Scorpio Tankers Inc. Company Presentation June 2018 1 1 Company - - PowerPoint PPT Presentation

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Scorpio Tankers Inc. Company Presentation

June 2018

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Company Overview

Scorpio Tankers Inc. is the world’s largest and youngest product tanker company

• Pure product tanker play offering all asset classes
• 109 owned ECO product tankers on the

water with an average age of 2.8 years

• 17 time/bareboat charters-in vessels
• NYSE-compliant governance and transparency,

listed under the ticker “STNG”

• Headquartered in Monaco, incorporated in the

Marshall Islands and is not subject to US income tax

• Vessels employed in well-established Scorpio

pools with a track record of outperforming the market

• Merged with Navig8 Product Tankers, acquiring 27

ECO-spec product tankers

Fleet Profile Key Facts

14 45 12 38 7 8 2 10 20 30 40 50 60 Handymax MR LR1 LR2 Owned TC/BB Chartered-In

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Company Profile

Market Cap ($m) Liquidity Per Day ($m pd)

Source: Fearnleys June 8th, 2018

Shareholders

$0 $2 $4 $6 $8 $10 $12 Scorpio Tankers Frontline Euronav NAT DHT Gener8 Ardmore $0 $500 $1,000 $1,500 Euronav Frontline Scorpio Tankers DHT Gener8 NAT Ardmore # Holder Ownership 1 Dimensional Fund Advisors 6.6% 2 Wellington Management Company 5.9% 3 Scorpio Services Holding Limited 4.5% 4 Magallanes Value Investor 4.1% 5 Bestinver Gestión 4.0% 6 BlackRock Fund Advisors 3.3% 7 Fidelity Management & Research Company 3.0% 8 Hosking Partners 3.0% 9 BNY Mellon Asset Management 3.0% 10 Monarch Alternative Capital 2.8%

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Product Tankers in the Oil Supply Chain

Oil production includes drilling, extraction, and recovery of oil from underground. Crude oil is transported to the refinery for processing by crude tankers, rail cars, and pipelines. Refineries convert the crude oil into a wide range of consumable products. Refined products are moved from the refinery to the end users via product tankers, railcars, pipelines and trucks. Terminals are located closer to transportation hubs and are the final staging point for the refined fuel before the point of sale.

Products Transportation Terminalling & Distribution Exploration & Production Crude Transportation Refining

• Crude Tankers provide the marine transportation of the crude oil to the refineries.
• Product Tankers provide the marine transportation of the refined products to areas of demand.
• Structural demand drivers in the product tanker industry:
• US has emerged as a refined products powerhouse, becoming the worlds largest product exporter
• Changes in refinery locations, expansion of refining capacity in Asia and Middle East as well as a reduction in OECD refining

capacity (Europe & Australia).

• Changes in consumption demand growth in Latin America, Africa, and non-China/Japan Asia and lack of corresponding growth in

refining capacity

• Balance of trade: needs of each particular region- gasoline/diesel trade between U.S./Europe is a prime example of this given

significantly different diesel penetration rates for light vehicles

• Europe imports surplus diesel from the United States, and exports surplus gasoline to the United States.

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Product and Crude Tankers

Vessel Size Cargo Size

Naphtha Clean Condensate Jet Fuels Kerosene Gasoline Vegoil Gasoils Diesels Cycle Oils Fuel Oils Chemicals Clean Products

• Dirty

Products Crude Oil

VLCC (200,000 + DWT) Suezmax (120,000 - 200,000 DWT) Aframax (80,000 - 120,000 DWT) Panamax (60,000 - 80,000 DWT) Handysize (< 60,000 DWT) LR2 (80,000- 120,000 DWT) LR1 (60,000- 80,000 DWT) Hmx/MR (25,000- 60,000 DWT) Handysize (<25,000 DWT)

Crude Products “Dirty” “Clean” Tankers

2,000,000 bbls 1,000,000 bbls 500,000- 800,000 bbls 350,000- 500,000 bbls <=350,000 bbls 615,000- 800,000 bbls 345,000- 615,000 bbls 200,000- 345,000 bbls <=200,000 bbls

