development

• Next 2-3 years oil demand: China up 2mbd, other Asia up 1.6mbd
• European refineries closing: Export down 6-7 mbd
• US refineries: up 2.5 mbd since 2009
• Brazil and Nigeria, production flat to up – possibly 2mbd. Domestic demand up, but refinery capacity lagging causing

increased trade

Future VLCC demand by region over the next to years

(20) (7) (12) (39) 65 17 10 92 (50) (25) 25 50 75 100 Number of vessels US & Canada Europe, Lat Amer & Africa Japan China India SE Asia

Net demand increase of 53 VLCCs by 2016

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China’s oil import driving positive tonne-miles demand growth

• Oil supply volumes to China increased from AG,

West Africa, South America and Caribbean from 2001 to 2013

• Tons shipped from West Africa and South

America require more ships due to the longer trade distance

• Shift in global refinery capacity from the

developed to the developing world is having a positive impact on the seaborne oil trade given increasing distances from production to refineries

Ton Mile Demand Growth, 2009 to 2013

Arabian Gulf 5,500 TM West Africa 9,650 TM South America 11,500 TM

(a) Average ton miles based on 2013 tons transported to China Source:Drewry, Clarkson’s

Miles moved per ton transported to China(a)

8,512 8,908 8,803 9,159 9,321 5,000 6,000 7,000 8,000 9,000 10,000 2009 2010 2011 2012 2013 Billions of ton-mile

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Change in trading patterns increase the need for tonnage

US Gulf Europe Mid East Asia Mid East-Europe

Developments Scenario 2014-2020

• Middle East refinery expansion of 4 mbpd crude by

2018 i.e. if production remains flattish actual export are down

• Atlantic supply up by 3-5 mbd. Russian oil to Atlantic

US, North Sea extending Brazil, West Africa

• Asian demand continues to grow both end user

demand and refineries with export ambitions

• Asian refineries not getting ME crude = 5mbd
• Euro refineries not buying NSea and WAF crude = 2-3mbd
• Additional Atlantic crude supply = 2mbd
• Conclusion - Likely shift of 5-8 mbd ME to Atlantic

Sensitivities - 1mbd crude from ME to WAF = 17 VLCC 1mbd crude supplied to Asia from WAF = 40 VLCC 1mbd crude supplied to Asia from Venez.=45 VLCC/Suez Outcomes - 5mbd 1/3 each = 170 VLCC 8mbd 1/3 each = 270 VLCC

• At the high end current capacity more than absorbed

VLCC Suezmax Both VLCC and Suezmax

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Global VLCC and Suezmax fleet supply dynamics

VLCC orderbook represents 11.4% of total fleet(a) Suezmax orderbook 11.0% of total fleet(b)

(a) 2014 figures as of February 28, 2014 Source: Drewry (b) 2014 figures as of February 28, 2014 Source: Drewry

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014E 2015E 2016E+ % of total fleet MM DWT MM DWT % of total fleet vessels to be delivered

64% decline in orderbook DWT from peak

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014E 2015E 2016E+ % of total fleet MM DWT MM DWT % of total fleet vessels to be delivered

78% decline in orderbook DWT from peak

Orderbook for crude tankers is near historic lows

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Asset prices

Asset prices for both VLCCs and Suezmax vessels have appreciated significantly since H2 2013

40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 220.00 2000-01 2000-05 2000-09 2001-01 2001-05 2001-09 2002-01 2002-05 2002-09 2003-01 2003-05 2003-09 2004-01 2004-05 2004-09 2005-01 2005-05 2005-09 2006-01 2006-05 2006-09 2007-01 2007-05 2007-09 2008-01 2008-05 2008-09 2009-01 2009-05 2009-09 2010-01 2010-05 2010-09 2011-01 2011-05 2011-09 2012-01 2012-05 2012-09 2013-01 2013-05 2013-09 2014-01 MUSD Suezmax 156-158K DWT NB Prices VLCC 315-320K DWT NB Prices VLCC D/H 310K DWT Resale 2nd hand Prices Suezmax D/H 160K DWT Resale 2nd hand Prices

VLCC SUEZMAX ($mm) Newbuild Secondhand 10 yr avg 115 96 5 yr avg 100 72 1 yr avg 92 60 ($mm) Newbuild Secondhand 10 yr avg 71 66 5 yr avg 62 51 1 yr avg 58 42

Company overview

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Proven history operating in the crude tanker industry

Established history of leadership in the crude tanker industry 2014 1989 2000 2004 2005

Maersk acquisition – 15 VLCCs Added 5 Suez & 3 VLCC new builds April: Acquired 15 SUEZMAX from Tanklog Lists on NYSE Euronext Brussels & acquires 4 V+ vessels from Hellespoint Tankers International Pool founded Six double hull VLCCs ordered, initiating Euronav's focus on larger sized and modern vessels Started doing business under the name “Euronav” as a subsidiary of CNN

