Hunter Group ASA - Pareto Oil & Offshore Conference

11 September 2019

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.

7x ECO scrubber-fitted VLCCs for delivery in 2019-20

World's only listed scrubber-fitted newbuild VLCC pure play
Orders placed at historically low levels
Scrubbers delivered by Wärtsilä, with robust warranties in place
Dynamic and opportunistic investment strategy
Open to outright asset sales, M&A, ship for shares long-term time charters, etc.
Shareholder distributions a top priority
Industry leading G&A
No hidden fees, poison pills, related party conflicts, etc.
Fully aligned incentive structure
Norwegian shipping taxation

Opportunistic shareholder friendly strategy

Cost leading and fully transparent corporate structure

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

7x VLCC newbuilding orders with delivery between 3Q19- 3Q20

Company overview Top 10 shareholders (as of 27 August 2019)

Investor	Shares (m)	Ownership
APOLLO ASSET LIMITED 1	168	29.1%
SUNDT AS 2	41	7.1%
SONGA TRADING INC 3	29	5.0%
SONGA AS 4	20	3.5%
SWAP INVEST AS 5	16	2.7%
Paribas Securities Services BNP 6	14	2.5%
TITAN OPPORTUNITIES FUND IC SICAV 7	14	2.4%
VERDIPAPIRFONDET DNB SMB 8	12	2.1%
FONDSFINANS NORGE 9	12	2.0%
Bank and State Street Trust Comp 10	11	2.0%
Sum top 10	335	58.3%
Total	575	100.0%

Originally ordered 8x ECO scrubber-fitted VLCC newbuilds from DSME, for an avg. all-in price of USD ~86m
Signed an MoA for the sale of H.No 5457 in June 2019 for USD 98m
- − Closing at delivery end October
Commercial management by Tankers International, through creation of the worlds largest scrubber-fitted VLCC pool
Technical management by OSM

Capital expenditure program (Incl. H.No 5457)

Avg all-in yard cost per vessel of USD ~86m, including Wärtsilä scrubbers
Newbuild scrubber vs. retrofit ensuring lower capex and warranty benefits
Paid in yard instalments and Q4 '19 capex including H.No 5457, which has been sold for USD 98m but awaiting transaction close in October '19

Financing strategy

First class financing offer from the four largest Nordic banks secured, however sale-and-leaseback more appropriate for Hunter Group
- Vessels: Initial 3x
- Amount: USD 180m
- Tenor: 5 years
- Bareboat rate first 6 months: USD 11,500/d
- Flexible repurchase optionality for all vessels
Cash breakeven first 6 months of USD 18,900 per day, excluding ECO and scrubber savings
Indicative daily savings of USD 28,000 compared to 2010 built non-eco VLCC
Higher LTV (70%) and flexible structure eliminating need for additional equity
Lower all-in cost of capital in first 9-12 months
Potential for dividends from Q1 2020

Assumptions:	Laden	Ballast	50/50
Eco	48 ton	32 ton	40 ton
Eco with scrubber	50 ton	34 ton	42 ton
"Kidan" - 2010 non-Eco	77 ton	59 ton	68 ton
Fuel prices		HSFO: \$215/ton MGO: \$545/ton Spread: \$330/ton

Hunter Atla: Illustrative cash breakeven first 6 months

Seaborne US crude to supply Asia driven demand growth

US/MEG oil export growth and VLCCs required

VLCC supply growth will slow from H2 '19

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

Sources: EIA, IEA, Energy Aspects, Bloomberg, Fearnleys, Company

Note: 2019 assumed 1 mb/d from second half. Scrubber impact from 30-45 days from offhire days. 2020: 1 mb/d additional OPEC, 2 mb/ of additional crude runs whereof 50% shipped. Assumed 1 mb/d of HFO storage

CE * Indicative Based on Baltic Parameters
FFA's	Period	ID3C	ID20	TC2	TC14	TCS	TC6

CURMON	Sep	\$29,765	\$17,008	\$7,148	\$3,490	\$14,181	\$4,640
1+	Oct	\$43,193	\$24,799	\$9,174	\$4,364	\$15,394	\$7,483
2+	Nov	\$55,200	\$30,724	\$13,814	\$9,004	\$18,453	\$16,796
34	Dec	\$62,990	\$32,802	\$18,159	\$12,164	\$22,071	\$26,390
4+	Jan	\$48,150	\$23,722	\$16,788	\$10,788	\$20,868	\$26,820


0+1	Q4 2019	\$53,794	\$29,442	\$13,892	\$8,512	\$18,369	\$16,889
Q+2	Q1 2020	\$48,640	\$22,651	\$15,501	\$9,010	\$19,410	\$19,479

Ca +1	CAL 20	\$38,446	\$17,869	\$11,891	\$7,036	\$20,079	\$16,803

The MGO vs. HSFO spread starting to widen

Significant savings potential vs. 2010 built non-eco VLCC

Assumptions:	Laden consumption	Ballast consumption	50/50
Eco	48 ton	32 ton	40 ton
Eco with scrubber	50 ton	34 ton	42 ton
"Kidan" - 2010 Korean non-Eco	77 ton	59 ton	68 ton

Historical VLCC newbuilding prices adjusted for US CPI (Excl. scrubber)

1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Why?

High fleet growth, OPEC production cuts, OECD inventory drawdowns

If the total global shipping fleet ran on scrubbers and consumed 300 million tonnes HSFO p.a., it would take 150 years for the oceans' Sulphur content to increase from 2,700ppm to 2,701ppm
If all the sulphur in the world's oceans were to be removed, it would form a layer around the earth about 1.7 meters thick. All the sulphur in all the world's known oil reserves would add only one sheet of paper to this layer
Lower environmental footprint with exhaust cleaning via scrubbers vs. on site at refineries
No reason why scrubbers should no be a long-term solution, and co-exist with future LNG propelled tankers