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J. Lauritzen A/S

Investor Update – Annual Report 2012

February 2013

Disclaimer

• This presentation contains forward-looking statements concerning J. Lauritzen A/S (“J. Lauritzen”, “JL” or the “Group”) and its financial condition, results of

operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking

statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown

risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

• Forward-looking statements include, among other things, statements concerning J. Lauritzen’s potential exposure to market risks and statements expressing

management’s expectations, beliefs, estimates, forecasts, projections and assumptions. There are numerous factors that could affect J. Lauritzen A/S’ future

operations and could cause J. Lauritzen A/S’ results to differ materially from those expressed in the forward-looking statements included in this presentation.

• All forward-looking statements contained in this presentation are expressly qualified by the cautionary statements contained or referenced to in this statement.

Undue reliance should not be placed on forward-looking statements.

• Each forward-looking statement speaks only as of the date of this presentation. J. Lauritzen does not undertake any obligation to publicly update or revise

any forward-looking statement as a result of new information or future events other than required by applicable law. In light of these risks, results could differ

materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

• Some of the statistical and graphical information contained in the presentation is supplied from the Clarkson Research Services Limited (“CRSL”) database

and other sources. CRSL has advised that (i) some information in CRSL’s database is derived from estimates or subjective judgments, (ii) the information in

the databases of other maritime data collection agencies may differ from the information in CRSL’s database, (iii) whilst CRSL has taken reasonable care in

the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation

procedures and may accordingly contain errors, (iv) CRSL, its agents, officers and employees cannot accept liability for any loss suffered in consequence of

reliance on such information or in any other manner, and (v) the provision of such information does not obviate any need to make appropriate further

enquiries. Any use of such data and graphical information appear with reference to Clarkson Research Services Limited

• While the information in the presentation is believed to be accurate, no representation or warranty, express or implied, is or will be made in relation to the

accuracy or completeness of this presentation or any other written or oral information transmitted or made available to any person or its advisors in connection

with any investigation of the Group and no responsibility or liability is or will be accepted by the Group or any of their respective affiliates and representatives.

In particular, no representation or warranty, express or implied, is or will be given as to the achievement or reasonableness of any statements, estimates and

projections with respect to the anticipated future performance of the Group and the market for the Group’s products and services.

February 2013 2

2012 was challenging for the shipping industry

• Formation of the AXIS Offshore J/V

• Issuance of JL’s 2nd corporate bond • NOK 500m maturing in October 2017

• Financing secured for 3 MR product tankers • Vessels to be delivered in 2013

• Lauritzen Bulkers • Depressed dry bulk markets (a 25 year low)

• LB hit by counterparty defaults on two capes • Vessels subsequently sold

• Lauritzen Kosan • Tightening of sanctions against Iran

• No renewal of ETH time charters

• Lack of Euro-zone growth • Declining markets for S/R

• Stable/improving markets for ETH and F/P

• Lauritzen Tankers • Disappointing spot markets for product tankers

• Lauritzen Offshore (shuttle tankers) • LO shuttle tankers are long-term employed

February 2013 3

Significant events in JL in 2012 JL markets and business

- JL was influenced by the circumstances and recorded a USD (350)m loss in 2012 - Write-downs and other one-offs accounted for USD (254)m - JL continued to develop its business and succeeded in strengthening its finances

• Agreement with owner to convert subordinated loans (DKK 850m plus accrued interest) into equity • Will increase YE 2012 solvency from 37% to 44%

• Agreement regarding facility with 2014-maturity

• Prolonged into 2015

• “Change of guards”: New JL President & CEO

• Torben Janholt retired • Jan Kastrup-Nielsen appointed

Significant events in JL in 2013, so far

2012 net result of USD (349.7)m - In line with December 2012 announcement

- But considerably below expectations at beginning of 2012

Key figures

February 2013 4

Note: “Revenue” includes other operating income

Comments

USDm 2011 2012

Revenue 621,1 709,4

EBITDA 146,0 88,7

Depreciation (91,2) (250,0)

Profit on sale of vessels (36,2) (102,4)

Operating result 18,5 (263,6)

Income from joint ventures 4,7 (26,2)

Finance net (69,2) (59,5)

Tax and minorities (0,3) (0,5)

JL's share of the result (46,2) (349,7)

Fixed assets 2.361 1.931 Hereof vessels under construction 232 39

Net investments (vessels only) 402 110

Profit margin 3,1% (37,9%)

ROIC 1,1% (13,5%)

Solvency ratio 44,7% 36,8%

ROE (3,8%) (34,1%)

Fleet (full year average) 151 178

Average no. employees 1.300 1.379

Full Year • Unsatisfactory result for 2012

• Result for 2012 was significantly impacted by one-offs (i.e.,

settlements, write-downs, reversals and sale of vessels) – as seen

also in 2010 and 2011

• Normalised EBITDA (i.e. EBITDA before one-offs) decreased

from 2011 to 2012 mainly due to income lost caused by

counterparty defaults and weak dry bulk markets – despite revenue

increase from 2011 to 2012

• Depreciation and write-offs increased from USD 91m in 2011 to

USD 250m in 2012 mainly due to impairments on vessels and

vessels under construction (handysize/handymax dry bulk and

product tankers)

• Decreasing net financial costs reflecting increasing margins on

financing which were off-set by exchange rate gains and absence

of refinancing costs seen in 2011 not repeated in 2012

2012 normalized result of USD (95.4m) – down from USD (21.0m) in 2011 - Result for 2012 was significantly impacted by one-off items with a net effect of USD (254.4)m

