Fourth quarter 2019 presentation 6 March 2019

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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.

Apollo Asset Ltd. Other shareholders ~29% ~71% Indicator AS* 100% Hunter GroupASA Oslo Axess ("HUNT") 100% Hunter Tankers AS *Limited activities Future opportunities?

4x VLCCs on the water 3x VLCC delivering Q2-Q3 '20

Company overview Top 10 shareholders (as of 5 March 2020)

Investor	Shares (m)	Ownership
APOLLO ASSET LIMITED	168	29.1%
SONGA	50	8.6%
SUNDT AS	46	7.9%
SWAP INVEST AS	16	2.7%
BNP PARIBAS SECURITIES SERVICES	15	2.6%
VERDIPAPIRFONDET DNB SMB	9	1.6%
VERDIPAPIRFONDET FONDSFINANS NORGE	8	1.3%
VERDIPAPIRFONDET NORDEA KAPITAL	7	1.2%
NORDNET LIVSFORSIKRING AS	6	1.0%
HALVORSENS FABRIKK AS	6	1.0%
Sum 10 top	328	57.0%
Total	575	43.0%

Owns 7x ECO scrubber-fitted VLCC newbuilds from DSME, ordered for avg. all-in price of ~\$86m
Sister vessel recently sold for \$106m
Superior access to cargo flow provided by Tankers International, the world's largest VLCC pool
Quality and bespoke technical management services provided by OSM in Arendal

Key events

Took delivery of Hunter Saga and Hunter Laga, 40 and 80 days ahead of schedule, respectively, significantly improving Q4 earnings power
Completed the sale of H.No. 5457 for \$98m, resulting in gain of \$12.3m and positive cash effect of \$46.1m
Secured a \$220 million takeout loan for the remaining four vessels with 275bps margin and 16-year repayment profile
Fourth quarter daily pool revenues of \$66,600
As of 28 February 2020, 70% of available pool days had been booked at an average TCE of approx. \$88,300

Q4 2019 financial highlights
Operating days	231
Pool days	181
Revenue	\$24.4m
Pool revenue	\$12.0m
Gain on sale	\$12.3m
Operating expenses	3.4m
Opex incl. insurance	1.4m
Cash based G&A	0.2m
"Start-up" voyage expenses	1.97m
Net income	\$16.1m
Yard instalments	\$120m
Remaining capex	\$269m
Cash balance	\$52.5m
Interest-bearing debt	\$180.0m

All four deliveries so far taken place ahead of original schedule
Hunter Atla: 37 days
Hunter Saga: 40 days
Hunter Laga: 80 days
Hunter Freya: 18 days

Increasing earnings power by a combined 175 days

~Equal to worldscale 30-35 on benchmark AG-East route

Avg. fully delivered CBE

Hunter Freya fuel savings vs. benchmark VLCC (\$/day)

Quoted VLCC dayrates are on the basis of a 10-year old "benchmark" vessel
2010-built vessels were ordered in a market environment where fuel efficiency was less important
Hence, dayrates for modern scrubber-equipped VLCCs are higher

Avg consumption: 45 tons HSFO per day 60 tons of VLSFO per day

Hunter Freya "Benchmark" 2010 built w.o. scrubber

Expect rebound from recent market weakness

So far in 2020 What to expect going forward

41 new vessels absorbed in market
15 newbuildings so far in 2020
26 Cosco VLCCs reentered the fleet
Seasonal weakness with Lunar new year and refinery maintenance
Coronavirus causing drop in Chinese oil demand of 3-5mbd
87% reduction in road travel post lunar new year
83% reduction in rail travel " -
77% air travel " -

Modern scrubber equipped vessels bottomed at ~\$30,000day

Chinese coronavirus situation under control, and people are returning to work
3.5 trillion yuan (\$505bn) Chinese stimulus pledged so far
7 out of 31 provincial governments
Will lead to catch-up effect to regain lost activity
103 VLCCs scheduled for scrubber retrofits
Low fleet growth and a high number of older vessels are cash flow negative in current environment
No new vessel orders due to regulatory uncertainty around future decarbonization requirements

All time low orderbook and non-existent new ordering

38 26 ³⁶ ³⁶ ²⁹ ³¹ 19 28 39 ⁵³ ⁵⁸ ⁶⁵ 49 ³¹ ²³ ²¹ 47 50 39 68 15 -28 -26 -34 -28 -3 -1 -3 -9 -13 -6 -16 -18 -7 -1 -2 -10 -31 -4 34 21 7 -45 -65 -101 -13 Fleet overview * VLCC equivalents basis 45 days for scrubber installation • LNG dual fuel VLCCs currently priced with \$15-20m premium 4 2 2 3 ⁴ 3 7 3 6 -12 -10 -11 -13 -11 -9 -6 -5 -6 -3 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Deliveries Scrubber offhire (monthly equivalents)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Delivered Scrapped Orderbook Scrap candidates (cumulative) Scrubber offhire (VLCC equivalents)

801 VLCCs currently on the water
All time low orderbook of ~7.7%, with 62 VLCCs
101 VLCCs turning 20 years old or more by 2022, equal to 12.6% of current fleet
103 VLCCs scheduled for scrubber retrofit in 2020, equal to 13 VLCC years assuming 45 days in drydock
Limited new orders due to uncertainty around decarbonization requirements

Rem. 2020 deliveries and scrubber offhire*

Requires seaborne transportation

+2.4mbd North America OPEC +0.7mbd Latin America +0.4mbd North Sea -1.0mbd OPEC RT = 120 days 30 VLs per 0.5mbd RT = ~110 days 28 VLs per +0.5mbpd RT = 80 days 20 VLs per 0.5mbd 130 30 25 -20 RT = 45 days (10 VLs per 0.5mbd)

