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Management PresentationMarch 2013

Strictly Confidential

VITOL

Introduction to today’s presenters

1

Joined OW Bunker (OWB) in 1997 and appointed CEO of OWB and Wrist Group in 2000 Prior experience with Shell, Texaco and DONG Energy BCom in Export Marketing and executive training from

INSEAD

Jim Pedersen, CEO

Group

ResellingPhysical

Joined as CFO of OWB and Wrist Group in 2002 Appointed Executive Vice President and head of Physical in

2010 Prior experience with E&Y State authorized public accountant and MSc in Business &

Auditing

Jane Dahl, Executive Vice President, Physical

Group

ResellingPhysical

Joined OWB in 1999; appointed Executive Vice President and head of Physical in 2003 and CFO of OWB and Wrist Group since 2010 Prior experience as an auditor with Deloitte and PwC MSc in Business & Auditing

Morten Skou, CFO, Executive Vice President

Group

ResellingPhysical

Joined OWB in 1993 and has been Executive Vice President since 2003 Started his career with P&O Nedlloyd with 20+ years of

experience within the oil industry Responsible for establishing several of OWB’s subsidiaries

Götz Lehsten, Executive Vice President, Reselling

Group

ResellingPhysical

▪ Average 14 years with OWB for top management

▪ Successful international expansion and profitable growth

▪ Successful management through different ownership models

Highly Experienced Management Team with a Proven Track Record

Top Management

VITOL

Q&A14.30 – 15.00

8.00 – 8.45 Introduction Jim Pedersen (CEO)

9.30 – 10.15 Company Positioning and Strategy Jim Pedersen (CEO)

13.30 – 14.15 Financial Section Morten Skou (CFO)

10.30 – 11.30 Physical Division Jane Dahl (Executive VP, Physical)

14.15 – 14.30 Closing Remarks Jim Pedersen (CEO)

Time Topics Speaker

12.30 – 13.30 Reselling Division Götz Lehsten (Executive VP, Reselling)

8.45 – 9.30 Market Overview Götz Lehsten (Executive VP, Reselling)

Break10.15 – 10.30

Lunch11.30 – 12.30

2

Agenda

VITOL

3

1. Introduction

2. Market Overview

3. Company Positioning and Strategy

4. Physical Division

5. Reselling Division

6. Financial Section

7. Closing Remarks

8. Q&A

9. AppendixVITOL

INTR

OD

UC

TIO

N

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

First steps toward “one brand” approach Continued geographical expansion Expansion of Reselling strategy

Founded in 1980 in Denmark Risk management systems were introduced in the late ’90s, initiating the

development of the current OWB scalable platform Professional management being introduced while founding families stepping back

Acquisitions

Greenfield/Organic Growth

Altor acquired Wrist in 2007(1)

Shift from independent local operations to“One Company”

New organization implemented with independent Reselling and Physical operations

Increased focus on risk management and IT systems implementation

Volume (Mmt)

Physical Reselling

Global Expansion and “One Brand” Continued Expansion and Building “One Company”Initial Geographical Expansion

4

OWB has grown significantly over the last two decades and isnow a global leader in bunker supply

MT

DE

SG DK

SE

CNUK ZA DK

NL

BE

CN

ES

ES

CH

CH

KR

CN

NO

USAU

AE

RU

IN

TR LT

CL PA

TW

TR

UY

CH

BR

1) Wrist includes OWB and Wrist Ship Supply

VITOL

113

275

0

80

160

240

320

400

480

560

640

720

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%

240%

1995 96 97 98 99 2000 1 2 3 4 5 6 7 8 9 10 11 2012

INTR

OD

UC

TIO

N

5

Bunker supply is an attractive market underpinned by structural growth drivers and linked to global trade flows but with higher stability

Bunker Market Development vs. Merchandise Trade and GDP Indices

▪ Bunker consumption directly driven by number of ships at sea, which supports higher stability

▪ Stickiness in fleet and incentive to cover costs for ship owners results in bunker supply less volatile

▪ Bunker market is a stable GDP-plus growth market

▪ World trade is the underlying growth driver of the Physical Supply market

▪ Reselling adds growth on top of consumption in the Physical market, as Reselling benefits from a growth momentum given its value added offering

Key Observations

Global GDP index

Merchandise Trade index

Physical supply market

Index 1995 = 100%MmT

Reselling market (1)

1) Reselling market volume estimated for 1995-2004

Source: Bunkerworld; Bunkerindex; Marine&Energy Consulting; Tecnon; Clarksons; Drewry; Leading consultancy firm

VITOL

INTR

OD

UC

TIO

N

6

Large independent suppliers increasingly consolidating the market as a result of scale advantages, and oil majors retrenching

1) Includes OWB, Chemoil, WFS, Agean, Bunker Holding

▪ Oil majors continuously retrenching from the market, leaving growth opportunities for independent suppliers

▪ Scale advantages drive growth

– Serving customers globally with bespoke products including risk management

– Match increasingly professionalized demand of customers

– Operational and financial counterparty credibility

– Risk management capabilities in volatile commodity markets

– Scale throughout operations incl. sourcing, HR processes, IT setup, etc.

– Ability to navigate increasingly strict regulation

▪ Smaller independents becoming less competitive

– Constrained access to funding

– Inferior capabilities and subscale

– Increasingly dependent on reselling customers

– Increasingly strict regulation

Market Share Development Comments

49% 47%

19% 27%

32%26%

2007 2011

Smallerindependents

Leadingindependents (1)

Oil Co’s

381389Market shares and total market size, MmT (top)

+42%Growth in market share

VITOL

INTR

OD

UC

TIO

N

OWB has built a unique integrated business model with leading Physicaland Reselling operations supported by Risk Management…

Strong Interaction Between OWB’s Divisions and Segments

7 1) “Last look” procedures make sure OWB Bunker Supply does not miss attractive opportunities2) Physical opens up access to customers for Reselling since the Group is perceived as a more reliable and credible supplier than a

pure reseller

Key Advantages of the OWB Integrated Business Model

▪ Matching requests with sales, managing credit risk and providing support services

Physical

Transportation

Storage space /Blending

Delivery

Sales

Sourcing

Sales

OWB Cargo

Reselling

OWB Bunker Supply

OWB Risk Management

OWB Risk Management ▪ Better capacity utilization

– Optimize Physical capacity utilization through “Last look” (1)

▪ Integrated platform drives Reselling sales– Physical operations make OWB perceived as a more reliable

and credible supplier (2)

▪ Access to information and central risk management allow for higher speed and efficiency in Reselling and Physical operations– Leveraging information from physical and financial markets

globally

▪ Diversified customer base– Physical and Reselling to a large extent have different customers

▪ Lower earnings volatility– Reselling and Physical responding differently to macroeconomic

drivers

▪ Access to new markets– Expand Reselling geographically with minimal investment; can

quickly shift volume to Physical division

VITOL

0

50

100

150

0

5

10

15

20

25

INTR

OD

UC

TIO

N

8

… and these fundamentals underpin OWB’s stable and growing profitability track record across periods of highly fluctuating commodity prices

OWB has Delivered Stable GP/ton throughout Volatile Commodity Markets during the Last 7 Years

Source: EIA, Thomson Reuters, OWB

GP/ ton$/ ton

20122010200920072005 20082006 2011

Brent Spot Price$

GP/ ton (right axis)Brent Spot Price (left axis) Net Volume (Mmt - background)

12.6 13.1 14.2 16.0 14.1 16.3 19.0 23.5VITOL

▪ OWB employs an asset light approach

– Fixed assets equal 5% of the balance sheet

▪ High quality receivables

– Centralised credit management and credit insurance, as well as first priority lien on vessels

– The majority of OWB’s balance sheet represents highly liquid current assets and current liabilities

– OWB pursues a conservative approach towards risk and has an industry leading risk management function

– Clear correlation between current assets and current liabilities, which will strengthen further with growth in Reselling (2)

▪ Current debt in OWB is asset based

– Significant further financing capacity based on surplus NWC(1) of $180 MM as of Dec-12 and operational debt equal to only 32% of Accounts Receivable

▪ OWB will support a high cash generation

– Given receivables based lending, neutral effect from net working capital swings

– With limited capex, OWB will have a large cash conversion

INTR

OD

UC

TIO

N

9

Asset light approach pursued reflected in highly liquid balance sheet with very few fixed assets…

OWB’s Current Liabilities and Bank Debt are Matched by a Liquid Stock of Current Assets, Which Provides Significant further Debt Capacity Key Observations

1) NWC includes corporate taxes, net2) Reselling is asset and NWC light, typically buying and selling on ~30 days credit, with Physical buying on ~5-10 days credit and

selling on ~30 days, which combined with some oil inventory requires more NWC

$ MM, Dec12

ST Op. Debt

Total Assets

1,470

70164

1,166

316

822

82

1,470

Total Liabilities and Equity

Total FixedAssets 70

197

Working Capital 95% of Total

Assets

Net Working Capital(1)

180

Inventory

Other Payables

Shareholders’ Equity

AccountsReceivable

Other Receivables

AccountsPayables

53 LT Op. Debt

VITOL

INTR

OD

UC

TIO

N

10

…leading to OWB operating with solid margins when measured at relevant metrics

Breakdown of 2012 Profitability

3.3

0.2

0.4

0.6Interest

Depreciation

Office & HQ

Staff and Bonus Costs

Bad and Doubtful Debt

EBT/Ton

Sales Costs

0.3

2.2

7.6

0.5

▪ Sales not a relevant measure of turnover in bunkering

– Sales and COGS passed through to customers

– Driver of credit risk and NWC but only indirectly tied to profitability

– Gross Profit more relevant measure of activity

– OWB internally tracks $/ton and EBT/GP

▪ OWB has solid margins (43% in 2012) when measured on a net basis and profitability is resilient towards changes in activity levels

– Strong balance sheet fundamentals and control

– Asset light approach

– Flexibility embedded in OWB’s global mindset and high degree of variability in the cost base

▪ Conservative approach to credit risk

$ /tonGross Profit/Ton % of GP

5.5%1.6%

6.9%

28.8%

3.4%

7.3%

43.2%

2012

▪ Flexible approach given application of bonus structure (especially Reselling)

▪ Impact from commodity prices (NWC) or higher interest margins passed on to customers

▪ Solid margin measuredon a net basis

Key Observations

0.1 3.3%Credit Risk Protection

VITOL

INTR

OD

UC

TIO

N

11

OWB is operating in a fundamentally attractive industry, which supports realisation of superior shareholder returns

1) Return on Equity - calculated using FY1 net income and average of FY0 and FY1 shareholders’ equity2) Includes: Kuehne & Nagel and DSV

Asset-light Logistics Providers have Been Able to Realize Superior Shareholder Returns Over the Cycle

100

Feb-1998 Feb-20131211100908070605040302010099

Rebased to 100

WFS Asset light logistic providers (2) Nasdaq Composite

179

1,080

963

OWB has Similar to Other Asset-Light Logistic Providers Achieved Attractive Returns on Equity(1)

14

25

37

WFS Asset-light logisticsproviders

OWB

%

2012 RoE

(2) VITOL

INTR

OD

UC

TIO

N

OWB has achieved significant growth in geographies across theglobe, and is well positioned to tap into global growth going forward

12 1) Includes Denmark, Germany, Sweden and Iceland2) Includes Cargo Trading DK and Global Trading3) Handles physical supply in Gulf of Mexico

Geographical Breakdown ofVolumes - Reselling

6.8 10.74.2

8.5

(4.9)

0.4

1.1

(2.7)

23.315.4

8.7

2009 2012 2015

Mmt

EMEA AsiaAmericas Eliminations

Geographical Breakdown ofVolumes - Physical

1.7 1.72.6 3.0

(2.1) (2.0)

4.4

0.40.4 1.12.3

12.08.1

5.3

2009 2012 2015

Mmt

Nordics ARA(1)

W. Africa OtherEliminations

OWB Physical Locations

OWB Risk ManagementOWB High Seas Supply Areas

Future Expansion Focus Areas

OWB Cargo Locations

OWB Reselling Locations

Cargo(2)

(3)

VITOL

INTR

OD

UC

TIO

N

Blue Chip Clients

OWB delivers value added logistics services to a large pool of blue chip customers

Largest customer represents ~3% (1)

Top 5 customers represent ~11% (1)

Contracts under Maritime law

Facts

Diversified customer portfolio

Low risk balance sheet

Diversified exposure to different segments

Benefits

13 1) Based on net volumes2) Tiering of the clients from “A” to “D” based on certain credit metrics, measuring counterparty risk, where “A” is the best rating

and “D” is the lowest rating

“OWB Rotterdam delivers on time and is therefore seen as reliable; you get what you want”

