Investor Presentaiton

Investment case: Lowest yard price since 2004 260 240 220 200 180 160 140 120 100 80 60 40 20 0 Historical VLCC NB prices Clarksons Platou Real newbuilding price for VLCC Historical newbuilding prices adjusted for US CPI Real newbuilding price In 2002 price assessment was for 300,000 dwt, current ships is 320,000 dwt i.e. higher steel cost (abt 2900 mt extra steel) Current ship price included: CSR, PSPC, BWT (about $1.5 mill), Tier III engine VLCC Single Hull Data source: Clarksons Platou January 2018 Source: Clarkson Research Services Limited, Shipping Intelligence Network H HUNTER GROUP 1976 1977 1978 1979- 1980 1981 1982 1983 1984 1985- 1987 1988 1990 1991- 1992 1993 1994- 1995 1996 1997- 1998 VLCC 315-320K DWT VLCC SH $2016 Newbuilding market update | for internal use 1999 2000 2001 2002 2003- 2004 2005 2006 2007 2008 2009- 2010 2011 2012 2013 2014 2015 2016 2017 -VLCC 315-320K $2016 www.clarksons.com Newbuilding contracts already 8% "in the money" 13

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