February 2013 5

Income statement - condensed Key messages

• One-offs relates mainly to: • Impairments due to lower

expected earnings

• Dry bulk

• Product tankers

• Counterparty defaults

• Sale of vessels

• Sale of claims

• Strategic initiatives

• Sale of vessel to form J/V

• Decrease in normalized EBITDA: • Income lost caused by

counterparty defaults

• Weaker dry bulk markets

Note 2011 2012 2011 2012 2011 2012

Revenue 1) 604.3 695.6 17.0 16.6 587.3 679.0

Other operating income 16.8 13.8 - - 16.8 13.8

Costs 2) (475.1) (620.6) 2.5 0.1 (477.6) (620.7)

Profit before depreciation (EBITDA) 146.0 88.7 19.5 16.7 126.5 72.0

Profit/(loss) on sale of assets 3) (36.2) (102.4) (44.7) (104.1) 8.5 1.8

Depreciations and w rite-dow ns 4) (91.2) (250.0) - (148.7) (91.2) (101.2)

Operating income 18.5 (263.6) (25.2) (236.1) 43.7 (27.5)

Share of profit in joint ventures 5) 4.7 (26.2) - (18.2) 4.7 (8.0)

Net f inancial items (69.2) (59.5) - - (69.2) (59.5)

Profit/(loss) before tax (45.9) (349.2) (25.2) (254.4) (20.8) (94.9)

Income tax 1.9 0.8 - - 1.9 0.8

Profit/(loss) for the year (44.0) (348.4) (25.2) (254.4) (18.8) (94.1)

Non-controlling interest's share of profit/(loss) (2.2) (1.3) - - (2.2) (1.3)

The J. Lauritzen Group's share of profit/(loss) (46.2) (349.7) (25.2) (254.4) (21.0) (95.4)

One-off items include:

1) Proceeds from sale of claims and settlements received

2) Use of provisions for onerous charter contracts

3) Sale of vessels as a consequence of counterparty defaults or strategic initiatives

4) Write-downs on vessels and vessels under construction due to impairment

5) Write-downs on vessels owned by jo int ventures due to impairment

Actual One-off items Normalised

(46,2)

(349,7)

0,3 4,814,7

9,7 3,9

(71,2)(7,8) (0,4) (3,2)

(58,5)

(148,7)(18,2)

(13,4)(15,4)

-400

-350

-300

-250

-200

-150

-100

-50

0

USD

m

2012 versus 2011 - 2012 result down from 2011 due to one-offs, weaker bulk markets and counterparty defaults - 2012 result lower than estimated due to write-downs

6

Result 2012 compared to 2011

February 2013

Total assets amount to USD 2.3b, down USD 366m (14%) from YE 2011

Balance sheet

February 2013 7

Key messages

• Fixed assets down by USD 430m:

• Write-downs and depreciations

• Sale of two Capesize vessels and one gas carrier

• Transfer of ASV to Axis Offshore

• Partly off-set by investments in newbuildings

• Solvency at 36.8% • Will increase to 44% upon conversion of subordinated loans to

equity

• ROIC unsatisfactory at (13.5)%.

• Investments, mainly related to seven deliveries

• three handysize bulk carriers,

• two product tankers,

• one gas carrier and

• one shuttle tanker

• Divestments: Sale of Christina Bulker, Gry Bulker and

Karin Kosan

• At end-2012 outstanding contractual commitments

amounted to USD 104m (four vessels)

- The decrease mainly relates to sale of vessels, depreciation, write-downs and the Axis Offshore J/V

2011 2012 2012E

USDm Act Act Nex Oct

Fixed assets 2.361 1.931 2.129

Assets in operation 2.031 1.762 1.895

Prepayments 232 39 70

Invested in Joint Ventures 98 130 165

Current assets 321 384 336

- Cash 234 267 224

Total assets 2.682 2.315 2.465

JL share on equity 1.199 852 1.015

Minority share 2 0 1

Non current liabilities 1.311 1.285 1.267

Current liabilities 170 178 182

Solvency 44,7% 36,8% 41,2%

ROE (3,8%) (34,1%) (16,0%)

NIBD/EBITDA 6,8 10,7 10,6

Investments (vessels only) 435 190 195

Divestments (vessels only) 33 79 79

ROIC 1,1% (13,5%) (4,8%)

Full Year

Broker valuation declined by 16% (on average) on current fleet during 2012

February 2013 8

- Average Loan to Value on fully owned fleet of 76% (net of USD 33m in pledged cash provided as additional security)

Vessel values end 2012 in USDm – book values, broker values and mortgaged debt on fully owned fleet

563

325

167 188

219 217

316

127 125

153 145 138

406

147

200

175 188

197

2.5

1.5

10.3

4.0

2.0

4.7

0

2

4

6

8

10

12

0

100

200

300

400

500

600

HS/HM CZ SR/FP ETH MR ST

BULK GAS TANK OFFSHORE

Book Value Debt (net of pledged cash) Market Value Vessel average age (RHS)

Book and market values as per end-Dec 2012. Debt as per end-Dec 2012. Fleet count as per end-Dec 2012

Note: Book value in Annual Report note 9 also include USD 23m relating to e.g. dockings etc. Totals may differ due to rounding

HS = Handysize

HM = Handymax

CZ = Capesize

SR= Semi-refrigerated

FP = Fully-pressurized

ETH = Ethylene

MR = Medium range

ST = Shuttletankers

2011 2012 2012

USDm Actual Actual Nex Oct

Cash flow from operations 86 34 24

Cash flow from investments (329) (108) (129)

Financial cash flow 323 107 95

Change in cash position 80 33 (10)

Cash position 234 267 224

Total credit facilities 1.493 1.407 1.399

Hereof used for:

Mortgage debt *) (1.149) (1.029) (1.043)

Corporate bonds *) (116) (216) (200)

