Hafnia : Investor Relations Presentation Q3 2022

HAFNIA LIMITED

INVESTOR PRESENTATION

Q3 2022

21 November 2022

DISCLAIMER - Safe Harbor Message

IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. THE FOLLOWING APPLIES TO THIS DOCUMENT, THE ORAL PRESENTATION OF THE INFORMATION IN THIS DOCUMENT BY HAFNIA LIMITED (THE "COMPANY") OR ANY PERSON ON BEHALF OF THE COMPANY, AND ANY QUESTION-AND-ANSWER SESSION THAT FOLLOWS THE ORAL PRESENTATION (COLLECTIVELY, THE "INFORMATION"). IN ACCESSING THE INFORMATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS.

THIS DOCUMENT HAS BEEN PRODUCED SOLELY FOR INFORMATION PURPOSES. THE INFORMATION DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS AN OFFER OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR PURCHASE SECURITIES OF THE COMPANY, AND NOTHING CONTAINED THEREIN SHALL FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER, NOR DOES IT CONSTITUTE A RECOMMENDATION REGARDING SUCH SECURITIES. ANY SECURITIES OF THE COMPANY MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH A REGISTRATION WOULD BE REQUIRED UNLESS SO REGISTERED, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR OTHER APPLICABLE LAWS AND REGULATIONS IS AVAILABLE. THE INFORMATION IS NOT DIRECTED TO, OR INTENDED FOR DISTRIBUTION TO OR USE BY, ANY PERSON OR ENTITY THAT IS A CITIZEN OR RESIDENT OF, OR LOCATED IN, ANY LOCALITY, STATE, COUNTRY OR OTHER JURISDICTION WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LAW OR REGULATION OR WHICH WOULD REQUIRE ANY REGISTRATION OR LICENSING WITHIN SUCH JURISDICTION. THE INFORMATION IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN ANY JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW.

THE INFORMATION CONTAINS FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDED IN THE INFORMATION ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS GIVE THE COMPANY'S CURRENT BELIEFS, INTENTIONS, EXPECTATIONS AND PROJECTIONS RELATING TO ITS FINANCIAL CONDITION, RESULTS OF OPERATIONS, LIQUIDITY, PROSPECTS, GROWTH, PLANS AND STRATEGIES. THESE STATEMENTS MAY INCLUDE, WITHOUT LIMITATION, ANY STATEMENTS PRECEDED BY, FOLLOWED BY OR INCLUDING WORDS SUCH AS "TARGETS", "BELIEVES", "CONTINUES", "EXPECTS", "AIMS", "INTENDS", "MAY", "ANTICIPATES", "ESTIMATES", "PLANS", "PROJECTS", "WILL", "CAN HAVE",

"LIKELY", "GOING FORWARD", "SHOULD", "WOULD", "COULD" AND OTHER WORDS AND TERMS OF SIMILAR MEANING OR THE NEGATIVE THEREOF. THE FORWARD-LOOKING STATEMENTS ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN THE COMPANY'S RECORDS AND DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH THE COMPANY BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT KNOWN AND UNKNOWN RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER IMPORTANT FACTORS WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND ITS CONTROL AND THAT COULD CAUSE THE COMPANY'S ACTUAL FINANCIAL CONDITION, RESULTS OF OPERATIONS, LIQUIDITY, PROSPECTS, GROWTH, PLANS AND STRATEGIES TO BE MATERIALLY DIFFERENT FROM THE FINANCIAL CONDITION, RESULTS OF OPERATIONS, LIQUIDITY, PROSPECTS, GROWTH, PLANS AND STRATEGIES EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.

NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR THE OPINIONS CONTAINED THEREIN. NEITHER THE COMPANY NOR ANY OF ITS AFFILIATES OR REPRESENTATIVES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY WHATSOEVER (FOR NEGLIGENCE OR OTHERWISE) FOR ANY LOSS WHATSOEVER AND HOWSOEVER ARISING FROM ANY USE OF THE INFORMATION. THE INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND WILL NOT BE UPDATED. THE INFORMATION, INCLUDING BUT NOT LIMITED TO FORWARD-LOOKING STATEMENTS, APPLIES ONLY AS OF THE DATE OF THIS DOCUMENT AND IS NOT INTENDED TO GIVE ANY ASSURANCES AS TO FUTURE RESULTS OR ACHIEVEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO THE INFORMATION, INCLUDING ANY FINANCIAL DATA OR FORWARD-LOOKING STATEMENTS, AND WILL NOT PUBLICLY RELEASE ANY REVISIONS IT MAY MAKE TO THE INFORMATION THAT MAY RESULT FROM ANY CHANGE IN THE COMPANY'S EXPECTATIONS, ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH THESE FORWARD-LOOKING STATEMENTS ARE BASED, OR OTHER EVENTS OR CIRCUMSTANCES ARISING AFTER THE DATE OF THIS DOCUMENT.