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Cargo Carriage 2017

MR Cargo Carriage 2017 LR2 Cargo Carriage 2017

Gasoline, 41.2% Diesel/Gas Oil, 25.3% Naphtha, 9.2% Kerosene/Jet, 8.9% Condensate, 1.7% Edible Oil, 1.4% Other, 0.5% Diesel/Gas Oil, 52.1% Naphtha, 28.8% Gasoline, 11.3% Kerosene/Jet, 5.8% Other, 2.1%

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Company Highlights

Youngest & largest product tanker fleet in the world

✓

• 109 owned ECO product tankers on the water with an average age of

2.8 years Vessels employed in Scorpio pools

✓

• The worlds largest product tanker operating platform with track record of

consistently outperforming the market Significant operating leverage

✓

• A $1,000/day change in rates equates to $39.7 million in annualized

cash flow Short term drivers support market inflection point

✓

• Reduction in global inventories means further consumption will have to

be met by imports rather than being subsidized by inventory drawdowns

• Asset values and time charter rates have increased y-o-y reflecting

improving market fundamentals Positive long term market fundamentals

✓

• Remaining orderbook provides favorable supply / demand
• Refinery capacity expansions continue to move closer to the well head,

increasing ton mile demand

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59 59 34 33 41 36 12 7 10 4 38 11 11 11 5 13 2.8 11.1 9.8 8.0 3.8 10.1 20 40 60 80 100 120 Scorpio Tankers TORM SCF Group COSCO Sinokor A.P. Moller HM & MR LR1 LR2 Total

Scorpio has the Largest & Youngest Product Tanker Fleet

Scorpio Average Age vs. Worldwide Fleet Largest & Youngest Product Tanker Fleet

Figures do not include newbuilding vessels on order. Source: Clarksons Research Services, June 2018

• Avg. Age of Vessels

(Owned Fleet Only) 3.7 3.4 2.1 2.6 13.0 9.5 9.6 8.1 2 4 6 8 10 12 14 Handymax MR LR1 LR2 Scorpio Tankers Active Fleet

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Scorpio Pools Provide World’s Largest Operating Platform

Figures do not include newbuilding vessels on order. Source: Company Websites & Vessel Values, May 2018

Top Product Tanker Operators Top LR Operators Top HM/MR Operators

• Scorpio’s trading platform operates the largest product tanker fleet in the market

with over 165 vessels under commercial management

165 120 115 81 20 40 60 80 100 120 140 160 180 Scorpio Hafnia/Straits Maersk Tankers Norient 106 102 81 67 20 40 60 80 100 120 Scorpio Maersk Tankers Norient Hafnia/Straits 59 53 26 22 10 20 30 40 50 60 70 Scorpio Hafnia/Straits Prime Navig8

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Scorpio Pools Have Consistently Outperformed Market

Performance ($/day) Pool

Scorpio Handymax Tanker Pool (SHTP) Scorpio MR Tanker Pool (SMRP) Scorpio LR2 Tanker Pool (SLR2P)

$0 $10,000 $20,000 $30,000 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3-17 Q4-17 Q1-18 Scorpio Handymax Pool Handymax Benchmark (TD16 - TD18 - TC6 - BALTIC/CONT) $0 $10,000 $20,000 $30,000 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4-17 Q1-18 Scorpio MR Clarksons MR $0 $10,000 $20,000 $30,000 $40,000 $50,000 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4-17 Q1-18 Scorpio LR2 LR2 Benchmark (AG/EAST - AG/WEST - UKC/EAST)

11 11 LR2 LR1 MR Hmx Total

Average Vessels: Owned 27.5 4.9 41.7 14.0 88.1 TC-in/BB-in 1.2 0.4 8.8 8.1 18.5 28.7 5.3 50.5 22.1 106.6 Days in the Year 365 365 365 365 365 Number of Days 10,476 1,935 18,433 8,067 38,909 2015 Daily TCE $30,544 $21,804 $21,803 $19,686 2017 Daily TCE $14,849 $11,409 $12,975 $11,706 Difference in Daily TCE $15,695 $10,395 $8,828 $7,980 Incremental Rev/Income $164,412,973 $20,109,128 $162,722,110 $64,370,670 $411,614,880 2017 Weighted Avg Shares 215,333,402

Incremental EPS and Cash Flow per Share $1.91

What if STNG Earned the 2015 Daily Rates in 2017?

