HIGHLIGHTS

Return to shareholders policy targeting 80% of net income
As from first quarter 2020 results, dividends will be paid quarterly
80% target return will already apply to the 2019 final results

ANTWERP, Belgium, 9th January 2020 - Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today announces guidance to its return to shareholders policy to be applied to the 2019 final results and to the quarterly results as from 2020 onwards.

Guidance on how current policy will be applied

The following guidance on the current policy will be applicable as of the first quarter results 2020:

Each quarter Euronav will target to return 80% of net income (including the fixed element of USD 3c per quarter) to shareholders
This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at stock repurchase as an alternative if it believes more value can be created for shareholders
The Company retains the right to return more than 80% should the circumstances allow it
In line with the current policy, the calculation will not include capital gains (reserved for fleet renewal) but will include capital losses and the policy will at all times be subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements.

Euronav believes this approach has the flexibility to manage the Company through the cycle, retaining sufficient capital for fleet renewal whilst simultaneously rewarding our shareholders.

Indicative timetable for 2020 results and dividends*

Quarterly distributions will allow better alignment between operational performance of the business and return to shareholders.

Announced
Q1 Dividend First week May
Q2 Dividend Mid August
Q3 Dividend First week November
Q4 Dividend First week February
*dates subject to change; XD and payment timings to remain as befor