THE INFORMATION IS NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT ITS OWN LEGAL, BUSINESS, INVESTMENT OR TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. BY ACCESSING THE INFORMATION YOU ACKNOWLEDGE THAT YOU WILL BE SOLELY RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET AND THE MARKET POSITION OF THE COMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING YOUR OWN VIEW ON THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY.

THIS DOCUMENT CONTAINS STATISTICS, DATA, STATEMENTS AND OTHER INFORMATION RELATING TO THE GROUP'S MARKETS AND THE INDUSTRY IN WHICH IT OPERATES. WHERE SUCH INFORMATION HAS BEEN DERIVED FROM THIRD-PARTY SOURCES, SUCH SOURCES HAVE BEEN IDENTIFIED HEREIN. IN ADDITION, THE COMPANY HAS BEEN NAMED AS A SOURCE FOR CERTAIN MARKET AND INDUSTRY STATEMENTS INCLUDED IN THIS DOCUMENT. SUCH "COMPANY INFORMATION" REFLECTS THE COMPANY'S VIEWS BASED ON ONE OR MORE SOURCES AVAILABLE TO IT (SOME OF WHICH ARE NOT PUBLICLY AVAILABLE, BUT CAN BE OBTAINED AGAINST PAYMENT), INCLUDING DATA COMPILED BY PROFESSIONAL ORGANISATIONS, CONSULTANTS AND ANALYSTS AND INFORMATION OTHERWISE OBTAINED FROM OTHER THIRD PARTY SOURCES.

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AGENDA

Q3 2022 Overview

Financial Summary

Industry Review & Outlook

ESG Governance

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INTRODUCTION TO HAFNIA

Fully integrated shipping platform with 100% alignment of interests and no fee leakage

		LARGEST OPERATOR OF
		PRODUCT AND CHEMICAL
STRONG INDUSTRY	TANKERS IN THE WORLD		STRONG RELATIONSHIPS
FUNDAMENTALS AND						WITH INDUSTRY PARTNERS
EARNINGS POTENTIAL							AND INVESTOR COMMUNITY

ROBUST BUSINESS					STRONG FOCUS ON ESG
MODEL WITH					INITIATIVES AND HIGHLY
DIVERSIFIED REVENUE					REPUTABLE BOARD OF
STREAMS					DIRECTORS

Hafnia's Q3 2022 in Numbers

# Vessels	NAV at Q3 2022	Average broker		Vessels average	Stock exchange
Owned1/Chartered-in	USD ~2.9b	value2		age3	NOK 54.30
116x/13x
USD ~4.0b		7.6 years	(as of 14 November 2022)
(equivalent to ~NOK63/share)
LR2: 6x	Handy: 6x				(HAFNI:Oslo)
LR1: 36x/4x	CC-MR : 6x
MR: 43x/9x CC-Handy: 18x
CC-Stainless: 1x

1 As of 30 Sep 2022, Including bareboat chartered in vessels; six LR1s owned through 50% ownership in the Vista Joint Venture and two MRs owned through 50% ownership in the Andromeda Joint Venture; and one Chemical - Stainless vessel which is

classified as an asset held for sale	4
2 Including six LR1s owned through 50% ownership in Vista Joint Venture, two MRs owned through 50% ownership in the Andromeda Joint Venture but excluding one Chemical - Stainless vessel which is classified as assets held for sale

3 Hafnia's owned vessels as of 30 Sep 2022, excluding chartered-in fleet

WORLD'S LEADING PRODUCT AND CHEMICAL TANKER COMPANY

									Share Price Performance
NOK/share										Volume ('000)
70																															6,000
60																															5,000
50
																														4,000
40
																														3,000
30
																														2,000
20
																														1,000
10
0																															0
Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21	Oct-21Jan-22Apr-22Jul-22Oct-22
												Volume - RHS				Close - LHS

Reduced Leverage

USDm 4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Q4 2021		Q2 2022		Q2 2022	Q3 2022
		Value of fleet		Gross debt

1 Based on share price close on 14 November 2022

M&A AND JOINT VENTURES

• Vista joint venture
• Andromeda joint venture
• Acquisition of CTI
• Acquisition of 12 LR1s from Scorpio

CONSISTENT DIVIDEND PAYOUT

▪ Consistently paid out 50% of net profit

• Total shareholder return1 of 254% since start of 2021 (215% since start of 2022)

FLEET GROWTH

• Commercially managed fleet has grown 42% since start of 2020
• Annualised pool & bunker income of ~USD 48m from Q3 2022

INCREASED SYNERGIES

▪ Growth in scale enabled unlocking of operational synergies and new trading opportunities

REDUCED OVERALL LEVERAGE

• Acquisitions have greatly increased Hafnia's overall leverage
• Constant refinancing and capital raise has helped optimise debt structure and de-lever the balance sheet

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