Applying the average fleet in 2017 to the Company TCE earnings in 2015 generates an EPS of $1.91

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Significant Operating Leverage to a Market Recovery

• Only taking into consideration the Company’s 109 owned vessels, a $1,000/day change in rates equates to $39.7 million

in annualized cash flow

• Applying the actual TCE rates earned by the Company in 2015 to its larger fleet today, the Company would generate

$978 million

The one year time charter rate “TC rate” is the rate paid per day to contract a vessel out for one year, and the time charter equivalent rate (“TCE”) which is the earnings per day for a vessel operating in the spot market. Source: Clarksons Research Services

2015A Rates Annualized Revenue Class # of Vessels Days/Yr Total Days ($/day) (Millions $USD) HM 14 365 5,110 $19,686 $101 MR 45 365 16,425 $21,803 $358 LR1 12 365 4,380 $21,804 $96 LR2 38 365 13,870 $30,544 $424 109 39,785 Total Revenue $978

Historical One Year TC Rates ($/day): 2003-2017

Class Min Avg Max HM $11,430 $16,204 $24,683 MR $13,160 $17,784 $27,000 LR1 $12,995 $20,937 $31,904 LR2 $14,391 $23,615 $35,950

Implied Revenue from Historical TC Rates

$531 $794 $1,208 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Min Avg Max

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Asset Values & Time Charter Rates

Source: Clarksons Research Services, June 2018

Baltic Clean Tanker Index Resale Prices Newbuilding Prices One Year TC Rate ($/day)

Million $USD Million $USD $25 $30 $35 $40 $45 $50 $55 $60 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 HM MR LR1 LR2 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 HM MR LR1 LR2 $20 $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 HM MR LR1 LR2 300 350 400 450 500 550 600 650 700 750 800 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18

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Ballast Water Treatment Systems

• The IMO will require all vessels trading internationally to a install ballast water treatment system (BWTS) after

September 8, 2019 at their next special survey.

• Ballast water treatment systems actively remove/inactivate organisms taken in from one ecological zone prior to

discharging it in another.

• Expected cost is $0.5 million to $1.5 million depending on the type and size of vessel.
• Retrofits on older, existing ships, can be more challenging and expensive as they were designed without the

space in the engine room.

• This is a potential “push” factor in the scrapping of older tonnage

BWTS Piping in Engine Room BWTS Filtering Unit

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IMO 2020 Sulfur Emission Regulations & Compliance

What is IMO 2020?

• The International Maritime Organization (IMO) will require shipowners to reduce sulfur emissions from 3.5%

currently to 0.5% in 2020.

• To comply, shipowners will have to decide between:
• Installing a scrubber to enable the vessel to burn HSFO;
• Paying the premium to consume compliant fuels with a sulfur content <0.5% (MGO and LSFO)
• LNG as bunker fuel
• Scrubbers can cost $3-$5 million to install depending on the size of the ship

How will Scorpio comply with IMO 2020?

• At this time, Scorpio plans to comply with IMO 2020 regulation by burning compliant fuels with <0.5% sulfur

Why?

• The analysis of scrubbers favors liners and/or larger ship types, however, the analysis for smaller and/or tramp

traders is less clear

• Many of Scorpio’s vessels trade in ECA areas where the sulfur limit is <0.1%
• Regulatory, technological, and supply/pricing risks are also relevant and largely argue against scrubbers
• The demand and fuel-efficiency stories are more relevant to the product tanker segment than the yes/no scrubber

decision

• All of this being said, the Company continues to evaluate scrubbers and does not see a compelling argument to

install them today

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IMO 2020 & the Eco Advantage

