>75 Revenue Volumes Contents Number of global Crude Price (USD) 180 100 History 4 banking partners 160 90 A Global Business 6 140 80

70 120 184 million MT A Physical Trader 8

60 164 million MT 100 USD 91 billion 50 153 million MT >1,500 USD 88 billion OUR BUSINESS 80 137 million MT Number of employees 40 131 million MT 60 30 Risk 12 USD 64 billion USD 63 billion 20 40 Compliance 14

10 USD 47 billion 20 0 Technology 16 100 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 Countries trading with HSEC 18 Sales by Volume Supply by Region TRADING Crude Oil 21 MILLION *excludes emissions 2.7 2% 7% 4% 3% 4% Other 22 10% Fuel Oil Coal Middle East Number of barrels Gasoil LPG 3% 6% Naphtha Africa of crude oil and 2% Clearlake Shipping 24 products trading daily 12% LNG 9% Gasoline 1% Biodiesel 1% ASSETS & INVESTMENTS VGO 51% 4% peEuro Other 12% Gunvor 28 Asia-Pacific Gunvor Gunvor Petroleum Antwerp 30 23% Natural Gas 30% 16% Gunvor Refinery Ingolstadt 32 Crude Oil Americas in Brief Investments 34

2 gunvorgroup.com @gunvor 3 History

Gunvor Group was founded in 2000 to export crude oil and oil products from on the Gulf of Finland at a time when a clear arbitrage Gunvor opened a trading office in Listing an Inaugural Bond on Beginning in 2014 and through Gunvor opened trading offices in existed due to the fragmentation of the Russian , UAE. It plays an integral role in Exchange (SGX) in May 2015, Gunvor undertook a strategic Houston and Stamford, and a rep oil sector. As early as 2002, Gunvor began to the company's ongoing, and 2013, Gunvor successfully priced a realignment of its industrial asset office in Calgary, realizing the diversify its trading portfolio and expand into expanding, operations in the Middle US $500 mil. bond as a part of the portfolio by divesting the majority of company’s strategy to fully enter the new geographies to reduce dependence on a East. The company also continued to company’s strategy to diversify and its Russia-based assets to reinvest North American market. develop its Asia-Pacific business, strengthen its financial foundation elsewhere throughout the world to single physical arbitrage. By 2003, the company’s along with new operations in North and long-term capital structure. better reflect the company’s global main trading office was reestablished in , and South America. trading activities. , to facilitate continued growth.

2011 2013 2015 2017

2007 2008 2009 2012 2014 2016

To expand the company’s trading on Over the decade, Gunvor has As Gunvor has grown, the company Furthering the company’s investment Gunvor opened Gunvor (China) Gunvor acquired an oil refinery a geographic basis, Gunvor opened evolved from its pure merchant has continued to expand the in physical assets that complement Trading Ltd in the Shanghai Free based in Rotterdam, The an office in Singapore, which today heritage to being increasingly products it trades. Adding trading its trading portfolio, Gunvor made the Trade Zone to focus initially on Netherlands that complements the is the company’s fastest growing embedded all along the energy desks for coal, natural gas, biofuels 100 percent acquisition of two oil trading coal and iron ore, with a company’s existing refineries. Gunvor office. From Singapore, the supply chain. In 2008, the company and carbon emissions was a natural refineries, one in Antwerp, Belgium planned expansion into trading is now responsible for almost 1,000 company trades crude oil, oil made its first investment in the fit to Gunvor’s existing oil and refined and another in Ingolstadt, Germany. petroleum products. refining jobs in Europe and products, coal, iron ore and development of physical industrial products portfolio and logistics approximately 300,000 b/d of speciality ores. infrastructure: the Ust-Luga Oil expertise. installed refining capacity. products terminal.

4 gunvorgroup.com @gunvor 5 A Global Business

Gunvor’s activities along the chain and physical presence throughout the world provide detailed insights into the nature of the marketplace locally, regionally and globally. Such information supports our ability to identify and capture trading opportunities and enhances our business profitability.

