Investment Case - Hunter Group ASA

Investment Case - VLCC's/day Fuel cost savings at various MGO/HFO spreads/day USD savings/day 70,000 Eco Eco w/scrubber 64,100 59,900 60,000 50,000 53,500 47,100 40,700 40,000 34,300 27,900 30,000 26,400 26,400 24,000 21,600 19,200 20,000 16,800 14,400 10,000 Spread 0 350 HFO 250 450 HFO 250 MGO 600 MGO 700 550 HFO 250 MGO 800 650 HFO 250 MGO 900 750 HFO 250 MGO 1000 850 HFO 250 MGO 1100 Laden Assumptions: Ballast 50/50 Oper. Days Eco 48 32 40 260 ECO w/scrubber 50 34 42 260 Avg. VLCC Non Eco (WS) 75 53 64 260 H HUNTER GROUP 950 HFO 150 MGO 1100 10

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