STNG Eco Vessels Eco Fleet STNG Fleet as % of Eco Fleet Non-Eco Fleet Total Fleet Eco % Total Fleet LR2 38 138 28% 210 348 40% LR1 12 69 17% 295 364 19% MR 45 473 10% 1,035 1,508 31% HM 14 66 21% 386 452 15% Total 109 746 15% 1,926 2,672 28%

The Eco Advantage

• STNG’s 100% Eco fleet to benefit from fuel savings compared to older less efficient vessels
• Eco vessels comprise 28% of the current product tanker fleet, and STNG has 15% of the Eco fleet (1)

STNG Eco Fuel Savings

• ECO fuel savings per day = (Non Eco fuel consumption MT/day – Eco fuel consumption MT/day)
• If ECO fuel savings per day = 6 MT/day for HM/MR, and 8 MT/day for LR1/LR2
• LSFO costs $600 MT/day in Rotterdam today
• HM/MR Eco Fuel Savings ($600/MT x 6 MT/day) = $3,600/day
• LR1/LR2 Eco Fuel Savings ($600/MT x 8 MT/day) = $4,800/day
• Total Eco Fleet Savings = ($3,600 x 59 vessels)+($4,800 x 50 vessels) = $452,400/day or

$165,126,000 annually

• If LSFO increases to $800/MT, STNG Eco fuel savings = $603,200/day or $220,168,000 annually

(1) Figures calculated based on number of ships Eco vessels defined as 2012 build and later Clarksons Research Services, June 2018

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IMO 2020 Implications for the Product Tanker Market

(1) Goldman Sachs May 2018 HSFO= High sulfur fuel Compliant fuels: LSFO = low sulfur fuel oil, MGO = marine gas oil

If the majority of owners do not install scrubbers by 2020 (~400 scrubbers installed today out of 90,000 vessels) then: Consumption of LSFO would be expected to increase

• Global Marine fuel consumption today is 4.9 mb/d of which 3.2 mb/d is HSFO(1)
• By 2020, if 20% of the global fleet uses scrubbers or LNG, the remaining 80% would need to

comply through consuming compliant fuels with <0.5% sulfur (MGO/LSFO)

• This would increase refined product consumption by 2.6 mb/d (80% of 3.2 mb/d)

Increased demand for product tankers

• High sulfur fuel oil (“HSFO”) is a “dirty cargo” carried on crude tankers whereby compliant fuels

(MGO/LSFO) are “clean cargoes” carried on product tankers

• If 75% of the 2.5 mb/d of LSFO needs to be transported by sea, this would increase seaborne

refined product exports by 1.9 mb/d (75% of 2.5 mb/d)

• Current seaborne exports of refined products are 24.4 mb/d today, all else being equal, the

additional 1.9 mb/d of LSFO would increase seaborne exports by 7.8% Growing ton miles

• Differences in refinery complexity, access to crude types, and respective yields creates

increased complexity of refined product trade

• Higher demand for LSFO increases the distance between LSFO production and consumption

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Product Tanker Fundamentals

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Industry Highlights

Refined product inventory surplus largely behind

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In Q1-16 OECD refined products inventories were 320 mb above end of 2013 inventories. By end-2017, the OECD’s product stocks surplus had shrunk to just 20 mb.(1) Favorable supply demand dynamics

✓

• Product tanker ton mile demand set to outpace fleet supply growth in

2018

• More MR’s will turn 15 years old than newbuildings are delivered in

2018 US refined product exports continue to grow

✓

• US refined product exports averaged 4.9 mb/d in 2017(2)

Middle East drives refinery capacity expansions

✓

• From 2017 to 2023 the Middle East will add 2 mb/d of refining

capacity(1) Environmental regulations provide supply and demand boost

✓

• Environmental regulations coincided with high scrap prices likely to

accelerate scrapping of older tonnage

• Increase in diesel consumption from IMO sulfur regulations expected

to increase demand for product tankers

1) IEA Oil Market Report 2) EIA

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500 1,000 1,500 2,000 2,500 3,000 3,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Ton Mile Demand Continues to Grow

