Höegh LNG - the FSRU provider

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Q3 2019Presentation of financial results

21 November 2019

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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Highlights

Company update

Market update

Financials

Summary

Highlights for the third quarter of 2019

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Highlights

EBITDA of USD 55.9 million – y-o-y growth of 17%

Net profit of USD 3.6 million

Dividend of USD 0.025 per share paid in the third quarter of 2019

Höegh Galleon delivered from yard and commenced interim LNGC charter contract with Cheniere

YTD 99.4% technical availability across the global fleet

Subsequent events

Dividend of USD 0.025 per share declared for the fourth quarter of 2019

AIE Australia announced modification to FSRU terminal development consent – applying for increased LNG import volumes

Agenda

5

Highlights

Company update

Market update

Financials

Summary

Growth in income and EBITDA

6

219 233279

318 323

0

50

100

150

200

250

300

350

400

2015 2016 2017 2018 Q3 2019 An.

USD

milli

on

Total income

Total income Recognition of future revenue

90111

148,901173

210

0

50

100

150

200

250

2015 2016 2017 2018 Q3 2019 An.

USD

milli

on

EBITDA

EBITDA Recognition of future revenue

1: Excluding recognition of future revenueHöegh Galleon was delivered in Q3 2019 so the unit has minor impact on annualized YTD 2019 figures

Port Kembla, New South Wales, Australia

Modification due to increased demand from customers

TCP close to completion

Conditional on FID

Start-up 2021

New projects added

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Crib Point, Victoria, Australia

EES1 process ongoing

TCP signed in December 2018

− 10-year contract

− Annual EBITDA USD 31 million

Conditional on FID

Start-up 2022

Asian based project

Höegh LNG has exclusivity

Conditional on FID

Sponsor in the process of seeking permit and governmental approval

Start-up 2020/21

In official tender processes

Indian subcontinent

Latin America

FSRU project #3

FSRU project #4 & #5

1: Environment Effects Statement

6,4

0,8

0,8

0,8 8,9

Current backlog AIE AGL Project #3 Backlog incl. exclusiveprojects

Backlog duration (years)

Solid contract backlog with uplift potential

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Gross revenue: USD 2.9 billion

Duration: 6.4 years

Significant uplift potential

Solid support for upcoming refinancings

Potential projects1

1: Assuming 10 year contracts

Avenir LNG update

Signed 3 year TCP with Petronas for first vessel− Bunkering to LNG fueled vessels across Malaysia and

transport services for small-scale terminals

− Collaboration on development of small-scale LNG projects

JDA1 with Höegh LNG, SPEC LNG and Calamari LNG to provide additional services from Höegh Grace in Colombia

Collaboration with Golar Power in developing small-scale LNG market in Brazil (announced Nov. 2019)− Second 7 500 cbm vessel to deliver LNG to ports across the

country

− Ship-to-ship bunkering

6 small-scale LNGCs and 1 small-scale LNG receiving terminal under construction

Expecting HLNG’s remaining capital commitment of USD 18 million to be paid in during 2020

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First 7 500 cbm LNGC newbuild at Keppel/Nantong shipyard

Higas LNG receiving terminal in Sardinia

1: Joint Development Agreement

Agenda

10

Highlights

Company update

Market update

Financials

Summary

Natural gas/LNG vital for the transition to a decarbonised future

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Renewables supported by gas/batteries

Strong growth for natural gas

Fuel swithcing from coal and oil to gas

Source: DNVGL Energy Transition 20191 EJ = 1 tcf (Trillion cubic feet)

0

100

200

300

400

500

600

700

EJ/y

r

World primary energy supply by source

Wind

Solar PV

Solar thermal

Hydropower

Biomass

Geothermal

Nuclear fuels

Natural gas

Oil

Coal

Record FIDed volume secure future LNG supply growth

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Source: IHS Markit, Höegh LNG

14

24 23

28

50

4

14

5

23

9

2724

29 29

21

84

22

6367

Milli

on to

nnes

ann

ual c

apac

ity

Liquefaction capacity FIDs

Source: IHS Markit

318

471

4225 6 7

1014

49

Totalvolume2018

2019F 2020F 2021F 2022F 2023F 2024F 2025F Totalvolume2025F

Milli

on to

nnes

LNG supply growth forecast, 2018 - 2025Total volume New volume

LNG demand growth continues

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19

21

23

25

27

29

31

33

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Milli

on to

nnes

Global LNG trade by month

2018 2019

Source: IHS Markit, Waterborne

Total LNG demand growth 15% (35.3 MMt) YTD 2019

European LNG demand growth 97% (31.4 MMt) YTD

2019

Chinese LNG demand growth 19% (7.1 MMt) YTD 2019

Robust FSRU potential

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1: Includes projects subject to FID, projects awarded FSRU exclusivity, cancelled projects excludedSource: IHS Markit, Höegh LNG

