Investment Case - Hunter Group ASA

IMO 2020 - Where are we? Shipowners . . • Have done little to prepare Relies on the refinery industry Do not see it as their responsibility Believe they can pass the cost on to the end users Refineries . Unprepared • Long lead time (3-5 yrs.) • Huge investments $B- not supported by fwd. curve Uncertainty regarding available crude qualities Lack of standardization could lead to "contamination" during blending • Comments Oil companies and Traders have recently been in the market to secure long term TC's or ordered newbuildings with Scrubbers . BP • Exxon . Koch • Total Shell Vitol Trafigura • S-oil H Scrubbers • • Short payback for the larger vessels (0,6 yrs) Positive reputational effect (green) Charterers now securing vessels on long TC's (Maran Tankers recently fixed 5 yrs at 35K/d with Exxon) HUNTER GROUP 7

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