Investor Presentaiton

H USD spread/ mt IMO 2020 - What about the fuel spread? 600 500 400 300 200 100 Source: Fearnleys 0 Jan-04 Jan-05 Jan-06 HUNTER GROUP MGO/HFO spread Rotterdam 2020 MGO/HFO spread Rotterdam Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 6

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