MANAGEMENT SHARE OPTION PLAN – CANCELLATION OF SHARE OPTIONS AND GRANT OF NEW OPTIONS TO PRIMARY INSIDERS

Singapore, 1 March 2022 – The Board of Directors of BW Epic Kosan Ltd. (ticker “BWEK“, “BW Epic Kosan“ or the “Company“ ) has resolved to cancel 766,958 legacy exercised share options under the Company’s share incentive scheme against a cash payment by the Company equal to the difference between the USD equivalent of the volume weighted average of the share price the 30 working days prior to the date of cancellation of those options and the exercise price. The total payment amounts to USD 191,108. After these cancellations, a total of 2,752,864 legacy options remains un-exercised. In addition, the Board has resolved to grant 637,870 new share options to members of the management and primary insiders of the Company. Each option gives the option holder the right to purchase one share in the Company at an exercise price of NOK 21.83 which is equal to the volume weighted average of the share price over the 30 working days prior to the grant date. The options will vest on the 3rd anniversary of the grant date and automatically expire six years after the grant date. This new grant brings the total options outstanding to 3,390,734. Please refer to the attached announcement for further details. BW Epic Kosan Ltd. www.bwek.com ir@bwek.com