Investor Presentaiton

Changes in diesel demand - slower trade will impact growth iea World Trade Indicators • World trade has already started to slow. 135 128 . Slower trade directly impacts MGO and 133 126 bunker fuel oil demand. 131 124 · Road diesel deliveries also correlated with 129 122 imports. 127 • IMF scenarios on trade show high risk of economic and trade slowdown. 120 125 123 118 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 RWI/ISL-Container-Throughput-Index (Left) CPB World Trade Monitor (Right) Index 2010 = 100 Mar-18 May-18 Jul-18 Diesel will be particularly impacted by trade disputes © IEA 2016

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