2013 Figures CONTENTS

INTRODUCTION 3 Strategic Growth 5 Our History 6 US $91 billion Key Figures 8 A Global Business 13 TURNOVER

APPROACH, CULTURE & VALUES 14 Our People 17 Risk Management 18 Compliance 19 SHE 20 Logistics 22 131 million MT Technology 23 VOLUME Finance 25

TRADING 26 A Physical Trader 29 Crude Oil 30 Refined Products & Energy 32 Metals & Bulk 36 ~US $2 billion ASSETS & INVESTMENTS 38 VALUE OF INDUSTRIAL ASSETS Terminals 40 Refineries 48 Pipelines & Storage 54 Mining 56 Upstream 64 Gunvor Group is one of the world’s largest independent trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers.

GUNVORGROUP.COM | @GUNVOR 3 Strategic Growth

Gunvor has evolved strategically to become one of the world’s leading independent commodities trading houses. We trade across a diversified portfolio, operate in more than 35 countries, and possess an industrial asset base valued in excess of US $2 billion.

unvor was founded in 2000 as a merchant of crude Gunvor had 2013 revenue of oil and oil products. From the very beginning we differentiated ourselves by committing to long-term GLOBAL business relationships and the application of innovative Gtrading solutions. By combining our regional market knowledge with global logistics we have earned a reputation for reliably $91 acquiring, marketing and moving energy commodities from areas of surplus to those with greatest demand. While Gunvor remains a physical trader at heart, we have billion strategically invested in upstream, and downstream assets to create a platform for international expansion. Today, Gunvor serves an important role in helping to smooth worldwide energy markets. We source crude oil and refined oil products from more than 35 countries, have industrial assets worth Revenue in excess of US $2 billion, and work with more than 70 global financial institutions, balanced across Asia-Pacific, the Americas, the Middle East and Europe. Our investments and wholly-owned assets provide greater US $ 93 billion

control over sourcing and distribution, create US $ 91 billion

Nassau a foundation for diversified income streams, and give us US $ 87 billion a significant competitive advantage in the worldwide marketplace. US $ 69 billion

Dubai US $ 50 billion Shanghai 2009 2010 2011 2012 2013

4 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 5 Our History

2000: Founded to 2005: Increased 2008: Made first 2009: Added 2011: Opened 2013: Listed inaugural trade crude oil from global diversification asset investment, trading desks for trading office in bond on Singapore the Gulf of Finland of trade flows Ust-Luga Oil coal, natural gas, , UAE Exchange (SGX) biofuels and carbon emissions

2003: Established 2007: Opened trading 2009: Opened trading 2011: Made first coal 2012: Acquired 2013: Opened head trading office in office in Singapore office in Nassau, mining investment, refineries in Belgium trading desk for Geneva, Bahamas Signal Peak Energy and Germany metals

6 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 7 Key Figures

NUMBER YEAR COMPANY OF COUNTRIES SOURCING ACTIVE WAS FOUNDED CRUDE OIL & PRODUCTS >35 2000

NUMBER OF BARRELS NUMBER Africa OF CRUDE OIL & PRODUCTS OF EMPLOYEES TRADED DAILY 2.5 WORLDWIDE million ~ 1,600 Americas Asia GLOBAL CONSECUTIVE BANKING YEARS OF PROFITABLE Europe PARTNERS OPERATION >75 14 Middle East

8 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 9 10 GUNVORGROUP.COM | @GUNVOR discover more

PIPELINE & TERMINAL SERVICES Baltic Sea, Ust-Luga COAL MINING Tallinn, Neryungri,

OFFICE , The Netherlands REP OFFICE Ulaanbaatar, Mongolia COAL MINING Roundup, Montana TERMINAL UPSTREAM Black Sea, Lagansky Block, REP OFFICE Novorossiysk Caspian Sea Almaty, Kazakhstan REFINERY REP OFFICE Antwerp, Belgium , China

