Investor Presentaiton

Oil 2018 scenario- HSFO Switch to MGO and VLSFO in 2020 OECD and major-non-OECD bunker fuel switch by 2020 kb/d 3 500 3.000 90% 80% 70% 2 500 60% 2 000 50% 1 500 40% 30% 1 000 20% 500 10% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bunker HS FO Marine gasoil Marine VLSFO kb/d 2015 2016 2017 2018 2019 2020 2021 2022 2023 Marine gasoil 773 729 745 756 767 1,736 1,229 905 773 Marine VLSFO 0 0 0 0 0 969 1,496 1,849 2,018 Bunker HS FO 2,883 3,049 3,126 3,180 3,231 1,292 1,292 1,292 1,292 Total 3,656 3,778 3,872 3,937 3,997 3,997 4,017 4,047 4,084 Growth 3.3% 2.5% 1.7% 1.5% 0.0% 0.5% 0.7% 0.9% iea © IEA 2016

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