Höegh LNG - the FSRU provider

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Presentation at Pareto Oil & Offshore Conference September 12th, 2018

Sveinung J.S. Støhle

President & CEO

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 background

▪ Recent milestones

▪ Market update

▪ Financial update

▪ Summary

HMLP common equity

HMLP-A preferred

HLNG NO

HLNG02 / HLNG03 bond loans

Höegh LNG is the leading owner and operator of FSRUs

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▪ Largest, most modern and most efficient Floating

Storage and Regasification Unit (FSRU) fleet in the

market

▪ Solid backlog with credible counterparts

▪ Actively pursuing backlog extension through on-

going tender processes

▪ Market cap / EV: USD 450m / USD 1.6bn

▪ Assets / equity ratio*: USD 2.1bn / 37%

▪ Revenues / EBITDA**: USD ~300m / USD ~160m

▪ Employees: 125 onshore / 525 offshore

8.7 yearsAvg. remaining contract length

USD 3.2 bnRevenue backlog

* 30 June 2018

** H1 2018 annualised

8 FSRUs in operation

2 FSRUs under construction

2 LNGCs in operation

The fleet at work - Global presence serving credible counterparts

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Cape Ann

PGN FSRU Lampung

Neptune

Independence

Höegh Grace

Höegh Giant

Arctic Princess

Arctic Lady

Höegh Gallant

FSRU intermediate tradingLNG carrierFSRU

Höegh

Esperanza

Recent milestones

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▪ Debt financing secured for FSRU #9

▪ Debt financing secured for FSRU #10Financing

Operational

Commercial

▪ Höegh Esperanza delivered with no LTIs

▪ 100% technical availability across the fleet in 2018

▪ Excellent HSEQ statistics - Zero LTIs last 12 months

▪ 3-year TC for Höegh Esperanza with CNOOC

▪ 15 month interim TCP for FSRU #9 with Naturgy

▪ Progress made on several tendering processes

Natural gas’ share of the global energy mix increasing, enabled by LNG

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▪ Transition to a lower carbon fuel

mix set to continue

▪ Natural gas expected to overtake

oil and coal as the primary fossil

fuel with an annual average

demand growth of 1.6%

▪ Expanding LNG supply, paired

with new regasification

infrastructure, is providing access

in-demand natural gas across

global markets

Source: BP Energy Outlook 2018

Primary energy consumption Shares of primary energy

Prospective LNG importers choosing FSRUs as the tool for accessing LNG markets

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0

100

200

300

400

500

600

700

800

900

2000 2005 2010 2015 2020 2025 2030 2035 2040

mtp

a

World LNG supply and demand

JKT Europe China

India Other Asia MENA

S America RoW LNG Capacity

Source: IHS Markit

FSRU opportunities in Asia

China: 1st FSRU in place, contemplating more

India: 1st FSRU to be installed Q4 2018,

several contemplated

Bangladesh: FSRU in place, contemplating more

Thailand: Contemplating FSRU

Pakistan: 2x FSRUs installed, contemplating more

Indonesia: 2x FSRUs installed

Vietnam: Contemplating FSRU

Myanmar: Contemplating FSRU

Other (Australia, Hong Kong, Sri Lanka,

Philippines): All contemplating FSRUs

Large number of market opportunities backed by diverse drivers of demand

Region Existing Under way Proposed

N America 1 2

S America 6 2 3

Europe 4 1 4

MENA 6 5

Sub-Sahara

Africa1 4

South Asia 4 3 5

Asia/Oceania 4 2 7

Sum 24 10 30 +

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Enabler

Security of supply

Seasonal demand

Back-up for hydro

Balance of trade

New gas-fired generation

Demand drivers

Increasing

supply of

attractively

priced LNG

Transportation

Replacement for coal and oil

Existing and potential FSRU contracts

Source: IHS Markit

FSRU supply well matched against the number of demand-side prospects

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▪ Recent newbuilding contracting:

BW LNGC-to-FSRU conversion

Maran Gas: 1x FSRU ordered, 1x

FSRU order cancelled (LNGC)