REFINERY TRADING OFFICE Ingolstadt, Germany A Global Business Geneva, Switzerland REP OFFICE Shanghai, China JOINT VENTURE TRADING OFFICE Tashkent,Uzbekistan Gunvor’s activities along the chain and physical presence throughout the world Nassau, OFFICE 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

REP OFFICE business profitability. Abuja, TRADING OFFICE Dubai, United Arab Emirates Wherever we operate we establish long-term partnerships based on transparency and mutual TRADING OFFICE Singapore 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 PIPELINE David, Panama with and serve. TERMINAL REP OFFICE Karimun, Indonesia Bogotá, Colombia

COAL MINING Map & Locations Johannesburg, South Africa REP OFFICE Gunvor’s main trading centers Buenos Aires, Argentina are in Geneva, Singapore, Nassau and Dubai. We also operate through service centers, representative offices and branches throughout the world.

GUNVORGROUP.COM | @GUNVOR 13 Approach, Culture & Values To support our commercial activities we created an organizational platform founded on talented people who ensure operational excellence, precise risk management, and meticulous financial controls. Through all our endeavors we maintain the very highest standards. Gunvor values health, safety and the environment, employee rights, compliance with local and international laws, and being a committed partner to governments and communities.

14 GUNVORGROUP.COM | @GUNVOR Our People

Innovative and dedicated. Pragmatic and responsible. The talented people we employ at every level and in each part of our business align growth and profitability with a commitment to good ~1,600 corporate governance. EMPLOYEES unvor attributes our continuing growth and success To help foster the next generation to our employees, who provide a tremendous level of of trading talent, Gunvor supports commercial and technical expertise across the global the Masters degree in International energy markets. They are dynamic and engaging, Trading, Commodity Finance Gand strive for the opportunities Gunvor provides for growth & Shipping, which is run by the and development. They further maintain the highest levels of University of Geneva in collaboration integrity. with the GTSA (Geneva Trading and Gunvor is very selective and our standards of performance are Shipping Association). high. We encourage creativity and independence, and strive ~500 to maintain a diverse working environment. Our more than 20 TRADING SPECIALISTS facilities and operations are run primarily by local management, who provide keen market intelligence and analysis. They are complemented by staff with high strategic value. We further believe in developing individuals who have the ~500 professional and interpersonal skills to help drive our continuing

TERMINAL OPERATORS success. We offer opportunities for professional and personal development, and enable employees to take ownership of their ~600 personal growth. REFINERY WORKERS

16 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 17 Risk Management Compliance Our ability to effectively manage the risk inherent The regulatory landscape in which Gunvor operates in commodities trading is fundamental to Gunvor’s is becoming ever more consistent, comprehensive continued development and stability. It contributes to and transparent. We wholeheartedly support such our positive financial performance and helps mitigate developments and are proactive in refining our earnings volatility. procedures to ensure compliance.

inancial, operational and market risks are an integral eing a physical energy trader, Gunvor is subject to element of commodities trading and physical supply. oversight from more than 70 regulatory authorities They cannot be wholly avoided, but can be planned worldwide. Virtually every aspect of our business is Gunvor is proactive in addressing for and managed. Gunvor maintains sophisticated risk affected to a greater or lesser degree by regulations evolving compliance standards. Fmanagement systems, processes and controls. Risk policies Bcovering health and safety, insurance, emission and This includes taking steps to are determined centrally, exposures are analyzed daily, and environmental control, product, cargo and financial crime, strengthen contract language our procedures are continuously reviewed and updated. international trade and sanctions, and banking, exchange and with counterparties to enhance >75 derivatives market rules. contractual prohibitions against Gunvor applies a range of risk management tools to minimize Number of Global overall exposure at any one point in time. These include: To ensure compliance within such an extensive and constantly trading with countries and entities evolving regulatory environment, we maintain rigorous under economic sanctions. Banking Partners • Financial derivative instruments to hedge commodity corporate protocols and a strict compliance program. This price and foreign currency exchange rate risks activity is overseen by our Compliance Department, which • Insurance to hedge various operational risks including provides oversight, advice and training for Gunvor trading freight-related and political risks centers worldwide. In all operations, Gunvor adheres to the laws and regulations to which it is subject, both international • Due diligence prior to acquisition and good management and local, in the jurisdictions in which it operates. after acquisition to hedge environmental risks • Ready access to sufficient capital and funding to hedge liquidity risk • Strict policies and procedures to hedge counterparty relationships, fraud and regulatory risks

