CONCORDIA MARITIME AB (PUBL) Remium September, 2015

CONCORDIA MARITIME AB (PUBL) Remium September, 2015

Kim Ullman, CEO Ola Helgesson, CFO

Income per type, spot Average income CM Average income spot market* USD/per day No of vessels Q2 2015 Q2 2014 6 months 2015 6 months 2014 Q2 2015 Q2 2014 Product tankers 9 21,800 10,700 20,900 13,300 22,000 9,200 Suezmax 1,5 38,800 17,200 41,800 25,200 46,900 16,000 *Clarksons MR Clean

TCE Benchmark

EBITDA per quarter USD million Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 P-MAX, time charter 0.9 1.3 0.4 0.4 1.6 2.6 P-MAX, spot 7.5 6.0 4.4 2.2 0.5 3.7 IMOIIMAX 1.3 Panamax 11.9 1.1 Suezmax 3.2 3.7 1.9 13 0.6 2.1 Admin. and others 1.1 1.1 1.4 1.1 1.4 15 Total 11.8 9.9 5.3 2.8 13.2 8.0

Q2 & 1H 2015 NB. Fartygsförsäljning Q2 2014 MSEK 80

EBITDA och resultat 2005 2014 MSEK 400 Leverans av Stena Progress Leverans av Stena Premium Leverans av Stena Supreme Avyttring av två Panamax 300 200 Leverans av tre P-MAX 100 0-100 -200-300 -400 Leverans av Stena Paris Leverans av två P-MAX samt två Panamax Återleverans av två V-MAX Leverans av två P-MAX, inbefraktning av två Aframax Återleverans av två Aframax Inbefraktning av en Suezmax 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA Resultat före skatt

Utdelning och avkastning 2005-2014 SEK 8 6 4 2 0-2 -4-6 -8 Utdelning i % av resultat efter skatt Totalavkastning 2013: 15% 2014: 10% 83% 92% 76% 50% 60% 56% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Resultat per aktie, SEK Utdelning per aktie, SEK Direktavkastning, % % 8 6 4 2 0-2 -4-6 -8

Eget kapital och skulder 2005-2014 MSEK Per aktie 5 000 50 4 000 3 000 Eget kapital per aktie 31 dec: SEK 32,90 40 30 NAV per aktie 31 dec: SEK 25,80 2 000 1 000 Aktiekurs 16 sept: SEK 18 EK/aktie SEK 36 NAV/aktie SEK 31 20 10 Aktiens kurs 31 dec: SEK 12,90 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0 Räntebärande skulder, MSEK Övriga skulder och avsättningar, MSEK Eget kapital, MSEK Eget kapital per aktie, SEK

Aktiens utveckling mot index 2014 2015 SEK 25 20 CCOR-B 15 OSLO Shipping index OMX Stockholm 10 5 0 DATUM 2014-01-10 2014-01-24 2014-02-07 2014-02-21 2014-03-07 2014-03-21 2014-04-04 2014-04-17 2014-05-02 2014-05-16 2014-05-30 2014-06-13 2014-06-27 2014-07-11 2014-07-25 2014-08-08 2014-08-22 2014-09-05 2014-09-19 2014-10-03 2014-10-17 2014-10-31 2014-11-14 2014-11-28 2014-12-12 2014-12-23 2015-01-09 2015-01-23 2015-02-06 2015-02-20 2015-03-06 2015-03-20 2015-04-02 2015-04-17 2015-04-30 2015-05-15 2015-05-29 2015-06-12 2015-06-26 2015-07-10 2015-07-24 2015-08-07 2015-08-21 2015-09-04 Concordia B OMX Stockholm_PI Oslo Shipping Index

Utdelning till aktieägarna Vi har en ambition att dela ut mer än policyns 10% av vinsten efter skatt 10 års historik exklusive engångsposter visar att bolaget delat ut 63% av vinsten Vill har en tydlig växtambition flottan ska växa med minst 10% per år, över en business cycle Avvägningen mellan utdelning till aktieägarna och medel till löpande affärer och nya affärsinvesteringar blir styrelsens utdelningsförslag till årsstämman

Marknad

Tanker market projections Other Weather Stock changes Unknowns/Jokers Geo political Trading pattern Refinery Changes Distances Supply growth Oil Consumption Base World GDP

Freight Dynamics Crude, ex Freight/bbl TCE Suezmax Nigeria/Rotterdam WS50 $1.20/bbl WS100 $2.40/bbl 2-5% of Cargo value $17.000/d $48.000/d Products, ex Freight/mt TCE MR Rott NY (gasoline) WS100 WS200 $15/mt $30/mt $5.000/d $23.000/d 4-8% of Cargo value