Wherever we operate we establish long-term partnerships based on transparency and mutual respect. We aim to share expertise, provide training and build local capabilities so that our trading and investments deliver benefits to the people, communities and businesses we partner with and serve.

6 gunvorgroup.com @gunvor 7 Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and Producers efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most.

Since its founding in 2000, Gunvor has Today, Gunvor continues to fulfil a three-pronged Truck Pipeline Barge Tanker Railcar established itself as a leading physical trader and strategy: product diversification, geographical marketer of crude oil, refined petroleum products, expansion, and selective investments in natural gas and liquefied natural gas, coal, iron and downstream energy assets that ore, biofuels, power and carbon emissions. enhance control over the sourcing and distribution components of trading platforms. The company also holds strategic investments in industrial infrastructure—refineries, pipelines, Crude/Feedstock/Storage/Terminaling storage, terminals, mining and upstream—that A Physical generate sustainable value across the global supply chain for its customers by complementing Trader core trading activities. Gunvor possesses:

Refining & Processing • Extensive logistics capabilities

• Advanced risk management systems

• Financing for suppliers and customers

Truck Pipeline Barge Tanker Railcar • Global and local market Intelligence

Retail Station Wholesale

8 gunvorgroup.com @gunvor 9 OUR BUSINESS

Gunvor’s success as a trader of physical energy and bulk commodities is built upon a foundation of excellence. We combine the core competencies of marketing, logistics, financing, risk management and compliance with knowledge and insights both from sustainable supplier and customer relationships, and in-house research and analysis capabilities.

Leveraging this foundation enables us to identify and realize arbitrage opportunities in the global commodities marketplace:

GEOGRAPHIC: Our relationships and logistical capabilities enable us to source physical commodities and deliver them to locations where they command higher prices.

PRODUCT-BASED: Through blending, we create added value products that command returns higher than the sum of their constituent parts.

TIME-RELATED: Utilizing our storage assets, financial skills and cost controls we create and realize margins on agreed forward prices.

We have expanded our trading volumes year-on-year in line and our strategic investments in upstream, midstream and downstream assets.

10 gunvorgroup.com @gunvor 11 Robust Risk Management

Financial, operational and market risks are • Financial derivative instruments to hedge inherent aspects of commodities trading and price and foreign currency physical supply. They cannot be wholly avoided, exchange rate risks but can be planned for and managed. • Insurance to hedge various operational risks Gunvor maintains sophisticated risk management including freight-related and political risks systems, processes and controls. Risk policies • Due diligence prior to acquisition and good are determined centrally, exposures are analyzed management after acquisition to hedge daily, and procedures are continuously reviewed environmental risks and updated. • Ready access to sufficient capital and funding Gunvor applies a range of risk management tools to hedge liquidity risk to minimize overall exposure at any one point in time. These include: • Strict policies and procedures to hedge counterparty relationships, fraud and regulatory risks

Gunvor’s ability to effectively manage the risk inherent in commodities trading is fundamental to the company’s continued development and stability.

Risk

12 gunvorgroup.com @gunvor 13 Culture of Compliance

Being a physical energy trader, Gunvor is subject Policies Third-Party Audits to oversight from more than 70 regulatory Personnel authorities worldwide. Gunvor has established clear Gunvor has a dedicated Group Gunvor hired international policies for anti-bribery and Compliance Director, a dedicated compliance experts to assist Virtually every aspect of our business is affected corruption (ABC), anti-money Director position for ABC/ with enhancing Gunvor’s global to a greater or lesser degree by regulations laundering (AML), market AML, and Compliance Officers program. The company has covering health and safety, insurance, emission conduct, market abuse, dedicated to each product area, also undergone two external and environmental control, product, cargo and economic sanctions, and other complementing and working in Compliance Department financial crime, international trade and sanctions, essential areas. With respect to conjunction with Risk Officers audits, one for benchmarking and banking, exchange and derivatives market breaches, Gunvor maintains a for every trading desk. Gunvor’s and another for assessment, rules. zero-tolerance approach. Group Compliance Committee conducted by Big Four firms. To ensure compliance within such an extensive oversees the effectiveness of the Gunvor’s next audit is already and constantly evolving regulatory environment, program. scheduled. we maintain rigorous corporate protocols and a Education & strict compliance program. Awareness Technology Internal Audit Gunvor has mandatory annual training for all relevant employees Gunvor has invested millions of To test our internal functions, covering many areas, including dollars in the latest IT systems Gunvor has established an ABC, AML, market abuse and to assist with counterparty and Internal Audit Department market conduct, economic agent due diligence and tracking, to provide independent and sanctions, and others. Risks and ensuring all employees have objective assessments of related policies are discussed, as access to system data that is business activities, operations, are latest compliance trends. screened daily against external, financial systems, and the third-party vendors. The same internal control environment of applies for Gunvor’s vessel Gunvor. screening.