18 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 19 Safety, Health, Environment Compliance with Laws, Regulations & Gunvor Standards We have clear safety, health, environmental, human rights Gunvor assigns the highest priority to preserving and community expectations within our corporate governance the health, well-being and safety of our people, our structure. All Gunvor entities are required to adhere to these corporate expectations and to comply with all applicable customers and communities affected by our operations; laws and regulations. We also aim to promote Gunvor as well as respecting and protecting the environment expectations across our supply chain, where possible. in the countries within which we do business. We aim Learning for a zero incident approach: no accidents, protection We have programs in place that encourage learning from of our staff and no damage to the environment. incidents. Although we are promoting a zero-harm vision, we understand that incidents can happen, but will do all that we Gunvor maintains clear safety, t Gunvor, we are committed to the following can to avoid their repetition. health, environmental, human principles and expect all who work in our business rights and community expectations 0% to act in accordance with them: Continuous Improvement & Commitment within our corporate governance Zero Incident Goal: High standards required in all areas of safety, health structure. A and environment require continuous improvement and no accidents and no damage to the Prevention of Injuries, Incidents & Occupational Illnesses commitment by everyone. environment We believe that injuries, incidents, and occupational illnesses are preventable and that incident and near miss reporting Auditing, Monitoring & Corrective Action and investigation are of fundamental importance in their We are committed to setting objectives and targets, auditing, prevention. monitoring, sampling and implementing corrective actions to ensure full compliance with our corporate expectations. Promoting Environmental Protection By operating our business in the most efficient way we Personal Responsibility work to reduce the impact on the environment and the local We all have a personal responsibility to prevent harm to communities that surround our operating entities. Our aim is to ourselves, others, and the environment. Safety, good health work in harmony with our surroundings and to provide economic and concern for the environment are equally important away benefit to local communities, our customers and suppliers. from work and are encouraged.

20 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 21 Logistics Technology Our logistics team operates seamlessly with our Information and Communications Technologies (ICT) trading desks to manage freight exposures and to provide a secure, integrated global platform critical to add safety and efficiency to our physical transactions. Gunvor’s business and related operations.

unvor has ready access to logistics assets worldwide, ngoing investment in state-of-the-art ICT ensures Tankers including a large fleet of time-charter vessels, freight, our global strategies and initiatives are supported Gunvor employs a range of globally transport, storage and blending facilities. These give in an efficient and secure manner. consistent corporate systems to VLCC, oil products vessels, us the capability to respond effectively to market trends support its core business. These floating storage Gand create added flexibility for realizing arbitrage opportunities. OGunvor maintains a number of advanced information include systems for commodities systems serving our core business and supporting functions, trading, risk and credit An important aspect of our logistical resource is Clearlake including Risk, Trading and Financial systems, which Dry-bulk management, finance, shipping Shipping, a wholly-owned Gunvor entity and one of the largest consolidate trading positions and financial exposures and operations, compliance and Capesize, Panamax and Post- charterers of tanker vessels in the world. Clearlake Shipping globally on a daily basis. These allow management to monitor user collaboration. Panamax vessels operates around a fleet of high quality tankers, gas carriers and Gunvor’s overall exposure and adopt appropriate measures dry-bulk vessels to accommodate our needs and also those of on a timely basis. Our operations- and assets-related activities third-party customers. are supported by an array of specialist applications, enabling global functions to work harmoniously regardless of location. Reflecting our concern for the environment, we only ever use double-hulled vessels that are less than 20 years old. Information security policies are upheld by the deployment of advanced data security systems and secure data centers that protect data assets globally. Our IT infrastructure is highly resilient with no single point of failure and we have back-up systems and procedures for every degree of disruption.