Crude tanker spot rates 2012-2015 (Aug) USD/Day 70 000 60 000 50 000 40 000 30 000 oversupply New delayed refineries China +75m barrels Comm. storage European ref.margins Asian Stockbuilding weather Lower bunker cost Libya returns European margins tops -US gasoline demand -New ref. India 20 000 10 000 0 2012-jan 2012-feb 2012-mar 2012-apr 2012-maj 2012-jun 2012-jul 2012-aug 2012-sep 2012-okt 2012-nov 2012-dec 2013-jan 2013-feb 2013-mar 2013-apr 2013-maj 2013-jun 2013-jul 2013-aug 2013-sep 2013-okt 2013-nov 2013-dec 2014-jan 2014-feb 2014-mar 2014-apr 2014-maj 2014-jun 2014-jul 2014-aug 2014-sep 2014-okt 2014-nov 2014-dec 2015-jan 2015-feb 2015-mar 2015-apr 2015-maj 2015-jun 2015-jul 2015-aug Average Aframax Long Run Historical Earnings $/Day Average Suezmax Long Run Historical Earnings $/Day Average VLCC Long Run Historical Earnings $/Day

OECD Total Oil Stocks at end of quarter

Crude tanker spot rates 2007-2015 (Aug) USD/Day 250 000 Inte sett sedan 2008 200 000 150 000 100 000 50 000 0 2007-feb 2007-apr 2007-jun 2007-aug 2007-okt 2007-dec 2008-feb 2008-apr 2008-jun 2008-aug 2008-okt 2008-dec 2009-feb 2009-apr 2009-jun 2009-aug 2009-okt 2009-dec 2010-feb 2010-apr 2010-jun 2010-aug 2010-okt 2010-dec 2011-feb 2011-apr 2011-jun 2011-aug 2011-okt 2011-dec 2012-feb 2012-apr 2012-jun 2012-aug 2012-okt 2012-dec 2013-feb 2013-apr 2013-jun 2013-aug 2013-okt 2013-dec 2014-feb 2014-apr 2014-jun 2014-aug 2014-okt 2014-dec 2015-feb 2015-apr 2015-jun 2015-aug Average Aframax Long Run Historical Earnings $/Day Average Suezmax Long Run Historical Earnings $/Day Average VLCC Long Run Historical Earnings $/Day

Crude tanker spot rates 2000-2015 (Aug) USD/Day 250 000 200 000 2008 150 000 supercycle 100 000 Nu 50 000 0 2000-feb 2000-maj 2000-aug 2000-nov 2001-feb 2001-maj 2001-aug 2001-nov 2002-feb 2002-maj 2002-aug 2002-nov 2003-feb 2003-maj 2003-aug 2003-nov 2004-feb 2004-maj 2004-aug 2004-nov 2005-feb 2005-maj 2005-aug 2005-nov 2006-feb 2006-maj 2006-aug 2006-nov 2007-feb 2007-maj 2007-aug 2007-nov 2008-feb 2008-maj 2008-aug 2008-nov 2009-feb 2009-maj 2009-aug 2009-nov 2010-feb 2010-maj 2010-aug 2010-nov 2011-feb 2011-maj 2011-aug 2011-nov 2012-feb 2012-maj 2012-aug 2012-nov 2013-feb 2013-maj 2013-aug 2013-nov 2014-feb 2014-maj 2014-aug 2014-nov 2015-feb 2015-maj 2015-aug Average Aframax Long Run Historical Earnings $/Day Average Suezmax Long Run Historical Earnings $/Day Average VLCC Long Run Historical Earnings $/Day

Suezmax Earnings 2014 vs 2015 USD/Day 70 000 60 000 50 000 40 000 Sept 11th 30 000 20 000 10 000 0 Januari February March April May June July August September October November December Average Suezmax Long Run Historical Earnings $/Day 2014 Average Suezmax Long Run Historical Earnings $/Day 2015 WAF-USAC 2015

MR Earnings 2014 vs 2015 USD/Day 30 000 25 000 20 000 Sept 11th 15 000 10 000 5 000 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YR2014 YR2015 TC2 2015

Markets going forward

Growing Product Trade Increasing volumes, distances & triangulation opportunities Gasoline/UMS Naphtha Gasoil Jet Freight can act as a deterrent of the arb-sensitive (and therefore freight dependent) trades.