2005

March: Acquired 4 VLCC from Metrostar

2005 - 2014 1997 2009

TI Africa Conversion Delivery of FSO Asia and FSO Africa

2008

TI Asia Conversion

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COST EFFECTIVE – HIGH QUALITY

• provide in-house technical and commercial management

– Close monitoring allows Euronav to maximize revenues and control costs – Offer customers a stable quality of performance vs. contracted services with third-

parties

• leverage experienced staff, crew, and captains who have an average of 18 years

service with us

–

As demonstrated by the FSO operations

• outperformed industry benchmarks for operating days, lack of lost time incidents

and utilization

Strong reputation and proven track record for safe, reliable and efficient operations

16

Strong and strategic relationships with high quality charterers

Many of our customers have been repeatedly served by us and our predecessors for more than 20 years

Selected customer relationships

Source: Company filings and website

17

Strategic mix of vessel employment

Chartering strategy allows Euronav to capitalize on opportunities in an environment of increasing rates

Onhire days (Q1 2014) Onhire days (2008)

57% 43% Fixed Spot 38% 62%

VLCC spot rate 1 Suezmax spot rate 2 $73,413 $47,192 $34,777 $26,800

Overview of the Tankers International (“TI”) Pool Chartering strategy overview

Source: Company filings; Clarksons

1 1-year timecharter rate 310,000 dwt D/H modern tanker; 2 1-year timecharter rate 150,000 dwt D/H modern tanker

• Chartering strategy seeks to maximize returns through
• ptimal mix of spot and fixed charters
• Long-term charters provide a stable base of cash flows

and high utilization rates

• Euronav has deliberately positioned itself toward more

spot exposure at this stage of the cycle

• Look to opportunistically employ crude carriers as crude

storage units, to take advantage of rates in offshore sector

Reederei “Nord” Oak Maritime (HK) DHT Holdings, Inc Overseas Shipholding Group

• Spot market-oriented VLCC pool in which other ship
• wners with vessels of similar sizes and quality participate
• Euronav was a founding member in 2000
• Currently comprised of 30 vessels, including 12 Euronav

vessels

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Euronav has consistently outperformed charter indexes

• 10,000

10,000 20,000 30,000 40,000 50,000 60,000 TI Index Ras Tanura/Chiba 2000 blt. Index Ras Tanura/Chiba 2010 blt.

VLCC

20,127 17,668 19,006

Average TCE over 2 years

TI 2000 BLT. 2010 BLTD. 10,000 20,000 30,000 40,000 50,000 60,000 Euronav Index Bonny/Phili 2000 blt. Index Bonny/Phili 2010 blt. Euronav Index 2000 blt. Index 2010 blt

Average TCE over 2 years

17,866 15,573 12,403

SUEZMAX

Our vessels achieve higher TCE rates in the TI Pool or on the spot

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Demonstrated ability to optimize fleet size and access to financing with $3.3bn

• f debt and equity issuance since 2008 despite industry headwinds

Experienced management team

336% increase in on-water capacity (dwt)

Bank debt raised $4,723 M Convertible bond issuance $275 M Bond issuance $235 M Equity & PCP issuance $500 M

2000 Today

10 vessels 3 mm dwt 53 vessels 13.1mm dwt

Paddy Rogers CEO

• BOD/Executive Committee since June 2003
• Appointed CEO in 2000
• Appointed CFO in 1998

Hugo De Stoop CFO

• CFO since 2008
• Executive committee since 2006
• Deputy CFO and Head of IR since 2004

Alex Staring Chief Offshore Officer

• COO since 2005
• Executive committee since 2005
• Extensive Industry experience

Proven growth track record with strong access to capital

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Euronav’s fleet is enhanced with the Maersk Tankers acquisition

• In January 2014 Euronav agreed to acquire 15 VLCCs

from Maersk Tankers for $980mm – Average age of ~4 years

• Took delivery of 2 vessels in February 2014

– Expect to take delivery of 10 of the remaining vessels during 1H 2014 and 1 vessel in 1H 2015

• All vessels acquired on charter-free basis; expect to

employ all vessels in the TI Pool

• Transaction is fully financed

14 1 23 2

Fleet (Current)

27 1 23 2

Fleet (Pro forma) 40 vessels 9.1mm dwt ~8 year avg. age 53 vessels 13.7mm dwt 6.8 year avg. age

Transaction represents a first step towards a broader consolidation of global tanker fleet

• Enables Euronav to capitalize on potential near-term

improvements in tanker charter rates

• Attractive investment opportunity to grow revenue and

earnings at a favorable price

• Paid ~$65.3mm on average per VLCC compared to

current price of 100mm for a newbuild VLCC

• Euronav as an active consolidator in fragmented market
• Pro forma for the transaction, Euronav’s VLCC fleet

represents ~4% of total VLCC fleet

350 235 500 200 400 600 800 1,000 1,200

Sources

Equity Unsecured Bonds Credit facility 980 105 200 400 600 800 1,000 1,200

Uses

Maersk Acq Vessels Fees and other

Transaction rationale Acquisition highlights Sources and uses

    