22 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 23 Jet Oil LPG Gasoline Naphtha Natural Gas + LNG Power Gasoil Biodiesel Finance Volumes Coal Central to the success of our business are the long- Traded term relationships we have built within the global finance sector. Gunvor is known and trusted for its Crude Oil pragmatic, carefully structured approach to financial management. Gunvor was the first trading house Fuel Oil to establish a factoring program as means of diversifying financial rom inception, Gunvor has been successful in support for oil refining operations. building long-term relationships in the financial The deal, which was established sector and diversifying its banking partnerships. with GE Capital for our Ingolstadt Today we work with more than 70 leading global refinery, was the largest single Ffinancial institutions. As a growing business with interests receivable finance program in Middle East throughout the world, Gunvor has always sought to North America Germany. establish local partnerships for its investments, such Other as establishing an independent revolving credit facility Russia specifically for Asia, and creating borrowing bases in the Middle East and the Americas to finance trading operations in those regions. Such an approach has benefited our year-on-year profitability and enabled us to increase credit lines even through the global financial crisis. Our South America culture is one of financial prudence. We maintain a strong Revenues liquidity position and our assets are optimally financed.

Europe by Region Africa

Asia

24 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 25 Trading Trading is at the heart of Gunvor’s business. We have expanded our trading portfolio to include the global sourcing and delivery of crude oil and refined oil products, LPG, natural gas and LNG, coal, biofuels, carbon and metals. From our main trading offices in Geneva, Singapore, Nassau, Dubai and Shanghai, we originate and implement physical, single and multi-commodity trading solutions that create value and commercial advantages for our customers and counterparties.

26 GUNVORGROUP.COM | @GUNVOR Crude Oil A Physical Trader

Gunvor moves commodities from where they are sourced or stored to where they are de- manded most. The trust of our customers is based upon our proven record for creating trad- ing solutions that mitigate risk while safely and efficiently delivering quality, convenience and value. Metals Refined unvor’s success as a physical commodities trader In 2013, Gunvor moved & Bulk Products is built upon a foundation of excellence. We combine approximately TRADING the core competencies of marketing, logistics, & Energy financing, risk management and compliance with the Gknowledge and insights gained from sustainable supplier and customer relationships. Leveraging this foundation enables Industrial Metals Heavy Fuel & Feedstocks us to identify and realize arbitrage opportunities in the global commodities marketplace: 131 Precious Metals Middle Distillates million MT • Geographic—Our relationships and logistical capabilities of physical energy worldwide— enable us to source physical commodities and deliver them Thermal Coal Gasoline equivalent to the whole annual to locations where they command higher prices. energy consumption of a country the size of Germany or Brazil. Coking Coal Naphtha • Product-based—Through blending or the multi-use characteristics of certain commodities, such as refined Iron Ore LPG products, we create added value products that Volumes command returns higher than the sum of their constituent Biofuels parts. • Time-related—Utilizing our storage assets, financial skills Natural Gas & LNG and cost controls we create and realize margins on agreed forward prices. 131 million MT Power & Emissions We have expanded our trading volumes year-on-year in line 130 million MT

with our diversification across a range of commodities traded 122 million MT and our strategic investments in upstream, midstream and 116 million MT downstream assets. 98 million MT

2009 2010 2011 2012 2013

28 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 29 Gunvor is one of the largest crude oil traders in the world. We offtake crude oil from producers of all sizes and manage its trading, storing, financing and supply to counterparties and clients. Our physical availability continues to expand and diversify, and Gunvor consistently trades more than a million barrels a day.

unvor has crude oil trading specialists in offices • Effectively managing market risk around the globe—with our primary trading operations in Geneva, Singapore, Nassau and Dubai. They have • Long-term relationships in key first-hand knowledge and expertise in the markets, global markets Gmaintain long-term relationships with key market participants— • Expertise in identifying physical Crude Oil producers, refiners, logistics companies and storage experts dislocations in the market —and are actively involved in developing projects related to existing and new crude oil flows. • Extensive logistics capabilities Gunvor’s acquisition of two refineries has created greater • In-house market intelligence and opportunities for us to further diversify our crude oil portfolio. analysis Our Antwerp refinery, for example, is able to use a very flexible range of feeds, and provides Gunvor with the option to • Ownership of key physical source and process crudes otherwise previously commercially assets that complement trading impracticable. • Ability to structure or pre-finance deals

