Private Equity Investment - More than a Spectator Sport

Marine Money, 4 March 2015

www.tuftonoceanic.com 2

CONFIDENTIAL

TUFTON OCEANIC GROUP - WHO WE ARE

Specialist

Investment

Managers

� Shipping� Offshore oil & gas

services� Energy sector

Specialist

Investment

Managers

� Shipping� Offshore oil & gas

services� Energy sector

We establish and manage investment vehicles that invest in shipping and oil services assets throughlong-term Lease Structures, Private Equity and Distressed Opportunities. Tufton Oceanic also

manages the Oceanic Hedge Fund

DIVERSIFIED

SOLUTIONS

Our investment decisions are supported by our in-house ResearchDepartment that is specialized in the shipping and energy markets

RESEARCH

CAPABILITIES

We have been investing in our sectors for 30 years and the senior partnershave backgrounds in shipping, investment banking and asset management

SHIPPING &

FINANCE EXPERTS

Global presence with 60 employees in London, Isle of Man, Dubai, Limassol, Singaporeand Hong-Kong

INTERNATIONAL

Regulated by the FCA, FSC and DFSA in our principal operating locations of London, the Isle of Manand Dubai

REGULATED

Tufton Oceanic was established in 1985 and has been focused on its target sectorssince formation, consistently investing in and directly owning shipping and oil servicesassets and taking advantage of market cycles for the benefit of our institutional partners

TRACK-RECORD

Our dedicated Technical Department, based in Cyprus includes experts withship-officer and marine engineering experience who provide support andadvice on all technical aspects of vessel ownership and operation

TECHNICAL

KNOWLEGDE

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CONFIDENTIAL

PRIVATE EQUITY - LOOK TO THE POSITIVES IT CAN DELIVER

� Provides a small but important source of capital

� Opposition to Private Equity participation:

− Don’t really understanding the industry

− Short term investment horizon

− Speculative investors

� Typically not Passive Investors – add value by:

− Improving corporate governance and financial

transparency

− Focusing business models

− Growing market share through selective

consolidation

− Access to more sophisticated funding products and

capital markets

”

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CONFIDENTIAL

COMPETITION FOR ACCESS TO CAPITAL MARKETS

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HAFNIA TANKERS

A PRIVATE

EQUITY CASE

STUDY

`

Creation of Hafnia Tankers through merger of BTS Tanker Partners LLC and Tankers Inc., US$ 235m

private placement and acquisition of 10 Product Tankers

M&A Deal of the Year 2013

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CONFIDENTIAL

TUFTON / BLACKSTONE INVESTMENT IN PRODUCT TANKERS

- Partnership with Blackstone funds

- 7 product tankers are acquired

- Total fleet of 7 Handysize + 2 LR1s

Tufton’s ODF acquires

majority stake in 2 x

handysize secondhand

product tankers

2H 2011 1H 2012

The road to BTS Tankers The road to Hafnia Tankers

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CONFIDENTIAL

DEVELOPMENT OF MERGER CANDIDATE

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CONFIDENTIAL

CREATION OF HAFNIA TANKERS

7 x Handysize (BTS)

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CONFIDENTIAL

ROLL OUT OF BUSINESS PLAN

6 x eco Handysize

(HMD Newbuilds)

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CONFIDENTIAL

KEY CONTACT DETAILS & DISCLAIMER

TUFTON OCEANIC - LONDON

Erik A. Lind Chief Executive Officer

E-mail:

Tel:

erik.lind@tuftonoceanic.com

+44 (0) 20 7518 6751

Andrew Hampson Head of Asset Backed Investment

E-mail:

Tel:

andrew.hampson@tuftonoceanic.com

+44 (0) 20 7518 6718

TUFTON OCEANIC (MIDDLE EAST) LTD - DUBAI

Marcus Machin Chief Executive Officer

E-mail:

Tel:

marcus.machin@tuftonoceanic.com

+971 (0) 4 7026 503

Ronan Nash Head of Business Development

E-mail:

Tel:

ronan.nash@tuftonoceanic.com

+971 (0) 4 7026 508

Mathieu Guillermit Assistant Vice President

E-mail:

Tel:

mathieu.guillermit@tuftonoceanic.com

+971 (0) 4 7026 505

This presentation (the “Presentation”) was prepared and is being

delivered solely by Tufton Oceanic Group and it is for discussion

purposes only. The Presentation is based solely on publicly

available information. Neither Hafnia Tankers Ltd nor any

executive officer or board member of Hafnia Tankers has reviewed

or comment on this Presentation and no statement herein (or any

oral statements related hereto) shall be attributed to Hafnia

Tankers. No representation or warranty, express or implied, is or

will be given by Hafnia Tankers, Tufton or their respective directors,

officers, employees or advisers or any other person as to the

accuracy or completeness of the information contained in this

presentation and no responsibility or liability is accepted for the

accuracy or sufficiency thereof. Nothing in this presentation

constitutes, and should not be construed as, an offer or invitation

or recommendation to buy or sell any of the securities of any

company mentioned or described herein.