14 gunvorgroup.com @gunvor 15 Continuous Investment in Advanced IT Systems

Gunvor maintains a number of advanced Gunvor employs a range of globally consistent information systems serving our core business corporate systems to support its core business, and supporting functions, including Risk, Trading including for: and Financial systems, which consolidate trading • Commodities trading positions and financial exposures globally on a daily basis. These allow management to monitor • Risk Gunvor’s overall exposure and adopt appropriate measures on a timely basis. Our operations- and • Credit management assets-related activities are supported by an • Finance array of specialist applications, enabling global functions to work harmoniously regardless of • Shipping and operations location. • Compliance Information security policies are upheld by the deployment of advanced data security systems • User collaboration and secure data centers that protect data assets Continuous investment in state-of-the-art globally. Our IT infrastructure is highly resilient technology ensures Gunvor’s global strategies with no single point of failure and we have back- and initiatives are supported in an efficient and up systems and procedures for every degree of secure manner. disruption.

Gunvor employs a range of globally consistent corporate systems to support its core business. These include systems for commodities trading, risk and Technology credit management, finance, shipping and operations, compliance and user collaboration.

16 gunvorgroup.com @gunvor 17 At Gunvor, we are committed to the following principles and expect all who work in our business to act in accordance with them:

PREVENTION OF INJURIES, COMPLIANCE WITH LAWS, CONTINUOUS IMPROVEMENT INCIDENTS & OCCUPATIONAL REGULATIONS & GUNVOR & COMMITMENT ILLNESSES STANDARDS High standards required in We believe that injuries, We have clear safety, health, all areas of safety, health and incidents, and occupational environmental, human rights environment require continuous illnesses are preventable and and community expectations improvement and commit-ment that incident and near miss within our corporate by everyone. reporting and investigation are governance structure. All of fundamental importance in Gunvor entities are required AUDITING, MONITORING & their prevention. to adhere to these corporate CORRECTIVE ACTION expectations and to comply We are committed to setting PROMOTING with all applicable laws and objectives and targets, auditing, ENVIRONMENTAL regulations. We also aim to monitoring, sampling and PROTECTION promote Gunvor expectations implementing corrective actions By operating our business across our supply chain, where to ensure full compliance with in the most efficient way we possible. our corporate expectations. work to reduce the impact on LEARNING the environment and the local PERSONAL RESPONSIBILITY communities that surround our We have programs in place We all have a personal operating entities. Our aim is that encourage learning from responsibility to prevent to work in harmony with our incidents. Although we are harm to ourselves, others, Gunvor assigns the highest priority to preserving surroundings and to provide promoting a zero-harm vision, and the environment. Safety, the health, well-being, human rights and safety economic benefit to local we understand that incidents good health and concern for of our employees, our customers, and the communities, our customers can happen, but will do all that the environment are equally communities in which we operate, as well as and suppliers. we can to avoid their repetition. important away from work and respecting and protecting the environment in the are encouraged. HSEC countries in which we do business. We aim for a zero-incident approach: no accidents, protection Gunvor maintains clear safety, health, environmental, human of our staff, and no damage to the environment. rights and community expectations within our corporate governance structure. We are committed to respecting all internationally recognized human rights.

