FIGEST CONSEIL SA

IMPORTANT NOTICE THIS PRELIMINARY OFFERING CIRCULAR MAY ONLY BE DISTRIBUTED TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S) AND ARE OUTSIDE THE UNITED STATES. IMPORTANT: You must read the following notice before continuing. The following notice applies to the attached preliminary Offering Circular following this page (the ‘‘Offering Circular’’), whether received by email, accessed from an internet page or otherwise received as a result of electronic communication, and you are therefore advised to read this notice carefully before reading, accessing or making any other use of the Offering Circular. In reading, accessing or making any other use of the Offering Circular, you agree to be bound by the following terms and conditions and each of the restrictions set out in the Offering Circular, including any modifications made to them from time to time, each time you receive any information from Gunvor Group Ltd (the ‘‘Issuer’’), any of Gunvor SA, Gunvor International B.V., Gunvor Singapore Pte. Ltd., Clearlake Shipping Pte. Ltd., Waterway Petroleum Limited and Sandmark Limited (each, a ‘‘Guarantor’’ and together, the ‘‘Guarantors’’) and each of Credit Suisse Securities (Europe) Limited, Goldman Sachs International, ING Bank N.V. and Societ ´ e G´ en´ erale (together the ‘‘ ´ Joint Lead Managers’’ and ‘‘Joint Bookrunners’’) as a result of such access. RESTRICTIONS: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE NOTES IN THE UNITED STATES OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. ANY NOTE TO BE ISSUED HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED DIRECTLY OR INDIRECTLY WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.

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