26 April 2011 SHAREHOLDERS PRESENTATION 1 A Focused Fleet Vessel - PowerPoint PPT Presentation

26 April 2011 SHAREHOLDERS PRESENTATION 1

A Focused Fleet Vessel Type Cargo intake / Euronav owned TC-IN World Fleet vessel (Weighted) FSO 3 m bls 2 x 50% n/a V-PLUS 3.2 m bls 1 0 2 VLCC 2 m bls 11 (2 CSR) 10 incl. JV 502 (weighted 5,55) 10+ (2 x 1/2 in J/V) Newbuilding 2 m bls 1 VLCC SUEZMAX 1 m bls 20 (16 ice-class) 0 363 + (2 x in J/V) Newbuilding 1 m bls 4 (CSR) 2+ (3 x ½ in JV) Suezmax Total = 43 Ships Mix of spot and + 5 Newbuildings Fixed contracts

A Balanced Strategy Year 2010 onhire days 1,899 days 14% 4,431 days 33% 7,100 days 53% fixed fixed-ps spot Break-even OPEX $ 31,700 $ 10,200 VLCC $ 24,000 $ 8,800 Suezmax 3

Balance sheet 2004 - 2010 In thousands of 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 USD REVENUES 525,075 467,844 858,983 563,136 688,855 587,511 EBITDA 260,298 195,265 658,769 344,027 431,965 372,383 NET PROFIT 19,680 -17,614 402,469 101,055 218,042 209,420 In thousands of 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 USD ASSETS NON-CURRENT 2,337,131 2,500,550 2,278,551 2,091,158 2,165,302 2,003,205 ASSETS CURRENT 307,083 286,116 341,542 182,298 174,892 214,900 ASSETS TOTAL ASSETS 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105 In thousands of 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 USD LIABILITIES EQUITY 1,078,508 1,071,629 1,178,326 984,492 1,022,483 906,319 NON-CURRENT 1,314,341 1,463,456 1,181,793 963,340 1,107,555 1,133,029 LIABILITIES CURRENT 251,365 251,581 261,124 326,861 210,156 178,757 LIABILITIES 4 TOTAL 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105 LIABILITIES

Freight rates 2. Strategy 5

VLCC Average earnings 6

Suezmax average earnings 7

DEMAND 8

World Oil Demand World Oil Demand in million bpd (Source - IEA) 90 Source: IEA 85 80 mbpd 75 70 65 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10

World Oil Demand World Oil Demand 87.0 2.0% 1.6% 86.5 -0.3% 86.0 85.5 1.1% mbpd -1.5% 85.0 84.5 1.7% 84.0 83.5 83.0 2005 2006 2007 2008 2009 2010 • 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. 10

World Oil Production World Oil Production in million bpd (Source - IEA) 90 Source: IEA 85 80 mbpd 75 70 65 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 11

Call on OPEC Call on OPEC 2011 (IEA) 30.5 30.0 29.5 mbpd 29.0 28.5 28.0 Jun 10 Jul 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Sep 10 Aug 10

LARGE TANKER SUPPLY 13

VLCC Fleet Development VLCC Fleet Development - Base Case Basis TUKA VLCC Database Fleet at DH SH NBs Total Exit SH to DH Growth Growth % year start 2006 467 304 163 18 2 0 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 0 70 12.2% 2013 646 642 4 50 6 0 44 6.8% 2014 690 686 4 20 6 0 14 2.0% 2015 704 700 4 9 9 0 0 0.0% 2016 704 703 1 1 6 0 -5 -0.7% 2011YTD 541 528 13 16 6 1 10 1.8% Rest of Year 49 14 0 35 6.5% Reference Date: 1 Apr 11 14

Suezmax Fleet Development Suezmax Fleet Development Souce: Clarksons Fleet at DH SH NBs Total Exit Growth Growth % year start 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 0 61 13.4% 2013 517 516 1 36 0 36 7.0% 2014 553 552 1 3 1 2 0.4% 2015 555 555 0 0 0 0 0.0% 2016 555 555 0 0 0 0 0.0% Reference Date: 1 Apr 11 15

VLCC Storage 16

VLCC Storage 17

VLCC Storage VLCC Storage Seasonality 60 2008 2009 2010 2011 50 40 VLCCs 30 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18

19

THANK YOU FOR LISTENING www.euronav.com 20

Tankers International Pool Euronav Reederei “Nord” Klaus GC Tankers E. Oldendorff Athenian Sea Oak Maritime (HK) Carriers Inc., Ltd. Korea Line Overseas Shipholding Group Corporation 21

The TI Pool • Economies of scale • Greater flexibility (swap vessels) • Improved expertise through dedicated roles (demurrage,scheduling ,…) • Global operation • Increased access to information • Increased access to contracts • Increased access to private cargoes • Reduce the effect of volatility • Bunkers (Fuel Oil) purchase • Develop dedicated IT systems • Arbitrage opportunities • Improved Charter Party terms 22

Financing • 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  Maturity: 2014 • Convertible bond in 2009  Maturity: 2015  USD 150M  Coupon: 6.5% - Strike price: € 16.2838 23

OPEC Production

VLCC fleet developement LAST YEAR Year: Fleet at Year DH SH N/B: Scrap/ Growth: % Start FPSO: 2005 447 273 174 31 11 +20 4.5% 2006 467 304 163 18 2 +16 3.4% 2007 483 322 161 29 22 +7 1.4% 2008 490 354 136 42 39 +3 0.6% 2009 493 397 96 53 31 +22 4.5% 2010 513 450 63 71 58/9 +4 1.2% 2011 519 516 3 53 6/0 +47 9.1% 2012 566 563 3 41 6/0 +35 6.2% 2013 601 598 3 30 6/0 +24 4.0% 2014 625 622 3 20 6/0 +14 2.2% 2015 639 636 3 1 6/0 -5 -0.8% 25

Suezmax Fleet Development LAST YEAR Fleet at Year Start DH SH N/B: Scrap/ Growth: % FPSO: 2005 305 229 76 25 3 +22 7.2% 2006 327 254 73 26 4 +22 6.7% 2007 349 280 69 25 12 +13 3.7% 2008 362 304 58 15 12 +3 0.8% 2009 365 317 48 45 16 +29 7.9% 2010 394 361 33 61 18 +43 10.9% 2011 437 422 15 63 0 +63 14.4% 2012 500 485 15 13 1 +12 2.4% 2013 512 498 14 9 3 6 1.2% 2014 518 507 11 0 2 -2 -0.4% 2015 516 507 9 0 3 -3 -0.6% 26