Botas 1x FSRU for own project

▪ Single-purpose FSRUs are

intended for a pre-determined

project, rather than participation in

competitive tenders8 8

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10

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Höegh LNG Excelerate Golar LNG BW Gas Other Single-purpose

Un

its

FSRU fleet and orderbook1 by owner/employment

Committed Available Committed NB Uncommitted NB

MOL

Exmar

Maran

Dynagas

Dynagas

Gazprom

Kol/Kal

SWAN

Java-1

OLT

Botas

Built EBITDA Charterer

USDm/yr

Höegh LNG Holdings

Arctic Princess* 2006 19** Equinor

Arctic Lady* 2006 19** Total

Independence 2014 47 KN

Höegh Giant 2017 Naturgy / Tendering

Höegh Esperanza 2018 CNOOC / Tendering

FSRU#9 2018 Naturgy / Tendering

FSRU#10 2019 Tendering

Höegh LNG Partners

Neptune 2009 33** Total

GDF Suez Cape Ann 2010 33** Total

PGN FSRU Lampung 2014 40 PGN

Höegh Gallant 2014 38 Egas

Höegh Grace 2016 42 SPEC

Long-term contract LNGC interim trading Extension option Under constructionFSRU and/or LNGC

intermediate charter

2019 2021 2023 2025 2027 2029 20312020 2022 2036 20382024 2026 2028 2030 2032 2033 2035 20372034

Modern fleet marketed in active tendering market

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* LNG carriers

** 100% basis, units are jointly owned

Delivery November 2018

Delivery May 2019

Höegh LNG is fully financed at attractive terms

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Höegh

Esperanza

FSRU #9 FSRU #10

Delivery April 2018 November 2018 May 2019

StructureExport credit and

commercial debt

Export credit and

commercial debt

Sale and

leaseback

Leverage (% of

delivered cost)65-75% 65% 70-80%

Amortisation

profile16-18 years 16 years 20 years

Tenor 12 / 5 years 12 / 5 years 12 years

Fixed interest

rate~4% ~5% ~6%

▪ With commitments received for

the financing of FSRU #10,

Höegh LNG is fully equity and

debt financed

▪ Lending group consisting of

leading international banks and

credit institutions

Solid balance sheet and robust liquidity situation

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FSRUs, 1,837

Other, 85

Cash & eq., 195

Interest-bearing debt, 1,003

Bonds, 314

Other, 17

Equity, 782

0

500

1,000

1,500

2,000

2,500

Assets Liabilities

US

Dm

Group balance sheet1 at 30 June 2018

1) Adjusted for mark-to-market of hedging reserves

Available liquidity at 30 June 2018 USDm

Cash, net of HMLP 117

Marketable securities 50

Revolving credit facility 45

Debt for FSRU #9 177

Debt for FSRU #10 180

Available liquidity 569

Increased leverage on Höegh Giant /

Höegh Esperanza / FSRU #1085

Targeted available liquidity 654

Outstanding capital expenditures, 30 June 380 - 400

Earnings growth – Higher contribution expected from Höegh Esperanza and Höegh Giant in H2 2018

▪ Q2 2018 earnings reflecting full

technical and commercial

uptime

▪ H2 2018 earnings expected to

reach higher

Höegh Giant on index-linked LNGC

contract producing higher revenues

Höegh Esperanza starting

FSRU/LNGC contract in June

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1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15 1q16 2q16 3q16 4q16 1q17 2q17 3q17 4q17 1q18 2q18

US

D m

illio

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Total income

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1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15 1q16 2q16 3q16 4q16 1q17 2q17 3q17 4q17 1q18 2q18

US

D m

illio

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EBITDA

Höegh LNG – Investment summary

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Order backlog of USD 3.2 Bn with credible counterparties producing stable cash flows

Consistent and solid operational performance across the global fleet

Strong financial platform with diversified financing sources

Rapid growth in the supply of LNG driving FSRU demand

FSRUs under construction marketed in positive tender market

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Questions?