“We are satisfied with delivery as there has been no delays in orders. They are always willing to compare prices to other suppliers. They try to give fair, average prices, we know they are honest about it”

“Very good, they are helpful and competitive. Helpful as we always get answers to our questions, and competitive as they are good at prices -not cheaper, but average and competitive”

“We have good experience with them because if we have disputes we are dealing with them and try to solve the problem”

72%

11%

1%

16%

A BC D

By Category(2)

Customer Breakdown(1)

VITOL

INTR

OD

UC

TIO

N

The vision is to become market leader on all metrics including market share

Continue to increase global scale targeting presence in the world’s top 50 ports and additional presence in high margin niche ports

Continue leveraging the integrated business model with balanced growth between Physical and Reselling divisions

Build the industry leading reselling organization through development and selective hiring of top-tier resellers

Expanding solutions offering and further integrate with customers via partnerships

14

Take active part in industry consolidation via acquisitions, hiring of teams or by establishing new locations

Continue profitable growth further expanding our risk management expertise

A global bunker supplier with a leading position in Europe and Asia

Strong and Integrated Business Model with One Brand

Scalable Platform with Expanding Global Footprint

Conservative Business Approach

Stable market growth of 2-5%

On-going industry consolidation

Structural trend driving market share gain for leading independents given smaller suppliers becoming less competitive and majors retrenching

The leading truly global bunker supplier

OW

B h

as a

Uni

que

Valu

e Pr

opos

ition

……

Supp

orte

d by

U

nder

lyin

g M

arke

t Tre

nds

VITOL

29.2 26.5 31.6 35.845.7

52.017.3

17.832.5

30.9

47.0

59.0

77.5

94.5

112.4

131.0

13.6

79.0

66.7

58.6

45.9

2009 2010 2011 2012 2013 2014 2015

6.2 7.5 8.1 8.110.1

12.0

8.710.1

11.4

14.1

16.3

19.0

23.5

25.7

30.5

35.3

5.3

23.3

20.4

17.615.4

2009 2010 2011 2012 2013 2014 2015

INTR

OD

UC

TIO

N

15

EBT(1)

$ MM

Volume

Mmt

OWB is confident of achieving volume growth of 15% and EBT growth of 19% per year from 2012 to 2015

+15%

+19%

12-15CAGR

15%

14%

+19%

+36%

20%

18%

12-15CAGR

Physical Reselling

VITOL

16

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

MA

RK

ET O

VER

VIEW

Collect buy quotations from buyers on a spot basis

5 Some forward contracts to clients, used to trade against paper

Reselling and Physical are the two main business models employed within the marine fuel bunkering industry

B2B reseller

1

2 Matching sell quotations on spot basis

Management of the transaction between the parties, taking:▪ Quality risk▪ Reliability risk▪ Counterparty risk

3

4 Value-adding services to clients e.g. risk management, support and claims handling

3rd Party Transaction Own Transaction

17

FOB contracts with suppliers, own/3rd party tanker delivery to terminal or CIF volume bought

1

2Storage and / or blending at owned / leased terminal at delivery port

Clients buy mostly on a spot basis

4

Reselling Business: Matching Suppliers and BuyersPhysical Business: Handling Majority of the Delivery Chain

VITOL

MA

RK

ET O

VER

VIEW

The bunkering market is resilient and growing while its structure and current dynamics are benefitting the largest independent players

Growth in addressable market of 2-5% driven by number of vessels at sea and global trade, constantly growing above GDP given global trade dynamics

The physical bunker market has proven to be resilient in downturns

The reselling market is supported by structural market trends, allowing its continued high growth and performance

Stable, Resilientand Growing Market

Professionalization of bunker purchase with increasing demand from customers for advanced risk management services and one-stop-shop services

Increasingly stringent regulation to drive a progressive shift in demand towards higher quality fuels

Greater supplier credit requested by customers

Key Advantages of Being a Large Industry Participant

Oil majors are retrenching from the bunker supply market, driven by divestments of refineries due to increased focus on upstream activities, leaving room for growth in reselling volumes and for professional independent suppliers

Consolidation in the bunker supply market is increasing as smaller independent suppliers lose market share to larger more professional independents with superior capabilities driven by a customer preference for fewer and better suppliers

Consolidating Markets Favour Large Independents

1

2

3

4

5

6

7

8

18

VITOL

MA

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ET O

VER

VIEW

Source: Leading consultancy firm

1

Stable, Resilient and Growing Market | Consolidating Markets Favour Large Independents | Key Advantages of Being a Large Player

Market growth: Bunker fuel market growth of 2-5%, constantly growing above GDP given global trade dynamics and with maintained solid outlook

OWB’s Market (by Volume)

Million metric tones (Mmt)

94 113

271

140106103

59

292

275275286

257

2015E2012E2011200920072005

381365

389

316

388

Reselling

Physical

10

1

3

CAGR2005-12, (%)

5-10

1-3

2-5

CAGR2012-15, (%)

Total

19

432

VITOL

757 815 875 937 1,001 1,0791,190

1,3091,443

1,550 1,580

1995 96 97 98 99 2000 1 2 3 4 5 6 7 8 9 10 2011

MA

RK

ET O

VER

VIEW

2 The Physical market has proven to be resilient in downturns and consumption reduction initiatives not expected to have a material impact

Total Fleet (1)Physical Supply Market vs. Merchandise Trade Indices (Volume)

mDWT%Index 1995 = 100%

Merchandise TradePhysical Supply

275 mmt

Volatility(standard deviation)1995-2011, %

6%

3%

Demand Drivers 2015 Outlook

Shipping demand Modest growth expected driven by global trade with potential upside and limited downside

Vessel capacity Further capacity additions expected as historic order books continue being delivered and scrapping levels remain below new additions. Large incentives for ship owners to keep fleet utilization high

Structure of vessel capacity Vessel size expected to continue increasing as seen in the composition of order books

Average vessel speed Further significant slow steaming is unlikely as it would yield only marginal additional cost savings

LNG Significant take-up of LNG is not expected in the near term as it takes time to build up vessel capacity, which is prevented by infrastructure bottlenecks

Future regulations Increased complexity in regulatory environment

Expected impact on bunker consumption


20 1) Includes container, tanker and bulker

2005 6 7 8 9 10 11 12 13 14 2015


8%

Source: Bunkerworld; Bunkerindex; Marine&Energy Consulting; Tecnon; Clarksons, Drewry; Leading consultancy firm

VITOL

29%

71%

32%

68%

26%

74%

MA

RK

ET O

VER

VIEW

Demand Drivers 2015 Outlook

Demand for liquidity from customers and suppliers

Strong demand expected to continue as significant strengthening of the shipping market is not expected and due to unique legal position of bunker suppliers, structurally encouraging the supply of funding

Demand for credit risk management from suppliers

Strong demand expected to continue as shipping companies increasingly approach the value of services available

Structure of fuelproduction market

Oil majors expected to continue retrenching as their market share still remains high (~25% globally and higher in, for example, Americas)

Shipping companies’ bunker procurement strategies

Significant further outsourcing not expected as high bunker prices create incentives to manage bunker costs in-house

High bunker prices High oil and bunker prices drive reselling with increased need for liquidity and credit Regulations and shift in quality will lead to an increase in bunker prices even at flat oil prices

‘One-stop Shop’ Industry moving from transactional relationships to partnerships with ‘one partner’ concept – which only resellers can provide

3 Growth in the Reselling market is supported by underlying market trends

PhysicalReselling

The Reselling Market has been Growing Much Faster than the Physical Market

% of Total Market Volume

Despite significant growth in volumes, reselling will comprise only approximately one third of the overall market by 2015 -Significant room for further growth remains

1–3%

5–10%

Volume CAGR2012–15

2009 2012 2015E

21



VITOL

CAGR2007-11, (%)

2012-15Trend Selected Examples

>90 physical and reselling players in top 30 ports

MA

RK

ET O

VER

VIEW


4 Competitive dynamics provide leading independents a continued market share expansion and consolidation opportunity

5

OWB’s Market

-2

-5

9

49% 50% 47%

19% 21% 27%

32% 29% 26%

2007 2009 2011

Smallerindependents

Leadingindependents

Oil Co’s

381389 365


22

Mmt

VITOL

MA

RK

ET O

VER

VIEW

Leading Independents Oil Co’s

Smaller Independents

Sales responsibility

Ability and willingness to grow volumes

Credit provider

Commercial flexibility

Global market understanding / advisory

Supply chain control

Technical expertise (Mass Flow-meter, ECA regulations etc)Global competitive pricing benefitting from scale advantages in volume

Able to offer tailor made risk management solutions

In-house quality support department

Leading Independents bring additional value to customers

23

~~

Source: Company management


4 5

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200

400

600

800

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Market trends in favour of leading independents are expected to continue with positive effects on margins


Bunker increase as percentage of vessel operating costs, leading to more focus on bunker purchase

Customers have significantly increased focus on cost, quality and service

Risk aversion increases in a volatile market, more clients look for hedging / outsourcing of risk management

Professionalization of Bunker Purchase with Increasing Demand for Advanced Risk Management and One-Stop-Shop Services

6

Increased complexity in regulatory environment may cause smaller suppliers to struggle (e.g. mass flow meters requirement, decrease in sulfur limits, double hull barge requirements)

Shift in demand towards higher quality, more expensive fuel (e.g. need to handle multiple fuels)

Increasingly Stringent Regulation

7

High bunker prices have led to increasing demand from customers and suppliers for credit

Fuel providers also restricting credit to bunkering suppliers, directly impacting the operations of smaller players

Higher margins captured by large players able to provide credit to customers as smaller suppliers have faced restricted credit access

Credit Terms Increasingly Important

8

Capital cost8%

Direct OperatingCosts26%

Bunker cost66%

Vessel Operating Costs(1)

Bunker Fuel Price$/mt, Rotterdam

Jan-1995 96 98 2000 02 04 06 08 10 12 Jan-2013

1) Based on the current average operating speed of 75-80% of design speed given opportunities of slow steaming24

Regulation Heat PhaseNorth American Coasts ECA-50xfrom August 1, 2012

North American and US Carribean ECAs will also be ECA-NOx from 2016

US Carribean ECA-50xfrom January 1, 2014

Baltic and North Sea ECA-50x

VITOL

25

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

CO

MPA

NY

POSI

TIO

NIN

G A

ND

STR

ATE

GY

OWB is a leading global bunker provider with a strong business model underpinned by scalable platform and deep risk management expertise

1) On a EBT basis26

3147 59

7894

2009 2010 2011 2012 2013B

OWB is a leading global bunker provider with ~6% market share, strong brand and high customer awareness

Leading Market Position

1 Market Share

$ MM

More efficient access to markets Increased access to information Diversified customer base Significant inter-divisional synergies, including higher capacity

utilization and customer access Lower earnings volatility driven by an integrated business model

and high operational efficiency

Strong and Integrated Business Model

2

Successfully grown internationally proving its platform setup with a focus on scalability, and with a pipeline of opportunities

Scalable Platformwith ExpandingGlobal Footprint

3

Leading Risk Management function and low-risk approach to credit exposure, resulting in high quality earnings with low volatility, OWB has had 23/24 profitable quarters(1) in the 2007-2012 period

Potential growth / profitability upside for new owner Margin approach to business

Conservative Business Approach

4

6% Market Share Others94% Market Share

New Locations 2007–2012

2011

EBT

OWB Integrated Model

Physical Reselling

Risk Management

Customer

2012

US

TW

CNNO

TRRU2007

CL

AE

CH

KR2008

AU2009

PA2010

UY IN

CH

BR

VITOL

CO

MPA

NY

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G A

ND

STR

ATE

GY

1) Market shares calculated applying Sep-12 LTM volumes for OWB and other suppliers2) Supply of offshore and high seas bunkering services in the North Atlantic Ocean3) Supply of cargoes of bunker through public tenders mainly to navies and the energy sector. Activities are performed in close

corporation with Cargo Trading DK4) Charters in third party vessels utilised by Supply or Cargo through Vessels. Excess capacity is sold through brokers5) Manages the vessel portfolio comprising owned vessels and vessels chartered through Chartering. The vessels are chartered on to

Supply and Cargo. Is also responsible for Technical Management of the vessels

OWB is the leading global bunker supplier with ~6% market share and a global network with a strong local presence through 25+ locations across the world