30 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 31 s Gunvor has expanded globally, we have also • Heavy Fuel & Feedstocks broadened our trading portfolio into new commodities. From crude oil, we began trading in refined petroleum • Middle Distillates products, including gasoil, fuel oil, gasoline, naphtha • Gasoline Aand LPG. Gunvor then further expanded into natural gas, Refined Products liquefied natural gas (LNG), biofuels, power and carbon • Naphtha emissions. Gunvor’s proven trading model and relationships in • LPG the finance sector have enabled our continued and successful expansion. • Biofuels & Energy • Natural Gas & LNG • Power & Emissions

32 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 33 Heavy Fuel & Feedstocks LPG Gunvor is a long term leasor of the largest refrigerated LPG import terminal in With access and ownership to storage and blending equipment in hubs around Europe, which during 2014 will be expanded by 20 percent capacity. We supply the world, Gunvor is able to respond quickly to all kinds of demands for low and into the European market well over 500kmt of LPG per year. We have long-term high sulphur bunker, as well as for heavy fuel for power generation from 0.3% contracts for U.S. LPG from new shale gas production, which we trade worldwide. to 3.5% of sulphur content.

Middle Distillates Biofuels The biofuels trading desk is one of the most successful ventures of Gunvor’s Middle distillate trading represents a central aspect of Gunvor’s trading portfolio. portfolio. The company combines its blending expertise, risk management Gunvor trades a full range of middle distillates, including heating oil, diesel and jet. capabilities and global logistical coverage to meet customers’ needs with tailor- made offers in a wide range of locations.

Natural Gas & LNG Gasoline Gunvor is an established player in the principal European gas markets, both Gunvor’s blending, storage and logistics capabilities enable us to take advantage physical OTC and exchange-traded. We secure medium to long-term contracts of arbitrages that arise from often-significant price differentials that exist between and partnerships for access to pipeline gas production, transportation and or even within various countries. storage, as well as LNG supplies and LNG shipping and regasification infrastructure.

Naphtha Power & Emissions Gunvor is one of the leading naphtha traders worldwide. Our secured access Gunvor is involved in both origination and trading of carbon emission units. to storage capacity in the main ports in which we source volumes provides These activities are part of the Kyoto Protocol and the European Union Emissions a significant advantage in terms of flexibility. Trading System.

34 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 35 Industrial Metals Gunvor’s industrial metals team operates out of Singapore and Shanghai, trading Copper, Aluminum, Zinc, Lead, Tin, Nickel and Manganese (in refined and raw materials), and Steel.

Precious Metals Operating out of Singapore, Gunvor supplies customers with risk management, physical purchasing and sales, and market information. Our trading team has deep experience in the global financial and capital markets, and we maintain a network in precious metal trading around the world. Metals & Bulk uilding on the company’s global reach, Gunvor Thermal Coal Coal is a central aspect of Gunvor’s long-term diversification and growth has become a leading trader in Metals and Bulk strategy. In 2009, the company began trading coal and in 2011 began Materials through off-takes, purchases and marketing investing in coal mines around the world, including in the . arrangements with producers worldwide. Our Bcommercial supply and marketing expertise is complemented by our ability to provide our partners with access to pre- financing solutions across all deal types. Gunvor’s established risk management capabilities further ensures timely and creative solutions to meet our customers’ needs. Coking Coal Primarily used in steel production, coking coal has long been a central part of Gunvor’s coal trading business. Gunvor trades around its own investments in coal mining operations; we also work with producers throughout the world.

Iron Ore As a complementary product to our established coal trading, iron ore has become a significant part of Gunvor’s trading portfolio. We trade a range of iron ore products and grades, including fine, low-grade and high-grade lump, pellet feed and pellets.