LR2 Fleet in DPP LR2 % over Fleet total Fleet in & Number DPP of vessels % over total Fleet & Number of vessels 47.5% % LR2s Trading Dirty (Left) Vessels DPP (Right Axis) $/Day 110 45.0% 42.5% 40.0% 37.5% 35.0% 32.5% 30.0% 27.5% 105 100 95 90 85 80 75 70 65 25.0% 60 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15

MR Fleet in DPP % over total Fleet & Number of vessels MR Fleet in DPP % over total Fleet & Number of vessels 11.00% 10.80% 10.60% 10.40% 10.20% % Trading DPP (left axis) Vessels DPP (Right Axis) 130 125 120 115 10.00% 110 9.80% 9.60% 9.40% 9.20% 105 100 95 9.00% 90 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15

Bears vs Bulls and Wild Cards NEXT 12 MONTHS Product Tankers Compared to the past 12 months Bullish Factors Strong oil demand growth Continued influx of products driven by crude oversupply/low prices/high runs Growing exports from MEG/India Growing import demand in Australia, LAM, West Africa Growing China naphtha imports Wild Cards Q4/Q1 weather Refinery disruptions Oil prices/bunkers US crude exports will it hurt domestic refineries? Global Economy (e.g. China) Government intervention/currency fluctuations affecting demand growth Dirty ups offsetting LR2 deliveries Bearish Factors End of peak gasoline Low scrapping/slippage Lower refinery margins High freight rates capping arb sensitive trades Crude NBs taking products west More Russia product exports

Prospects 2015-2017 Suezmax Growth, % 2015 2016 2017 Demand* 3.0 3.0 3.0 Supply 1.7 3.7 3.0 Product tanker Growth, % 2015 2016 2017 Demand* 5.0 5.0 5.0 Supply (net) 5.2 5.2 3.5 *Volume + distance

Utsikter 2015-2017 % 6 5 4 3 2 1 0 Suezmaxtanker 2015 2016 (2017) Produkttankers 2015 2016 (2017) Efterfrågan* Utbud *Volym + distanser

Concordia Maritime s market review and view.. Review; Good tanker markets in 2015 due low oil prices and very low growth of crude tankers An expected (and communicated) seasonal dip Aug/Oct but - Not as low and not as long View going forward, Specific - Q415/Q116 expected to bounce back to good markets across the board General - continued low oil prices will continue to drive world demand Geographical and strategic change in refinery situation still at force resulting in longer haul and cross trade Orderbook for product carriers in balance with demand growth Ie, Concordia Maritime has a continued postivie view of the product tanker market

Fartyg

Now 15 Ships - A balanced fleet and employement strategy P-MAX Suezmax IMOIIMAX Ship and cargo type Light products Heavy products Crude oil Light products, easy chemicals and vegetable oils (2 x 50% charter in with Stena Bulk) Market 6 ships on nische trade 3 ships on contract 2 TC 2 spot = 4 niche pool Spot - pooling Spot, niche contract and IMOIIMAX pooling Partner Stena Weco, Concordia Maritime/ Stena Bulk Pool Stena Sonangol Suezmax Pool Stena Weco

Australian product import development

P-MAX focus on nisch, Australia/New Zeeland Closure of 4 refineries last 5 years 40-60 MR Imports per month 30-40 ports (product import) Newly renewed major oil Co. Highest markets in the East Cargo cap. Utilization ~90% 3 ships on contract to a major oil company (2 ships till Sep 2016, 1 to March 2016) Contract form - consequtive voyage charter market related

Contract illustration Contract Market related

P-MAX focus on nische, West Africa WAF (Nigeria/Togo/Benin/Ivory Coast) - Fast growing continent (Africa) - Very bad/no refineries - Clean import ca 50 MR/month - P-MAX, full cargo (50.000) - Draft ports in WAF but STS - Cargo capacity utilization 95-100% - Premium earnings to standard MR trade

Stena Image s first succesful 6 voyages Voy 1 Load ports: 3 ports Indonesia Cargo: 3 diff grades palm oil/coconut oil Discharge ports: 3 ports Spain Voy 2 Load port: 1 port Italy Cargo: Gasoline Discharge port: Gizan (R Sea/Saudi Arabia) Voy 3 Load port: Yanbu (R Sea/Saudi Arabia) Cargo: Chemicals Discharge port: Fujairah (UAE) Voy 4 Loadport: Jubail Saudi Arabia Cargo: Gasoline Discharge port: Fujairah Voy 5 Loadport: Jebel Ali Saudi Arabia Cargo: Gasoline Discharge port: Fujairah Concordia Maritime s next IMOIIMAX comes in October Voy 6 Loadport: W.C India Cargo: Jet fuel/gasoline Discharge: Australia

Fokus framåt Fler/längre charterkontrakt Köp och försäljning av fartyg Fortsatt hög kvalitet i operationen Fler nischtrader Implementera IMOIIMAX Tvist kring Stena Primorsk Högre synlighet

So, 2015 marknaden har vänt! 72 MSEK vinst 1H Säsongsmässig nedgång i Q3 Viktiga niche trader Australia, New Zeeland and West Africa Högre EBIDTA potential i 2015 genom Niche trader Högre marknader generellt Två ytterligare Suezmax positioner Två IMO2MAX leveranser Full fokus och leverans på våra utmaningar!

Stena Image naming cermony