Leading Position | Integrated Model | Scalable Platform | Conservative Approach

27

1

ProfitCentre Level

Business Area Level

Physical

Global Sales, KAMCorporate Functions

(Finance, Credit, Legal, IT, HR etc.) and M&A

Reselling

Bunker Supply

Netherlands PH

Belgium PH

Denmark PH

IcebunkerPH (2)

Germany PH

Turkey PH

Lithuania PH(Klaipeda)

Canary Island PH

West Africa PH

Sweden PH

Panama PH

Uruguay PH

Risk Management

Sales

North America PH

OWB Finance

Administration Supply

Bunker Market, 2009–Sep-12

Singapore WW

Singapore Sourcing WW

China WW (Hong Kong)

China WW (Shanghai)

Korea WW

Australia WW

Asia Admin WW

China WW (Beijing)

Dynamic Oil WW

Administration Asia

Asia

Russia Sourcing WW

Denmark WW (Aalborg)

Icebunker WW

Denmark WW (Copenhagen)

India WW

UK WW

Germany WW

Bergen Bunkers WW

Administration NE

North Europe

Switzerland WW

Switzerland Sourcing WW

Malta WW

Canary Island WW

Spain Sourcing WW

Turkey WW

Administration SE

South Europe

Brazil WW

Chile WW

USA WW (Houston)

Administration AM

Americas

Middle East WW

South Africa WW

Administration MESA

Middle East/South Africa

Global Trading

Cargo Trading DK

Tender (3)

Risk Management

Administration Cargo

Cargo

Chartering(4)

Vessels(5)

Administration Tankers

Tankers

3 8 8

3 6 5

2009 Sep-12

WFS

Bunkerholding

Other

Aegean

Chemoil

OWB

80%

4%

6%

4%

2%

75%

4%

7%

6%

5%

3%4%

IncrementalMarket Share

(5%)

+0%

+1%

+2%

+1%

+1%

Source: Bunkerworld; Bunkerindex; Marine&Energy Consulting; Tecnon; Clarksons, Drewry

Mmt

(1)

OWB Group Management

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▪ Natural insurance for the Group against macro

volatility as Reselling and Physical respond

differently to macroeconomic drivers

▪ Optimisation of capacity utilisation in Physical

through additional Reselling volumes

Lower Earnings Volatility

OWB’s strong and integrated business model underpins high efficiency, stability and growth opportunities

2

Stable Margins over the Cycle

$/ton


‘000s

Baltic Dry Bulk Index (right axis)Group EBT / ton (left axis)

28%

27%

27%

18%

76%

10%

14%

▪ Combination of Physical and Reselling allows

OWB to capture a broader range of clients given

the portfolio of services offered

▪ Largest customer represents ~3% while top 5

customers represent ~11%

▪ Diversified customer base measured on both

customer types and sales channels

Diversified CustomerBase

Breakdown of Sales by Industry and Sales Channel(1)

Tanker ContainerBulk Others

CustomerExternal Trader

Broker

28 1) By 2011 volume

0.0

1.0

2.0

3.0

4.0

5.0

2007 2008 2009 2010 2011 20120

3

6

9

12

15

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Risk Management in the Context of the Business

2 Risk management is an integrated part of the business model

29

Reselling BunkerSupply Cargo

Generates prices throughout the business day based on real time market information

Makes a financial market, acting as the internal counterpart to Reselling and Bunker Supply

Manages price risk related to oil held in storage by the Cargo trading teams

Performs additional trading to extract the value of the company’s position

Risk Management’s Key Contributions to the Group

Delivering value for the Physical and Reselling Divisions by enabling faster and more accurate transaction execution

Controlling and centralizing the Group’s total risk exposure

Generating stable profit for the Group by deriving value from underlying risk position

Operating with a low risk profile

Invested in Organization and Support

1

7

2007 2012

FTEs

Front Office Middle Office Back Office

Increased focus and more stringent processes have increased number of FTEs directly involved in risk management

Operates independently from the rest of the Group

Direct reporting to CEO

Based on integrated IT solution (Allegro)

0

4

2007 2012

2

6

2007 2012


Guidelinesfor

Resellers

BoardApproved

Policy

Risk Management Internal

Guidelines

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Structured approach to sales management – strong performance measurement tool implemented (the OWB Performance Equation)

Frequent follow up (e.g. monthly meetings) and performance improvement plans

Decentralized sales organization with back-up from centralized functions

Easy to add new locations and get them connected to centralized platform

Global key account management

Development in Number of Resellers(2)

Key Comments

X Number of resellers in each location

32 39

101143

133182

2009 2012

Asia North Europe South Europe Americas Mid East /South Africa

Physical Division

Singapore WW

Singapore Sourcing WW

China WW (Hong Kong)

China WW (Shanghai)

Korea WW

Australia WW

Dynamic Oil Singapore

OWB Beijing

Russia Sourcing WW

Denmark WW (Aalborg)

Icebunker WW

Denmark WW (Copenhagen)

India WW

UK WW

Germany WW

Bergen Bunkers WW

Switzerland WW

Switzerland Sourcing WW

Malta WW

Canary Island WW

Spain Sourcing WW

Turkey WW

Brazil WW

Chile WW

USA WW (Houston)

Middle East WW

South Africa WW

Reselling Division

Bunker Supply

Netherlands PH

Denmark PH

Icebunker PH

Germany PH

Turkey PH

Canary Island PH

Sweden PH

Panama PH

Uruguay PH

North America PH

Global Trading

Belgium PH Cargo Trading DK

Tender

Cargo

14339

31 44 45 30 14 11

3

3

1

4

5

3

3

2

1

2

3

4 4

2

8

14 4 5 4 8

7 9 7 5 3

2 1 11 5

6 6 3

6 2 3

3 7 1

3 10

3 7

Physical Reselling

3 Decentralized sales platform supported by centralized knowledge sharing and performance measurement underpins highly scalable setup…


30

Primary Strengths

1) Number of resellers as of Dec-20122) Number of resellers as of year end

Avg. number of resellers37 39

91 124

Decentralized Structure in the Sales Organization(1)

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32%

21%15%

13%

10%

4% 5%

OWB Diversified Workforce HR Policy Focussed on Hiring, Developing and Retaining

Employee Distribution by Nationality / Region

▪ Focus on retaining local talent and having a multi-national employee based in each Group location

▪ Bottom up approach to recruiting in each location

Hiring

Developing

Retaining

▪ Diversifying employee base at management level

▪ Customised programmes constantly augmented

▪ Formalised program e.g. to resellers

▪ Able to track performance on an individual reseller level on the relevant key metrics

▪ Being part of a local and global market leader creates attractive opportunities

▪ Incentive programmes in place for key personnel

3 Centralized human resource and talent development focused onmaximizing sales efforts in each location…


31

Danish

Eastern Europe

Asian

North European

South European

Americas Others

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3 Lean corporate functions organized to support local operations on key areas…


32

Accounting and controlling

▪ 146 employees

Treasury and credit

▪ 12 employees

Legal

▪ 3 employees

Quality support department

▪ 4 employees

Human resources

▪ 2 employees

Corporate sales

▪ 6 employees

IT

▪ 8 employees

Corporate Functions

▪ 181 employees

Front Office

▪ 236 employees

Group Management

Accountingand Controlling 32%

Front Office35%

January 2009 December 2012

100% = 431 Full Time Employees 100% = 538 Full Time Employees▪ Back office to front office ratio

from 0.98 to 0.77 employees▪ Group support function

employees increased by 3.5x

Accounting and Controlling 27%

Front Office44%

Group Support Functions 7%

Seamen

▪ 121 employees

Group Support Functions 2%

Seamen 31% Seamen 22%VITOL

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Historical Loss on Debtors▪ To avoid material losses on individual customers as

well as special shipping segments

▪ Strong internal resources, strict policies, strong follow

up procedures and global credit insurance by claims

and credit department

▪ Minimum excess today = $5 MM

Credit Policy2.92.9

4.0

1.5

2009 2010 2011 2012

$ MM

4 OWB’s strong credit risk processes are at the core of its conservative approach


33

Annual Payments on Debtor Insurance

Credit Insurance

5.95.2

3.01.9

2009 2010 2011 2012

$ MM

▪ OWB is served by a top 3 global credit insurer

▪ The insurance premium is based on ‘bunkers full turnover’ (excl. cargo business) and is calculated based on outstanding balance at the end of the month for each customer

▪ The insurance policy includes “AFL” (Aggregated First Loss) clause, threshold per claim as well as a certain level of OWB-carried risk for each customerVITOL

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4 OWB has developed a set of mitigants and risk management processes to handle the key risks identified in the business(1)

34

Liquidity Risk Focus: To avoid any breaches towards banks and secure sufficient liquidity

Strong daily follow up, cash flow forecasts and allocation of capital by centralized treasury department

FX Currency Risk Focus: To avoid any material losses due to sales and purchase not always being hedged naturally

Strong daily follow and currency forecasts by centralized treasury department

Commodity (Oil) Price Risk

Focus: To avoid any material losses due to the exposure towards oil price movements

Globally controlled by centralized Risk Management function (headquarters)

Insurance Risk Focus: To avoid any material losses in connection with transportation, product liability and environmental risks

Environmental Risk Global insurance package developed and controlled by headquarters

Operational Risk

Strong culture ensures full adherence to the company’s internal requirements and guidelines

Anti-bribery policy coupled by stringent systems preventing bribery and unusual transactions

Strong compliance focused to follow all trading regulations, restrictions, etc.

1) Credit risk discussed separately, in previous page

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1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

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OWB’s Physical Division sources, stores, blends and delivers bunker fuel to customer vessels while managing the bunker fuel price risk (I)

From Sourcing to Sales in OWB’s Physical DivisionKey Highlights

Car

go

▪ Centralized sourcing of fuel oil for the Group in Scandinavia and ARA

▪ Ability to source large volumes provides ability to offer attractive pricing

▪ Secures competitive prices for Bunker Supply

▪ Benefits from its interaction with Bunker Supply as a natural outlet

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▪ Central pooling of risk enables OWB to optimize its risk position across divisions and through the entire supply chain, generating profits on the back of the Group’s natural position

OW

B C

argo

Bun

ker S

uppl

y

▪ Business model driven by close relationship with resellers as well as direct customers to drive volumes

▪ Profitability of Bunker Supply driven by structure and efficiency of operating costs

▪ Operating cost structure linked to management of delivery (vessel spot contract / time charter / owned barges) and asset turnover

OW

B B

unke

r Sup

ply

Tank

ers ▪ Buying and selling vessels / charter of third party vessels for Bunker

Supply and Cargo

▪ Technical fleet management for owned vessels and third party

Physical

Transportation of fuel from the production to consumption centres

Storage and/or blending at owned/ leased terminal in ARA and Scandinavia

Delivery to customers in ports through barges

Sales to shipping customers and resellers

Sourcing: Tender, spot and long-term contracts, cargo lifted ex-refinery, ex-pipe, or FOB load port

Sales to OWB system, other bunker suppliers, shipping companies, O&G majors and resellers

OWB Cargo

OWB Bunker Supply

OWB Risk Management

OWB Risk Management

Physical Division | Bunker Supply | Tankers | Cargo | Risk Management

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OWB’s Physical Division sources, stores, blends and delivers bunker fuel to customer vessels while managing the bunker fuel price risk (II)

1) Percentages calculated excluding eliminations2) Tankers included in Bunker Supply3) Prevents Bunker Supply from missing interesting opportunities

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5 5 %4 5 %

Key Metrics – 2012

EBT(2)

Total: $31.6 MM

4 2 %5 8 %

Volume(1)

Total: 8.1 Mmt

Cargo Bunker Supply

▪ Capitalize on short position in bunker supply – always able to offload products

▪ Taking advantage of market structures (e.g. contango)

▪ Superior blending capabilities▪ Own sales force selling to

external customers

Cargo / Sourcing

▪ Constant volume flow creating opportunities in risk management handling

▪ Natural long position from physical position

Risk Management

Key Profitability Drivers for OWB Cargo

Physical Locations

North Atlantic Netherlands

Belgium

Uruguay

Faroe Islands

SwedenLithuania

GermanyTurkey

Panama

Bunker Supply port locations

Bunker Supply high seas areas

Cargo locations

Risk Management locations

USA

▪ Strong local position▪ Quality (e.g. mass flow

meters) as a differentiator▪ Selecting the right sales

channel, on a port by port basis

▪ Reselling’s knowledge of the market and “last look” procedure(3)

Selling Price

▪ OWB Cargo allows a better understanding of the sourcing market

▪ Local sourcing centres▪ Take advantage of the added-

value services from suppliers (e.g. contracts with flexible volumes, pricing dates, etc.)