Subord. Loans and other debt (169) (161) (156)

Unused credit facilities 58 1 1

Funds available incl. unused facilities 292 268 224

Minimum liquidity 50 50 50

RCD/NIBD 8,0% 3,5% (1,0%)

NIBD/EBITDA 6,8 10,7 10,6

EBIT/Interest expenses 0,3 (4,2) (1,6)

FCF/Debt (23%) (7%) (10%)

Liquidity Ratio 188,9 215,5 184,6

*) Formation costs not included

Full year

Cash flow from operations of USD 34m - Significantly down from USD 85.8 in 2011

Cash flow

February 2013 9

Key messages

• Cash flow from operations down by USD 52m: • Lower EBITDA in 2012 compared to 2011

• Increase in working capital caused by increased fleet

and changed employment patterns

• Cash flow investments down by USD 221m: • Final installments on seven deliveries in 2012 (down

from 18 in 2011)

• Cash flow from financing down by USD 216m: • Draw down at-delivery of facilities down in 2012 from

2011 (fewer vessels delivered)

• Proceeds from bond issue in October 2012

• Cash and unused credit facilities amounts to USD

268m, down USD (24)m from USD 292m at YE 2011 • Does not include USD 33m cash pledged as additional

security in loan facilities

JL in a five year perspective - EBITDA for 2012 impacted by counterparty defaults and challenging bulk markets like in 2011

- Operational cash flow slightly positive, and significantly lower than in 2011

10

Revenues USDm Selected key figures USDm

Cash and Cash flow from operations USDm

Capital structure USDm

February 2013

0

500

1,000

1,500

2,000

2,500

3,000

2008 2009 2010 2011 2012

Total equity Non-current liab. Current liab.

-100

0

100

200

300

400

2008 2009 2010 2011 2012

Cash flow from operating activities

Cash and cash equivalents

0

200

400

600

800

2008 2009 2010 2011 2012

Lauritzen Bulkers Lauritzen Kosan Lauritzen Offshore

Lauritzen Tankers Reefer a.o.

-450

-350

-250

-150

-50

50

150

250

350

2008 2009 2010 2011 2012

EBITDA EBIT

Result for the year One-off items

Strategic position and strongholds of JL’s business units - A diversified and well-positioned business

February 2013 11

Lauritzen Bulkers Lauritzen Kosan Lauritzen Tankers Lauritzen Offshore

ActivityCarriage of dry bulk products Carriage of LPG and

petrochemicals

Carriage of clean petroleum

products

Service to the offshore oil and

gas E&P industry

Fleet Average 119 vessels in 2012 Average 43 vessels in 2012 Average 18 vessels in 2012 Average 4 vessels in 2012

PositionTop-5 pool-operator of

handysize vessels

World leading operator of gas

carriers of 3-10,000 m3

Co-founder and member of

Hafnia MR pool

Long term contracts secured

with major energy companies

StrongholdsStrategic advantageous

position from pool scale and

modern fleet

Strategic advantageous

position from modern fleet

and leading pool

Scale obtained via Hafnia MR

pool

Unique knowledge on

dynamic positioning

D/S Norden, Pacific Basin,

Clipper

Evergas, Unigas, Gaschem

Anthony Veder, Unigas,

IM Skaugen

D/S Torm, A.P. Møller-

Mærsk, Norient, Navig8

Teekay, Knutzen NYK,

American Eagle Tankers

Fragmented. Volatile

Scale, quality, reliability

Few operators. Low volatility.

High entry barriers, know-

how, scale, quality

Industry

characteristic

Key

Competitors

Business Unit

Very fragmented. Volatile.

Scale advantage, reputation,

service

Low/medium volatility.

High entry barrier, know-how,

scale, quality

Result 2012 distributed on business areas

February 2013 12

- EBITDA for 2012 up on 2011 in all business units except Lauritzen Bulkers

Business units

USDm 2011 2012 2011 2012 2011 2012 2011 2012

Revenue 330.9 361.1 143.2 210.3 62.0 61.0 66.2 60.1

EBITDA 75.8 4.0 33.2 35.7 12.2 14.3 37.6 40.4

Depreciations * (37.9) (150.7) (26.4) (27.2) (6.3) (55.3) (20.7) (16.8)

Sale of assets (38.6) (96.6) 2.3 1.8 0.0 0.0 0.0 (7.5)

Operationg income (EBIT) (0.7) (243.2) 9.1 10.3 5.9 (40.9) 16.9 16.1

Joint ventures 2.3 (28.6) 2.2 0.7 0.2 (1.1) 0.0 2.7

Finance net (18.4) (25.0) (3.7) (1.9) (5.8) (7.6) (11.6) (10.8)

Result before tax (16.8) (296.8) 7.7 9.1 0.4 (49.5) 5.3 7.9

JL's share of the result (24.7) (294.5) 6.5 8.9 (4.0) (50.6) 3.7 8.8

Invested capital (average) 1121.5 1108.3 423.4 408.3 222.7 274.8 464.0 364.6

ROIC 0.1 % (24.5)% 2.7 % 2.7% 2.7 % (15.3)% 3.6 % 5.1%

Average no of employees 493 590 403 505 121 154 126 58

* Incl. write-downs

Invested capital EBITDAInvested capital EBITDA Invested capital EBITDA Invested capital EBITDA

Lauritzen Bulkers Lauritzen Kosan Lauritzen Tankers Lauritzen Offshore

1108408 275

3654

36

14 40

Total fleet of 175 vessels controlled by JL at year end 2012

13

Lauritzen Bulkers Lauritzen Kosan Lauritzen Tankers Lauritzen Offshore

* Not including time-charters with a duration of less than six months

- 12 newbuildings, hereof 4 fully-owned to be delivered

- Operational fleet expected to grow 5% in 2013 (18% in 2012), mainly in handysize dry bulk and MR product tankers