US/MEG/NS oil production growth 2020-21 and VLCCs required

Implied pricing per VLCC
close Last	NOK	3 5
USDNOK	x	9 3
Shares (fully dil)*	Million	592
Market cap	USDm	223
Cash	"	53
other* Net	"	12
bearing debt Interest	"	180
Remaining capex	"	269
EV	"	608
VLCCs	#	7
Implied value per VLCC	USDm	87

* Adj. for warrants/options

FMV \$103.5 avg. two brokers

	Quarters			Year date to
(Unaudited figures in USD 1 000)	Q4 2019	Q4 2018	Note	12/31/2019	12/31/2018

Continuing operations
Revenues
Pool revenues	12,026	0	8	12,026	0
Other income	97	52	5, 7	378	52
Net gain on sale of assets	12,308	0		12,308	0
Total Revenues	24,431	52		24,712	52
Operating expenses
Vessel operating expenses	1,442	0		1,442	0
Voyage expenses	1,968	0	1	1,968	0
Depreciation and amortisation expense	1,886	0	1, 7, 8	1,915	0
General and administrative expenses	410	506	4	1,113	2,816
Total operating expenses	5,706	506		6,438	2,816
(loss) Operating profit continuing operations	18,726	-454		18,274	-2,765
Net interest expense	-2,559	314	8	-2,465	874
other financial items Net	-59	1,321		144	2,406
financial (loss) Net income	-2,618	1,635		-2,321	3,280
Profit (loss) before from continuing operations taxes	16,107	1,180		15,953	515
Tax on ordinary result	0	76		0	-374
profit (loss) from continuing operations Net	16,107	1,256		15,953	142
Discontinued operations
profit (loss) from discontinued operations Net	0	0		0	-4,410
Net profit (loss)	16,107	1,256		15,953	-4,268

Balance Sheet

(Unaudited figures in USD 000) 1	Note	12/31/2019	9/30/2019	12/31/2018
NON-CURRENT ASSETS
VLCC vessels	8	254,234	84,837	0
VLCC vessels under construction	5, 8	79,663	162,387	56,682
Other tangible assets	7, 8	217	158	10
Total tangible assets		334,114	247,382	56,692
TOTAL NON-CURRENT ASSETS		334,114	247,382	56,692
CURRENT ASSETS
Trade and other receivables		7,351	0	83
Other short-term receivables		818	1,217	147
Total current receivables		8,170	1,217	231
Other financial investments		0	0	24,758
Total other financial investments		0	0	24,758
Cash and cash equivalents	6	52,455	9,725	35,001
TOTAL CURRENT ASSETS		60,625	10,942	59,990
TOTAL ASSETS		394,739	258,323	116,681
and Liabilities Equity
EQUITY
Share capital (575 362 013 shares)	2	82,625	82,625	55,376
Share premium	2	112,626	112,467	61,123
Other equity		15,953	0	0
TOTAL EQUITY		211,204	195,092	116,499
LIABILITIES
Non-current interest-bearing debt	7, 8	174,494	58,730	0
Total non-current liabilities		174,494	58,730	0
Trade creditors		3,077	552	132
Accrued public charges and indirect taxes		15	16	9
Current portion of interest-bearing debt	8	5,932	1,440	0
Other current liabilities	4	16	2,492	42
Total current liabilities		9,040	4,500	182
TOTAL LIABILITIES		183,534	63,230	182
TOTAL EQUITY AND LIABILITIES		394,739	258,323	116,681

Cash flow

	Quarters			date Year to
(Unaudited figures in USD 1 000)	Q4 2019	Q4 2018	Note	31.12.2019	12/31/2018
Profit (loss) before from continuing operations tax	16,107	807		15,953	142
Profit (loss) before discontinued operations tax	0	0		0	-4,410
Profit (loss) before tax	16,107	807		15,953	-4,268
Depreciation	1,886	0	8	1,915	1,126
Gain on sale of VLCC	-12,308	0	5	-12,308	0
Net write-down intangible and capitalized assets grants	0	0		0	2,228
Interest received	-506	-314		-509	-874
paid Interest	2,882	0	8	2,974	33
Change working capital in items	-6,673	116		-4,818	-1,222
cash flow from operating activities Net	1,388	609		3,208	-2,977

Investments in VLCC newbuilds and PP & E	-122,358	-25,683	5, 8	-312,840	-59,672
Sale of VLCC	46,136	0	5	46,136	0
Investments in other financial investments	0	-31,172		0	-81,502
Sale of other financial investments	0	55,349		24,758	55,349
Net cash flow from investment activities	-76,222	-1,507		-241,946	-85,825
received Interest	506	314		509	874
paid Interest	-2,882	0	8	-2,974	-33
Proceeds from borrowings financial institution	120,184	0	8	180,184	-84
Installment leasing-debt (IFRS 16)	-19	0		-48	0
Capital contribution	0	0	2	79,168	92,738
Transaction capital contribution cost	-225	329	2	-647	-1,625
Net cash flow from financing activities	117,565	643		256,192	91,870

Total changes cash flow in net	42,730	-255		17,454	3,068
effect on cash Currency	0	-2,202		0	-2,125
Cash and cash equivalents beginning of period	9,725	37,459		35,001	34,059
Cash and cash equivalents end of period	52,455	35,001		52,455	35,001

Hunter Group ASA Org. nr. 985 955 107

Dronningen 1 0287 Oslo, Norway +47 975 31 227 [email protected]

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