18 gunvorgroup.com @gunvor 19 Crude Oil

Gunvor is one of the largest crude oil traders in • Effectively manages market risk the world. We offtake crude oil from producers of • Maintains long-term relationships in key global all sizes and manage its trading, storing, financing markets and supply to counterparties and clients. Our physical availability continues to expand and • Possesses expertise in identifying physical diversify, and Gunvor consistently trades more dislocations in the market than a million barrels a day, and has access to more than 10 million barrels of strategically • Has extensive logistics capabilities located storage capacity. • Produces in-house market intelligence and Our crude oil trading specialists operate in analysis Gunvor’s offices around the globe. They have • Has ownership of key physical assets that first-hand knowledge and expertise in the complement trading markets, maintain long-term relationships with key market participants—producers, refiners, logistics • Possesses the ability to structure or pre- companies and storage experts—and are actively finance deals involved in developing projects related to existing and new crude oil flows. Gunvor: Gunvor’s acquisition of three refineries has created greater opportunities for us to further diversify our crude oil portfolio. Our Antwerp refinery, for example, is able to use a very flexible range of feeds, and provides Gunvor with the option to source and process crudes otherwise previously commercially impracticable. TRADING

20 gunvorgroup.com @gunvor 21 Commodities

Middle Heavy Fuel & Biofuels Natural Gas Distillates Feedstocks The biofuels trading desk serves Gunvor is an established player Middle distillate trading With access to and ownership of customers worldwide through in the principal European gas represents a central aspect storage and blending equipment operations in Europe, Asia, South markets, both physical OTC and of Gunvor’s trading portfolio. in hubs around the world, America and the U.S. Gunvor’s exchange-traded. We secure Gunvor trades a full range of Gunvor is able to respond quickly extensive market experience medium to long-term contracts middle distillates, including to all kinds of demand for low allows the company to offer and partnerships for access heating oil, diesel and jet. and high sulphur bunker, as clients tailor-made solutions to pipeline gas production, well as for heavy fuel for power to address the complexities transportation and storage. Naphtha generation from 0.3% to 3.5% of of local blending mandates, sulphur content. sustainability requirements, and Liquefied Natural Gunvor is one of the leading risk management for a variety of Gas (LNG) naphtha traders worldwide. non-fossil products. Our secured access to storage Gasoline As a leading global trader of capacity in the main ports in Gunvor’s blending, storage and LNG, Gunvor supports the which we source volumes Power & logistics capabilities enable us to Emissions development of new LNG provides a significant advantage take advantage of arbitrages that markets by providing reliable in terms of flexibility. arise from often-significant price Gunvor is involved in both and efficient LNG solutions, differentials between or even origination and trading of which include financing, LPG within various countries. carbon emission units. These supplies, shipping, and activities are part of the Kyoto regasification infrastructure. The LPG desk, which started Protocol and the European Union physical trading in 2009, sources Emissions Trading System. and supplies globally. Gunvor’s access to terminals and storage in strategic locations enables it to operate efficiently across the U.S., Europe, the Middle East and Asia.

22 gunvorgroup.com @gunvor 23 Clearlake Shipping

Compliance

Clearlake Shipping, a subsidiary Clearlake Shipping’s activities Clearlake Shipping has Clearlake Shipping vets against of Gunvor Group, is one of the include: developed its own vetting an extensive checklist, which largest charterers of tanker procedure to ensure that all includes areas such as: • Chartering an average of vessels in the world and an tonnage controlled by the 1,500 vessels annually • Sanctions operator of tankers and VLGC company, either through spot (Very Large Gas Carrier) vessels • Crude oil, products, LPG, or time charter, has been • Vessel age and cargoes. With a highly LNG screened and cleared to pass motivated and experienced team standards for vessel quality • Hull structure • Freight hedging (FFA) of freight traders and operators and international law. This throughout the world, Clearlake • Oil major screenings • Operations procedure is conducted for Shipping effectively covers any every vessel and carried out • Rightships screening chartering needs that the Group • Claims handling jointly by Clearlake Shipping’s or market may have at any given vetting and compliance teams. • Vessel technical manager time. • Terminal safety consultations Clearlake assigns the highest Since 2003, Clearlake Shipping In 2017, Clearlake Shipping priority to preserving the has operated around a high- commenced taking ownership health and safety of our quality fleet of tankers, LPG stakes in the vessels it charters, people, customers and carriers and vessels both on a entering into 50/50 ventures suppliers and any members spot and a time-charter basis to for newly built refined products of the public affected by our accommodate Gunvor’s growing tankers. operations, while respecting the needs for ocean transportation environment. We charter and across all major ocean routes, operate modern vessels built in addition to the needs of third- to high international standards party business. and oil majors’ acceptability.