Bulk fleet

Han

dysize

Han

dym

ax

Pan

amax

Cap

esize

Total

New

bu

ildin

gs

Total 78 21 3 7 109 5

Owned 17 4 0 4 25 1

Part-owned 17 2 1 0 20 1

B/B in 0 0 0 0 0 0

T/C in *) 16 15 2 3 36 2

Joint charters 3 0 0 0 3 0

Pool, etc. 25 0 0 0 25 1

Kosan fleet

Semi-refrigerated

Ethylen

e

Fully-p

ressurized

Total

New

bu

ildin

gs Total 18 12 14 44 0

Owned 7 6 11 24 0

Part-owned 0 3 0 3 0

B/B in 5 0 0 5 0

T/C in *) 0 0 3 3 0

Joint charters 0 0 0 0 0

Pool, etc. 6 3 0 9 0

Offshore fleet

Shu

ttletankers

ASV

Total

New

bu

ildin

gs

Total 3 1 4 1

Owned 3 0 3 0

Part-owned 0 1 1 1

B/B in 0 0 0 0

T/C in *) 0 0 0 0

Joint charters 0 0 0 0

Pool, etc. 0 0 0 0

Tanker fleet

MR

pro

du

ct tankers

Total

New

bu

ildin

gs

Total 18 18 6

Owned 7 7 3

Part-owned 1 1 0

B/B in 0 0 0

T/C in *) 4 4 3

Joint charters 1 1 0

Pool, etc. 5 5 0

78

21 3 7 Capesize

Panamax

Handymax

Handysize 18

12

14 Fully-pressurized

Ethylene

Semi-refrigerated

18 MR product tankers 3

1 ASV

Shuttletankers

February 2013

Coverage strategy vary from segment to segment to reflect business model

February 2013 14

- Increased coverage in handysize/handymax beginning of 2013 reflecting increased focus on CoAs

- Reduced coverage for product tankers pending delivery of new buildings. Coverage in Ethylene hit by Iran sanctions

Lauritzen Bulkers Lauritzen Kosan Lauritzen Tankers Lauritzen Offshore

Small bulk, gas and product tankers: In segments where JL has scale, carries a high customer retention rate and, in

general, segments recognised as highly liquid, coverage is decided on the basis of market outlook and market conditions.

Larger dry bulk and in Offshore: High coverage preferred in segments with larger vessels, where JL has less scale and/or

less liquid assets (larger vessels, larger cover)

Handy (small bulk): Top-5

pool-operator in handysize dry

bulk. “Play the market”. Huge

customer base

Cape/panamax (larger

bulk): Basically vessels built

against long term contracts (4

owned vessels on 7-13y t/c)

Repeating customers

Contracts are renewed

(renegotiated annually)

Long term employment mixed

with spot employment.

Spot employment via Hafnia

MR Pool

2 shuttletankers on 11y

bareboats. 1 shuttletanker on

t/c until Aug 2014.

Long term contracts with oil

majors

Coverage

strategy

Coverage

rationale

Business Unit

Cover at the

beginning of

the yearCape size

Pana-max

Handy-max

Handy-size

2012 85% 57% 14% 13%

2013 83% 50% 24% 24%

0%

25%

50%

75%

100%

2012

2013

F/P S/REthy-lene

2012 64% 52% 52%

2013 79% 58% 25%

0%

25%

50%

75%

100%

Medium Range

2012 43%

2013 29%

0%

25%

50%

75%

100%

Shuttle Tankers

2012 100%

2013 100%

0%

25%

50%

75%

100%

Dry Bulk: smaller segments has better balance Gas Carriers: 2013 below 2012

- But improving during the year

Industrialization and urbanization in Asia continue to be key drivers

supporting the dry bulk trade.

2013 expected to see continuously low spot rates due to weak

global economy and high delivery schedules

However expectation of decelerating supply growth during the year

and improved global economy will support dry bulk market in H2

Total net fleet growth expected to fall from 10.5% in 2012 to 6% in

2013.

Market balance for handysize segment relatively well balanced

Large surplus shipbuilding capacity will put pressure on tonnage

prices in 2013

Demand for smaller gas carriers almost stagnated 2012 after

having posted strong growth during 2010 and 2011

The fleet of smaller gas carriers increase by an estimated 4%

during 2012

Demand and supply expected to grow by approx. 3% in 2013,

however with demand lagging behind in 2013-H1

Source: J. Lauritzen A/S based on data from Clarkson Research Services Source: J. Lauritzen A/S based on data from Fearnley’s

15

Outlook in 2013 in Dry Bulk and Gas – on average below 2012

February 2013

0

1000

2000

3000

4000

5000

0

6000

12000

18000

24000

30000

36000

2010-01 2010-07 2011-01 2011-07 2012-01 2012-07

Average of the 6 T/C Routes for the Baltic Handysize Index

Average of the 6 T/C Routes for Baltic Supramax Index

Baltic Exchange Dry Index (1st November = 1334) - RHS

Spot Market Rates 2010-2012 USD/Day

0

100

200

300

400

500

600

700

2010-01 2010-07 2011-01 2011-07 2012-01 2012-07

East (F/P) coaster West (S/R) coaster

6500 S/R 10000 ETH

Spot Market Rates 2010-2012 USD'000/Month

Product Tankers: Modest improvement with possible upside

16

Product Tankers -Modest improvement during 2013 Shuttletankers

2013 expected to be another year of low growth in global oil

demand, due to weak economic activity and high oil prices. This

implies low growth for product tankers demand as well.