36 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 37 Assets & Investments Gunvor invests in downstream, midstream and upstream assets that strategically complement our daily trading activity, and today maintains a global asset portfolio encompassing upstream production, coal mining, terminals, refineries, pipelines and storage facilities. These assets enable Gunvor to enhance our control over the sourcing and distribution components of our trading platform, diversify our income streams and strengthen our competitive position.

38 GUNVORGROUP.COM | @GUNVOR erminals are the most complementary asset investment • Ust-Luga Oil for our trading activities. They provide ready access to physical energy flows from diverse sources and so • Novorossiysk Fuel Oil enhance our trading positions, while the availability of • Oiltanking Karimun Tstorage and vessel berthing create time spread and cross- Terminals geography arbitrage opportunities. Blending and segregated storage enable us to add further value through the provision of export grade specifications.

40 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 41 STORAGE CAPACITY: ~960,000 m³

TANKERS CAPACITY: Ust-Luga Oil Ust-Luga up to 300,000 The largest rail-ocean trans-shipment terminal DEADWEIGHT TONS in the world. RAIL TRANS-SHIPMENT CAPACITY: SIMULTANEOUSLY DISCHARGE unvor managed the construction of the Ust-Luga Oil products terminal as a wholly- owned greenfield project. It has a projected four 72-rail capacity of more than 30 million metric tons TANK CAR TRAINS Gper annum and is considered to be the largest rail- ocean trans-shipment terminal in the world. Operations NUMBER OF JETTIES: commenced with fuel oil trans-shipments in 2011. The terminal produces a material stable earnings stream and significantly enhances our logistics capabilities for 3 the transportation of refined petroleum products exported MAXIMUM BERTH: from Eastern Europe. It is currently being further developed to provide additional flexibility for trans-shipping a range of light and dark products, including ultra-heavy fuel oil. ca. 330 m

42 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 43 THROUGHPUT CAPACITY: 4 million Novorossiysk METRIC TONS

STORAGE CAPACITY: 119,000 m³ Istanbul TANKER CAPACITY: Novorossiysk Fuel Oil up to 47,000 Adding distribution flexibility for shipments DEADWEIGHT TONS

to Mediterranean countries and beyond. SPEED OF LOADING:

he Novorossiysk Fuel Oil Terminal, located on the Black Sea, provides an alternative 2,500 m³/hour southern export route for East European fuel NUMBER OF JETTIES: oil. It complements storage that Gunvor holds Tin the region. 2 parallel The terminal and storage enable economies of scale 250-meter jetties for freight by facilitating product reloading to larger vessels including Suezmax tankers. These larger vessels deliver to customers worldwide. MAXIMUM BERTH: one offshore berth

44 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 45 COMPLETION DATE: 2015 Oiltanking Karimun STORAGE CAPACITY: Providing a cost effective alternative 750,000 m³ to petroleum storage in Singapore. TANKERS CAPACITY: unvor, in collaboration with Oiltanking GmbH, is undertaking construction of a terminal facility on a greenfield site up to VLCC on the island of Karimun in Indonesia. GThe Oiltanking Karimun terminal development NUMBER OF JETTIES: Singapore is strategically significant in that it will provide an alternative to tightening petroleum storage in Singapore. 4 Karimun lies in close proximity to Jurong Island, Singapore’s industrial petroleum and petrochemical hub, and also to existing ship-to-ship operations off the coast. The facility will have an initial petroleum storage capacity of 760,000 cbm and will cater for the storage and handling of both light and black oil products. It will be managed and operated by Oiltanking as an independent commercial storage operation.

46 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 47 efineries complement Gunvor’s trading function by • Independent Belgian Refinery creating greater operational efficiency across the supply chain. We leverage our expertise and relationships with • Gunvor Refinery Ingolstadt Refineries crude suppliers to gain access to the types of crude Roils processed at our refineries. Gunvor is further investing in our refinery acquisitions, with the goal of achieving operational excellence by keeping Safety, Health and the Environment (SHE) a priority in how we build for the future.

