Investment Case - Hunter Group ASA

USD per day Breakeven vs. historical VLCC rates 30,000 Breakeven assumption 25,000 60% final installment assumed debt financed at 5%, 18-year repayment profile 7,800 24,200 20,000 15,000 10,000 100 1,300 9,400 8,000 5,000 7,000 0 Opex Scrubber opex G&A (NOK 2m p.a) EBITDA breakeven Interest (5%) Amortization Cash breakeven Source: Clarkson Research Services Limited H HUNTER GROUP Comment If owners get full benefit from scrubber at current prices, historical rates have always been above cash b/e 15

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