24 gunvorgroup.com @gunvor 25

INVESTMENTS

Physical traders like Gunvor are inherently Since 2008, Gunvor has been investing in resilient, with a historical track record of rapid downstream, midstream and upstream assets innovation and effective risk management. that strategically complement the company’s daily They are built to confront changing business trading activity. These assets enable Gunvor to environments by making adjustments in location, enhance our management of the sourcing and structure, funding, operating regime and strategy. distribution components of our trading platform, Size matters, up to a point, but so too does the diversify its income streams and strengthen our ability to remain nimble as new investment and competitive position. But it’s not just what the trading opportunities arise. Over the last decade, investments bring to Gunvor. As a global trading Gunvor has evolved from its pure merchant house, Gunvor brings a lot to the assets in which heritage to being increasingly embedded all along it invests: the energy supply chain.

EFFICIENCY: Gunvor maintains a short chain of FINANCIAL STRENGTH: Gunvor has effectively command to facilitate efficient decision-making, turned under-valued and distressed assets into which ensures the company is able to act profitable operations that preserve and grow jobs, decisively to secure advantages in the interest of while contributing positively to the local markets in its partners and clients. which they operate.

ORGANIZATION: Gunvor has established a GLOBAL NETWORK: With operations, offices superior track record for undertaking massive and activities on every continent, Gunvor is able greenfield infrastructure development projects, to add economies of scale to local operations, delivering on-time and under-budget, even in the whether that is in the area of supply, marketing or most remote and difficult environments. financing.

SOUND MANAGEMENT: Gunvor employs a decentralized management approach to its assets, empowering talented professionals and experts to manage day-to-day operations, while reducing overhead and bureaucracy.

26 gunvorgroup.com @gunvor 27 Gunvor Petroleum Rotterdam GUNVOR PETROLEUM ROTTERDAM

GPR, 100% owned by Gunvor Group, is situated Number of in the Port of Rotterdam. The refinery and its Employees international distribution center have direct access 230 to the open sea and the European hinterland, which is a unique location for producing and distributing finished and intermediate products such as LPG, gasoline, diesel and bunker fuel. The Port of Rotterdam is the European center for petrochemical activities and is the engine of the Dutch economy.

Stargate Oil Capacity: Nelson Index: Terminal Storage: 88,000 b/d 7.8 1.5 million m3

28 gunvorgroup.com @gunvor 29 Gunvor Petroleum Antwerp GUNVOR PETROLEUM ANTWERP

Gunvor Petroleum Antwerp, 100% owned by Number of Gunvor, is situated in the north of the Port of Employees Antwerp. The refinery’s large storage capacity and 210 the flexibility of its installations give us capabilities to handle a wide range of both intermediate and finished products including LPG, naphtha, gasoline, heating oil, VGO and bunker grades.

Crude oil is delivered by direct access to a jetty. Products can be loaded on tankers for onward worldwide delivery or on to barges and road trucks for local delivery to the North West European market.

Capacity: Nelson Index: Storage Capacity: 107,500 b/d 4.5 1.1 million m3

30 gunvorgroup.com @gunvor 31 Gunvor Refinery  Ingolstadt GUNVOR RAFFINERIE INGOLSTADT

Gunvor Refinery Ingolstadt (GRI) is a 100% Number of owned inland refinery operating in a niche market. Employees Crude oil supply arrives via the TAL pipeline 500 system, a 753-kilometer pipeline connection from the marine shipping terminal in , Italy.