Sourcing

▪ Maximize asset turnover– Minimize barges idle time– Pick orders that allow max

turnover▪ Loading / unloading

optimization on a port by port basis to minimize waiting time

▪ Continuous optimization of mix between spot and contract in vessel portfolio

Operating Expenses

Key Profitability Drivers for OWB Bunker Supply


Denmark

Switzerland VITOL

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The Physical Division has several value creation levers, most importantly superior operational processes and risk management capabilities

3838

Integrated Platform

▪ Integrated sales, sourcing, risk management and operational functions▪ Open flow of information and integrated work processes are needed to

price efficiently

Local Presence and Scale

▪ Strong market position in local markets (ports)▪ In-depth knowledge on key local operational metrics▪ Stable sales volume per port

Flexibility▪ Centralized sourcing setup in high volume areas▪ Centralized risk management setup▪ Flexible asset base; move with customers

Financial Strength

▪ Strong balance sheet▪ Robust processes and information access to price credit offering▪ Ability to get credit lines from suppliers

Sourcing▪ Port-by-port understanding and participation in the cargo market and

active scanning of supply options in each port / location

Operation▪ Frequent barge turns to maximise efficiency of each vessel▪ Fleet that matches strong operational requirements (e.g. double hulled,

oil major approved barges)

Quality of Service Delivery

▪ High quality delivery regarding fuel specifications, volume and timing▪ Efficient handling of claim process

Important Parameter for…Requirements to be Successful

Customers Operational Efficiency


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2.0 2.23.4 3.9

4.85.1

5.35.5

2009 2010 2011 2012

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Volumes in OWB’s Physical division have increased with a 15% CAGR from 2009 to 2012 predominantly driven by a higher activity level in Cargo

Volume(1)

Mmt

5.36.2

7.5

8.1

4%

26%

1) Total volume figures exclude internal volume eliminations2) Including Tankers

Bunker SupplyCargo CAGR

39


Bunker Supply

▪ In 2012, OWB started operating as a physical supplier in the Gulf of Mexico with 1 tanker

▪ In 2011, Panama and Uruguay were added as new Bunker Supply locations

▪ In 2010, the West Africa market changed from 2 suppliers to 8 suppliers leading to OWB discontinuing physical operations

▪ In 2009 / 2010, the volume decreased, especially in the Baltics, and OWB optimized utilisation by relocating vessels to markets with lower capacity

Cargo

▪ Started Cargo in ARA in 2011

▪ Outsized profit in 2010 due to unusually attractive market structures

▪ Market structure has been ‘normalized’ in 2011 and 2012

Key Comments

VITOL

42.0

35.4

45.750.2

32.929.3

48.0

26.4

2009 2010 2011 2012

Gross Profit

$ MM

68.4

83.5

74.9

83.1

6%

8%

CAGR2009-2012

Bunker Supply (2)Cargo CAGR

(5.3) (10.3)

10.0 14.1

17.416.539.5

18.9

2009 2010 2011 2012

13.6

29.226.5

31.6

$ MM

5.5

(2.1)

2.5

(0.6)5.42.8

(6.1)(8.7)

8.3

8.0

0.9

(5.3)

(0.3)

1.0

(0.2)

(3.2)

0.7

0.3

(0.4)

14.110.0

(10.3)(5.3)2009 2010 2011 2012

1.7 1.9 1.7 1.7

2.6 2.7 3.0 3.0

0.4 0.3 0.0 0.00.4 0.5 0.8 1.14.8 5.1 5.3 5.5

(0.2)(0.3)(0.3)(0.3)

2009 2010 2011 2012

Bunker Supply Key Metrics

MmtVolume

$ MMEBT(3)

West AfricaNordics(2)

OthersARA Eliminations

Tankers

Bunker Supply (1)Cargo

EBT

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Physical EBT has increased with 32% CAGR from 2009 to 2012 with Cargo partially offsetting lower profitability in Bunker Supply during the 2009/10 downturn

401) Including Tankers2) Include Denmark, Germany Sweden and Icebunker3) Admin Supply and Finance (sub-segment under Supply) allocated to regions based on volumes, which reflects management’s best

estimate given that reporting approach to allocation of Admin and Finance costs has been amended during the 2009-2012 period


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Physical divisions’ Bunker Supply operation delivers fuel to customers’ vessels

Bunker Supply Growth Plan and Key Initiatives

▪ Focusing on high end bunker supply quality and operations

▪ Strong operational focus to secure efficient operations

– Global KPIs implemented

– Global sourcing teams

▪ Geographical expansion

– Further expansion in Asia and Americas

– Copying the “Baltic setup” to new locations

▪ Grow to capture synergies together with Reselling

▪ Profitability of Bunker Supply driven by operating cost structure, which in turns depends on how delivery is managed (spot contract to pay for barging tariff / time charter / owned barges) and asset turnover (high utilisation lowers operating costs)

▪ Business model driven by close relationship with resellers as well as direct customers (shipping companies) to drive volumes

▪ Asset light model enables operations to scale without significant capex

The Baltic Set-up

When Does This Set-up Work?

▪ Large bunker hubs

▪ Niche markets and / or full supply chain


Bunkers OperationOptimize LogisticSupply

Key Highlights The Baltic Set-up

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+

High price level

Low quality

High quality

Low price level

OWB’s Bunker Supply business is positioned as a high quality supplier of bunker fuel able to demand premium margins

Product

Claims

Supplier equipment

Quality Parameter

+

▪ Tests conducted 3 times as often as competitors

▪ High customer satisfaction with a DNV performance score of >75(1)

▪ High grade in clients perception on product availability and testing

▪ Average claim rate of only c. 1.3%, seen as high performance if below 3%

▪ Average claim days open of c. 15 days

▪ High grade in clients perception on claims performance

▪ Purely double hull vessels employed in OWB’s fleet

▪ Mass flow meters to measure the actual mass of oil delivered, ensuring quantity of the product and client satisfaction

▪ Oil major approved quality barges fleet with <5 years

▪ Test ensuring quality

OWB Characteristics

A high quality offering coupled with a focus on client perception allows

OWB to be in the high end segment

1) Det Norske Veritas performance score measures customer satisfaction with a scale from 0 to 100


“We are working with them on a daily basis without any problems or misunderstandings”

“I think that they are doing a great job”

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OWB has a structured approach to evaluating and selecting the most attractive locations for new expansions in Bunker Supply

4343

Customer Demand

Opportunity to challenge existing supply chain by delivering higher quality and a more customer focused business model

Partnership on key accounts

LargerBunkerHubs

No major oil / state-owned physical suppliers in the market with significant market share or where all majors are retrenching

Ports with no other suppliers or limited competition

Driven by specific customer demand

Areas on shipping routes generating an operational advantage for customers

Offshore delivery capability to customers like offshore suppliers (who save facilities ownership costs)

NicheMarkets

Fuel import market with storage

Potential in partnership with local refineries or bunker suppliers

Potential for all business areas (e.g. Cargo, Bunker Supply and Reselling)

Full Supply Chain


Key Selection Criteria

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OWB’s Tankers Division is a leading operator of bunker vessels

Operates a fleet of modern, flexible and high performance bunker tankers

8 owned and 19 time chartered vessels(1)

Focus on quality of operations – all vessels approved by oil majors

Vetting results: Industry average of 6.5 whereas OW Tanker averages 1.0 observations per inspection

25 years of experience in operation and technical management of bunker tankers employing qualified and innovative personnel

Sets new standards for safe and efficient bunker operation such as ISO 14001, ISO 9001 and energy efficient management

Environmental expertise as a contract partner with EMSA(2) with 7 years of experience in operation of oil recover vessel

Equipment development such as blender system, flow meter systems, oil recover systems, etc.

Key Highlights Modern Fleet with 27 vessels(1)

Vessels#

Vessel capacityDWT’000

Average ageyears

Denmark 26.3 5 6

Total (3)27 8

1) As of February 20132) European maritime safety agency; excludes minor vessel in Germany3) Capacity-weighted average age of 27 vessels

USA 24.7

Belgium 10.5

Panama 8.8

Netherlands 6.4

North Atlantic 6.0

Turkey 5.4

Germany 4.7

Lithuania 2.8

Uruguay 3.8

Sweden 1.9

2 7

4 5

1 24

2 4

1 10

7 25

1 3

2 10

1 8

1 10


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OWB Cargo represents two closely related activities – Sourcing and Risk Management

Key Highlights

▪ Risk exposures in Cargo handled by Risk Management

▪ Ability to source large volumes provides ability to offer attractive pricing to Bunker Supply

▪ Natural long position offsets natural short position of Bunker Supply

▪ Captures a margin by taking advantage of structures in the forward market as well as through a blending margin

▪ Financial development mainly driven by the establishment of new location in ARA in 2011

Volumes Flows Interaction

CargoBunker Supply

External Customers

65% of Cargo

Key Metrics

2.3 2.6 2.7 2.8

1.11.5

2.0 2.2

3.43.9

2009 2010 2011 2012

MmtVolume(1)

13.57.5 4.4 5.4

3.1 0.5

5.4

32.6

9.4 12.40.8 1.0

16.518.9

39.5

17.4

2009 2010 2011 2012

$ MMEBT(2)

+26% -3%

Cargo Trading DK Cargo Trading ARA Risk Management

1) Total including intra activity eliminations of 0.4 Mmt (2009), 0.4 Mmt (2010), 0.4 Mmt (2011) and 0.5 Mmt (2012)2) Total figures include management fee of $0.6 MM (2010), $1.1 MM (2011) and $1.8 MM (2012)


Car

go

▪ Managing all risks for:

‒ Physical: through ownership of oil supply inventory volumes + any open positions of specific profit centres

‒ Reselling: arising from customized supply solutions for customers

▪ Deriving value from underlying (physical) risk positions

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Tender

35% of CargoVITOL

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OWB has a structured approach to evaluating and selecting the most attractive locations for new expansions in Cargo

4646


Key Selection Criteria

Storage availability

Ability to open arbitrage opportunities towards other OWB Cargo locations

Complements Existing Cargo Operations

Supporting Bunker Supply locations

Key focus is niche products – smaller market – not mainstream high volume markets

Current availability of special products in market

Special Blends

Markets where OWB is bunker supplier – but current sourcing is limited or expensive – OWB can set up its own cargo supply

Market net importer of bunker

Flexible storage facilities

High focus on operational performance regarding terminals

Support Bunker Supply

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Risk Management’s contributions are channelled by two main activities –Market maker and Risk Management

1. Delivering value for the rest of the organization enabling faster and more accurate transaction execution

2. Controlling and centralising the Group’s total risk exposure

3. Deriving value from underlying risk position

Risk Management’s Key Contributions to the Group The Two Main Activities within Risk Management

Market Maker

Risk Management

▪ Generates prices throughout the business day based on real time market information

▪ Makes a financial market, acting as the internal counterpart to Reselling and Bunker Supply, allowing them to hedge their risks

▪ Allows OWB to both reduce its risk profile and capture volumes otherwise lost

▪ Manages price risk related to oil held in storage by OWB Cargo

▪ Drive value from underlying risk positions

47


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Risk Management supports OWB’s main divisions and helps them generate profit – profit which is realized in Reselling and Bunker Supply books

▪ Risk Management acts as market maker to enable larger volumes and reduce risks

– 250,000 ton per month on average

▪ Handles and eliminates oil price risks in Bunker Supply operations

– 300,000 ton per month on average

▪ Sale of paper risk management products

– 400,000 ton in Risk Management Sales to end customers

▪ Enables sales of ‘Physical Fixed Price’ contracts plus additional ‘structured’ deals

▪ Risk Management is responsible for hedging and managing the price structure of Cargo inventory

1. Reselling

Bunker Supply

Cargo

2. P

hysi

cal

DescriptionArea


48

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Guidelines for Resellers

(Reselling & Bunker Supply)

▪ +/- 5,000mt flat price per business unit

▪ +/- $50,000 MTM reporting requirement

Board approved policy

Risk Management

Internal Guidelines

▪ +/- 100,000mt flat price exposure

▪ Additional limits on products and duration

OWB manages its business in accordance with both its Board approved risk policy, as well as department specific policies

▪ +/- 200,000mt flat price

▪ Additional limits on products, spreads, duration, etc.

200.000 mt.


