Introduction to Vitol November 2017

1. Introduction to Vitol November 2017

2. Vitol: a global leader in energy distribution For more than 50 years Vitol has distributed energy, efficiently and safely. Today, we move over 7m bpd of crude and products around the world, every day. Our business is built on long standing relationships with producers, refiners and industrial clients. • Crude oil & products trading • World’s largest mover of energy products worldwide • 7+ million bpd traded • 250 ships at sea • 40 offices worldwide • Refining • 480,000 bpd refining capacity across 6 refineries • 3.6 million bpd of crude and feedstock delivered to refining customers worldwide • Retail & distribution • Circa 5,000 service stations across three continents • 8 million tonnes jet into wing at over 80 airports across 6 continents (est end 2017) • Terminals • Circa 18 million m3 of owned storage capacity • Strategic storage across 6 continents Upstream • Gas & LNG • LNG sourced and delivered to customers worldwide • Pipeline trading presence across Europe and North America • Power • Trading presence across Europe and North America • 1.2 MW power plant in UK and the largest portfolio of batteries for power storage in the UK • Development offshore Ghana, to provide gas to the thermal power sector to 2036, and an estimated 500 million barrels of oil-in-place Insert footer text using the Header and Footer button

3. A business built on strong foundations 50 years’ serving the world’s energy markets Market leading position & expertise Financial strength & stable ownership Largest independent trader of energy globally 351 million tonnes crude oil & products traded in 2016 7+ million barrels per day Business underpinned by trading, financial and technical expertise Reputation founded on reliability & quality Revenues of $152 billion in 2016 50 consecutive years of profitable operations Investment grade rating from two agencies Strong and conservative liquidity and risk management discipline Long term outlook due to stable and broad employee ownership model Business founded on long-term partnerships Collaborative and solutions focused approach Experienced at successfully working with multiple stakeholders, from World Bank and governments to newly formed enterprises Culture of enterprise, underpinned by commitment and drive Global business operating across six continents 40 offices worldwide Seven regional hubs in Bahrain, Geneva, Houston, London, Moscow, Rotterdam and Singapore Colleagues from 65 nationalities Global presence & outlook Uniquely collaborative & constructive

4. Strategy of investing in energy assets which complement our core energy distribution business continues to evolve Co-investing with trusted and aligned partners around the world 1800+ 2000+ 920+ c. 18 million m3 of owned storage capacity 8 million tonnes jet into wing at 80+ airports (est end 2017) 480,000 bpd refining capacity 5,000 service stations across 3 continents

5. A leader in crude markets globally • Vitol is the world’s leading trader of crude oil. Our expertise has been built over decades and our trading and operations are seamlessly integrated, from the wellhead to the refinery gate. • 3.6 million bpd of crude and feedstocks delivered to refiners each day • Established relationship with producers and refiners globally • Working in partnership over the long-term • Expertise and global network ensures optimal use of crudes, world-wide • Active participant in all major crude markets • Logistical expertise, consistent and reliable execution • Dedicated fleet of crude vessels, 6,800+ ship voyages each year with over 250 vessels at sea carrying Vitol cargoes at any one time Producers • Committed to long-term partnerships • Bespoke financing arrangements • Reliable execution Refiners • Long history of optimising refining performance through identifying and sourcing optimal feedstocks • Expertise and facilities to blend as required • Extensive global presence ensures reliability

6. A global downstream network, from infrastructure to distribution An expanding distribution business: • Marketing Shell branded products across 16 African countries, through 1,780+ service stations. Supplying growing mining and agricultural industries. A dedicated downstream business, continuing to grow organically and through strategic acquisitions • Formerly Shell downstream Australia. Comprising 120,000 bpd refinery, 920+ petrol stations and a strong commercial business in mining, agriculture and manufacturing. Global team, fully integrated – leveraging local market knowledge, globally • Largest retail station network in Turkey with 1,700 service stations, leading distributor of lubricants and the into wing supply of jet fuel at 20 airports. • Comprising 168,000 bpd refining capacity, and supply and distribution business with sales of 16m m3 pa, including 200 service stations. Logistical expertise delivering consistent and successful execution • Second largest downstream company in Nigeria with 350+ service stations, inbound jetty and distribution and supply. Invested in downstream infrastructure with 16 million m3 of storage across six continents • Fast growing distribution network in Pakistan with 400+ service stations • Supplying 8 m tonnes into wing at over 80 airports across six continents (est end 2017).

7. LPG: an established and expert global presence Uniquely placed to respond to global increase in LPG supply and demand: • An established presence, trading since 1977 • Global team with a presence in three continents • Trading over 20 million tonnes of LPG annually • Fleet of 17 dedicated modern pressurized LPG vessels • 5 Handy size vessels & 1 VLGC (Very Large Gas Carrier) on time charter • Invested in LPG infrastructure globally • Experienced in construction and management of LPG assets Serving a broad range of clients, from established refiners to local fuel distributors and utility companies. Full spectrum of solutions, from simple supply to end to end project management, build and financing. • Navgas LPG Terminal, Lagos, Nigeria. Vitol partnered with NIDOGAS to build two 4,000 tonne pressurised spheres with our own jetty, enabling us to keep the local market supplied at all times. Modern and equipped with safety features built to European standards. A third sphere is under construction.

