Hunter Group ASA

Investor Presentation • Dec 6, 2023

Hunter Group ASA – Company Presentation December 2023

CERTAIN STATEMENTS INCLUDED IN THIS DOCUMENT CONTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. THE WORDS "BELIEVE," "ANTICIPATE," "INTENDS," "ESTIMATE," "FORECAST," "PROJECT," "PLAN," "POTENTIAL," "MAY," "SHOULD," "EXPECT" "PENDING" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN HUNTER GROUP'S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH HUNTER GROUP BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND HUNTER GROUP'S CONTROL, YOU CANNOT BE ASSURED THAT HUNTER GROUP WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. THE INFORMATION SET FORTH HEREIN SPEAKS ONLY AS OF THE DATES SPECIFIED AND HUNTER GROUP UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES. IMPORTANT FACTORS THAT, IN HUNTER GROUP'S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OIL CONSUMPTION AND STORAGE, CHANGES IN HUNTER GROUP'S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR HUNTER GROUP'S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS.

THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL.

Erik A. S. Frydendal

CEO

• Mr. Frydendal has served as Hunter Group's CEO since May 2018.
• More than 20 years of capital markets experience, most recently as a Partner in Fearnley Securities, part of the Astrup Fearnley Group.
• Before joining Fearnley Securities, Mr. Frydendal held leading positions at Swedbank/First Securities, Fondsfinans ASA and Christiania Markets (Nordea Securities) in Oslo, as well as Paine Webber Inc. (UBS AG) in San Francisco.
• Mr. Frydendal holds an MBA from Heriot Watt University and a B.Sc. in Finance from the University of Utah.

Sujoy K. Seal COO

CFO

Lars M. Brynildsrud

• Mr. Brynildsrud has served as CFO since August 2019, and as board member since March 2023.
• Several years of investment banking experience and has been involved in a wide range of shipping and offshore related capital market transactions.
• Most recently Mr. Brynildsrud was employed as Vice President, Corporate Finance at Swedbank, a position he held until 2019. Prior to joining Swedbank, Mr. Brynildsrud was a partner in Pareto Securities, working both in Oslo and New York.
• Mr. Brynildsrud holds a MSc in finance from the Norwegian School of Economics (NHH), and a BBA from BI Norwegian Business School (BI).
• Mr. Seal has served as COO since May 2018.
• More than 30 years of experience from the maritime industry in the new building, technical and commercial segments. Mr. Seal has been involved in more than 40 new buildings in Korea and has held senior positions within the industry.
• Most recently with Aurora LPG, Atlantic Tankers AS, Aurora Wilhelmsen Management Ltd., Tranpetrol TM and the BW Group.
• Mr. Seal holds a B.E. in Marine Engineering First class from Marine Engineering College, India, as well as all relevant STCW certificates. Mr. Seal also held a certificate of Proficiency as Assessor issued by the Norwegian Maritime Directorate.

Sources: Fearnresearch

Oil demand expected to increase steadily

As oil production moves further from demand there will be a potential need for about 30 new VLCC equivalents per year

Above average tanker demand growth in coming years

World seaborne crude oil trade, billion tonne-miles (% Yr/Yr)

Note: 1) HUNT TC-in rate adjusted for average ECO/Scrubber premium of USD 15,226 since January 2020, 2) Consensus includes: ABGSC, Clarksons, Arctic, Cleaves, DNB, Pareto and Fearnley estimates

0

Tons consumed # 207 256 48 Fuel price USD/t 797 797 - ECA fuel cost USD 165,161 203,802 38,641

Total fuel cost USD 1,055,576 1,856,739 801,163 TD3C roundtrip Days 46.5 46.5 - Fuel cost per day USD/d 22,708 39,943 17,235

USD 6,500 eco/scrubber premium

Newbuild cost development since 2000 Lifetime benchmark rates required for 10% unlevered return

• VLCC newbuild cost has increased significantly
  • o ~50% increase in newbuild cost since 2018
• 10% unlevered return implies a lifetime \$52,000 per day rate for a 5-year-old VLCC
• Resale prices at USD 130m is 25% above average 2006-YTD USD 104m

Scrubber/eco rate " 84 052 87 573 83 066 TC-in rate " 52 500 52 500 52 500 G&A " 1 500 1 500 1 500 Margin " 30 052 33 573 29 066 # vessels # 1x 1x 1x Cash flow USDm 11.0 12.3 10.6 Q3 equity¹ 4.2 - - - New equity 2.0 - - - Interest earned² " - 0.4 1.0 1.8 Cash balance " 6.2 17.5 30.8 43.3 Total return % 184 % 400 % 602 %

Return scenario for one TC-in VLCC

• On average consensus benchmark rates and a USD 15,266 per day ECO/Scrubber premium¹ the total potential return is 602% for a threeyear period.
• On 20-year average benchmark rate and a USD 15,266 per day ECO/Scrubber premium¹ the total potential return is 43% for a three year-period.
• Potential to earn entire market capitalization within 1 year with consensus expectations.

Note: 1) Average spread since IMO 2020 2) Assuming TC-in rate of USD 52.5k, interest earned in money market fund or similar earning 6% p.a., starting cash balance of USD 6.2m (total equity as of Q3 2023 plus latest private placement).

Summary

Market thesis	• The orderbook for VLCCs is at the lowest level in more than 30 years in combination with a record high portion of the fleet being older than 15 years.
	• Yards are in general full until 2026. The earliest possible VLCC newbuild slot is H2 2026, i.e. supply growth is given for the next ~3 years.
	• Consensus scrubber/eco VLCC spot rate expectations of more than USD 80,000 per day on average for the next three years.
3-year TC-in	• One vessel lifted 30th November 2023 on a fixed rate of USD 52,500 per day.
	• Tangible opportunities for further charter-in vessels at similar terms.
	• 20-year average spot rate is around USD 55,000 per day1
Back-to-back index charter-out	• Back-to-back floating index-linked spot rate (VLCC benchmark TD3C) capturing every daily VLCC spot market movement with maximum utilization.
	• Back-to-back structure with similar contract format enables majority of risk to be passed on to vessel charterer.
Eliminating residual risk with unprecedented visibility on the orderbook	• Asset values are too high to justify buying steel, with required lifetime rates pushing north of USD 57,000 per day for a \$128m VLCC newbuild2
	• Aging fleet impacted by upcoming regulations and charter's ESG focus.

Hunter Group ASA Org. nr. 985 955 107

Dronningen 1 0287 Oslo, Norway +47 975 31 227 info@huntergroup.no