NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND,
SOUTH-AFRICA, HONG KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER
MEASURES

Oslo, 26 October 2023 - Web Holding Limited (the "Offeror") refers to the
composite offer document dated and published 23 October 2023 (the "Offer
Document") issued by the Offeror and BW Epic Kosan Ltd. (the "Company"), in
connection with the recommended voluntary unconditional offer (the "Offer") for
all the issued and paid-up ordinary shares in the capital of the Company (the
"Shares"). 

All capitalised terms used but not defined herein shall have the same meanings
given to them in the Offer Document, unless otherwise expressly stated or the
context otherwise requires. 
The Offeror wishes to announce that:

(a)	As at 16:00 CEST on 25 October 2023, the Offeror has received valid
acceptances amounting to 92,525,248 Shares, representing approximately 58.0% of
the total number of Shares, and this includes acceptances received from Odfjell
SE and BW Group Limited, pursuant to their respective Irrevocable Undertakings,
amounting in aggregate to 86,389,920 Shares, representing approximately 54.1% of
the total number of Shares.

(b)	As at 9 October 2023, being the date of the Offer Announcement, the Offeror
and parties acting in concert with it collectively owned or controlled an
aggregate of 65,427,545 Shares, representing approximately 41% of the total
number of Shares.

(c)	From the date of the Offer Announcement and up and until 16:00 CEST on 25
October 2023, the Offeror and parties acting in concert with it have not
acquired or agreed to acquire any Company Shares (other than pursuant to valid
acceptances of the Offer).

Accordingly, as at 16:00 CEST on 25 October 2023, the total number of (a) Shares
owned, controlled or agreed to be acquired by the Offeror and persons acting in
concert with it; and (b) valid acceptances of the Offer, amount to an aggregate
of 153,625,816 Shares, representing approximately 96.3% of the total number of
Shares. 

As stated in the Offer Document, if the Offeror receives valid acceptances of
the Offer or acquires or agrees to acquire such number of Shares during the
Offer Period otherwise than through valid acceptances of the Offer in respect of
not less than 90% of the total number of issued Shares (excluding treasury
shares), other than those already held by the Offeror, its related corporations,
their respective nominees, or prescribed persons under Section 215(9A) of the
Companies Act as at the date of the Offer, the Offeror intends to exercise the
right to compulsorily acquire all the Shares of Shareholders who have not
accepted the Offer (the "Dissenting Shareholders") on the same terms as those
offered under the Offer, pursuant to Section 215(1) of the Companies Act. 

As the Offeror has received valid acceptances and/or acquired Shares in respect
of not less than 90% of the total number of Shares (other than those already
held, or treated to be held by the Offeror as at the date of the Offer
Document), the Offeror is entitled to and is exercising its right of compulsory
acquisition under section 215(1) of the Companies Act, to compulsorily acquire
on the same terms as those offered under the Offer, all the Shares in respect of
which valid acceptances have not been received by the Offeror or which the
Offeror has not acquired as at the date of this Letter. 

Accordingly, the Offeror has today despatched to the Dissenting Shareholders the
following documents: 
(a)	a letter (the "Letter") with regard to, inter alia, (i) the Offeror's
exercise of its right of compulsory acquisition under Section 215(1) of the
Companies Act and (ii) the right of the Dissenting Shareholders under Section
215(3) of the Companies Act to require the Offeror to acquire the Shares held by
them;  

(b)	the notice in the prescribed form 57 ("Form 57") pursuant to Section 215(1)
of the Companies Act; and 

(c)	the notice in the prescribed form 58 ("Form 58") pursuant to Section 215(3)
of the Companies Act. 
Electronic copies of the Letter, Form 57 and Form 58 are available at the
website of SEB https://sebgroup.com/bwek and the Company at
https://bwek.com/investor-relations/press-releases. 

As the Offeror is proceeding to compulsorily acquire all the remaining Shares of
the Dissenting Shareholders pursuant to Section 215(1) of the Companies Act, the
Dissenting Shareholders need not take any action in relation to Form 58 (in
relation to Section 215(3) of the Companies Act). Dissenting Shareholders who
wish to exercise their rights under Section 215(3) of the Companies Act are
advised to seek their own independent legal and financial advice. 

Any Shareholder who is in doubt in relation to the matters referred to in this
announcement or as to the action he should take should consult his stockbroker,
bank manager, solicitor, accountant, tax adviser or other professional adviser
immediately. 

RESPONSIBILITY STATEMENT 
The directors of the Offeror (including those who may have delegated detailed
supervision of this announcement) have taken all reasonable care to ensure that
the facts stated and all opinions expressed in this announcement are fair and
accurate and that no material facts have been omitted from this announcement and
they jointly and severally accept responsibility accordingly. 

Where any information has been extracted or reproduced from published or
otherwise publicly available sources, the sole responsibility of the directors
of the Offeror has been to ensure, through reasonable enquiries, that such
information is accurately and correctly extracted from such sources or, as the
case may be, reflected or reproduced in this announcement. 

A copy of this announcement is available on the Company's website and available
for inspection at the registered office of the Company at 10 Pasir Panjang Road,
#17-01, Mapletree Business City, Singapore 117438, during normal business hours
from the date of this announcement up to close of the Offer.

