Höegh LNG - the FSRU provider

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Company presentation

March 2018

Forward looking statements

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This presentation contains forward-looking statements which reflects management’s current expectations, estimates and projections about Höegh LNG’s

operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are

forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,”

“propose,” “potential,” “continue” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These

statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and

are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Höegh

LNG undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in LNG transportation

and regasification market trends; changes in the supply and demand for LNG; changes in trading patterns; changes in applicable maintenance and regulatory

standards; political events affecting production and consumption of LNG and Höegh LNG’s ability to operate and control its vessels; change in the financial

stability of clients of the Company; Höegh LNG’s ability to win upcoming tenders and securing employment for the FSRUs on order; changes in Höegh LNG’s

ability to convert LNG carriers to FSRUs including the cost and time of completing such conversions; changes in Höegh LNG’s ability to complete and deliver

projects awarded; changes to the Company’s cost base; changes in the availability of vessels to purchase; failure by yards to comply with delivery schedules;

changes to vessels’ useful lives; changes in the ability of Höegh LNG to obtain additional financing, including the impact from changes in financial markets;

changes in the ability to achieve commercial success for the projects being developed by the Company; changes in applicable regulations and laws; and

unpredictable or unknown factors herein also could have material adverse effects on forward-looking statements.

Agenda

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▪ Company overview

▪ Market update

▪ Financials

▪ Summary

HMLP / HMLP-AHLNG / HLNG02 / HLNG03

Höegh LNG at a glance

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▪ Sector: Maritime energy infrastructure – Floating

Storage & Regasification Units (FSRUs)

▪ Largest, most modern and most efficient FSRU

fleet in the market

▪ Market cap / EV*: USD 560m / USD 1.5bn

▪ Assets / equity ratio*: USD 2.0bn / 39.2%

▪ Revenues / EBITDA*: USD 279m / USD 150m

▪ Employees: 125 onshore / 525 offshore

10 yearsAvg. remaining contract length

USD 3.6 bnRevenue backlog

* 2017

7 FSRUs in operation

3 FSRUs under construction

2 LNGCs in operation

Regasification is the critical link in the global natural gas supply chain

Regasification/

infrastructureConsumptionTransportationLiquefactionProduction

The natural gas value chain

Natural Gas Liquefied Natural Gas Natural Gas

Höegh LNG focus

Construction, ownership

and operation of FSRUs

on long-term contracts

Höegh LNG business model

Consistently solid operational performance across the fleet

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GDF Suez Cape Ann

PGN FSRU Lampung

Neptune

Independence

Höegh Grace

Höegh Giant

Arctic Princess

Arctic Lady

Höegh Gallant

FSRU NB

FSRU intermediate trading

LNG carrier

FSRU

FSRU contract with future start-up

99.87% 99.70% 99.95% 99.94% 99.79% >99.50 %

2013 2014 2015 2016 2017 Target

Technical availability

1.07

0.44

0.73

0.00

0.40

<1.00

2013 2014 2015 2016 2017 Target

Lost time injury frequency1FSRU NB

1 Per million work hours

Fleet allocation subject to optimisation pending contract awards

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* LNG carriers

** 100% basis, units are jointly owned

Built EBITDA Charterer

USDm/yr 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038

Höegh LNG Holdings

Arctic Princess* 2006 19** Statoil

Arctic Lady* 2006 19** Total

Independence 2014 47 KN

Höegh Giant 2017 GNF

FSRU#8 2018 Tendering/Penco

FSRU#9 2018 Tendering

FSRU#10 2019 Tendering

Höegh LNG Partners

Neptune 2009 33** Engie

GDF Suez Cape Ann 2010 33** Engie

PGN FSRU Lampung 2014 40 PGN

Höegh Gallant 2014 38 Egas

Höegh Grace 2016 42 SPEC

Long-term contract LNGC interim trading FSRU/LNGC charter Extension option Under construction

