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Höegh LNG – The floating LNG services provider

3Q 2015 Presentation of financial results

30 November 2015

Forward looking statements

2

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

its 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; increases in

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, in particular, currently, in connection with the

turmoil in financial markets; the success in achieving 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.

Höegh LNG Holdings - Agenda for presentation of 3Q 2015 results

3

Sveinung J.S. Støhle

President & CEO

Highlights / Markets / Summary

Appendix

Steffen Føreid

CFO

Financials

Dedededw

3Q 2015 highlights

4

EBITDA USD 26.5 million and profit after tax USD 2.5 million

Issued USD 103 million of new equity in an over-night transaction

Paid quarterly dividend of USD 0.10 per share

Sold Höegh Gallant to Höegh LNG Partners

Postponed delivery of FSRU Höegh Grace

Restated 2014 financials

5

All FSRUs operating according to their long term contracts

HLNG average remaining contract length = 13 years1)

HMLP average remaining contract length = 16 years

1) Excluding LNG Libra

Unit Type Built Charterer

HMLP

drop-down

candidate? 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035

Höegh LNG Holdings Ltd

Libra LNGC 1979 No SOLD

Arctic Princess LNGC 2006 Statoil Maybe

Arctic Lady LNGC 2006 Total Maybe

Independence FSRU 2014 Klaipedos Nafta Yes

Höegh Grace FSRU 1Q 2016 SPEC Yes

FSRU#7 / 2552 FSRU 1Q 2017 Yes

FSRU#8 / 2865 FSRU 1Q 2018 Octopus Yes

FSRU options FSRU Yes

Höegh LNG Partners LP

GDF Suez Neptune FSRU 2009 GDF Suez

GDF Suez Cape Ann FSRU 2010 GDF Suez

PGN FSRU Lampung FSRU 2014 PGN

Höegh Gallant FSRU 2014 Egas

Contract Extension option Under construction Option

Secured options for attractive

delivery slots at competitive prices

FSRU projects - overview and update

6

Five FSRUs in

operations

SPEC - Colombia

FSRU#7

• Onhire and performing well

• Generating stable asset EBITDA of approximately USD 160

million

• The project is on schedule for start-up second half 2015

• Construction of jetty and pipeline is progressing

Octopus - Chile • The project is on schedule for start-up mid- 2018

• Bidding for new business

SPEC site in Cartagena, Colombia Octopus site in Conception. Chile

FLNG progress on two ongoing projects

7

Delfin FLNG Project

Signed FEED agreement with Bechtel

FEED initiated Q2 2015

Delfin expects FID end-2016

Malahat FLNG Project

Höegh LNG and Bechtel signed pre-Front

End Engineering and Design (pre-FEED)

agreement with Steelhead LNG

Pre-FEED expected completed in Q2 2016

Next step is FEED phase

Steelhead expects FID mid-2017

HLNG team located in Houston to manage FLNG projects

Malahat FLNG,

British Columbia

Delfin FLNG,

Louisiana

Preparing the Company financially for further FSRU growth

8

Raised USD 230 million of new funding in five months (bond and private placement)

Equity issue in September provides funding capacity to order one more FSRU

HMLP intended as primary source of equity funding

Considering the most competitive source of equity on continuous basis

Sell assets to HMLP

USD 370 million

Höegh Gallant drop-down

Bond

USD 130 million

Equity

USD 100 million

Private Placement HLNG

Tapped three capital sources in five months


9


President & CEO


Appendix

Steffen Føreid

CFO

Financials

Dedededw

The number of FSRU projects in the pipeline continue to increase

10

Existing

Under construction / awarded

Low prices and availability of LNG creates demand for LNG and FSRUs...

11

When LNG is available and prices are

competitive more buyers arrive

New markets prefer FSRUs

Evident by the fact that 85% of the spot /

short term LNG cargos tendered recently

are for import via new FSRUs..

..and these new LNG importers have

successfully imported large volumes of

LNG at competitive prices..

..which incentivises potential new FSRU

importers to follow

130

45

19

24

7 12

237 LNG cargos recently tendered *)

Pakistan

Egypt

Jordan

India

Kuwait

Others

*) Source: Platts LNG daily

…FSRUs are the key to unlock new markets..

12

- Egypt is a prime example -

1.1 bcf/d of new gas demand unlocked in 6 months!