48 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 49 CAPACITY: 107,500 BARRELS / DAY

NELSON INDEX: 4.5 Independent Belgian DETAILS: visbreaker as the only Refinery residue conversion unit Ideally located in the ARA hub to optimize our logistics and trading. EMPLOYS:

he Independent Belgian Refinery, 100% owned by Gunvor, is situated in the north of the Port 210 of Antwerp. Its location enables us to apply CORE EMPLOYEES our trading and logistical expertise to optimize AND ADDITIONAL CONTRACTORS Tits crude slate and maximize product arbitrage Antwerp opportunities to the most profitable markets at any STORAGE CAPACITY: given point in time. The refinery’s large storage capacity and the flexibility of its installations give us capabilities to handle a wide 1,100,000 m³ range of both intermediate and finished products including LPG, naphtha, gasoline, heating oil, VGO and bunker grades. Crude oil is delivered with 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.

50 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 51 CAPACITY: 110,000 BARRELS / DAY

NELSON INDEX: Ingolstadt 7.3

DETAILS: Gunvor Refinery 2 crude units, Ingolstadt a fluid catalytic cracker Securing product supplies for land-locked and the capability to European customers. produce bitumen unvor Refinery Ingolstadt (GRI) is a 100% owned inland refinery operating in a niche EMPLOYS: market. Crude oil supply arrives via the TAL pipeline system, a 753-kilometer pipeline Gconnection from the marine shipping terminal in 500 , Italy. TOTAL ON-SITE WORKERS INCLUDING 320 CORE EMPLOYEES Products are shipped from the on-site truck-loading rack and railcar-loading facilities. This enables SITE: a stable distribution into the local markets. Light products and middle distillates such as gasoline, diesel, heating oil and jet fuel are sold predominantly in Germany and Austria. 128 HECTARES

52 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 53 Nevskaya Pipeline Company Gunvor maintains a 50 percent ownership stake in THROUGHPUT CAPACITY: Nevskaya Pipeline Company, which owns a 4 kilometer pipeline connecting Gunvor’s jetty on the Baltic Sea to ’s crude oil tank farm, which is at the end of 20-25 Transneft’s -2 pipeline. The pipeline’s full nominal throughput capacity ranges from 20 to 25 million metric million METRIC TONS PER YEAR tons per year. NPC has throughput agreements in place with major oil producers.

Transalpine (TAL) Pipeline Gunvor has a minority stake in the Transalpine Pipeline LENGTH: (TAL). This is of strategic importance in securing supplies to the land-locked Gunvor Refinery Ingolstadt 753 km in Germany. The 753-kilometer pipeline connects the CONNECTING: Pipelines & Storage Port of Trieste in Italy (via Italy, Austria and Germany) to the German states of Bavaria and Baden-Württemberg. Port of Trieste, Investments in pipeline and storage assets provide us with the logistical TAL is managed to ensure that each refinery connected Italy, to northern flexibility to efficiently place different crude grades into various markets, to it receives the required quality and quantity enabling us to quickly take advantage of arbitrage opportunities. of oil at the scheduled times. Germany

Petroterminal de Panama Gunvor holds a minority stake in Petroterminal de THROUGHPUT CAPACITY: Panama. The company’s primary asset is a pipeline with a 600,000 barrels per day throughput capacity that 600,000 links the Pacific and Atlantic oceans. There are also BARRELS PER DAY storage locations at both ends of the pipeline with a total of around 9 million barrels split approximately equally between the two coasts. The pipeline offers a short- cut for crude cargoes around Latin America and an 9 million BARRELS STORAGE alternative to the Panama Canal. It gives us increased sourcing opportunities, a market presence in the Americas and access to additional storage capacity.

54 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 55 oal is a central aspect of Gunvor’s long-term growth • Keaton Energy strategy. Massive increases in electricity generation capacity are expected for emerging markets, which • Kolmar will only be possible with a significant contribution from • Signal Peak Energy Ccoal—a fact that is particularly true for China, India and Central Mining Asia. Gunvor’s coal assets are well positioned to supply these markets. We also maintain a full portfolio of offerings, including high quality steam coal, coking coal and anthracite.