2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037

Increasing business development activity

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▪ In discussions for interim employment for FSRU #8 from

mid-2018 until start-up under the contract with GNL Penco

in Chile

▪ Main commercial focus on securing long-term employment

for FSRU #9 and #10, which deliver in December 2018 and

May 2019 respectively

▪ Currently involved in several advanced tendering

processes with decisions expected in 2018

▪ Business development activity continues to increase

Coinciding with LNG trade exceeding expectations

New tenders being launched

Ongoing tender processes picking up momentum

LNG export growth exceeding expectations

Source: Shell LNG outlook 2018

Agenda

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▪ Company overview

▪ Market update

▪ Financials

▪ Summary

LNG trade up 11% in 2017

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0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014 2015 2016 2017

mtp

a

LNG trade by exporter

Qatar MEG ex Qatar Africa Asia Australia USA South America Europe

0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014 2015 2016 2017

mtp

a

LNG trade by importer

Japan+Korea China RoA MEG Africa Europe North America South America

Australia

and US

volumes

Chinese

imports

exceeding

South

korea

Source: Waterborne LNG, IHS Markit

Continued expansion of LNG supply to support FSRU demand

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Australia 13 mtpa

USA 12 mtpa

Russia 11 mtpa

Cameroon 2 mtpa

Malaysia 1 mtpa

USA 37 mtpa

Australia 8 mtpa

Russia 6 mtpa

Indonesia 4 mtpa

Mozambique 3 mtpa

Malaysia 2 mtpa

Source: IHS Markit, GIIGNL, Höegh LNG

A significant number of markets contemplating importing LNG through FSRUs

Projects in the public domain*

▪ Australia

▪ Brazil

▪ Colombia

▪ Cote d’Ivoire

▪ Croatia

▪ Cyprus

▪ Hong Kong

▪ Lebanon

▪ Mexico

▪ Pakistan

▪ Turkey

▪ the UAE

▪ the UK

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18

6

18

6

13

19

18

3

0

5

10

15

20

25

SouthAmerica

NorthAmerica

Europe Sub-SaharanAfrica

Middle East South Asia SoutheastAsia

NortheastAsia

Existing Under construction Under development Proposed

Floating regasification projects by region

Source: IHS Markit © 2018 IHS Markit

# o

f p

roje

cts

Source: IHS Markit, Höegh LNG* Projects that have been mentioned in media by project developers, excluding officially awarded

projects

FSRU supply insufficient to meet demand from projects under development

▪ 6 uncommitted FSRUs under

construction, with delivery 2018

(1), 2019 (2) and 2021 (3)

▪ In addition, long-lead items for

LNGC to FSRU conversions

have been reported ordered

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78

5

23

1

2

1 1

4

2

1

3

0

2

4

6

8

10

12

Höegh LNG Excelerate Golar LNG BW Gas Other

Un

its

FSRU fleet and orderbook1 by owner and employment

Committed Available Committed NB Uncommitted NB

OLT

MOL

Gazprom

Maran

Kolin Kalyon

SWAN

Dynagas

Dynagas

Java-1

Exmar

Source: Höegh LNG1 Orderbook defined as firm orders, excluding LOIs, options and conversions not firmed up

Increased momentum in LNGC markets – rates at four-year high levels

▪ LNGC spot rates reached

USD 80,000 per day towards the end

of 2017, the best in four years

▪ 1-yr TC rates USD ~55,000 per day;

longer-term TC rates in the low USD

60,000s

▪ All Höegh LNG FSRUs have full

trading capabilities as LNGCs

Fuel consumption similar to LNGCs

Operating expenses similar to

LNGCs

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TFDE headline rate assessment: Spot vs. 1-year TC