Refinery re-locations and refinery closures will support longer

voyages could lift ton-miles demand and cause the market to

improve more than expected

The total product tanker fleet will grow by a couple of percent with

the MR fleet expected to grow somewhat higher

Overall the product tanker market is expected to see only modest

improvement in 2013

Highly specialized tankers vessels, mainly employed in the North

Sea and Brazil

Medium entry barriers

Rates expected to be negatively affected by new entrants in

2013

Source: J. Lauritzen A/S based on data from Clarkson Research Services

Market Outlook in 2013 (cont.) – shipping is a cyclical business

February 2013

-5,000

0

5,000

10,000

15,000

20,000

2010-01 2010-07 2011-01 2011-07 2012-01 2012-07 BCTI TC2_37 TCE: 37,000mt CPP Rotterdam- New York

BCTI TC3_38 TCE: 38,000mt CPP Aruba (Caribs) - New York

BCTI TC4-TCE: 30,000mt, CPP/UNL Singapore- Chiba (Japan)

Spot Market Rates Key Product Tanker Routes 2010-2012

Debt overview - No refinancing until 2015 (Agreement regarding facility with 2014-maturity: Prolonged into 2015)

- Subordinated loans to be converted to equity

February 2013 17

Outstanding Debt (forecast) - Existing Facilities – USDm Repayment profile (forecast) - Existing Facilities – USDm

Expiring bank loans expected to be refinanced at

maturity

Bond strategy involves total of USD 300mm on a

rolling basis

Term loans: Maturity 2016–2017 (balloon at maturity)

ECA backed term loans: with maturity in 2021-2022 (fully

amortized)

Revolving facilities: Maturity 2015-2017 (balloon at maturity)

Unsecured bond: Maturity May 2015 and October 2017

Subordinated loans from owner: Maturity 2015/2022

Will be converted to equity

492 503 446 372

126 107

296 271 240

209

178 147

245 232

184

78

66

206 206

206

87

87

0

250

500

750

1000

1250

1500

2012 2013 2014 2015 2016 2017

Term loans Term loans ECA backed Revolving

Bonds unsecured Subordinated loans

96 111

89 71

48

29

118

213

66

119

87

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017

Bullit subordinated loans Bullit bonds Bullit bank loans Repayment

Note: Bullet payments on existing bank facilities are normally refinanced on or

before maturity by way of pledging the financed vessels in a new facility and

using the proceeds to redeem the existing facility

Note: “Forecast”. Actual data shown as per end-2012. Numbers may change subsequently, e.g. in case of sale of a vessel, prepayment, reduction in use of revolving facilities, etc.

Totals may differ due to rounding. Gross debt. Bond debt at hedged value.

Moved to

2015

Accomplishments in 2012 and further initiatives will support and develop

JL throughout 2013

Markets in 2013 on average in line with 2012

However, several JL accomplishments in 2012 and

further initiatives will help improve JL’s result for 2013

• Expensive dry bulk time-charters will be redelivered

during 2013

• Coverage in the handysize and handymax (dry bulk)

segment has been increased compared to last year

• Intensive work to reduce OPEX e.g. in the shuttle

tanker segment, improve profitability

• Increased focus on working capital

Increased competitiveness through:

• Project Rejuice – will increase fuel efficiency

• Corporate Responsibility efforts: • Responsible procurement

• Anti-corruption compliance program

• Greenhouse Gas Protocol (GHGP)

• And more initiatives are scheduled for 2013-2015

EBITDA (excl. one-offs and deconsolidated activities)

is expected to come in higher in 2013 than in 2012

February 2013 18

• Competence

• Respect

• Entrepreneurship

• Accountability

• Team spirit

• Enthusiasm

IT ALL COMES DOWN TO PEOPLE

Recovery, however slow, expected from mid-2013 - Result for 2013 expected to be negative but better than 2012

- EBITDA (comparable*) up on 2012 due to redelivery of expensive T/C-vessels and increase of operated product tanker fleet

• EBITDA (comparable*) expected to be slightly higher in 2013 than in 2012; in the range of USD 60m-80m (In 2012:

USD 88.7 of which one-offs and EBITDA from ASV amounted to USD 33.7m)

• Depreciations will decrease by about 10% compared to 2012 mainly due to write-downs and sale of assets in 2012

• Joint ventures expected to be unsatisfactory in 2013 but up on 2012

• Net financials expected to be in line with 2012; Currency and interest rate fluctuations may affect results

• Tax is expected to be limited and minorities’ share of result to decrease

• Net result in 2013 thus expected to be an unsatisfactory USD (75-100)m but up from USD (350)m in 2012

The first quarter of 2013 is expected to be the most challenging one

February 2013 19

JL group level

Business units

Lauritzen Bulkers: EBITDA excl one-offs expected to to be somewhat better than 2012 but slightly negative

Lauritzen Kosan: EBITDA expected to be in line with 2012

Lauritzen Offshore: EBITDA* (shuttletankers only) expected slightly up on 2012

Lauritzen Tankers: EBITDA expected to be positive and better than 2012

*) “Comparable“ EBITDA excluding 2012 one-offs and EBITDA related to Dan Swift, the accommodation and support

vessel sold into J/V Axis Offshore as per July 1, 2012

Sensitivity guidance - 2013

Business Unit Change +/- Change in result +/-

Bulk (small) 1,000 USD/day USD 13.4m

Bulk (large) 1,000 USD/day USD 0.4m

Gas 500 USD/day USD 1.7m

Tank 1,000 USD/day USD 4.1m

Summary of messages

February 2013 20

Financials

Solvency will be strengthened by conversion of subordinated loans to equity

Liquidity continues to be satisfactory

No refinancing exposure until 2015

2013 will be difficult: A gradual and slow recovery not likely before mid-2013

Decreasing vessel values and continued low earnings will be challenging

Strategy is to be prudent, to consolidate but also prepare to grow its business further