8. An experienced and established participant in LNG markets globally • An established LNG participant since 2005 • Term sales into Asia, Middle East & South America • Spot and short-term sales into Asia, Europe, Middle East and South America • Highly experienced team • Dedicated LNG ships on long-term time charter • Ship-to-ship transfer capabilities LNG integrated with US and European gas trading teams and their facilities, enabling absorption of LNG cargos in a short duration through flexibility on supply agreements, swing on storage and connection to different markets In Europe: • Physical gas storage in 6 countries • In US: • Focused on eastern half of US and Canada • Core client base of producers, industrials and LDCs • Access to most major pipelines into consuming region • Vitol’s LNG team has an in depth understanding of global trends in supply and demand. Projects worldwide, ranging from supply to infrastructure, are carefully monitored, and enable the team to understand and anticipate market developments

9. Natural gas in Europe • Pan-European coverage • Major trader of pipeline gas at trading hubs and cross border points • Long-term flexible supply and sales contracts with key producers and consumers, priced off gas, oil and other indices • Long-term transportation agreements continent-wide and storage in numerous markets • Fully integrated with established LNG capabilities • Active EU gas market participant for almost 20 years • Part of an integrated cross commodity solution, enabling clients to manage feedstock and energy costs and optimise the value of product sales AREA D NBP GASPOOL TTF Z-HUB NCG CEGH PEG NORD PSV PEG SUD

10. Natural gas in the US • Established Mid-Atlantic / SE business moving a total of 1.1 bcf/day • New regional business starting 2017- Midcon and TX (May) and Northeast (July). • Leveraging physical and financial expertise in each region to support growing PAL, Storage and Transport portfolio • Southwest region is focus area of growth NE 500-700 mmcf/d MC 250-400 mmcf/d SWest growth region SE 300-400 mmcf/d North American natural gas footprint Texas 100-200 mmcf/d

11. Power in Europe • Over 80TWh traded across Europe • Presence in over 20 markets and growing • Serving a wide range of utilities, power plants and industrial users • Offering flexible and bespoke physical risk management solutions, tailored to clients’ requirements • Part of an integrated cross commodity solution, which enable clients to manage feedstock and energy costs and, if appropriate, optimize the value of product sales • In 2013 Vitol acquired a 1,240MW power station in Immingham, UK. Capable of generating 2.5% of UK peak demand, it is highly efficient and one of the largest CHP plants in Europe

12. Power in the US • Expertise & Reach • Presence across 11 regional hubs: • PJM, NEPOOL, NYISO, Ontario, Alberta, MISO, ERCOT, SERC, SPP and CAISO / WECC • Expert team, average of 12 years experience • Interface with generators and load serving entities to complete the chain of delivery across US and Canada • Bespoke solutions • Integrated approach, complementing gas business • Coverage of all trading areas, capacity to manage complete portfolios • Can take price point risk at plant • Long tenors, suitable for matching 5+yr financing needs • Offering includes renewables and environmental bundled products and solutions CAISO/WECC ERCOT SIPP MISO SERC PJM NYISO NEPOOL ONTARIO ALBERTA MEXICO • 1,300 TWh • of US power volumes (physical & financial) contracted in last 12 months

13. Vitol E&P: complementary experience and understanding • A set of capabilities which complements the core businesses • Over 20 years experience of operating worldwide • Portfolio of experience comprises oil and gas, on and offshore, across four continents • Proven capability of working with partners including majors, NOC’s, Governments and international bodies such as The World Bank (e.g. OCTP project, Ghana) • Technical expertise • Highly experienced team, comprising asset managers and senior technical staff • Experience managing project execution and subsurface risk • Comprehensive understanding of associated logistical challenges • Integrated approach • E&P capabilities complement core trading and logistics capacity • Leveraging Vitol’s extensive energy industry and financial relationships • Advisory services and technical expertise inform initiatives involving energy reserves • Proven project delivery • Galoc oil field deepwater development in remote typhoon-prone South China Sea location • Akhzar oil field development in remote Kazak Steppes environment • Successful early high impact exploration in frontier Tano Basin (Ghana)

14. Appendix

15. 2016 business highlights Total volumes, million tonnes • Turnover $152 billion (2015: $168bn) • Crude oil and product volumes up 16% to 351 million tonnes (2015: 303m mt) • Trading over 7 million barrels per day • 6,809 ship journeys (2015: 6,629) Turnover vs oil price (1) Traded barrel by crude/product type (1)Turnover is primarily driven by the volumes traded and the oil price. Hence a fall in the oil price will cause turnover to fall, even when underlying business volumes remain constant

16. Traded volumes by product Natgas TWh Volume of products traded, million tonnes Power TWh

17. Worldwide capabilities 1,800+ 2,000+ 920+

18. DISCLAIMER This communication has been prepared by Vitol. It shall not be construed as, and does not form part of an offer, nor invitation to offer, nor a solicitation or recommendation to enter into any transaction or an offer to sell or a solicitation to buy any security or other financial instrument. No representation, warranty or assurance of any kind, express or implied, is made as to the accuracy or completeness of the information contained herein and Vitol and each of its affiliates disclaim all liability for any use you or any other party may make of the contents of this document. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The information contained herein is proprietary to Vitol and is being provided and may not be given (in whole or in part) or otherwise distributed to any other third party without the prior written consent of Vitol. Vitol and its respective affiliates, connected companies, employees or clients may have an interest in commodities of the type described in this document and/or in related financial instruments. Such interest may include trading or holding such commodities or financial instruments.