Sources: Clarksons Research Services

Billion Ton Miles

Seaborne Product Ton Miles

• Ton miles, the quantity of cargo multiplied by the distance it travels, has increased at a

CAGR of 4.3% since 2000

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Demand to Outpace Supply Growth in 2018

STIFEL estimates assume scrapping and slippage. Source: STIFEL, June 2018

3.8% 5.8% 6.2% 4.4% 2.4% 2.8% 8.5% 10.9% 5.3% 2.8% 4.7% 5.2%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2014 2015 2016 2017E 2018E 2019E Net Fleet Growth Demand Growth

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MR’s Turning 15 vs Newbuild Deliveries

Assumes 10% slippage. Source: Clarksons Research Services, June 2018

For the first time more MR’s will turn 15 years old than are delivered

• Certain key customers will only employ product tankers 15 years and younger
• This limits trading opportunities for older tonnage and creates a two tiered market where:
• Owners consider continuing to carry refined products, switching from products to crude, vessel

conversion, storage, and scrapping

• The switch from products to crude is relatively easy, but becomes difficult to switch from crude to products

as the age of the vessel increases

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• 19
• 16
• 35
• 56
• 87
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78 100 93 57 54 87 27 2014 2015 2016 2017 2018 2019 2020

MR's Turning 15 Years Old MR NB Deliveries

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Fleet Age Profile & Scrap Prices

Fleet Age Profile

Includes Product Tankers 10K to 120K DWT Source: Clarksons Research Services, June 2018

Environmental regulations and attractive scrap prices likely to increase scrapping of older tonnage

465 100 200 300 400 500 600 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

32% 14% 26% 12% 39% 39% 32% 18% 17% 41% 27% 39% 9% 5% 9% 21% 3% 6% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% LR2 LR1 MR Handymax 0-4 5-9 10-14 15-19 20+

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US Refining & Product Exports

Source: EIA, June 2018

Destination of US Diesel Exports: Jan – Nov 2017 U.S. Crude Oil Production U.S. Diesel Exports U.S. Imports and Exports of Finished Oil Products

(mb/d) (mb/d) (mb/d) Mexico 18% Brazil 15% Chile 7% Netherlands 6% Peru 5% France 4% Guatemala 4% Panama 4% Argentina 3% United Kingdom 3% Other 31%

0.0 2.0 4.0 6.0 8.0 10.0 12.0 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Exports Imports 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18

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Source: IEA Oil Market Report

Latin American Refining Woes Send Imports Soaring

• US exports to Mexico, Brazil and Venezuela has more than doubled in two years.
• While Venezuela’s extremely low capacity utilization rate (40%) is the result of ongoing turmoil

in its petroleum industry, declines in Mexico and Brazil are due to operational decision-making.

• Latin American throughput in the next five years is expected to stay below 2015 levels due to

declines in crude oil supply and ongoing under-investment in their refineries

• Refined products imports expected to continue fueling domestic consumption

Changes from 2014-2017 US Exports to Latin America

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Middle East to Drive Refinery Capacity Expansions

Source: IEA

Net CDU Capacity Additions

• From 2017 to 2023, the largest regional refinery capacity expansions will come from the Middle East.
• Saudi Aramco will complete it’s domestic mega refinery series by bringing online the Jazan complex

(400 kb/d) in 2019.

• If Saudi Arabia manages fulfill its ambition to double its refining capacity and increase crude

throughput, it will effectively become the world’s largest refiner, leapfrogging ExxonMobil and Sinopec

• In addition, Kuwait’s largest downstream expansion involves a 200 kb/d increase at Mina Abdullah,

and the new 615 kb/d Al-Zour, plant and upgrades to increase the production of clean fuels

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Saudi Aramco Increasing Product Exports

Saudi Aramco Refined Products Exports

Million Barrels

Saudi Aramco Exports by Region

3.5 11.4 78.3 74.8 15.8 21.8 80.0 114.4 28.1 35.2 96.2 136.5 20 40 60 80 100 120 140 Mediterranean Northwest Europe Asia Other 2014 2015 2016 121 168 232 296 100 150 200 250 300 350 2013 2014 2015 2016 Source: Saudi Aramco Annual Report