2: Includes proposed projects subject to FID which have awarded FSRU contract or FSRU exclusivity. Projects have a varying likelihood of completion and no time constraintSource: IHS Markit, SEB research, Höegh LNG, publicly available company information

7 – 9

5 – 10

Europe

Americas

25 – 37Asia/ME

5 – 6Africa

42 – 62 SUM

Proposed floating regasification projects2 by region

2 2

3 3

5

1

6

3

10

3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual FSRU awards1

Award per year Average 2010-2017 7Of which have awarded FSRU

FSRU supply side at 30 September 2019

15

35

26 5

8Total units

Committed as FSRU

6Contract expiry YE 2023

Current fleet1 Orderbook1

FSRUs rolling off contracts are likely extended or replaced

No new orders since 2018

Some units not employed as FSRUs have awards pending FID

1: Including purpose built FSRUs and conversions, barges excludedSource: publicly available company information, HLNG estimates

Agenda

16

Highlights

Company update

Market update

Financials

Summary

Income statement for the quarter ended 30 September 2019

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Höegh Gallant: one-off effects in Q2

Höegh Giant: higher rate vs. Q2

Höegh Galleon: delivered on 27 August

USD million Q3 2019 Q2 2019

Total income 82.2 75.5

Charterhire and other expenses -0.3 -0.2Operating expenses -16.4 -18.9Administrative and BD expenses -9.6 -10.7

EBITDA 55.9 45.7

Depreciation -26.7 -26.4Impairment 0.0 0.0

EBIT 29.2 19.2

Net interest expense -22.6 -20.0Net other f inancials -1.2 -1.7

Profit before taxes 5.4 -2.4

Corporate income tax -2.3 -1.2

Profit for the period 3.2 -3.6

-3,6

4,81,0 -0,9

1,9 3,2

-8

-6

-4

-2

0

2

4

6

8

Net loss Q22019

HöeghGallant

Höegh Giant HöeghGalleon

Net Other Net profit Q32019

USD

milli

on

Net profit variation

USD million 30.09.2019 30.06.2019

Investments in FSRUs 2 318 2 090Investments in new buildings 7 91Other 117 115Cash and short-term restricted cash 178 140

Total assets 2 621 2 437

Equity attributable to the parent 394 431Non-controlling interests 286 274

Total equity 680 705

Interest-bearing debt 1 804 1 619Other 137 113

Total equity and liabilities 2 621 2 437

NIBD 1 608 1 461Adjusted equity 800 809Adjusted equity ratio 30 % 33 %

Financial position at 30 September 2019

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1 Includes Right of Use assets (LNGCs)2: Adjusted for mark-to-market of hedges

1

Book equity ratio of 30%2

Total assets increased due to delivery of Höegh Galleon

Net interest-bearing debt of USD 1 608 million

No remaining Capex for newbuilds

0

50

100

150

200

250

300

350

400

450

500

Q4 19 2020 2021 2022 2023 2024 2025 2026

USD

mill

ion

Debt repayment schedule

Amortisation IFRS 16 Leases Balloons Bonds

Refinancing in progress

191: All balloons assumed refinanced in full, extending current amortisation profiles

HLN

G 0

2

HLN

G 0

3

1

Independence commercial tranche: USD 61 million

Good progress with the banks

Debt maturities in 2020:

HLNG02 bond loan: USD 130 million

Planning initiated

Agenda

20

Highlights

Company update

Market update

Financials

Summary

Summary

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Significant pipeline of future FSRU projects globally

Two new potential FSRU projects added

EBITDA of USD 55.9 million and net profit of USD 3.2 million for Q3 2019

Growth in income and EBITDA continues

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Q&A session21 November 2019 - 09:00 CET

Call-in details:Norway +47 2100 2610United Kingdom +44 (0)330 336 9125United States +1 323 794 2093

Participant passcode: 7190671

Webcast: https://webtv.hegnar.no/presentation.php?webcastId=98164523