Conversion Price

The table below shows the current conversion price which is subject to changes in accordance with the Terms and Conditions. The orginal conversion price at Issue Date is EUR 16.2838 calculated as the volume weighted average price of the Euronav share on Euronext on 3 September 2009. The table reflects the maximum number of shares which would be issued in the event that all bonds were converted at the current conversion price.

The table will be amended in the event of a change in the conversion price.

If all the bonds were to be converted at the current conversion price this would result in a dilution of 1.66% of Euronav's share capital on a fully diluted basis.

Year Issued Amount
Coupon Current
conversion price
number of new
shares if all
CB converted *
Exercice period
2009 USD 25,000,000 6.5% EUR 15.310788
(or USD 21.784190)
1,147,621 4/11/2009 — 24/01/2015

* Maximum number of newly created shares, at current conversion price, if all outstanding bonds were to be converted.