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Physical Volume(1)

Mmt

Physical EBT

2.0 2.2 3.4 3.9 3.9 4.4 4.9

5.57.3

9.0

5.55.14.8

5.3

▪ Improve sourcing

▪ Develop sales processes

▪ Implementation of global KPI measures

▪ Optimize locations and capacity, and engage in cost reductions

▪ Take advantage of integrated business model between Bunker Supply and Cargo

Focus on new locations

Improve profitability in existing locations

12.0

10.1

8.18.17.56.25.3

201420132012201120102009 2015

+15%

+14%

2015 Management Plan key initiatives are clearly defined and already under way

Bun

ker S

uppl

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argo

Support Bunker Supply

▪ Large bunker hubs through high end supply

▪ Niche markets meeting customer demands

▪ Full supply chain taking advantage of integrated business model

▪ Arbitrage opportunities into USComplements existing operations

▪ Strategic partnerships for special trading in Africa

Special blends

Key Initiatives / Targets to 2015

1) Total volume figures exclude internal volume eliminations2) Including Tankers

18%

8%

CAGR2012-15

20.4 24.5

(10.3)

10.0 14.1 18.425.3

27.5

17.417.416.439.4

18.9

(5.3)

$ MM

Bunker Supply(2)Cargo

201420132012201120102009 2015

52.0

35.831.6

26.5

29.2

13.6

45.7

31%

6%

CAGR2012-15

+32%+18%

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24.517.4

27.511.3

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Summary of impacts from different initiatives in the 2015 Management Plan

Bunker SupplyCargo

2015

52.0

Cargo Trading

Bunker supply

2012

31.6

Improve profitability in existing locations

Focus on new locations

EBT

$ MM Support Bunker Supply

Complements existing operations

Special blends

13.4

Increased Volume

Improved Margin

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Physical Division – Initiatives Outside Management Plan

OWB has identified concrete initiatives for the Physical Division outside the Management Plan (OWB Upside Case)

52

▪ Leverage the European model internationally

‒ New location: Enter as an integrated player to capitalize on exiting refineries

‒ Additional 1-2 locations: Continue Physical Supply expansion to follow Reselling footprint

▪ Further expansion in the US following the Bunker Supply footprint

▪ Expand scale of cargo activities in the ARA regionSourcing

2

Physical Supply

1

▪ Acquisitions on an opportunistic basis whilst focusing on selected areas

‒ Resellers owned by shipping companies

‒ Companies with 1-2 offices

‒ 5-10 companies coming to OWB each year (Group)

Opportunistic acquisitions

Not included in Upside Case VITOL

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1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

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OWB’s Reselling Division matches the buy and sell quotes and manages delivery through physical suppliers (OWB or 3rd parties) (I)

Key Highlights Reselling Transaction Steps

1. Collectingpurchase requests from buyers

2. Matching requests with sales offers from local suppliers

3. Managing the transaction between the parties, taking credit risks and providing liquidity

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t

1) Risk management

▪ Competitiveness (terms, price, payment)▪ Stronger operational and financial counterparty▪ Providing credit▪ Close the gaps on terms and conditions between physical

suppliers and customers▪ Sourcing professional suppliers with high quality, service

and reliability standards▪ Ability to be trusted industry advisor▪ “One stop shop” for global coverage▪ Ability to structure supply agreements, particularly when

customer is looking for global supply contracts▪ Using RM(1) tools to create a pricing / structure / product

tailor made to customer needs

Added value for customers

▪ Seen as a strong financial counterparty when providing credit and reduction of credit risk

▪ Strong payment performance▪ Ability to provide physical suppliers an outlet for large

volumes given natural short position due to extensive customer base‒ Using RM(1) tools to enter structural supply agreements

with suppliers

Added value for suppliers VITOL

RES

ELLI

NG

DIV

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N

55

OWB’s Reselling Division matches the buy and sell quotes and manages delivery through physical suppliers (OWB or 3rd parties) (II)

Key Metrics – 2012

4 2 %

2 9 %

18 %

6 %5%

Volume

EBT

3 0 %

3 9 %2 1%

5%5%

Asia North Europe South Europe Americas Mid East/South Africa

Total: 15.4 Mmt(1)(2)

Total: $45.9 MM(2)

1) Including intra divisional eliminations of (4.9) Mmt 2) Dynamic Oil incl. in Asia figures; volumes incl. 0.3 Mmt and EBT incl. $0.3 MM

OWB has Built a Global Footprint in Reselling

OWB Reselling Locations

VITOL

RES

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NG

DIV

ISIO

N

5656

A typical Reselling transaction involves a reseller, the sourcing centre and Physical (for the “last look”)

Customer Request

Collect Quotes From Suppliers/ Sourcing Centre

Feedback to Client and Negotiate

Set Transaction Strategy

Agree on Price

Sourcing at Best Price Operational

Sales reseller gets request from customerMost requests are throughe-mail to an office wide groupe-mail address

Check credit and decide credit offeringCheck market pricing, local availability of fuel, timing of deliveryDecide on margin

Between 1-5 iterations needed – 95% of negotiations will be on price

Agree on final price and details of deal

Provide operational services post fixing

Provides local market information on supply situation

Sign with supplier (fixing) with internal or 3rd Party

Sale

sSo

urci

ngB

unke

r Su

pply

Liquid markets:Less liquid markets: 3-4 hours

1-2 hours

Reseller goes out with request to the market(1-8 suppliers depending on market)

OW Bunker Supply gets “last look” on the deal

Sourcing goes out with request to the market (1-8 suppliers depending on market)

OW Bunker Supply gets notified about request and bids if interested

Risk Management

Interaction with Risk Management

VITOL

RES

ELLI

NG

DIV

ISIO

N

57

There are several value creating parameters in the Reselling business to meet customer and supplier demands and optimize operational efficiency

Important Parameter for…

Customers Suppliers Operational Efficiency

Sourcing▪ Active scanning of supply options▪ One sourcing manager for all key region / ports for customers

Requirements to be Successful

Integrated Platform

▪ Integrated sales and procurement function▪ Open flow of information and integrated processes to price efficiently

Global Presence▪ Ability to handle orders in all key ports▪ Presence close to customers and suppliers

Scale ▪ High and stable sales volume per port

Financial Strength

▪ Strong balance sheet▪ Diversified customer portfolio key to minimize credit risk

Connectivity▪ Pooling inquiries to match large volumes with available supply capacity▪ Larger supplier portfolio supports better prices

Key Account Management

▪ Understanding of customer needs and proactive offers to customers▪ Offering high margin add-on services

Quality of Service Delivery

▪ High quality delivery on fuel specifications, volume and timing▪ Efficient claim handling process

Risk Management

▪ Active scanning of supply options▪ Tailor-made solutions to customer and supplier

VITOL

6.8 8.0 8.210.7

4.24.8

6.3

8.50.6

1.1

0.3

0.4

2009 2010 2011 2012

Volume(1)

RES

ELLI

NG

DIV

ISIO

N

58

Since 2009, OWB’s Reselling Division has grown significantly driven by volume growth…

Americas Asia(2) EMEA

8.710.1

11.4

15.4

Mmt

CAGR 2009-2012

44%

26%

16%

1) Total figures include the impact of intra divisional eliminations2) Includes Dynamic Oil

CAGR2009-2012

Strong growth driven by geographical expansion and by hiring and developing more resellers

▪ Resellers increased from 101 in Dec-09 to 143 in Dec-2012

▪ Continued talent development and education of resellers considered a key competitive advantage

▪ Global sales organization with global systems and KPI tracking implemented (2010)

▪ Structured operating approach via global template (2011)

▪ Open-book calculated incentive programme (2012)

New internal structure in 2010 allowed an increased focus on Reselling and Physical, integration across geographies

▪ OWB changed its operating model, creating independent Physical and Reselling divisions, which significantly strengthened efficiency

▪ The new structure created strong incentives to focus on optimizing divisional profits

▪ Centralization of functions and sharing of best practices (e.g. sourcing centres, working capital management)

OWB has Optimized Processes and Internal Structure

VITOL

28.8 34.244.6

54.1

22.5

34.95.1

6.5

10.112.2

2.01.8

4.7

6.3 6.2

4.8

2009 2010 2011 2012

RES

ELLI

NG

DIV

ISIO

N

59

…whilst benefiting from expanding margins

12.3 13.318.8

25.6

11.2

18.2

2.5

2.1

3.5 3.31.31.5

2.0

2.83.0

1.8

2009 2010 2011 2012

EBT

17.3 17.8

32.5

45.9

$ MM

12%

73%

28%

CAGR2009-2012

Americas Asia(1) EMEA EBT / ton CAGR 2009-2012

1) Includes Dynamic Oil

Gross Profit

$ MM

40.848.5

72.2

95.6

52%

51%

23%

CAGR2009-2012

GP / ton

VITOL

78107 112

2010 2011 2012Senior Resellers

RES

ELLI

NG

DIV

ISIO

N

60

Significant part of growth in trade profit derived out of increasing seniority of resellers as well as performance improvement initiatives

Note: Figures for 2010 based on the four months from September to December 2010. The category “Juniors” covers Trainee Y1, Trainee Y2, Junior Trader and Trader B. The category “Seniors” covers Trader A, Senior Trader B and Senior Trader A. Trading Managers are in their own category and only included in number of resellers. Average monthly data for Bergen Bunkers have notbeen included in the figures Note 1: Excluding Trading Managers

2: Based on reported OWB financials which are not pro forma

Strong Track-Record of Developing Junior Resellers to Senior Resellers

Strong Development in Trade Profit per Reseller – Senior Resellers Make 2.4x Trade Profit of a Junior Reseller

Trade Profit/mt ($)

11 15 2228 2644

61 5977

100 100

143

2010 2011 2012Trading managers Senior Resellers Junior Resellers

# of Resellers, Reselling Division

USD (‘000),Avg. monthly TP per Reseller (2)

2237 47

2010 2011 2012Junior Resellers

3.3 3.9 4.3 3.4 4.4 4.6

Key Focus to Continued Profitability Improvement

An improvement in reseller monthly profitability from c.$45,000 in August 2010 to c.$72,000 today achieved through a number of performance improvement initiatives: proactive sales, resource deployment, solutions selling, SMART TRADING, vendor management, internal co-operation , risk management, resource deployment, reseller benchmark

Focus on realizing future potential through:

Stringent account management principles

Close follow-up on low performance resellers

Continue to focus on development through structured education

Scale to develop internal educational programs

New hires on Junior

levels

(1)

2.4x

The Development in Reseller Seniority to Drive Trade Profit

$mTrade Profit(Reselling Division)

62% 52% 55%38% 48%45%49

7296

2010 2011 2012 Illustrativedevelopment

Senior Resellers Junior Resellers

New Senior Resellers

4 Juniors promoted

16 Juniors promoted

Illustrative development

VITOL

RES

ELLI

NG

DIV

ISIO

N

Reselling margins per ton are stable across the cycle but have a small positive correlation to underlying bunker fuel prices given competitive dynamics

61

OWB’s Reselling Margins vs. Bunker Fuel Prices

▪ Less competition from smaller players (increasing oil prices)

Smaller players not as competitive given pricing constraints

▪ Customers accept that extra costs(1) are passed on to them

Bunker “service margin” very small part of total bunker price

▪ Gross profit varies more than EBT $ amount, as EBT is more stable given pass through of costs

▪ Resellers have online access to internal calculations on cost of delivery based on updated oil prices, funding costs and credit days ensures that the Reseller knows the benchmark price to beat

▪ The pricing system works on a global basis ensures instant access to latest quotes made by their colleagues

▪ Enquiries are pooled at the sourcing centres ensures that vital knowledge is handled centrally

▪ Margins are tracked every day by the sales director

Any deviation from budget tracked and followed up

1) Assuming increased oil prices

Key Considerations

1.1

2.9

2.01.8

2.83.0

300

400

500

600

700

800

900

0

1.0

2.0

3.0

4.0

5.0

Reselling EBT/ton$/ton

IFO 380 3.5%$/ton, Rotterdam

EBT/tonIFO 380 (3.5%)

201220112010200920082007

OWB’s Internal Price Setting Mechanism for Resellers

VITOL

RES

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NG

DIV

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N

OWB has a structured approach to evaluating and selecting the most attractive locations for new expansions in the Reselling division

6262

Sales

Sourcing Centres (1)

Shipping hub – strong base of shipping companies

Understanding of local business needs / cultural differences /

characteristics

Clear and stable regulation which is well understood

Macro view on future growth pockets

Customer potential, based on OWB offering

No oil major / state-owned physical suppliers in the market with

dominant market share

Bunker hub – strong network of local suppliers

Abundance of suppliers

Established market

Clear and stable regulation which is well understood

Enter markets with growth potential and expand market share

Potential for changes in regulation could open up new markets

Not required to be physical in the area

Area Comments

1) No requirement to be local

New York Japan

VenezuelaMexico

Iraq

Established sourcing centresEmerging markets sourcing centres

Examples of Possibilities

ItalyNew York

Monaco

Miami

Sales locations OWB Reselling locations

Japan

VITOL

RES

ELLI

NG

DIV

ISIO

N

63

Example case study: OWB USA – HoustonReselling has an exceptionally quick profitability in new sourcing centres

