Investment Case - Hunter Group ASA

Investment Case - VLCC's/yr Fuel cost savings at various MGO/HFO spreads/vessel/yr. USD savings/yr 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 7,254,000 6,000,000 4,000,000 2,000,000 Eco w/scrubber 16,666,000 15,574,000 13,910,000 12,246,000 10,582,000 8,918,000 0 350 450 550 650 750 850 Spread MGO-HFO Assumptions: 260 Trading days 13 kts. ECO w/scrubber (HFO) Avg. VLCC Non Eco (MGO) Laden Ballast 50/50 50 34 42 75 53 64 H HUNTER GROUP 0 950 11

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