• Saudi Aramco refined product exports

have increased 144% since 2013

• 800 kb/d of refining capacity added in

2014 from export oriented refineries (Yanbu and Jubail)

• Additional 400 kb/d refining capacity

expected to come online in 2018/2019 from Jazan refinery

Million Barrels

Saudi Aramco Domestic Refining Capacity

Operational Refinery Capacity (kb/d) 1967 Jiddah 77 1979 Yanbu 243 1981 Riyadh 126 1983 SAMREF – Yanbu 400 1986 SASREF - Jubail 305 1986 Ras Tanura 550 1990 Petro Rabigh 400 2014 YASREF - Yanbu 400 2014 SATORP - Jubail 400 Current Domestic Capacity 2,901 2018/2019 Jazan 400 Total Domestic Capacity 3,301

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Far East

AG-Far East trade route

Arabian Gulf

Product Tankers Needed to Meet New Capacity Growth AG-FE Illustrative Example Incremental Refining Capacity Growth(bbl/d) 500,000 HM/MR Carrying Capacity (bbl) 250,000 LR1/LR2 Carrying Capacity (bbl) 600,000 Laden Speed (knots) 12.5 Ballast Speed (knots) 12.5 Voyage Days (Ras Tanura – Yokohama) Sailing (Round Trip) 44 Loading 2 Discharging 2 Total Voyage Days (Per Trip) 48 Operating Days (Per Year) 360 AG-FE Round Trip Voyages Per Year 7.5 Product Tankers Needed Per Year HM/MR Needed Per Year 96 LR1/LR2 Needed Per Year 40

Note: Operating assumptions are based upon industry standards.

Incremental Supply Needed to Meet New Capacity

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Appendix

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Product Tanker Specifications

• Product tankers have coated tanks, typically epoxy, making them easy to clean and preventing

cargo contamination and hull corrosion.

• IMO II & III tankers have at least 6 segregations and 12 tanks, i.e. 2 tanks can have a common line

for discharge.

• Oil majors and traders have strict requirements for the transportation of chemicals, FOSFA cargoes

(vegetable oils and chemicals), and refined products.

• Tanks must be completely cleaned before a new product is loaded to prevent contamination.

IMO Class I Chemical Tankers IMO Class I refers to the transportation of the most hazardous, very acidic, chemicals. The tanks can be stainless steel, epoxy or marine-line coated. IMO Class II Chemical & Product Tankers IMO Class II carries Veg & Palm Oils, Caustic Soda. These tanks tend to be coated with Epoxy or Stainless steel. IMO Class III Product Tankers Typically carry refined either light, refined oil “clean” products or “dirty” heavy crude or refined oils. IMO Classes I, II, & III

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New Design Features on Scorpio Product Tankers

