>75 Revenue Volumes Contents Number of global Crude Price (USD) 180 100 History 4 banking partners 160 90 A Global Business 6 140 80 187 million MT

70 120 180 million MT A Physical Trader 8 60 100 USD 93 billion

50 USD 91 billion OUR BUSINESS

>1500 USD 88 billion 80 137 million MT

40 131 million MT Number of employees 130 million MT 60 30 Risk 12 USD 64 billion 20 40 Compliance 14 10 USD 47 billion 20 0 Technology 16 100 2012 2013 2014 2015 2016 0 2012 2013 2014 2015 2016 Countries trading with HSEC 18 Supply by Region Sales by Volume TRADING Crude Oil 21 2.5 MILLION *excludes emissions 2% 4% Other 9% 22 Number of barrels Middle East 11% Gasoil 8% 7% Coal of crude oil and Africa Gasoline 4% Clearlake Shipping 24 products trading daily Naphtha 12% 3% 12% Other Americas Fuel Oil ASSETS & INVESTMENTS 2% 46% LPG 2016 Europe 2016 1% Gunvor 28 VGO 16% 1% Gunvor Petroleum Antwerp 30 Gunvor Biodiesel 23% 26% Gunvor Refinery Ingolstadt 32 13% Crude Oil Natural Gas & LNG Asia-Pacific in Brief Investments 34

2 gunvorgroup.com @gunvor 3 Gunvor Group was founded in 2000 to export crude History oil and oil products from on the Gulf of Finland at a time when a clear arbitrage existed due to the fragmentation of the Russian oil sector. As early as 2002, Gunvor began to diversify its trading portfolio and expand into new geographies to Gunvor opened a trading office in Listing an Inaugural Bond on Beginning in 2014 and through reduce dependence on a single physical arbitrage. , UAE. It plays an integral role in Exchange (SGX) in May 2015, Gunvor undertook a strategic the company's ongoing, and 2013, Gunvor successfully priced a realignment of its industrial asset expanding, operations in the Middle US $500 mil. bond as a part of the portfolio by divesting the majority of East. To coordinate Gunvor’s company’s strategy to diversify and its Russia-based assets to reinvest By 2003, the company’s main trading office was to international traders and proximity considerable trading activity through- strengthen its financial foundation elsewhere throughout the world to reestablished in , , to facilitate to several of the main financial institutions active out North and South America, the and long-term capital structure. better reflect the company’s global continued growth. As an historic hub for the in commodity trade finance. company also opened a trading office trading activities. global commodities trade, Geneva offered access in Nassau, Bahamas.

2011 2013 2015

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. The products terminal. company has also opened a trading office in Houston, USA.

4 gunvorgroup.com @gunvor 5 OFFICE , The Netherlands SERVICES Tallinn, Estonia REFINERY Rotterdam, The Netherlands REP OFFICE Ulaanbaatar, Mongolia COAL MINING TERM|NAL Roundup, REFINERY Baltic Sea, UPSTREAM Montana Antwerp, Ust-Luga Caspian Sea Belgium REP OFFICE TRADING OFFICE , Stamford, China Connecticut REFINERY Ingolstadt, TRADING OFFICE Germany Geneva, TRADING OFFICE Switzerland Houston, Texas JOINT VENTURE TRADING OFFICE Tashkent, TRADING OFFICE Nassau, Uzbekistan Shanghai, OFFICE China ,

TRADING OFFICE Dubai, TRADING OFFICE UPSTREAM Singapore Equatorial Guinea United Arab Emirates

A Global Business PIPELINE David, Panama

REP OFFICE TERMINAL Bogotá, Karimun, Colombia Indonesia

Gunvor’s activities along the chain COAL MINING Johannesburg, and physical presence throughout the world South Africa REP OFFICE provide detailed insights into the nature of the Buenos Aires, Asunción, Argentina Paraguay

marketplace locally, regionally and globally. Such IRON ORE MINING Western Australia 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 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 midstream 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 commodity 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 Strict and Effective Compliance Protocols

Being a physical energy trader, Gunvor is subject To ensure compliance within such an extensive to oversight from more than 70 regulatory and constantly evolving regulatory environment, authorities worldwide. we maintain rigorous corporate protocols and a strict compliance program. Virtually every aspect of our business is affected to a greater or lesser degree by regulations This activity is overseen by our Compliance covering health and safety, insurance, emission Department, which provides oversight, advice and and environmental control, product, cargo and training for Gunvor trading centers worldwide. financial crime, international trade and sanctions, In all operations, Gunvor adheres to the laws and banking, exchange and derivatives market and regulations to which it is subject, both rules. international and local, in the jurisdictions in which it operates.

