PRESENTATION AT PARETO ENERGY CONFERENCE 17 September 2020 1 - PowerPoint PPT Presentation

HÖEGH LNG – A FULLY INTEGRATED LNG INFRASTRUCTURE COMPANY Sveinung J.S. Støhle President & CEO PRESENTATION AT PARETO ENERGY CONFERENCE 17 September 2020 1

Forward looking statements 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. 2

Agenda 1 Company update Market update 2 3 Summary 3

Höegh LNG at a glance USD 2.5 bn / 30% HLNG NO: Mcap USD ~100m HLNG03 / HLNG04 bond loans Assets / Equity ratio¹ Fleet ownership and operation Business development USD ~340m / ~230m Future business Drop-down candidates Revenues / EBITDA² HMLP: Mcap USD ~350m 175 onshore / HMLP-A preferred 600 offshore Employees Long-term contracts – stable cash flows – strong distribution coverage 1: 30 June 2020, adjusted for mark-to-market of interest rate swaps 2: LTM Revenues and EBITDA 4

Sustainable, safe and reliable operations 500 days passed without any LTIs 1 0,38 0,31 0,00 0,00 0,00 2016 2017 2018 2019 2020 YTD Technical availability  Health and safety of our personnel has the highest priority 99,9 % 99,8 % 99,8 % 99,8 %  Limited operational and no contractual impacts from Covid- 99,5 % 19 − All charter parties in force and unchanged − All units fully operational and crewed according to relevant safety requirements 2016 2017 2018 2019 2020 YTD 1: Calculated per million exposure hours for sea going personnel only 5

Financial performance Total income EBITDA 140 90 80 120 70 100 60 USD million USD million 80 50 40 60 30 40 20 20 10 0 0 2q17 3q17 4q17 1q18 2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20 2q17 3q17 4q17 1q18 2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20 Total income Recognition of future revenue EBITDA Recognition of future revenue 6

Cost-saving plan implemented and on schedule  Target to save/postpone: − USD 6-8 million in reduced Opex and SG&A − USD 3 million in dry docking off-hire to be postponed to 2021 − All savings are estimated compared with original plans and budget for 2020  SG&A expenses declined 38% q-o-q − USD 3.5 million decline in SG&A q-o-q − Two thirds a result of implemented cost-saving plan, with some aid from Covid-19 related savings with virtually no travel expenses incurred in Q2 − About one third is explained by seasonality due to holiday pay − Favourable FX development for non-USD SG&A 7

Solid financial position – no additional capex commitments Cash and capital commitments Balance sheet 1 at 30 June 2020 3 000 USD 152 million in unrestricted cash end Q2 2 500 Cash & eq. 152 Other 146 Equity 780 No material capital commitments 2 000 USD million Other 186 1 500 Bonds; 221 Balance sheet metrics FSRUs 2 247 1 000 6.7x net debt to trailing 12-month EBITDA Asset-backed debt 1 358 500 30% adjusted book equity ratio 0 Assets Liabilities 1: HMLP consolidated, adjusted for mark-to-market of hedging reserves 8

Fleet and contract overview Built EBITDA Charterer USDm/yr 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Höegh LNG Holdings Arctic Princess* 2006 19** Equinor Arctic Lady* 2006 19** Total Independence 2014 47 KN Höegh Giant 2017 Naturgy AGL - Conditional on FID Höegh Esperanza 2018 CNOOC / AGL Höegh Gannet 2018 Trafigura AIE - Conditional on FID Höegh Galleon 2019 Cheniere / AIE Höegh Gallant (TC in) 2014 Mitsui Lease back period from HMLP expires mid-2025 Höegh LNG Partners Neptune 2009 33** Total Cape Ann 2010 33** Total PGN FSRU Lampung 2014 40 PGN Höegh Gallant 2014 HLNG Höegh Grace*** 2016 42 SPEC FSRU and/or LNGC Long-term contract Extension option Under construction intermediate charter • LNG carriers *** The initial term of the charter is 20 years. However, each party has an unconditional option to cancel the charter after 10 and 15 ** 100% basis, units are jointly owned years without penalty. However, if SPEC waives its right to terminate in year 10 within a certain deadline, Höegh LNG Partners LP 9 will not be able to exercise its right to terminate in year 10.

Charter coverage 2020-2022  98% charter coverage in 2020 Charter coverage 1 100%  85% charter coverage in 2021 if options are executed by charterers (66%) 90%  Near-term charter coverage will be covered by 80% short-term FSRU contracts and/or interim LNGC 70% contracts before long-term FSRU contracts kick-in 60% 50% 40% 30% 20% 10% 0% 2020 2021 2022 Charter coverage Charter coverage incl. Options 1: On 100% basis for 12 vessels, four units are jointly owned 10

Project pipeline Selected as FSRU provider Ongoing tenders Bilateral projects  Secured pipeline access  HLNG exclusivity FSRU  Indian subcontinent  Atlantic basin project  FID targeted in 2020 #4 − Ongoing negotiations  EES approval expected H1 2021 − Potential FID 2020  Latin America  FSRU TCP signed  HLNG shortlisted − project Potential start-up 2021  FID targeted in 2020 #5 FSRU  Cyprus  Indian subcontinent project  HLNG exclusivity  Batangas City, Philippines #3 − Proposal receives interest  HLNG one of three tenderers  Start-up Q1 2022 − Constructive dialogue with  Latin America authorities FSRU  HLNG preferred bidder project  Start-up 2023 #6  Possible competition from other solutions 11

37 FSRUs on the water – 8 units in orderbook FSRU fleet 1 and orderbook 2 - by owner 12 37 FSRUs on water 10 VPower 8 El Salvador 4 purpose built FSRUs on order Botas KARMOL Units 6 Botas Java-1 4 Dynagas SWAN 4 conversions on order Dynagas Kol / Kal 2 Gazprom Maran MOL OLT 0 Höegh LNG Excelerate Golar LNG BW LNG Other Captive Conv FSRU NB FSRU NB order Conv order 1: Including purpose built FSRUs and conversions, barges excluded 2. Orderbook defined as confirmed orders, excluding LOIs, options and conversions not firmed up 12 Source: publicly available company information, Höegh LNG

Natural gas – soon the world’s largest energy source Natural Gas/LNG  Natural gas projected to be the world’s largest energy source by the mid-2020s  Lower carbon intensity combined with policies to maintain energy security underpins demand for natural gas Greater China and the Indian subcontinent will  account for more than 75% of natural gas imports from 2035 25% of world gas demand will be traded between  regions by 2035 − A large share will be in the form of LNG Source: DNVGL Energy Transition 2020 − LNG exports projected to more than double by 2050 − This will require new import facilities 13