Investor Presentaiton

Changes in diesel demand - China plateauing? • • Urban air quality improvement is a big issue: ➤ Sales of electric buses are booming. ➤ LNG trucks in Eastern China. Industrial upgrade and development of a service-oriented economy. mb/d China: Gasoil/Diesel Demand 4.0 3.5 . Less rail and heavy vehicle freight for coal and industrial output. 3.0 2.5 2.0 JAN APR Range 13-17 2018 JUL OCT - 2017 5-year avg Environmental policies and structural economic change reducing diesel demand in China iea © IEA 2016

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