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Fleet List

Owned & Finance Leased Vessels

Name Year DWT Type Name Year DWT Type Name Year DWT Type STI Comandante May-14 38,734 HM STI Soho Dec-14 49,990 MR STI Broadway Nov-14 109,999 LR2 STI Brixton Jun-14 38,734 HM STI Tribeca Jan-15 49,990 MR STI Condotti Nov-14 109,999 LR2 STI Pimlico Jul-14 38,734 HM STI Gramercy Jan-15 49,990 MR STI Rose Jan-15 109,999 LR2 STI Hackney Aug-14 38,734 HM STI Bronx Feb-15 49,990 MR STI Veneto Jan-15 109,999 LR2 STI Acton Sep-14 38,734 HM STI Pontiac Mar-15 49,990 MR STI Alexis Jan-15 109,999 LR2 STI Fulham Sep-14 38,734 HM STI Manhattan Mar-15 49,990 MR STI Winnie Mar-15 109,999 LR2 STI Camden Sep-14 38,734 HM STI Queens Apr-15 49,990 MR STI Oxford Apr-15 109,999 LR2 STI Battersea Oct-14 38,734 HM STI Osceola Apr-15 49,990 MR STI Lauren Apr-15 109,999 LR2 STI Wembley Oct-14 38,734 HM STI Notting Hill May-15 49,687 MR STI Connaught May-15 109,999 LR2 STI Finchley Nov-14 38,734 HM STI Seneca Jun-15 49,990 MR STI Spiga Jun-15 109,999 LR2 STI Clapham Nov-14 38,734 HM STI Westminster Jun-15 49,687 MR STI Savile Row Jun-15 109,999 LR2 STI Poplar Dec-14 38,734 HM STI Brooklyn Jul-15 49,990 MR STI Kingsway Aug-15 109,999 LR2 STI Hammersmith Jan-15 38,734 HM STI Black Hawk Sep-15 49,990 MR STI Lombard Aug-15 109,999 LR2 STI Rotherhithe Jan-15 38,734 HM STI Galata Mar-17 49,990 MR STI Carnaby Sep-15 109,999 LR2 STI Amber Jul-12 49,990 MR STI Bosphorus Apr-17 49,990 MR STI Grace Mar-16 109,999 LR2 STI Topaz Aug-12 49,990 MR STI Leblon Jul-17 49,990 MR STI Jermyn Jun-16 109,999 LR2 STI Ruby Sep-12 49,990 MR STI La Boca Jul-17 49,990 MR STI Selatar Feb-17 109,999 LR2 STI Garnet Sep-12 49,990 MR STI San Telmo Sep-17 49,990 MR STI Rambla Mar-17 109,999 LR2 STI Onyx Sep-12 49,990 MR STI Donald C. Trauscht Oct-17 50,000 MR STI Solidarity Nov-15 109,999 LR2 STI Fontvieille Jul-13 49,990 MR STI Esles II Jan-18 50,000 MR STI Stability Jan-16 109,999 LR2 STI Ville Sep-13 49,990 MR STI Jardins Jan-18 50,000 MR STI Solace Jan-16 109,999 LR2 STI Opera Jan-14 49,990 MR STI Excel Nov-15 74,000 LR1 STI Symphony Feb-16 109,999 LR2 STI Duchessa Jan-14 49,990 MR STI Excelsior Jan-16 74,000 LR1 STI Sanctity Mar-16 109,999 LR2 STI Texas City Mar-14 49,990 MR STI Expedite Jan-16 74,000 LR1 STI Steadfast May-16 109,999 LR2 STI Meraux Apr-14 49,990 MR STI Exceed Feb-16 74,000 LR1 STI Nautilus May-16 113,000 LR2 STI San Antonio May-14 49,990 MR STI Experience Mar-16 74,000 LR1 STI Gallantry Jun-16 113,000 LR2 STI Venere Jun-14 49,990 MR STI Express May-16 74,000 LR1 STI Supreme Aug-16 109,999 LR2 STI Virtus Jun-14 49,990 MR STI Executive May-16 74,000 LR1 STI Guard Aug-16 113,000 LR2 STI Aqua Jul-14 49,990 MR STI Excellence May-16 74,000 LR1 STI Guide Oct-16 113,000 LR2 STI Dama Jul-14 49,990 MR STI Pride Jul-16 74,000 LR1 STI Goal Nov-16 113,000 LR2 STI Benicia Sep-14 49,990 MR STI Providence Aug-16 74,000 LR1 STI Guantlet Jan-17 113,000 LR2 STI Regina Sep-14 49,990 MR STI Precision Oct-16 74,000 LR1 STI Gladiator Jan-17 113,000 LR2 STI St Charles Sep-14 49,990 MR STI Prestige Nov-16 74,000 LR1 STI Gratitude May-17 113,000 LR2 STI Mayfair Oct-14 49,990 MR STI Elysees Jul-14 109,999 LR2 STI Yorkville Oct-14 49,990 MR STI Madison Aug-14 109,999 LR2 STI Memphis Nov-14 49,995 MR STI Park Sep-14 109,999 LR2 STI Milwaukee Nov-14 49,990 MR STI Orchard Sep-14 109,999 LR2 STI Battery Dec-14 49,990 MR STI Sloane Oct-14 109,999 LR2