56 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 57 Keaton Energy EMPLOYEES: Mining specialist coals in South Africa for domestic and export markets. 1,200

eaton Energy, in which Gunvor holds RESOURCES: a significant stake, is a South African coal exploration, development and mining company whose shares are listed on the 251.4 million KJohannesburg Stock Exchange. It produces thermal METRIC TONS coal for supply to South Africa’s Eskom electricity utility and a range of specialist coals for the domestic RESERVES: and export metallurgical industries. The company’s assets include two operating collieries, Vanggatfontein and Vaalkrantz, 95.9 million two development projects, Sterkfontein and METRIC TONS Braakfontein, and an exploration pipeline. Two of the three seams mined at Vanggatfontein contain thermal coal, while the third seam contains coking coal. The coal extracted at Vaalkrantz is anthracite.

Johannesburg

58 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 59 Neryungri Kolmar EMPLOYEES: Well positioned for coal exports into the Asian marketplace. ~1,400 RESOURCES: unvor holds a significant stake in the Kolmar coking coal mining and processing company located in the Sakha Republic of the Russian Federation. It operates >1 billion tons OF HIGH-QUALITY COKING COAL Gseveral mines in the East Siberian Chulmakan and Denisovsky coalfields and has licenses for open pit RAW RECOVERABLE RESERVES (UNDERGROUND): and underground mining production. A significant investment program to expand the existing operating mines and develop new mines 431 million is underway. Current expectations are that this will METRIC TONS increase coking coal extraction to approximately 12 million metric tons by 2020. RECOVERABLE RESERVES: Kolmar is well positioned to serve the Asian coal market. It has good connections to the rail infrastructure in Eastern Siberia and the Russian Far 670 million East and also to ports on the Russian Pacific coast, METRIC TONS including Nakhodka and Vanino.

60 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 61 Roundup, EMPLOYEES: Montana Signal Peak Energy Improving production to better serve North American and Asian customers. 330 MAXIMUM CAPACITY: hrough our U.S. subsidiary, Pinesdale LLC, Gunvor holds a significant stake in Signal Peak Energy. This is a high Btu thermal coal mine with an extensive 30 year coal reserve 7 trains PER DAY OF 120 TO 150 CARS Tplus secured rail and port access. Investments in the mine have improved management, safety and RAW RECOVERABLE RESERVES (UNDERGROUND): production efficiency to the extent that it now has one of the lowest production cost bases relative to U.S. competitors. As part of a joint ownership group with Boich and First Energy, Gunvor’s trading 431 million expertise adds considerable value to the mine. METRIC TONS

Ownership of the mine enhances our competitive RAW RECOVERABLE RESERVES (SURFACE): position in the Asian market. Signal Peak Energy serves the U.S. domestic market and customers in Asia via transport links to ports on the U.S. and 109 million Canadian western seaboard. METRIC TONS

62 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 63 Lagansky Block

We hold an indirect interest in the Lagansky Block KNOWN RESERVES: license through a joint venture with Lundin Petroleum AB. Acquired in 2009, it was our first investment in oil 157 exploration. MMboe The Lagansky Block is an offshore area located in the Russian sector of the Caspian Sea. Contained within AREAS OF ACTIVITY: the license area is the Morskoye discovery, which Lagansky has best estimate gross contingent resources of 157 Block, MMboe. Upstream Caspian Sea Gunvor has made select investments in exploration, appraisal, development and production assets as a part of its strategy of diversifying along the energy supply chain. Our expertise in both finance and the oil and gas sector contribute to the realization of overlooked or undervalued upstream opportunities. PA Resources To increase the scope and geographic diversity of LICENSES: our upstream capabilities we have made a strategic 21 oil and gas: investment in PA Resources. 7 production & PA Resources is an international oil and gas group 14 exploration that conducts exploration, development and

production of oil and gas assets. It already operates AREAS OF ACTIVITY: in Tunisia, the Republic of the Congo (Brazzaville), Equatorial Guinea, the United Kingdom, Denmark, North Sea the Netherlands and Germany and has proven oil North Africa production in West and North Africa. West Africa

64 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 65