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10 Year track record & well positioned going forward

• The Board of Directors has not paid a dividend since 2010, but will continue to

assess dividends upon consideration of financial results, earnings, debt covenants, market prospects, capex commitment, and investment opportunities

• Since 2003 Euronav has paid $660 Million in Dividends (Gross)
• $50 million of share buy back

Dividend policy

• Euronav has a very supportive bank group that has helped finance its fleet

growth, including the acquisition of its Maersk Tankers fleet

Strong relationships with lenders

• 200,000
• 200,000

400,000 600,000 800,000 1,000,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Revenues EBITDA EBIT Net profit

• Raised $ 5.7 Billion of Capital since 2004
• $4.7Billion in Debt*
• $275 million of Convertible Bond
• $235 million of Bond
• $500 million of Equity

* Loan closed in 2004, 2005, 2008, 2009, 2010, 2011, 2012, 2013, 2014

Financial overview

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Q1 2014 financial highlights

Q1 2014 operating environment

• We had its best quarter since the beginning of the global financial crisis on the back of continued strong

demand, less tanker capacity and a meaningfully higher rate environment

• We continued to see fewer cargoes transported from West Africa and the Arabian Gulf to the US but increased

cargoes headed east to support China and India's continued strong demand for crude

• As a result of these east-bound cargoes originating out of the Atlantic Basin, the Company witnessed

proportionately greater ton-mile demand than in previous quarters

Q1 2014 results

• For the quarter, we generated total revenue of $106.1 million, an increase of 35% over Q1 2013
• We also generated EBITDA of $47.3 million (proportionate method $64.1 million) , representing a margin of

44.6% and an increase of 62% vs. Q1 2013

• Our net income for the quarter was $1.4 million, our first positive net results since Q1 2011
• During the quarter, we took delivery of two of the 15 Maersk Tanker’s VLCCs and expect to take delivery of 12
• f the remaining vessels during the first half of 2014

Outlook

• We expect the tanker market to continue to be volatile and the VLCC and Suezmax global fleets to grow

marginally over the next 18 - 24 months

• We believe that a more balanced capacity environment coupled with the impact of increased ton-miles should

help to further improve the state of the tanker market for the rest of 2014

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Strong Balance Sheet

Euronav maintains a strong liquidity position including cash and undrawn facilities post Maersk acquisition 31 March 2014 & Pro - Forma Cash and cash equivalents $360 million Undrawn Revolving credit line $240 million Undrawn debt related to Maersk Vessels $500 million Total Bank Debt (ST+LT, incl. our share JV) $794 million Convertible Bond outstanding $23.5 million Bond $235 million

• Remaining Capex related to Maersk Vessels

$800 million Pro Forma Balance Sheet post Maersk (incl JV) $3.3 billion Vessels $ 2.8 billion Equity $1.37 billion

Conclusion

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Conclusion – well positioned for the cycle

A pure play tanker company with a sustainable business model Best in class operating platform Current strategy leverages Euronav to a strong uptick in crude tanker market Re-capitalised balance sheet - positioned to act as industry a consolidator Experienced management team with a proven growth track record

Contraction Recovery Expansion Slowdown

Transaction rationale

Appendix

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Maersk Tankers acquisition fleet details

Vessel name Type DWT Year built Shipyard Ilma VLCC 314,000 2012 Hyundai Ingrid VLCC 314,000 2012 Hyundai Iris VLCC 314,000 2012 Hyundai Nautica VLCC 307,284 2008 Dalian Navarin VLCC 307,284 2007 Dalian Nectar VLCC 307,284 2008 Dalian Neptune VLCC 307,284 2007 Dalian Newton VLCC 307,284 2009 Dalian Noble VLCC 307,284 2008 Dalian Sandra VLCC 323,183 2011 STX Sara VLCC 323,183 2011 STX Simone VLCC 314,000 2012 STX Sonia VLCC 314,000 2012 STX

Overview of acquired vessels

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Offshore market – opportunities

Number of planned FSO projects Floating storage and offloading units (“FSOs”) market overview

11 4 3 2 1 1 2 4 6 8 10 12 S.E. Asia North Sea MED GoM Brazil Africa

• High quality income stream with proven track record established in several key strategic locations
• FSO’s serve as offshore containers for oil transported by smaller vessels to ultimate end user
• The offshore market has seen a recent resurgence in FSO activity, including the re-emergence of FSO demand in

the North Sea and new development in SE Asia

• Between 2014-18, orders for 30-45 FSO’s are expected at a total cost between $3.7 and $5.5 billion
• Converted oil tankers will remain the dominant choice for FSO’s
• 2012: Set up dedicated
• ffshore department
• Select vessels from

trading fleet when

• Becoming more

difficult to trade due to age restriction

• Have unique

characteristics: V+

• r large suezmax:

Cap Diamant

Source: International Maritime Associates