Dry bulk and product tankers: Current markets represent windows of opportunity for chartering of tonnage

Gas: Grow Far Eastern fully-pressurized business and expand in larger size Ethylene vessels

Offshore: Continue focus on ASV via the AXIS Offshore joint venture

Keeping solid liquidity and controlling the leverage remains key

Bond strategy unchanged

Sale of selected assets are also considered as part of strategy implementation

Business

JL has been hit by counterparty defaults in dry bulk (market hit a 25 year low point in 2012):

Defaults have since 2010 affected JL’s results negatively and have reduced JL’s long term contract cover, however

In an expected weak market for 2013, JL expects to deliver improved EBITDA (comparable) and improved net result

Increased coverage in small bulk, redelivery of expensive T/Cs and continued focus on operation (OPEX, sales and admin.

costs) will help improve EBITDA

- A diversified and well-positioned business operating in volatile markets

- JL has a proven track record in not only managing change and market turmoil, but also in customer satisfaction,

innovation and building strong relations with customers, partners and other stakeholders

www.j-l.com | Oceans of know-how

Appendix

• CAPEX and financing on fully-owned newbuildings

• Charter commitments (operational lease liabilities) and contingent liabilities

• Market outlook

• Glossary

• Contact details

• Fleet list

February 2013 21

Fully-owned newbuildings (CAPEX and financing) – Status end 2012 - Remaining CAPEX of USD 104m on 4 fully-owned newbuildings

- Committed financing secured for 3 product tankers

- Bulk carrier to be delivered in 2013 held free of mortgage *)

22

Investment Committed Cash,

program financing net

USDm Outstanding

CAPEX

3 Product Tankers -72 63 -9

1 Handysize Bulk Carrier -32 *) -32

4 Deliveries in 2013 -104 63 -41

4 Total remaining deliveries -104 63 -41

Amount of committed financing based on fair market value of vessels as per end December 2012

Note: *) Expected to be used as additional security in existing facility in order to release cash which is currently pledged as security

February 2013

Charter obligations and committed charter income - Expensive (vis-a-vis current market) time charter commitments in dry bulk tailing of in 2013

- During 2013, 35% of current time-charter commitments will expire

February 2013 23

Lauritzen Bulkers

Lauritzen Kosan

Lauritzen Offshore

Lauritzen Tankers

J. Lauritzen Total

0 - 1 Year 187.2 14.5 - 28.7 230.4 1 - 5 Year 256.0 9.9 - 53.7 319.6 > 5 Year 116.1 - - - 116.1 Total 559.4 24.4 - 82.4 666.2

Number of vessels chartered in 43 9 - 7 59 Herof included chartered vessels where: JL has purchase option 9 - - - 9 JL has option to extend 6 3 - - 9

Operational lease liabilities at end 2012 – USDm

Lauritzen Bulkers

Lauritzen Kosan

Lauritzen Offshore

Lauritzen Tankers

J. Lauritzen Total

0 - 1 Year 65.3 38.2 35.2 20.0 158.7 1 - 5 Year 225.3 14.9 90.1 19.9 350.2 > 5 Year 298.4 0.1 115.8 - 414.3 Total 589.0 53.2 241.1 39.9 923.3

Number of vessels chartered out: 8 15 3 5 31

Contractual committed charter income (T/C and B/B) at end 2012 – USDm

Note: Above does not include income from committed contracts of affreightment (COAs)

Contingent liabilities - Change from 2011 to 2012 mainly caused by the formation of AXIS Offshore

- See also note 19 in the 2012 Annual Report for further details

February 2013 24

USDm 2012 2011

Guarantees undertaken for debt in joint ventures 158 17

Max. obligation to pay in capital into joint ventures 80 45

Guarantees regarding newbuildings - 15

Contingent liabilities at year end – USDm

• JL has a contingent liability relating to the Axis Offshore joint

venture of USD 47m

• JL continues to guarantee the loan facility relating to ASV “Dan

Swift” now owned by AXIS Offshore

Dry Bulk: On average 2013 expected to be below 2012 - 2013-H2 expected to see improved markets

25

The Dry Bulk Market

0

100

200

300

400

500

600

700

800

03 04 05 06 07 08 09 10 11 12

Capesize Panamax Handymax Handysize

Supply of Dry Bulk Carriers 2003-2012 (Beginning of Year)

DWTm

0

100

200

300

400

500

600

700

800

03 04 05 06 07 08 09 10 11 12

Capesize Panamax Handymax Handysize

Demand for Dry Bulk Carriers 2003-2012 DWTm

0

1000

2000

3000

4000

5000

0

6000

12000

18000

24000

30000

36000

Average of the 6 T/C Routes for the Baltic Handysize Index

Average of the 6 T/C Routes for Baltic Supramax Index

Baltic Exchange Dry Index (1st November = 1334) - RHS

Spot Market Rates 2010-2012 USD/Day

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Handysize Handymax Panamax Capesize

25 years or more 15-24 years 0-14 years Order book

Bulk Carrier Age Profile and Order Book at Year-End

2012 (% of Existing Fleet)

February 2013

Source: J. Lauritzen A/S based on data from Clarkson Research Services

Small Gas Carrier: 2013 expected to be weaker than 2012 - Demand and supply expected to grow by 3%, however with demand lagging behind

26

Small Gas Carrier Market

February 2013

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

03 04 05 06 07 08 09 10 11 12

S/R vessels F/P vessels

Supply of Smaller Gas Carriers 2003-2012 By Type

in CBMm

0

100

200

300

400

500

600

700

East (F/P) coaster West (S/R) coaster

6500 S/R 10000 ETH

Spot Market Rates 2010-2012 USD'000/Month

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Semi-refrigerated Fully-pressurised