Financial Development in OWB USA

mt, ’000s

▪ Opening of OWB USA reselling to support the continued growth of OWB Reselling division

Background

▪ During Q4’11 and Q1’12 had high focus on building a strong Reselling presence in Houston by taking in strategic contracts with ship-owners

▪ Based on OWB’s volume in USA in general the new business unit managed quickly to reach a strong profitability

▪ Successful platform for continuing the growth in USA

▪ Global organization to build volume platform before entering → initial buyer power

Solution

$ ‘000

53.9

43.4 42.748.9

58.4 61.0

78.382.7

8.6

(3.0)

94.0 96.0

35.0 37.060.0

235.0

383.0

(108.0)(25)

0

25

50

75

100

Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12(100)

0

100

200

300

400

Gross Volume (mt) Accumulated EBT ($)

VITOL

RES

ELLI

NG

DIV

ISIO

N

64

OWB has developed a systematic approach to monitoring and benchmarking internal feedback, which have proved to be an efficient tool in increasing profitability

Case▪ OWB Middle East had historical focused on local sales with lower

credit quality▪ OWB monitoring systems identified development of supplied

volume in Fujairah as a significant potential opportunity to increase performance through sourcing centre

Solution▪ New regional manager in place with high competence on

developing supplier relations▪ Implementation of clear purchase centre strategy▪ Restructure and optimize client base and refocus the resources

OWB has introduced an innovative management control system which offers a comprehensive and holistic performance review across profit centers

EBT , $’000s

201120102009 2012

2,198

1,150

163

656

Financial Development in Middle EastExamples of OWB Performance Feedback Systems

VITOL

RES

ELLI

NG

DIV

ISIO

N

65

OWB has set up a new Reselling brand to segment the customer offering and unlock additional volume

Dynamic Oil’s Fast Paced Expansion Timeline

▪ Launched in Oct-12 in Asia, to progressively expand globally

▪ Target of unlocking additional volume by offering a different service / branding to customers, targeting both

− Existing accounts

− New accounts

▪ Focus on experienced resellers with a ‘never give up’ attitude:

‒ Higher profit targets, willing to accept slightly higher customer risk / return transactions

▪ Flexible and dynamic selling approach

‒ Resellers focus on own P/L

‒ Selling through personal relationship with partners

▪ However, all OWB corporate risk management policies and procedures applied stringently

Strong and profitable start with a cumulative EBT of $0.3 MM by the end of 2012 and with Jan and Feb 2013 yielding

$0.3 MM and $0.4 MM of EBT respectivelyYear

1Year

2Year

3

Singapore HQ,10 Resellers

Minim

umset up

Singapore HQ, 12 ResellersChina, 3 Resellers

Europe, 5 Resellers

Singapore HQ, 15 ResellersChina, 6 Resellers

Europe, 10 ResellersAmerica’s, 3 Resellers

174

76

140

107

187

EBT ($ ‘000s)

378

(35)

232

111

264

2.2

(0.5)

1.71.0

1.4

Gross Volume (mt ‘000s) EBT/ ton ($/ ton)Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13

Dynamic Oil – Positive Early Operating Indicators Dynamic Oil Proposition

VITOL

Reselling EBT Bridge

RES

ELLI

NG

DIV

ISIO

N

66

2015 Management Plan for Reselling is founded on key initiatives clearly defined and already under implementation

13.55.6 8.6

5.345.9

79.0

2012 HigherVolume

HigherMargin

DynamicOil

2015

$ MM ▪ Continue implementing existing pipeline of performance improvements including:‒ Vendor management‒ Account management‒ Strategic pricing strategy‒ Liquidity management etc.

A

B C D

▪ Expand in Asia and Americas using OWB’s scalable platform to capitalize on market growth

▪ Focus on developing and educating the existing sales force

▪ Develop ‘Dynamic Oil’ brand to address untapped business opportunities with different risk profile focusing on Asia and Europe

$ MM

Reselling EBTReselling Volume

$ MM

32.5

45.9

17.817.3

66.758.6

79.0

201420132012 2015201120102009

+20%

+38%

3.33.33.0 3.42.81.82.0

EBTper ton ($/ton)

11.415.4

10.18.7

20.417.6

23.3

201420132012 2015201120102009

+15%+21%

VITOL

62% 52% 55%38% 48%45%49

7296

2010 2011 2012 Illustrativedevelopment

Senior Resellers Junior Resellers

RES

ELLI

NG

DIV

ISIO

N

67

Development in number of resellers

No. of average resellers, excl. Dynamic Oil

Hiring of additional Resellers next 3 years

▪ 2015 management forecast includes 34 new resellers:

‒ Asia: Focus on expansion with 15 new FTEs continuing strong momentum

‒ EMEA: Additions on an opportunistic basis in attractive locations, e.g. Bergen Bunkers and Switzerland

‒ Americas: Continued roll-out after successful entry in May 2012

• As per Dec-12 OWB had 140 Resellers (ex Dynamic employed)

15

156

122

Americas

8

+34 FTEs

2015 avg.EMEA

11

Asia2012 avg.

Develop-ment2012-2015 in Resellers

A Increm. EBT in 2015

▪ $13.5 MM(Additional 34 Resellers driving volumes of ~4.5 MM+ tons by 2015 at a margin of $3/ton)

Development 2012-2015 in number of resellersStructured training of Reselling Staff

▪ OWB typically hires young staff with a view to further development and high productivity

▪ Senior resellers at ~2.4x volume per reseller vs. junior resellers

▪ As resellers mature, OWB expects material improvement in profitability per reseller

▪ Several growth initiatives for OWB resellers including “proactive sales”, “smart trading” and “solutions selling”

Increased ResellerMaturity

B

▪ $5.3 MM($3.3 MM from additional volume from Resellers, + $2.1 MM from increased margin on volume increase (2))

Significant Potential in Development of Currently Junior Reselling Staff

1) Excluding managers and Risk Management2) includes effect of higher margins on 2012 - 2015 volume increase

Reselling growth driven by hiring of new resellers as well as improvement in productivity of recent hires

$mTrade Profit(Reselling Division)

• Dec-12 status already 140

New Senior Resellers

(1)

Increm. EBT in 2015

VITOL

RES

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NG

DIV

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N

68

Development 2012-2015 in number of resellers

▪ Launched in Oct-12 in Asia

▪ 3 dedicated Resellers as of Feb-13

▪ Sold 322,000 mt, delivering $0.7 MM of EBT between inception in Oct-12 and Jan-13 (1)

▪ Built on more experienced resellers with a more aggressive approach, Dynamic Oil is set to quickly expand globally

▪ 5-year strategic plan to become Top #5 bunker Reseller and in at least 5 geographical locations

▪ No cannibalization today

DynamicOil

D

▪ $8.6 MM(2.7 Mmt sold at $3.3/ ton in 2015)

▪ Expand number of Resellers from 3 as of Feb-13 to 24 in 2015

ResellingMarginIncrease

C Development Reselling marginsPipeline of Reselling Performance Improvements

▪ Vendor Management: Benchmark suppliers on price / quality to establish preferred long-term relationships

▪ Account management: Apply efficient allocation of accounts between Resellers to maximize volume

▪ Strategic pricing: Coordinated Group wide pricing but with flexibility towards client and arbitrage opportunities

▪ Liquidity allocation: Include credit cost into Resellers’ P&L to optimize liquidity usage and raise margins

Increm. EBT in 2015

2.01.8

2.8 3.03.3 3.3 3.4

20142012 2013201120102009 2015

▪ $5.6 MM(increase in EBT/ton margin from 3.0 in 2012 to 3.4 in 2015)

Other reselling initiatives include focus on performance improvements to achieve better margins and further development of Dynamic Oil

9.0

0.31.8

3.5

2012 2013 2014 2015

EBT$ MM

3.31.0 1.7 2.7

xx EBT/ Ton ($)

EBT/ ton ($)

1) Net of start-up costs of $0.3 MM

Dynamic Oil Targets Increm. EBT in 2015Dynamic Oil 2012-2015 Forecast

VITOL

RES

ELLI

NG

DIV

ISIO

N

Reselling Division – Initiatives Outside Management Plan

OWB has identified concrete initiatives for the Reselling Division outside the management plan (OWB Upside Case)

69

▪ More aggressive expansion in Asia and Europe driven by new hiringFaster Roll Out of Dynamic Oil

2

▪ Increased focus on potential growth regions with limited presence and attractive margins

‒ Africa and Middle East: 10 net new resellers by 2015 (compared to 0 in Management Plan)

‒ 15 net new resellers by 2015 (compared to 8 in Management Plan)

▪ As in Management Plan, the Resellers are assumed to mature in line with historical track record leading to improved performance

▪ Lower Reseller efficiency (monthly volume) due to significant new hiring

Further Expansion in Middle East, Africa and Americas

1

▪ Acquisitions on an opportunistic basis whilst focusing on selected areas

‒ Resellers owned by shipping companies

‒ Companies with 1–2 offices

‒ 5–10 companies coming to OWB each year (Group)

Opportunistic Acquisitions

Not included in Upside Case VITOL

70

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

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Introduction to the financials of a bunkering business

7171

Bunkering is a margin business - Profitability measured on a $/ton basis Given pass-through nature of COGS in the business, GP can be seen as a

‘net revenue’ Using EBT/GP as the measured margin, OWB has had margins of 40%+ in

recent years

Profitability

Net Working Capital

Volume-based KPIs (i.e. profitability per ton), return on capital/equity at the group level and returns on Trade Working Capital (“TWC”) at the profit centre level are the key KPIs

EBT and Net income are the key measures – EBITDA and EBIT are irrelevant as interest costs are operational in nature and passed on to customers

Financial KPIs

Net Working Capital (“NWC”) primarily driven by volume, oil price, credit terms and inventory

Reselling typically needs to finance ~4 days of NWC whereas this typically is ~26 days for Physical

NWC is largely bank funded - key to have appropriate financing in place Given high quality customer base and credit insured, it is possible to raise

financing against receivables Current facility structured as borrowing base – fluctuates with price of oil,

allowing OWB to support volumes during periods with varying oil prices

AccountsReceivable

Volume and Gross Profit (“GP”) are key drivers COGS (bunker price) passed on to the customers, with timing differences

managed by Risk Management leading to a stable GP / ton

Sales & Cost of Goods Sold

4 4 .2

2 8 .33 5.7 4 0 .0 4 3 .2

2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 B

8 .37.67.8

8 .17.8

2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 B

GP/ton ($/ton)

EBT as % of Gross Profit (%)

822 AccountsPayable

82

164

1,166

Total FixedAssets 70

Inventory

Working Capital Composition as of 31-Dec-12($ MM)

Total Assets Total Liabilities & Equity

WorkingCapital95% of

Total Assets

Net WorkingCapital(1) 180

2012

GP/ton

EBT/ton $3.3

37%ROE(2) (%)

$7.6

2013B

$3.7

33%

$8.3

70 OtherReceivables

1,470

316

197

1,470

OtherPayables

ST Op. Debt

Shareholders’Equity

1) NWC includes corporate taxes, net2) Return on Equity - calculated using FY1 net income and average of FY0 and FY1 shareholders’ equity

53 LT Op. Debt

VITOL

13.6

29.2 26.531.6

17.3

17.8

32.5

45.9

30.9

47.0

59.0

77.5

2009 2010 2011 2012

FIN

AN

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L SE

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72

5.3 6.27.5 8.1

8.7

10.1

11.4

15.4

23.5

19.0

16.3

14.1

2009 2010 2011 2012

Physical Reselling

+19%

+xx% CAGR 2009-2012 Physical Reselling

+36%

+xx% CAGR 2009-2012

21%

15%

38%

32%

Historicals | Forecast | Financing & Cash Flow

OWB has grown volumes by 19% CAGR since 2009 and EBT by 36% CAGR

Mmt $ MM

Group Net Volume Group EBT

VITOL

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Volumes in Reselling: Growing on the back of strategic decisions and a scalable business model

▪ Reselling market opportunity has expanded rapidly in recent years for leading independents such as OWB

▪ Business growth driven by(2):

– Asia more than doubled volumes between 2009–2012 representing successful strategic focus on the region

