2020 BULKERS (2020) Pareto Securities' 33rd Annual Energy Conference presentation summary

Track record and shareholder returns

• Delivered an annualized return of approximately 28% with $570 million returned to shareholders since inception, representing 4x paid-in equity.

• Monthly cash distributions or dividends were paid from August 2020 to April 2026, with $5 million retained for future opportunities.

Strategic transaction and new direction

• Entered a letter of intent to acquire up to 15 large AHTS vessels for $406 million, with total financing of $445 million including $120 million in debt and $325 million in new equity.

• Sponsors will collectively own about 48% post-transaction, with a new board and CEO to be appointed and a target quarterly dividend policy.

• The company will be renamed AHTS, subject to approvals, and continue its listing on the Oslo Stock Exchange.

Market positioning and fleet overview

• Will become the world's largest owner of large AHTS vessels, controlling 17% of the global fleet in this segment.

• Operates a homogenous fleet of 15 high-capacity vessels built at reputable yards, enabling efficient operations and standardized management.