Smaller Gas Carriers Age Profile And Order Book At Year End 2012 (% of existing Fleet)

25+ years 15-24 years 0-14 years Order boook

-

5

10

15

20

25

30

35

03 04 05 06 07 08 09 10 11 12

Demand for smaller gas carriers 2003-2012 by product (Mill Tons)

Ethylene Propylene Butadiene VCM LPG Ammonia

Sources: J. Lauritzen A/S based on data from Clarkson Research Services, Viamar AS and Fearnley’s

MR Product Tanker: Modest improvement expected in 2013

27

The MR Product Tanker Market

February 2013

0

20

40

60

80

100

120

140

160

03 04 05 06 07 08 09 10 11 12

10-39.900 Dwt 40-59.900 Dwt

60-79.900 Dwt 80.000+ Dwt

Supply of Product Tankers 2003-2012 DWTm

0

200

400

600

800

1000

03 04 05 06 07 08 09 10 11 12

Gasoline Kerosene

Residual fuel Gas and diesel oil

Other products

Global Refined Products Trade 2003-2012 (Mill Tons)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

MR (40-60.000dwt) LR1 (60-80.000dwt)

25 years or more 15-24 years

0-14 years Order book

Product Tankers age Profile And Order Book

At Year-End (% Of Existing Fleet)

-5,000

0

5,000

10,000

15,000

20,000

2010-01 2010-07 2011-01 2011-07 2012-01 2012-07

BCTI TC2_37 TCE: 37,000mt CPP Rotterdam- New York

BCTI TC3_38 TCE: 38,000mt CPP Aruba (Caribs) - New York

BCTI TC4-TCE: 30,000mt, CPP/UNL Singapore- Chiba (Japan)

Spot Market Rates Key Product Tanker Routes

2010-2012

Source: J. Lauritzen A/S based on data from Clarkson Research Services

Glossary

Aframax: Crude oil tanker or product tanker too large to pass through the Panama Canal and below 120,000 dwt.

Bulk vessel: Vessels transporting large cargo quantities, e.g. coal, iron ore, steel, grain, gravel, oil, etc.

Bunker: Fuel for vessels.

Capesize: Dry bulk carrier of more than approximately 80,000 dwt; too large to pass through the Panama Canal.

Cbm: Cubic meter.

Clean products: Refers to light, refined oil products such as jet fuel, gasoline, diesel oil and naphtha.

CoA: Contract of Affreightment. Contract between shipping company and charterer concerning the freight of a predetermined volume of goods within a given period of time and/or at given intervals.

Coating: The internal coatings applied to the tanks of a product or chemical tanker. Coated tanks enable the ship to transport corrosive refined oil products or chemicals and it facilitates extensive cleaning of the tanks, which may be required in the transportation of certain cargoes.

Dirty products: Heavy oils such as crude oil or refined oil products such as fuel oil or bunker oil.

DP: Dynamic Positioning. Special equipment on board that in conjunction with bow thrusters and main propellers enable the ship to position itself in a fixed position in relation to the seabed.

Dwt: Dead Weight Tons. International unit of measurement that indicates the loading capabilities in metric tonnes of the particular vessel, including the weight of crew, passengers, stores, bunkers etc.

F(P)SO: Floating (Production) Storage Offloading Unit. Crude oil tanker used as substitute for a conventional oil platform at oil fields that are either too deep in the ground or too small to justify the use of a conventional oil platform. If the ship is an FPSO the ship has oil (or gas) processing capabilities on board.

Handy, tank: Crude oil tanker, product tanker or chemical tanker of between 10,000 and 25,000 dwt

Handymax, dry cargo: Dry bulk carrier of between approximately 40,000 and 60,000 dwt.

Handysize, dry cargo: Dry bulk carrier of between approximately 10,000 and 40,000 dwt.

IMO: International Maritime Organization A maritime organization under the UN, www.imo.org .

LPG vessels: Liquefied Petroleum Gas. Vessels used to transport ammonia and liquid gases (ethane, ethylene, propane, propylene, butane, butylenes, isobutene and isobutylene).The gases are transported under pressure and/or refrigerated.

LR1, product tanker: Long Range 1. Product tanker with the maximum dimensions for passing through the Panama Canal (width of 32.21 meters and length of 289.5 meters) of approximately 50,000—80,000 dwt.

LR2, product tanker: Long Range 2. Product tanker too large to pass through the Panama Canal of approximately 80,000 dwt.

Medium Range, tanker (MR): Product tanker of between 25,000 and 50,000 dwt.

Nautical Mile: Distance unit measure of 1,852 meters.

Offshore vessel: Vessel serving the offshore oil industry.

OPEC: Organization of Petroleum Exporting Countries.

Panamax, tanker: Crude oil tanker or product tanker with the maximum dimensions for passing through the Panama Canal (width of 32.21 metres and length of 289.5 metres) of approximately 50,000—80,000 dwt.

Panamax, dry cargo: Dry bulk vessel with the maximum dimensions for passing through the Panama Canal (width of 32.21 metres and length of 289.5 metres) of approximately 60,000—80,000 dwt.

Petrochemical gases: Industrial processed gases such as ethylene, propylene, butadiene and VCM.

Product tanker: Tanker vessel with coated tanks used to transport refined oil products.

Suezmax: Crude oil tanker with the maximum dimensions for passing through the Suez Canal (approximately 120,000—200,000 dwt.).

Time Charter (TC): Under time charters, vessels are chartered to customers for fixed periods of time at rates that are generally fixed. The charterer pays all voyage costs. The owner is responsible for payment of all vessel operating expenses (manning, maintenance, repair, docking) and capital costs of the vessel.