– Number of locations increasing from 16 to 22

– Profit centres increasing from 19 to 27

– Number of resellers increasing from 91 to 124 (yearly average)

– Increasing maturity/experience of the resellers

– Senior resellers at ~2.4x volume per reseller vs. junior reseller

▪ OWB has made significant on-going investments in a number of areas in the Reselling division, including a step change in strategy and focus in 2010:

– Focus areas include organisational structure and set-up, developing appropriate KPIs, training new hires, expanding number of sourcing and profit centres

▪ OWB is fully ready for accelerated growth with significant recent hiring of resellers—net addition of 28 resellers in 2012

▪ Dynamic Oil started in Singapore in 2012 providing further opportunity for growth

Reselling Profitability Drivers (1)

6.8 8.0 8.2 10.74.2 4.8 6.3

8.5

1.10.6

0.30.4

(4.9)(3.7)(3.0)(2.7)

15.4

11.410.18.7

2009 2010 2011 2012

Mmt

+21%

EMEA Asia Americas

CAGR2009-2012

+44%

9199 96

12496102

119 124

2009 2010 2011 2012

Volume / Reseller (mt’000s)Number of Resellers (3)

1) Average number of resellers2) For the period January-2009 – December-20123) Includes only resellers in the Reselling division

+16%

+26%

Inter Divisional eliminations


Key CommentsReselling Net Volume Evolution

VITOL

16.113.5 12.2

10.2

2009 2010 2011 2012

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Volumes in Physical: Growth driven mainly by the increase of Cargo volumes

4.8 5.15.3 5.5

2.0 2.2 3.4 3.9

6.27.5 8.1

5.3

(1.5) (1.1) (1.2) (1.3)

2009 2010 2011 2012

Physical Net Volume Evolution

MmtCAGR+15%

$/ton

Key Comments

▪ Physical was originally the key activity of OWB, however, limited capital availability lead to a conscious decision not to make large investments in the Physical division in recent years

▪ Nevertheless, Physical has achieved 15% growth in volumes(4% Bunker Supply, 26% Cargo) since 2009

▪ Cargo: Growth driven by global sourcing for internal operations. Expansion outside Denmark to the ARA region a key driverof growth

▪ 2009 was a challenging year given decline in market demand, high operating costs (insufficient flexibility in time charter commitments) and a conscious decision to pull back customer credit

– OWB has successfully been optimized and repositioned in recent years post the financial crisis

– OWB redeployed ships to new locations with stronger demand outside Europe; reducing ship capacity also increased utilization

▪ Growing volumes since 2009 have enabled realization of significant operational leverage given the structure of the cost base and the focus on cost control

Decline of 36%

4%

26%


CargoBunker Supply

+xx% CAGR 2009-2012Inter Divisional eliminations

Physical Operating Expenses per Ton Evolution

VITOL

40.848.5 72.2

95.6

68.4 83.5 74.9 83.1

2009 2010 2011 2012

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Margins improved in both Physical and Reselling driven particularly by improved operational efficiency

6.26.3

4.84.7

2009 2010 2011 2012

Reselling Margins (Gross Profit Per Ton)

$/ Ton

Physical Margins (Gross Profit Per Ton)

$/ Ton

Key Comments

Physical▪ Bunker Supply margins have been stable following operational

improvements implemented in 2010 and 2011, e.g. “Last look”policy (2010)

▪ GP/ ton increased as a result of improving efficiency▪ Cargo margins benefitted from strong market conditions in 2009 and 2010Reselling▪ Reselling expanded margins in 2011 and 2012 given increasing maturity of

its resellers and stronger markets– In addition, OWB has realized better pricing given investments in

internal systems and improved pricing power of large independents▪ Cargo GP/ ton has been stable post 2010

Group Gross Profit Evolution

$ MMCAGR

+18%

109.2131.9

147.6179.3

Physical Reselling +xx% CAGR 2009-2012

33%

7%

6.44.9

6.8 7.3

13.4

22.3

8.6 8.4

2009 2010 2011 2012

Cargo Bunker Supply


VITOL

Stable GP/ton and EBT/ton levels across segments and regions, despite macroeconomic and commodity price variations

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$/ ton $/ ton

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2009 2010 2011 20120.0

1.0

2.0

3.0

4.0

5.0

2009 2010 2011 2012

Bunker Supply and CargoTotal ResellingAmericasAsiaEMEA

GP/ton per Region (Reselling) and Segment (Bunker Supply and Cargo)

EBT/ton per Region (Reselling) and Segment (Bunker Supply and Cargo)

VITOL

12.3 13.3 18.825.6

11.2

18.2

3.33.5

2.1

2.5

1.5 1.3

45.9

17.3 17.8

32.5

2009 2010 2011 2012

FIN

AN

CIA

L SE

CTI

ON

77

Reselling EBT: Benefited from international expansion, stronger alignment of incentive structure and focus on operational KPIs

$ MM+38%

1) Insurance year runs from June to May

CAGR2009-2012

+12%

+28%

+73%

EMEA Asia Americas

Key Comments

▪ Reselling growth driven by

– Increased productivity in Europe, and significant expansion in Asia

– Additions of sourcing and risk management sales

▪ Margins expanded, driven by higher GP/ton and scale effects

▪ EBT/ton continuing to improve in 2012 although increase partially offset by:

‒ Significant new hiring, with new resellers taking time to ‘mature’

‒ Higher insurance premium on receivables as expanded insurance availability made it possible for OWB to insure a high share of receivables

‒ Insurance coverage expanded from 49% in 2009–2010(1) to 71% in 2011–2012 (2009–2010 particularly low given conservative business outlook in 2009–2010)

‒ Depressed EBT/ ton in 2009-2010 due to conservative approach taken in 2009–2010


Reselling EBT Evolution by Geography

Reselling EBT - Related Performance Indicators

2.0 1.8

2.8 3.0189.5 180.3

339.1 369.3

2009 2010 2011 2012EBT / Reseller ($ ‘000) EBT/ Ton ($/ ton)

VITOL

Key Comments

Bunker Supply

▪ Bunker Supply’s EBT increase driven by operational improvements

Last look procedures

Repositioning of fleet to better match demand

Optimization of fleet portfolio (letting leases expire), etc.

Cargo

▪ Cargo profitability driven by supply and blending margins, with potential additional contango profits depending on market structure

▪ Risk Management is interlinked with Cargo and implements associated paper hedging for each Cargo transaction

– Primary goal to hedge Cargo’s positions

– Additional optimization opportunities available given centralized portfolio

▪ 2010 Cargo earnings driven by unusually attractive market structure

▪ 2012 EBT includes normalizations for discontinued Cargo operations and 2 vessels cancelled during 2012(2)

(5.3)(10.3)

10.014.1

18.9

39.516.5

17.413.6

29.2

26.5

31.6

2009 2010 2011 2012

FIN

AN

CIA

L SE

CTI

ON

78

Physical EBT: Benefited from improved operational procedures, higher utilisation and better alignment of OWB’s management structure

$ MM

Bunker Supply(1) Cargo

Physical EBT Evolution

1) Bunker Supply also includes Tankers2) Refer to Appendix for details


+32%

CAGR2009 - 2012

n.m.

-3%

VITOL

Net Income (By Division)

FIN

AN

CIA

L SE

CTI

ON

79

OWB strong operating performance has translated into Net Income growth of 35% CAGR between 2009 and 2012

▪ Overall EBT growth of approximately 36% per annum and Net Income growth of 35% per annum between 2009 and 2012, driven by both Reselling and Physical

▪ OWB’s effective tax rate has historically been in the region of ~20%

▪ Upside in future tax rates given OWB’s growth is driving a change in business mix towards lower tax jurisdictions

▪ Management forecast for 2015 assumes 17.5% tax rate

10.921.6 20.0 25.0

15.2

16.026.0

38.7

26.0

37.6

45.9

63.8

2009 2010 2011 2012

Physical Reselling +xx% CAGR 2009-2012

+35%

37%

32%


CAGR2009-2012$ MM

VITOL

Receivables 867

Payables757

Assets Liabilities

Receivables 384

Inventory 163

ST Op Debt297

Assets Liabilities

Payables 151

FIN

AN

CIA

L SE

CTI

ON

80

OWB has a simple balance sheet mostly representing working capital, which is managed strictly to minimize risk and maintain liquidity

Reselling Net Working Capital

$ MMas of 31-Dec-2012

$ MMas of 31-Dec-2012

11 days

$ MM as of 31-Dec-2012

Physical Net Working CapitalOWB’s Current Liabilities and Bank Debt are Matched by a Liquid Stock of Current Assets that Provides Significant Further Debt Capacity

25 days 10 days

30 days 27 days


Total Assets

1,470

70164

1,166

316

822

82

1,470

Total Liabilities

Total FixedAssets

70197

Working Capital 95% of Total

Assets


180

Inventory

OtherPayables

Shareholders’ Equity

AccountsReceivable

Other Receivables

AccountsPayable

ST Op. Debt

1) Net Working Capital defined as Accounts Receivables + Other Receivables + Inventory – Accounts Payable – Other (including corporate taxes, net) – Short Term Operational Debt. The sum of NWC in Physical and Reselling does not match Group NWC due to eliminations

LT Op. Debt53


105

OtherReceivables25

OtherPayables20

Other6

OtherPayables25 ST Op

Debt20


71

VITOL

FIN

AN

CIA

L SE

CTI

ON

81

Strong and steady Group returns benefiting from Reselling’s outstanding returns given its asset-light nature

Return on Trade Working Capital(1) - PhysicalGroup Returns Ratios

Return on Trade Working Capital(1) - Reselling Overall the Group achieves an attractive and stable RoE

underpinned by OWB’s strong profit generation and efficient

capital management

The Group generated total return on net working capital(2) of

9.4% in 2012

Compared to Physical, Reselling demonstrates stronger

RoTWC on the back of an asset light business model and

better operational agility

% %

%

48.545.239.3

2010 2011 2012

31.729.1

37.0

2010 2011 2012

Return on Equity(2)


1) TWC defined as oil stock + receivables + hedges and swaps – payables; RoTWC=EBIT/TWC (%)2) Return on Equity - calculated using FY2012 net income and average of FY2011 and FY2012 shareholders’ equity; FY2012 RoE

calculated using data from the data book, FY 2010-2011 RoE as reported by OWB

11.512.9

21.4

2010 2011 2012

VITOL

2.4

1.01.8

4.2

1.6

2009 2010 2011 2012 2013F

FIN

AN

CIA

L SE

CTI

ON

82

OWB has a limited need for maintenance capex

▪ No major expansion Capex required to meet 2015 forecast

▪ Continue to look opportunistically at vessel acquisitions on the back of current shipping environment

‒ A number of vessels remain on bank balance sheets

‒ Individual business cases required to justify acquisition

▪ Acquisition of smaller players opportunistically

▪ Opening of new offices

▪ Future possible capex requirements are decided on a case-by-case basis; any such investments are excluded from the 2013 forecast and as such are expected to add to 2013 EBT if implemented

▪ Bottom-up budget process resulting in no capex in 2013 but management forecast nevertheless includes prudent capex reserve of $1 MM(1)

▪ After completion of 2013 budget, OWB has bought 3 vessels “opportunistically” in 2013, which are included in management forecast

‒ One vessel acquired from Nordea

‒ Two vessels acquired from Clipper previously on time charter

‒ Total spend of $24.9 MM (of which 80% typically financed through vessel loans)

▪ Limited other capex expected; typically office inventory, IT

1) Includes a corporate assumption for 2013 that maintenance capex during the year will be approximately $1 MM (although no profit center expecting any capex in 2013)

2) Excludes investment in vessels which was subsequently cancelled and the funds returned3) Includes software and equipment

Maintenance Capex

$ MM

$ MM

Bergen Bunker Uruguay Customer Listing Acquisition (Estimar)Vessel Acquisitions(2)

1.0

2.75.1

3.8

9.9

0.70.5

24.9

2009 2010 2011 2012 2013F

Other Expansion Capex(3)

(1)


2013 Key CommentsMaintenance Capital Expenditure(1)

Capex Requirements Going ForwardExpansion Capex

VITOL

13.1

8.22.1 0.2

1.6

58.6

6.6

35.8

11.3 6.1

45.9

0.0

31.6

2.7

FIN

AN

CIA

L SE

CTI

ON

83

OWB’s management forecast of $94.5 MM in 2013 EBT is mainly driven by growth in Reselling and is based on a thorough bottom-up process

EBT development 2012–2013B(2)