ACCEPTANCE BY PRIMARY INSIDERS

BW Group Limited, a close associate of Andreas Sohmen-Pao, a director of BW Epic
Kosan Ltd., has accepted the Offer and elected the Securities Consideration for
all its 79,409,656 Shares. Local Resources Ltd, a close associate of Nicholas
Lykiardopulo, a director of BW Epic Kosan Ltd., has accepted the Offer and
elected the Securities Consideration for 4,326,977 Shares. The required
notifications are attached to this announcement.  

ADVISORS:
Skandinaviska Enskilda Banken AB Corporate Finance Unit is acting as financial
advisor to the Offeror and Skandinaviska Enskilda Banken AB (publ) Oslofilialen
is acting as receiving agent in the Offer. Advokatfirmaet Thommessen AS is
acting as legal advisor to the Offeror. Pareto Securities AS is acting as
financial advisor to the Company. Advokatfirmaet Schjødt AS is acting as legal
advisor to the Company.

For further information, please contact: 
SEB Corporate Finance
E-mail: webseb@seb.no

Questions related to acceptance of the Offer shall be directed to:
Skandinaviska Enskilda Banken AB (publ), Oslo Branch
E-mail: acceptance@seb.no

IMPORTANT INFORMATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

It may be unlawful to distribute this announcement in certain jurisdictions.
This announcement is not for distribution in Australia, Canada, the Hong Kong
special administrative region of the People's Republic of China, Japan, South
Africa, the United States or to any other jurisdiction where such distribution
would be unlawful. The information in this announcement does not constitute an
offer of securities for sale in such jurisdictions. Persons into whose
possession this release comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions may constitute
a violation of the securities laws of any such jurisdiction.

This announcement does not constitute an offer for sale of, or a solicitation of
an offer to purchase or subscribe for, any securities in the United States. The
Offer or Consideration Shares referred to in this release have not been and will
not be registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available. The information contained in this announcement
is for informational purposes only and does not purport to be full or complete.
The Offeror does not intend to conduct a public offering in the United States
and is relying on exemptions from registration. The Offer will be made to
shareholders in the United States in compliance with applicable U.S. securities
laws and regulations, including Section 14(e) and Regulation 14E under the U.S.
Securities Exchange Act of 1934, as amended. Copies of this announcement are not
being, and should not be, distributed in or sent into the United States.

In the United Kingdom, this announcement is for distribution only to and is
directed only at persons who (i) have professional experience in matters
relating to investments which fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a)
to (d) ("high net worth companies, unincorporated associations etc") of the
Financial Promotion Order, or (iii) are persons to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons and must not
be acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.

This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area which has implemented the
Prospectus Regulation (EU) (2017/1129, as amended, the "Prospectus Regulation")
(each, a "Relevant Member State") will be made pursuant to an exemption under
the Prospectus Regulation, as implemented in that Relevant Member State, from
the requirement to publish a prospectus for offers of securities. Accordingly,
any person making or intending to make any offer in that Relevant Member State
of securities, which are the subject of the offering contemplated in this
announcement, may only do so in circumstances in which no obligation arises for
the Offeror to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus
Regulation, in each case, in relation to such offer. Neither the Offeror, the
Company nor any of the advisors have authorised, nor do they authorise, the
making of any offer of the securities through any financial intermediary, other
than offers made by the Offeror which constitute the final placement of the
securities contemplated in this announcement. Neither the Offeror, the Company
nor any of the advisors have authorised, nor do they authorise, the making of
any offer of securities in circumstances in which an obligation arises to
publish or supplement a prospectus for such offer.

This release contains certain forward-looking statements within the meaning of
the securities laws and regulations of various international, federal, and state
jurisdictions. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding the Offer or
the future plans and objectives of the Offeror or the Company are
forward-looking statements that involve risk and uncertainties. There can be no
assurances that such statements will prove to be accurate and actual results
could differ materially from those anticipated in such statements.

Neither the Offeror, the Company nor any of their advisors and/or any of their
affiliates or any of their respective directors, officers, employees, advisers,
agents or any other person(s) accept any responsibility or liability whatsoever
for, or make any representation or warranty, express or implied, as to the
accuracy, completeness or fairness of the information or opinions in this
announcement (or whether any information has been omitted from this
announcement) or any other information relating the Offer, the Offeror or the
Company.

The issue, subscription or purchase of shares in the Offeror is subject to
specific legal or regulatory restrictions in certain jurisdictions. Consent
under the Exchange Control Act 1972 (and its related regulations) is required
from the Bermuda Monetary Authority for the issue and transfer of any shares in
the Offeror to and between non-residents of Bermuda for exchange control
purposes. Neither the Offeror, the Company nor their advisors assume any
responsibility in the event there is a violation by any person of such
restrictions.

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into United States, Canada, Australia, New Zealand, Hong
Kong, Japan or any other jurisdiction in which the distribution or release would
be unlawful. This release is an announcement issued pursuant to legal
information obligations, and is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. It is issued for
information purposes only, and does not constitute or form part of any offer to
sell or purchase, or solicitation to purchase or subscribe for any securities,
in the United States or in any other jurisdiction. The securities mentioned
herein have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "US Securities Act"). The securities may
not be offered or sold in the United States except pursuant to an exemption from
the registration requirements of the US Securities Act. The Offeror does not
intend to register any portion of the offering of the securities in the United
States or to conduct a public offering of the securities in the United States.
Copies of this announcement are not being made and may not be distributed or
sent into Australia, Canada, Japan or the United States.

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