2020 Bulkers Ltd. (2020) – Grant of share options

Hamilton, Bermuda, April 8, 2022

In January 2019, the Board of Directors established a long-term incentive plan and approved a grant of 740,000 share options to employees and directors (the “LTI Plan”).

The Board has resolved to grant 60,000 share options to employees including one person discharging managerial responsibilities (“PDMR”) as defined by the Market Abuse Regulation pursuant to the Company's LTI Plan. Each share option gives the holder the right to purchase one share in the Company at an exercise price of US$18 per share. The share options will vest equally over a three year period, commencing one year from date of grant and will expire five years after the grant date.

The following PDMR has been granted share options:

Herman Billung (CEO of 2020 Bulkers Management AS), was granted 50,000 share options, following which he holds 10,000 shares and 50,000 share options.

Following the grant, the total number of outstanding share options is 730,000.

For further queries, please contact:

Magnus Halvorsen, Chairman, 2020 Bulkers Ltd.

Telephone +47 920 20 111

About 2020 Bulkers Ltd.

2020 Bulkers has eight Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.