PhysicalReselling

Key 2013 assumptions

EBT/ ton

2013F

94.5

CargoSG&A/Other & Interest

GP/ton2012

77.5

3.0

3.9

3.3

EBT/ton

3.3

4.4

3.7

EBT/ton

$ MM

Reselling

Historicals | Forecast – Budget | Financing & Cash Flow

1) Forecast equal to Budget except capital structure assumptions and adjustments for vessels bought in Jan-132) Asia shown excluding Dynamic. SG&A/Other includes depreciation. Volume eliminations have been allocated to segments/activities

pro-rata. Opex eliminations included in Bunker Supply3) Excluding Dynamic Oil, which is still in rapid growth phase

Volume SG&A/Other & Interest

GP/tonVolume Tankers

Bunker Supply

(8.6) (8.8)

Budgeting process

▪ The management forecast for 2013 is equal to OWB’s budget, which is based on a thorough bottom-up process(1)

▪ The process is completed in Q4 every year, and is built on input from all profit centers

The 2013 budget forecasts EBT to increase from $77.5 to $94.5 mainly driven by:

▪ 14% growth in Reselling volumes driven mainly by EMEA, Americas and Dynamic Oil

▪ Volume growth based on increased number of resellers with the volume/ reseller(3) ~5-10% below the 2012 level

▪ Increase in Reselling GP/ ton driven by increase in maturity of existing reseller base and large increase in Dynamic Oil (but also offset by SG&A increase)

▪ Conservative outlook on Physical volume growth

▪ Physical GP/ton increasing from 10.3 –to 12.0 given volume allocation to higher margin locations and utilization and capacity initiatives executed

Increased volumes (MM MT)EMEA: 0.7Americas: 0.7Dynamic Oil: 0.7Asia : -0.1Total: 2.2

Changes in GP/ton:Asia: 5.5 to 6.2 ~$4 MMDynamic: 3.6 to 6.1 ~$2 MMEMEA: 6.7 to 7.0 ~$2 MMAMER 7.7 to 7.2: ~ -$1 MM

SG&A:~50% Dynamic~50% Other

• TP/ ton increasing from $19.0/ton to $21.9/ton

• Shifting volumes from lower margin ARA region to higher margin locations e.g. US

SG&A/ Other

Interest

SG&A/Other

Interest

Interest cost (Physical):• Budget assumes bank facilities fully

drawn for main part of 2013• May be conservative given only

partial utilization in early part of 2013

VITOL

FIN

AN

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CTI

ON

$ MMMmt

84

OWB is confident of achieving volume growth of 15% per year and EBT growing 19% per year from 2012 to 2015

1) OWB 2015 forecast assumes constant oil prices

$/ton$/ton

16.3

30.5

+15% 35.3

2013 2014 2015

25.7+19%

2009

14.1

19.0

2011

23.5

2010 2012

12-15CAGR

15%

14%26.5 31.6 35.8 45.717.3

17.8 32.545.9

58.666.7

52.029.2

13.6

79.0

2014

112.4

2013

94.5

2012

77.5

+19%

+36%

2015

131.0

2011

59.0

2010

47.0

2009

30.9

12-15CAGR

18%

20%

2013201220112010 201520142009

3.43.33.33.02.8

1.82.0

4.34.54.4

3.93.5

4.7

2.5

201520132012 2014201120102009

PhysicalReselling

Historicals | Forecast – Management Plan | Financing & Cash Flow

6.2 7.5 8.1 8.1 10.1 12.08.7 10.1

11.4

5.3

23.320.4

17.615.4

3.73.73.73.33.1

2.9

2.2

EBT(1)Volume

Physical and Reselling EBT/ tonGroup EBT/ ton

VITOL

45.9

79.0

31.6

52.0

77.5

131.0

13.5

5.68.6

5.3

16.2

4.3

2012 HigherVolume

HigherMargin

DynamicOil

Geo-graphical

Expansion

HigherMargin

2015

FIN

AN

CIA

L SE

CTI

ON

EBT

85

In 2015 Reselling is expected to contribute $79 MM EBT with Physical adding further $52 MM

▪ OWB management plan based on a balanced growth with both Physical and Reselling continuing current momentum

▪ Both Reselling and Physical are implementing a series of specific initiatives to reach 2015 EBT of $131 MM

Increased maturity and efficiency of resellers(1)

Increased number of resellers in all regions, but with focus on Asia

Higher efficiency of resellers and implementation of existing pipeline of performance improvements

Execute Dynamic Oil growth plan

Roll-out successful EU model into new locations

Volume (Mmt)EBT/ ton ($)

35.33.7

23.53.3

Reselling Physical

1) includes effect of higher margins on 2012 - 2015 volume increase

$ MM Predominantly margin improvements driven by higher-end formal strategy

PhysicalReselling

Historicals | Forecast – Management Plan | Financing & Cash Flow

VITOL

FIN

AN

CIA

L SE

CTI

ON

86

With an appropriate capital structure in place to finance NWC, OWB will generate significant cash flow given low capex and other cash requirements

1) Post normalized amortization on vessel loans, assuming existing financing structure but no maximum capProforma cash flows calculated using taxes reported in the P&L

2) Includes 2 new vessels (Jan-13) a new capital structure with 100% of change in NWC funded3) Excludes $31 MM utilization of loan facility to an affiliated company and a vendor loan of $18.1 MM4) Including LCs and bank guarantees of c. $70 MM5) 2013 adjusted for 16.8 $ MM extraordinary amortization of vessel loans following cancellation of 2 vessels in 2012 (2012 includes positive effect)


• Short-term operational debt

• Vessel loans

• Cash & overdraft facility

TOTAL

417(4)

Future Financing OpportunitiesFree Cash Flow to Equity Generation (1)

Currently Available Financing(3)

Utilisation Level

Add. Available

$ MM

▪ Historical strong free cash flow conversion of ~70% - 80%, assuming no absolute cap on NWC funding

▪ OWB today has a committed and oil price variable syndicated facility

– Has functioned well historically, but has also restricted OWB’s ability to grow in some areas, given absolute cap of ~$450 MM on the main syndicated facility

▪ Given OWB’s low risk business model and liquid balance sheet, several future financing sources are available

▪ Borrowing base

‒ Advanced discussions with banks around new receivables based financing - up to ~ 80 - 90% LTV available

‒ Banks offering up to $800 MM

▪ Inventory and ship financing available to be used in addition to borrowing base

-355(15)

130437

125

Total

35(10)567

542

$ MM

50.1 50.2

69.8

56.1

85%

2011A

65%

2013 Forecast

74%

2013 Budget2012A

%

Cash conversion (FCFE/EBT)Free cash flow

(1)(2)(5)

(5)

77% (5)

72.9

VITOL

FIN

AN

CIA

L SE

CTI

ON

Free Cash Flow Generation to Equity

$ MM

Key Comments

▪ With a new operating facility OWB is expected to generate significant free cash flow to equity in the coming years

‒ Management 2015 forecast based on financing assumption of 100% funding of changes in working capital

‒ Based on OWB’s strong balance sheet, there is additional debt capacity on the balance sheet, which is supported by feedback from a number of financing banks who use current assets / current liabilities ratios as one of the key metrics to define possible debt levels

‒ This is conservative, given OWB’s current positive NWC balance of $180 MM does not take into account impact of potential for additional debt

Strong cash flow generation for equity holders based on 2015 Management Plan

87 1) 2013 adjusted for 16.8 $ MM extraordinary amortization of vessel loans following cancellation of 2 vessels in 2012 (2012 includes positive effect)

109.5

92.8

56.1

69.8

82%

2013E

77%

2013B 2015E

84%

2014E

74%

Cash conversion (FCFE/EBT)Free cash Flow to Equity assuming 100% funding of NWC change


72.9

(1)

VITOL

Net Income

OWB has grown strongly historically and strong but prudent growth in earnings forecasted is expected to continue

$ MM

▪ Expansion of Reselling base across regions

▪ Increased maturity and efficiency of resellers

▪ Dynamic Oil ramp ups

▪ Geographical expansion of Physical European model to key high margin locations

FIN

AN

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88 1) Assuming a 2015 tax rate of 17.5 % and upside case 2015 EBT of $ 169 MM

Key Profitability Drivers

10.9

25.0

41.815.2

38.7

66.2

26.0

63.8

2009 2012 2015

+35%

+19%

12-15CAGR

20%

19%

09-12CAGR

37%

32%

PhysicalReselling

VITOL

89

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

CLO

SIN

G R

EMA

RK

S

1) Trading opportunities arising out of managing physical infrastructure

OWB is ideally positioned to benefit from positive trends in the industry and deliver superior growth and returns to its shareholders also in the coming years

OWB operates in an attractive market, is positioned in a winning segment and has a unique business model

Capitalize on a stable and attractive market growth of 2-5%

Take a leading role as a consolidator in the ongoing industry consolidation

Structural trend driving market share gain, given smaller suppliers becoming less competitive and majors retrenching

Execute on OWB’s 2015 strategy (new locations, operational and risk managementbest practices)

Multiple growth drivers to ensure continued volume growth…

Unique customer offering driving higher brand awareness and customer satisfaction

Successful integrated business model

Optimizing efficiency and utilizing operational excellence

Scalable platform

Strong, experienced and dedicated team

…and a proven business model that turns volume growth into EBT growth…

Asset light business model – 2012 RoE of 37%

Low risk approach – no net loss over the cycle

Asset-backed trading(1)

Increased presence in Physical

…delivering stable profits / high RoE an supporting additional upsides

90

VITOL

91

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

92

1. Introduction

2. Market Overview





7. Closing Remarks

8. Q&A

9. AppendixVITOL

APP

END

IX

93

OWB financials are reported on a pro-forma like-for-like basis including adjustments identified by financial review completed by PWC

57.1

43.3

33.8

24.6

63.8

45.9

37.6

26.0

+3.9

+1.4

+6.6

+2.7

2012201120102009

Reported and Adjusted Net Income(1)

$ MM

Adjusted Net Income(2)Net Income excl. one-off adjustments(2)

Key Comments(1)

Net Income shown is adjusted for one-off effects as identified by PWC in their financial review

The 2012 adjustments of $6.6 MM relate to:

– Net Income $7.8 MM discontinuation of a sub-department in cargo trading. Activities closed during 2012 given unsuccessful strategy. Risk policy and limits changed back to support only activities primarily for own supply

– Net Income $3.6 MM from cancellation of two new vessels. OWB decided to cancel due to construction delays and quality problems

– Net Income $(0.3) MM bonuses reported in 2012, but relating to previous periods

– Net Income $(4.4) normalization of corporate taxes. Effect represents the majority of the 2009–2011 normalizations as this relates primarily to a timing effect on taxes

1) Tax effect on one-off adjustments included per item2) Adjustments for allocated shared services included in both net income including and excluding one-off items

VITOL

APP

END

IX

Disclaimer

This Opportunity Overview has been prepared by Morgan Stanley & Co. International plc (“Morgan Stanley”) on behalf of the shareholders of OW Bunker Group (the “Shareholders”) as a summary of OW Bunker Group and must be held in strict confidence by the recipient.

Neither Morgan Stanley, its affiliates, their respective directors, officers, employees or agents (the “Morgan Stanley Group”) nor the Shareholders, their affiliates nor their respective directors, officers, employees or agents (the “Shareholders Group”) give any representation or warranty, express or implied, as to: (i) the achievement or reasonableness of future projections, management targets, estimates, prospects or returns contained in this Opportunity Overview, if any; or (ii) the accuracy or completeness of any information contained in this Opportunity Overview or oral information provided in connection therewith. Furthermore, and without prejudice to liability for fraud, no member of the Morgan Stanley Group or the Shareholders Group accept or will accept any liability in relation to these matters or any liability which is based on the Opportunity Overview or information contained therein. The recipient should make its own investigation of OW Bunker Group and all information provided, take independent advice where appropriate, and not base any course of action on this Opportunity Overview.

This Opportunity Overview: (i) is not an offer by the Morgan Stanley Group or the Shareholders Group to enter into a transaction and (ii) does not contain all information needed to determine a course of action concerning OW Bunker Group. The Shareholders will only accept obligations that arise out of a definitive and binding agreement.

Morgan Stanley will not regard any recipient of this Opportunity Overview as a client and will not provide such recipient with financial advice or afford them the protections afforded to its clients.

The distribution of this Opportunity Overview in certain jurisdictions may be restricted by law and, accordingly, the recipient represents that it is able to receive this Opportunity Overview without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which it resides or conducts business. This Opportunity Overview is governed by and shall be construed in accordance with Danish law. Any proceedings arising out of or in connection with this Opportunity Overview shall exclusively be instituted in a Danish court.

94

VITOL

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