Investor Presentaiton

mb/d US50: Gasoil/Diesel Demand Changes in diesel demand – strength in the US · - ⚫ US diesel demand supported by rising imports of goods and strong growth in industrial production. Shale oil production pipeline bottlenecks increased reliance on trucks/rail to move crude oil. • Diesel demand should slow in 2020: ➤ Pipeline bottlenecks should ease in 2H19. ➤Trade flows likely to slow. ➤ US fiscal expenses likely to slow in 2020. 4.6 4.4 4.2 4.0 3.8 3.6 3.4 JAN - - APR Range 13-17 2018 JUL OCT .2017 ⚫ 5-year avg Diesel demand in the US should slow by 2020 iea © IEA 2016

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