Products are distributed from an on-site truck- loading rack and railcar-loading facilities, enabling a stable supply to the local markets. Light products and middle distillates such as gasoline, diesel, heating oil and jet fuel are sold predominantly in Germany and Austria.

Capacity: Nelson Index: Site: 110,000 b/d 7.3 128 hectares

32 gunvorgroup.com @gunvor 33 Group HSEC Committee Group HSEC Policy Tim Legge (CRO) - Chairman, HSEC Committee

Jacques Erni Group (CFO) Group Group HSEC & OperationalHSEC Risk Expectations Committee Group HSEC Policy HSECTim Legge Group HSEC Policy Tim Legge Committee(CRO) - Chairman, Gia Mai HSEC Committee (CRO) - Chairman, (CIO) HSEC Committee

Jacques Erni (CFO) Occupational Human Jean-Baptiste Leclercq Jacques Erni (CLO) Group HSEC & Operational Risk(CFO) Expectations Environment Health Rights & Group HSEC & Operational Risk Expectations & Safety Communities Gia Mai Group (CIO) Gia Mai HSEC Marcel Mazenauer Committee (Director Refining) Group HSEC Policy (CIO) Tim Legge (CRO) - Chairman, HSEC Committee Occupational Human Jean-Baptiste Leclercq KPIs (CLO) Environment Health Rights & Chris Gribben Occupational Human Jean-Baptiste Leclercq (Director Human Resources) & Safety (CLO)Communities Environment Health Rights & Jacques Erni & Safety Communities (CFO) Group HSEC & Operational Risk Expectations Marcel Mazenauer Investments(Director Refining) Refining Ben Winterton Marcel Mazenauer (Director Refining) HSEC (Group Head of HSEC Gia Mai Committee & Operational Risk) REFINERY KPIs (CIO) Rotterdam, Chris Gribben The Netherlands KPIs (Director Human Resources) Chris Gribben (Director Human Resources) Occupational Human Jean-Baptiste Leclercq (CLO) Environment Health Rights & TERM|NAL Refining Baltic Sea, & Safety Communities Ben Winterton STORAGE Refining HSEC (Group Head of HSEC Ust-Luga Ben Winterton & Operational Risk) Rotterdam, HSEC Committee TERMINALS:(Group Head Terminals of HSECMarcel Mazenauer are a highly MINING: Investments in mining operations The Netherlands Committee & Operational Risk) (Director Refining) complementary asset investment for our in coal complement Gunvor’s strategy of Refining Mining Terminals Pipelines Logistics Trading Upstream & Storage & Shipping KPIs trading activities. They secure access to investing in physical assets to secure flows Chris Gribben physical import and/or(Director Humanexport Resources) flows and so and access specific markets. REFINERY Antwerp, enhance our trading positions. Belgium UPSTREAM: Gunvor has made select Refining Ben Winterton HSEC Investments in pipeline assets investments in exploration, appraisal, COAL MINING Refining MiningPIPELINES:Terminals Pipelines(Group Head of LogisticsHSEC Trading Upstream & Operational Risk) Committee & Storage Roundup, Refining Mining Terminals Pipelines provideLogistics us withTrading the logisticalUpstream& Shipping flexibility to development and production assets as a Montana & Storage efficiently& Shipping place different crude oil grades part of its strategy of diversifying along the REFINERY PIPELINE Ingolstadt, Trieste, into various markets, enabling us to quickly energy supply chain. Germany Italy take advantage of arbitrage opportunities. VESSELS: Gunvor has commenced taking STORAGE: Investments in storage facilities ownership stakes in the vessels it charters, for crude oil and products are an important entering into joint ventures for refined Refining Mining Terminals Pipelines Logistics Trading Upstream TERMINAL & Storage logistical aspect& Shipping of generating value products tankers. Karimun, Indonesia around various arbitrage opportunities PIPELINE David, relating time, distance and specifications. Panama

UPSTREAM Equatorial Guinea

MIDSTREAM Asunción, Paraguay

34 gunvorgroup.com @gunvor 35 [email protected] www.gunvorgroup.com