LNGC loading at

STS FSRU Höegh Gallant

– 500 mmscf/d

Picture: Höegh Gallant – Ain Sokhna, Egypt

FSRU BW Singapore

– 600 mmscf/d

...additional demand created by LNG suppliers seeking new markets

13

The LNG market is currently long LNG and LNG prices are very competitive

LNG seller / traders create demand in new markets by pricing LNG below gasoil

/ fuel-oil and by investing in new CCGT power plants

New LNG importers use FSRUs in opening up new markets because of quick

start-up and low regas cost

0

2

4

6

8

10

12

14

US

D /

MM

Btu

LNG is trading at a discount to gas oil *)

Gas oil FOB Europe LNG FOB US

*) Source: CME Group November 2015

Four purpose built FSRUs without commitment under construction..

14

0

1

2

3

4

5

6

7

8

9

10

Höegh LNG Golar LNG Excelerate BWGas MOL Exmar*) OLT Gazprom

Modern First generation Conversions Barge Uncommitted FSRU under construction

Not competitors -

FSRU constructed

for own purpose

8

1

2

9

8

1 1 1

Purpose built is the optimal solution, also compared to modern LNGC conversions;

Lower operations costs Half the regas fuel consumption

Boil-off gas handling system

Lower logistic cost due to the larger storage capacity

Lower technical risk

Purpose built for FSRU operations; no dry dock during contract period

*) Barge FSRU


15


President & CEO


Appendix

Steffen Føreid

CFO

Financials

Dedededw

16

Restatement relating to historical issues; should not have material effect on future

cash flows

FSRU market continues to grow; availability of LNG at lower prices drives demand

from new markets

Summary

Raised USD 103 million in new equity and secured attractive yard slots in preparation

for future FSRU growth

EBITDA of USD 26.5 million reflects full quarter operations of all FSRUs


17


President & CEO


Appendix

Steffen Føreid

CFO

Financials

Dedededw

Restatement of historical financials

18

Incorrect accounting treatment of certain Indonesian WHT and VAT in connection with

start up of Lampung FSRU project

Net restatement loss USD 6.1 million; USD 4.6 million (2014) and 1.5 million (2013)

HLNGH indemnified HMLP for historical, non-budgeted, non-creditable Indonesian

taxes linked to events occurring prior to 30 June 2015

USD 1.2 million indemnification payment made in fourth quarter 2015

Uncertainty relating to recovery of a USD 6.2 million VAT claim from tax authorities

Financial statement (USDm) 2014 reported 2014 restated Diff

Revenues 154.3 155.2 0.9

EBITDA 0.4 (3.7) (4.1)

Net profit (88.3) (92.9) (4.6)

Book equity 1.1 389.1 387.6 (1.5)

Book equity 31.12 458.9 452.9 (6.1)

Income statement (*)

19

40

46

54

63 66

0

10

20

30

40

50

60

70

USDm

Income

4

15

25

32

36

0

5

10

15

20

25

30

35

40

USDm

EBITDA

-18,1

-59,3

-2,3

6,0 2,5

-70,0

-60,0

-50,0

-40,0

-30,0

-20,0

-10,0

0,0

10,0

USDm

Net Profit

(*) Including Joint Ventures on a proportionate basis

Cash flow (*)

20

USD million 3Q2015 2Q2015 1Q2015 4Q2014 3Q2014

Net profit or (loss) before tax 2 6 (2) (58) (18)

Adjustments of non-cash P&L items 28 24 26 62 22

Proceeds from sale of mooring - - - 11 -

Net changes in working capital, other 1 5 2 8 (1)

Net cash flow from operating activities 31 35 26 23 3

Net (investments) proceeds in marketable securities - (43) 17 42 (145)

Investments newbuildings under construction and vessels (8) (34) (13) (231) (9)

Investments in intangibles and equipment - - - (1) (0)

Net cash flow from/(used in) investing activities (8) (77) 4 (190) (154)

Net proceeds form equity issuance 100 - - - 203

Proceeds from borrowings 7 130 28 188 -

Repayment of borrowings (16) (16) (16) (27) (39)

Dividend paid to non-controllling interest (MLP) (4) (4) (4) (2) -

Dividend paid to shareholders of the parent (7) (7) (7) - -

Interest paid (15) (15) (16) (14) (12)

Increase in restricted cash (2) - - (37) -

Other financing activities (3) (1) - (1) (1)

Net cash flow from/(used in) financing activities 61 87 (15) 107 151

TOTAL CASH FLOW 84 45 15 (60) 1


627 567 554 550 642

930 1 075 1 079 1 195

1 181

116 123 129

148 145

0%

10%

20%

30%

40%

50%

60%

-

500

1 000

1 500

2 000

2 500

3Q14 4Q14 1Q15 2Q15 3Q15

USDm

Other liabilities

Interest bearing debt

Book equity adj MTM

Equity ratio adj MTM (JV equity method)

Financial position (*)

21

Assets Liabilities and Equity

1 222 1 429 1 434 1 451 1 446

154

120 119 152 141 296

216 209 291 381

-

500

1 000

1 500

2 000

2 500

3Q14 4Q14 1Q15 2Q15 3Q15

USDm

Current cash and marketable securities

Other assets

Vessels, newbuildings and installations under constr.