Time Charter Equivalent (TCE): Gross freight income less voyage-related costs (bunkers, harbor fees, etc.)

Ton-nautical mile: Unit of measurement indicating the volume of cargo and how far it has been transported.

VLCC: Very Large Crude Carrier. Crude oil tanker of between approximately 200,000 and 320,000 dwt.

VLGC: Very Large Gas Carrier. LPG ship with capacity above 60,000 cbm.

February 2013 28

Contact details

Investor relations

Jacob Winthereik Financial Investor Relationship Manager, Group Treasury

E-mail: jwi@j-l.com

Phone: +45 3396 8384

Web: http://www.j-l.com

Press & Media

Jens Søndergaard Senior Vice President, Corporate Communications

E-mail: jso@j-l.com

Phone: +45 3396 8401

Web: http://www.j-l.com

February 2013 29

JL FULLY OWNED VESSELS

Built Vessel/Type Vessel Flag Owner

subgroup

GAS

2009 Victoria Kosan ETH IOM LKS

2009 Leonora Kosan ETH IOM LKS

1996 Lizzie Kosan F/P SNG LKS

1998 Bente Kosan F/P SNG LKS

1999 Brit Kosan F/P SNG LKS

2010 Helle Kosan F/P IOM LKS

2011 Inge Kosan F/P IOM LKS

2011 Linda Kosan F/P IOM LKS

2011 Monica Kosan F/P IOM LKS

2007 Helena Kosan ETH IOM LK

2007 Isabella Kosan ETH IOM LK

2008 Henrietta Kosan ETH IOM LK

2008 Alexandra Kosan ETH IOM LK

2001 Anette Kosan F/P PAN LK

2003 Charlotte Kosan F/P PAN LK

2011 Tracey Kosan F/P IOM LK

2012 Emily Kosan F/P IOM LK

1992 Cervantes S/R MAR LK

1994 Telma Kosan S/R IOM LK

1998 Tessa Kosan S/R IOM LK

1998 Tenna Kosan S/R IOM LK

1999 Tilda Kosan S/R IOM LK

1999 Tanja Kosan S/R IOM LK

1991 Berceo S/R IOM Gasnaval

BULK

2009 Camilla Bulker Capesize PAN LB

2011 Cassiopeia Bulker Capesize MTA LB

2011 Corona Bulker Capesize MTA LB

2011 Churchill Bulker Capesize MTA LB

2011 Tess Bulker Handymax IOM LB

2011 Tanager Bulker Handymax IOM LB

2011 Toucan Bulker Handymax IOM LB

2011 Thunderbird Bulker Handymax IOM LB

2003 Lilja Bulker Handysize MTA LB

2007 Amine Bulker Handysize MTA LB

2007 Sofie Bulker Handysize MTA LB

2010 Louise Bulker Handysize PAN LB SO II

2010 Signe Bulker Handysize PAN LB

2010 Emma Bulker Handysize PAN LB SO II

2010 Emilie Bulker Handysize IOM LB

2011 Elvira Bulker Handysize IOM LB SO II

2011 Hedvig Bulker Handysize PAN LB SO II

2012 Nicoline Bulker Handysize IOM LB SO II

2012 Anne Mette Bulker Handysize IOM LB

2012 Eva Bulker Handysize IOM LB

2005 Tenna Bulker Handysize SNG JLS

2008 Maren Bulker Handysize PAN JLS

2008 Laura Bulker Handysize SNG JLS

2010 Orchard Bulker Handysize SNG JLS

2010 Sentosa Bulker Handysize SNG JLS

TANK

2004 Freja Atlantic MR DIS LT

2010 Freja Pegasus MR UK LT

2010 Freja Nordica MR PAN LT

2011 Freja Taurus MR UK LT

2011 Freja Andromeda MR UK LT

2012 Freja Crux MR DIS LT

2012 Freja Lupus MR DIS LT

OFFSHORE

1999 Dan Eagle Shuttletanker DIS LSS

2011 Dan Cisne Shuttletanker DIS LSS

2012 Dan Sabiá Shuttletanker DIS LSS

31 December 2012

JL PART-OWNED VESSELS

Built Vessel/Type Size JL

owner

share

GAS Cbm.

2008 Stella Kosan (ETH) 9,108 50.0%

2008 Stina Kosan (ETH) 9,108 50.0%

2008 Sophia Kosan (ETH) 9,108 50.0%

BULK Dwt.

2005 Durban Bulker 32,544 50.0%

2012 Milau Bulker 37,800 50.0%

1989 Id Bulker 26,970 10.0%

1994 Ideal Bulker 28,460 27.1%

1994 Mediterranean ID (Amazonia) 28,475 27.1%

1995 ID Harbour 28,460 27.1%

1995 Idas Bulker 27,321 20.0%

1995 Scan Bulker 27,308 27.1%

1996 Arctic ID 28,251 27.1%

1996 Caribbean ID (Mt Cook) 27,940 27.1%

1996 Marine Bulker 28,322 27.1%

1997 Baltic ID 28,450 27.1%

1998 Obelix Bulker 70,529 20.0%

2001 Bianco Bulker 52,193 43.5%

2004 Bianco Dan 55,628 40.0%

2004 Bianco Venture 33,773 35.0%

2008 Idship Bulker 28,050 18.0%

2009 Danship Bulker 28,000 14.0%

2009 ID North Sea 28,000 14.0%

2012 Bianco Victoria Bulker 32,500 50.0%

TANK Dwt.

2004 Freja Polaris 37,255 49.0%

OFFSHORE

2009 Dan Swift 6,000 50.0%

31 December 2012