Gunvor is proactive in addressing evolving compliance standards. This includes taking steps to strengthen contract language with counterparties to enhance contractual prohibitions against trading with countries and entities under economic sanctions.

Gunvor is proactive in addressing evolving compliance standards. This includes taking steps to strengthen contract language with counterparties Compliance to enhance contractual prohibitions against trading with countries and entities under economic sanctions.

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, surroundings and to provide promoting a zero-harm vision, and the environment. Safety, Gunvor assigns the highest priority to preserving economic benefit to local we understand that incidents good health and concern for the health, well-being and safety of our people, communities, our customers can happen, but will do all that the environment are equally our customers and communities affected by our and suppliers. we can to avoid their repetition. important away from work and operations; as well as respecting and protecting the are encouraged. HSEC environment in the countries within which we do business. We aim for a zero incident approach: no Gunvor maintains clear safety, health, environmental, human accidents, protection of our staff and no damage to rights and community expectations within our corporate governance structure. the environment.

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 LPG Natural Gas & LNG Commodities The LPG desk, which started physical trading in 2009, sources Gunvor is an established player and supplies globally. Gunvor’s in the principal European gas Building on Gunvor’s origins trading crude oil, gas, liquefied natural gas (LNG), biofuels, power access to terminals and storage markets, both physical OTC and we began trading in refined petroleum products, and carbon emissions. Gunvor’s proven trading in strategic locations enables it exchange-traded. We secure including gasoil, fuel oil, gasoline, naphtha and model and relationships in the finance sector have to operate efficiently across the medium to long-term contracts LPG. Gunvor then further expanded into natural enabled our successful growth into new areas. U.S., Europe, the Middle East and partnerships for access and Asia. to pipeline gas production, transportation and storage, as Middle Heavy Fuel & Biofuels well as LNG supplies and LNG Distillates Feedstocks shipping and regasification The biofuels trading desk serves infrastructure. Middle distillate trading With access to and ownership of customers worldwide through represents a central aspect storage and blending equipment operations in Europe, Asia, South of Gunvor’s trading portfolio. in hubs around the world, Gunvor America and the U.S. Gunvor’s Thermal Coal Gunvor trades a full range of is able to respond quickly to all extensive market experience Coal is a part of Gunvor’s long- middle distillates, including kinds of demand for low and high allows the company to offer term diversification strategy, with heating oil, diesel and jet. sulphur bunker, as well as for clients tailor-made solutions a focus on trade flows in which heavy fuel for power generation to address the complexities the company can add value for from 0.3% to 3.5% of sulphur Naphtha of local blending mandates, its customers. The trading desk content. sustainability requirements, and Gunvor is one of the leading opened in 2009, and by 2011 risk management for a variety of naphtha traders worldwide. Gunvor began investing in mining non-fossil products. Our secured access to storage Gasoline operations around the world. capacity in the main ports in Gunvor’s blending, storage and which we source volumes Power & Iron Ore logistics capabilities enable us to Emissions provides a significant advantage take advantage of arbitrages that As a complementary product in terms of flexibility. arise from often-significant price Gunvor is involved in both to our established coal trading, differentials between or even origination and trading of iron ore has become a significant within various countries. carbon emission units. These part of Gunvor’s trading portfolio. activities are part of the Kyoto We trade a range of iron ore Protocol and the European Union products and grades, including Emissions Trading System. fine, low-grade and high-grade lump, pellet feed and pellets.

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 vessels in the world and an tonnage controlled by the • Sanctions operator of tankers, drybulk and • Freight hedging (FFA) company, either through spot VLGC (Very Large Gas Carrier) or time charter, has been • Vessel age • Operations vessels and cargoes. With a screened and cleared to pass highly motivated and experienced • Hull structure • Claims handling standards for vessel quality team of freight traders and and international law. This • Oil major screenings operators throughout the world, • Terminal safety consultations procedure is conducted for Clearlake Shipping effectively every vessel and carried out • Rightships screening covers any chartering needs that jointly by Clearlake Shipping’s the Group or market may have at vetting and compliance teams. • Vessel technical manager any given time. Clearlake assigns the highest Since 2003, Clearlake Shipping priority to preserving the has operated around a high- health and safety of our quality fleet of tankers, LPG people, customers and carriers and drybulk vessels both suppliers and any members on a spot and a time-charter of the public affected by our basis to accommodate Gunvor’s operations, while respecting the growing needs for ocean environment. We charter and transportation across all major operate modern vessels built ocean routes, in addition to the to high international standards needs of third-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 Image title goes here 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 270 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.

Capacity: Nelson Index: Storage: 88,000 b/d 7.8 1.7 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 (CFO)

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

UPSTREAM Equatorial Guinea

IRON ORE MINING Western Australia

MIDSTREAM COAL MINING Asunción, Johannesburg, Paraguay South Africa

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