22


President & CEO


Appendix

Steffen Føreid

CFO

Financials

Dedededw

Income Statement (*)

23 (*) Including Joint Ventures according to the equity method


Freight revenues 54,1 50,5 42,8 27,6 27,1 Voyage expenses (0,1) (0,3) (0,5) (2,4) (3,9) Construction contract revenue - - - 8,1 6,1 Management and other income 1,4 2,0 2,0 2,4 0,7 Share of results from investments in joint ventures 2,8 2,5 2,6 2,7 2,6

TOTAL INCOME 58,2 54,6 46,9 38,3 32,7

Charterhire expenses (8,9) (8,8) (8,7) (8,9) (8,9) Construction contract expenses - - - 0,9 (6,8) Operating expenses (11,5) (10,9) (9,4) (11,6) (8,5) Project administrative expenses (2,3) (3,9) (3,4) (4,3) (4,2) Group administrative expenses (4,8) (5,2) (4,9) (3,7) (4,6) Business development expenses (4,2) (3,2) (3,9) (5,3) (5,1)

EBITDA 26,6 22,6 16,5 5,4 (5,5) Depreciation (6,9) (8,6) (8,4) (7,8) (6,2) Reversal of impairment (impairment) - 3,1 - (44,8) -

EBIT 19,7 17,2 8,1 (47,3) (11,7) Interest expenses (12,6) (9,5) (9,3) (8,8) (5,5) Interest income 0,4 0,4 0,4 0,4 0,4

Other financial items (5,4) (2,1) (1,0) (2,2) (1,0)

PROFIT (LOSS) BEFORE TAX 2,1 6,0 (1,8) (57,9) (17,8) Taxes 0,4 0,0 (0,5) (1,3) (0,4)

NET PROFIT (LOSS) 2,5 6,0 (2,3) (59,3) (18,1)

Financial position (*)

24

USD million 30.09.2015 30.06.2015 31.03.2015 31.12.2014 30.09.2014

Licences, design and other intangibles 37 37 37 37 74Investments in newbuildings under construction and vessels 1 036 1 037 1 035 1 024 818

Shareholder loans to joint ventures 15 16 18 19 21Mark-to-market on hedging instruments 0 11 1 5 11Other assets 55 57 43 44 46Restricted cash (non-current) 17 15 15 15 0

Unbilled construction contract receivable 0 0 0 0 5Current cash and marketable securities 371 282 199 207 286Asset held for sale 18 18 0 0 0

TOTAL ASSETS 1 549 1 473 1 348 1 352 1 260

Total equity 510 445 426 453 534 Investments in joint ventures 90 83 99 95 88 Interest bearing debt 801 811 691 684 534 Mark-to-market on hedging instruments 74 62 66 53 32

Other liabilities 74 73 67 68 72

TOTAL EQUITY AND LIABILITIES 1 549 1 473 1 348 1 352 1 261

Total equity adjusted for hedging reserves 642 550 554 567 627

Equity ratio adjusted for hedging reserves 41 % 37 % 41 % 42 % 50 %Net interest bearing debt 413 513 477 461 248

(*) Including Joint Ventures according to the equity method

Cash flow statement (*)

25


Net profit or (loss) before tax 2 6 (2) (58) (18) Adjustments of non-cash P&L items 16 13 14 49 10 Dividend received from joint ventures - 1 1 1 1 Proceeds from sale of mooring - - - 11 - Net changes in working capital, other 1 6 1 9 (1)

Net cash flow from operating activities 19 26 14 13 (8)

Net (investments) proceeds in marketable securities 0 (43) 17 42 (145) Investments newbuildings under construction and vessels (8) (34) (13) (231) (9) Investments in intangibles and equipment 0 - - (1) (0)

Proceeds of repayment on shareholders loans 1,6 2 2 2 1

Net cash flow from/(used in) investing activities (6) (75) 6 (188) (153)

Net proceeds form equity issuance 100 - - - 203

Proceeds from borrowings 7 130 28 188 - Repayment of borrowings (12) (12) (12) (23) (36) Dividend paid to non-controllling interest (MLP) (4) (4) (4) (2) - Dividend paid to shareholders of the parent (7) (7) (7) - -

Interest paid (10) (10) (11) (9) (7) Increase in restricted cash (2) - - (37) - Other financing activities (3) (1) - (1) (1)

Net cash flow from/(used in) financing activities 70 96 (6) 116 161

TOTAL CASH FLOW 83 47 14 (59) (1)

(*) Including Joint Ventures according to the equity method

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