Prospectus 3 July 2019

2020 Bulkers Ltd.
Prospectus dated 3 July 2019 – tax note

Please note that due to an error, as the company is tax resident in Bermuda, the prospectus chapters 16.4.1 and 16.4.2 contain incorrect omissions as revised below:

• Norwegian personal shareholders are not entitled to hold the shares through a Norwegian share saving account (Nw.: aksjesparekonto), opposed to the description in the prospectus section 16.4.2.

As the company is tax resident in Bermuda (which for Norwegian tax purposes is deemed a “low-tax jurisdiction” and outside of the EEA), it does not qualify as an “object” under the Norwegian tax exemption method (Nw. fritaksmetoden) for Norwegian corporate shareholders, consequently: (i) any dividends on the shares distributed to a Norwegian corporate shareholder will be taxed as ordinary income at a rate of 22% (2019), opposed to the description in the prospectus section 16.4.1; and (ii) any capital gains derived from the realization of shares will be taxed at a rate of 22% (2019), and losses upon the realization and costs incurred in connection with the purchase and realization of such shares will for tax purpose be deductible at a rate of 22% (2019), opposed to the description in the prospectus section 16.4.2.