Source: Clarkson Platou

Agenda

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▪ Company overview

▪ Market update

▪ Financials

▪ Summary

Solid earnings development – 2017 marked new record levels

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162

219

233

279

0

50

100

150

200

250

300

2014 2015 2016 2017

US

D m

illio

n

Total income

* Adjusted for hedging

-4

90

111

149

-20

0

20

40

60

80

100

120

140

160

2014 2015 2016 2017

US

D m

illio

n

EBITDA

-93

-27

14

41

-100

-80

-60

-40

-20

0

20

40

60

2014 2015 2016 2017

US

D m

illio

n

Net profit

USD million 4Q 2017 3Q 2017 4Q 2016

Investments in FSRUs 1,386 1,397 1,140

Investments in new buildings 233 202 130

Other 92 94 103

Long-term restrcited cash 14 14 19

Marketable securities 74 24 136

Cash and short-term restricted cash 160 261 186

Total assets 1,959 1,992 1,713

Equity attributable to the parent 479 452 446

Non-controlling interests 226 124 150

Total equity 705 576 596

Interest bearing debt 1,156 1,261 936

Other 98 156 182

Total equity and liabilities 1,959 1,992 1,713

NIBD 908 962 585

Adjusted equity 763 649 677

Adjusted equity ratio 39.2% 32.7% 39.7%

Strong financial position

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567598

677

763

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100

200

300

400

500

600

700

800

900

2014 2015 2016 2017

US

D m

illio

n

Equity* and equity ratio*

* Adjusted for hedging reserves

Capital structure HLNG HMLP Outstanding / Mcap Comments Alternatives

De

bt

Commercial bank debt USD 606m 20 banks

Term Loan B

Senior secured bonds

Project bonds

Sale and lease back

Export Credit Agencies (ECA) USD 254m 3 ECAs

Senior unsecured bonds USD 313m 2 bonds

Eq

uit

y

Oslo Børs listing USD 570m

Equity partnersNYSE listing (common units) USD 310m Non-HLNG units

Preference shares USD 118m

Sum USD 2,171m

Diversified capital structure with multiple financing sources

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0

50

100

150

200

250

300

350

400

450

500

2018 2019 2020 2021 2022

US

D m

illio

n

Debt repayment schedule

Amortisation Amortisation refinanced debt Balloons Bonds

Laddered out debt repayment profile

▪ Amortisation includes debt on

FSRUs #8-10, assuming that

financing for FSRUs #9-10 are

structured similarly to FSRU #8

▪ Amortisation of refinanced debt

assumes similar amortisation profile

as the current facilities, and that

balloons are refinanced in full

▪ Commercial debt tranches on

Independence, Gallant, Grace and

Lampung mature ahead of ECA

tranches with 12 year tenors

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Independence

Höegh Gallant

HLNG02

Höegh Grace

Lampung

HLNG03

Höegh Giant

Capital expenditures well covered by existing liquidity and planned financing

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Available liquidity USDm

Cash, net of HMLP 137

Marketable securities 74

Revolving credit facility 52

Debt for FSRU #8 200

Available liquidity at 31 December 2017 463

65 - 75% funding of FSRUs #9 and #10 340 – 390

Increased leverage on Höegh Giant / FSRU #8 59

Planned financing 862 - 912

Outstanding capital expenditures ~6300

50

100

150

200

250

300

350

400

450

500

2018 2019 2020

US

D m

illio

n

Capital expenditures

Höegh LNG Partners an attractive source of growth capital

▪ Latest transaction: 49% of

Höegh Grace

Net proceeds of USD 86.7 million

10-20 year contract with SPEC in

Colombia

▪ Current yield of 10%

▪ Recently launched an ATM

equity raising programme

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0

20

40

60

80

100

120

140

160

180

2014 2015 2016 2017

US

D m

illio

n

HMLP proceeds to Höegh LNG

Drop-down proceeds MLP distribution IDR

IPO1

Höegh

Gallant1

51% of

Höegh

Grace

49% of

Höegh

Grace in

Q4 2017

Gallant

seller’s

credit

1 Pre-funding of Höegh Gallant acquisition in IPO proceeds in 2014

Agenda

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▪ Company overview

▪ Market update

▪ Financials

▪ Summary

Summary

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Consistently solid operational performance measures across the global fleet

Record EBITDA of 149 million and net profit of USD 41 million in 2017

Strong financial platform with diversified financing sources

Increasing tendering activity on the back of growing LNG demand

Primary focus on securing firm employment for FSRUs under construction