Company Presentation June 2018 | 1 1 | 2017 1 | 2017 2018 - PowerPoint PPT Presentation

Company Presentation June 2018 | 1 1 | 2017 1 | 2017 2018

Disclaimer • THIS PRESENTATION (THE “PRESENTATION”) HAS BEEN PRODUCED BY FLEX LNG LTD. ("FLEX LNG" OR "THE COMPANY”), SOLELY FOR PRESENTAT ION PURPOSES AND DOES NOT PURPORTE TO GIVE A COMPLETE DESCRIPTION OF THE COMPANY, ITS BUSINESS OR ANY OTHER MATTER DESCRIBED HEREIN. • THE PRESENTATION DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR SELL ANY SECURTIEIS. THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. • NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION INCLUDED HEREIN IS GIVEN BY THE COMPANY, AND THAT NOTHING CONTAINED IN THIS PRESENTATION IS OR CAN BE RELIED UPON AS A PROMISE OR REPRESENTATION BY THE COMPANY, WHO DISCLAIM ALL AND ANY LIABILITY, WHETHER ARISING IN TORT OR CONTRACT OR OTHERWISE. • THE PRESENTATION SPEAKS AS OF THE DATE SET OUT ON ITS FRONT PAGE. THE COMPANY DOES NOT INTEND TO, OR WILL ASSUME ANY OBLIGATION TO, UPDATE THE PRESENTATION OR ANY OF THE INFORMATION INCLUDED HEREIN. • THE CONTENTS OF THE PRESENTATION ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL, BUSINESS, INVESTMENT, TAX OR OTHER PROFESSIONAL ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN PROFESSIONAL ADVISORS FOR ANY SUCH MATTER AND ADVICE. • AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. • THE PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES, SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES”, "EXPECTS”, “INTENDS”, “PLANS”, “ESTIMATES” AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES, ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. THE COMPANY DOES NOT PROVIDE ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS NOR DOES THE COMPANY ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THE PRESENTATION OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. NO OBLIGATION IS ASSUMED TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFORM THESE FORWARD-LOOKING STATEMENTS TO ACTUAL RESULTS. • THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE NORWEGIAN COURTS. | 2 2 | 2017 2 | 2017 2018

Table of contents 01 About FLEX LNG 02 LNG Shipping Review MEGI Propulsion 03 Summary Summary 04 | 3 3 | 2017 3 | 2017 2018

01 About FLEX LNG | | 4 4 4 | 2017 4 | 2017 2018 2018

FLEX LNG at a Glance Focus: LNG Shipping and Regasification FLEX LNG aims to become a leading operator in LNG shipping markets • FLEX LNG is focused on offering safe, reliable, and cost effective solutions for the LNG shipping industry • The Company is listed on Oslo Stock Exchange and successfully raised over US$ 200m in 2017 FLEX’s fleet of eight LNG carriers will provide Charterers with highly efficient tonnage to lower fuel consumption and reduce boil off rate • FLEX took delivery of their first two LNG carriers in Jan-18 FLEX RANGER • The Company has six vessels under construction at SHI (2), DSME (2), and HHI (2). These will be delivered throughout 2018-2020 • All FLEX vessels have two-stroke propulsion (MEGI or XDF) – the most fuel-efficient and technically FLEX ENTERPISE advanced LNG carriers in the world with ~30% lower fuel consumption than TFDE vessels | 5 5 | 2017 5 | 2017 2018

FLEX LNGC Fleet Development FLEX LNG Fleet Chartered-in Vessels • In 2017, FLEX chartered in four TFDE vessels and traded these 6 173,400 173,400 173,400 173,400 in the spot and short-term markets - The purpose was to establish a market presence, operational 174,000 174,000 174,000 174,000 experience, and foster relationships with key LNG charterers in anticipation of FLEX own fleet delivering • 8 LNG carriers (MEGI and X-DF) - The last of the TC-in vessels were redelivered in Q1-18 as - 2 vessels delivered in January 2018 FLEX’ focus shift to owned tonnage - 6 vessels under construction del. 2018-2020 Fleet Deliveries # Vessels 8 8 7 1 6 1 5 1 4 1 3 1 2 2 1 0 Q1 2018 Q2 2018 Q3 2018 Q2 2019 Q2 2020 Q3 2020 Q3 2019 | 6 6 | 2017 6 | 2017 2018

FLEX LNG Fleet Breakdown – Owned and Chartered-In Status Vessel Name Builder Prop. Built Capacity Head Owner Employment 1. Existing FLEX ENDEAVOUR DSME MEGI 2018 173,400 m 3 FLEX LNG Employed until Q2-19 2. Existing FLEX ENTERPRISE DSME MEGI 2018 173,400 m 3 FLEX LNG Spot Market 3. Newbuilding TBN FLEX RANGER SHI MEGI 2018 174,000 m 3 FLEX LNG Available Jul 2018 4. Newbuilding TBN FLEX RAINBOW SHI MEGI 2018 174,000 m 3 FLEX LNG Available Jul 2018 5. Newbuilding TBN FLEX CONSTELLATION DSME MEGI 2019 173,400 m 3 FLEX LNG Available Jun 2019 6. Newbuilding TBN FLEX COURAGEOUS 173,400 m 3 DSME MEGI 2019 FLEX LNG Available Aug 2019 7. Newbuilding HULL NO. 8010 HHI X-DF 2020 174,000 m 3 FLEX LNG Available Q2 2020 8. Newbuilding HULL NO. 8011 HHI X-DF 2020 174,000 m 3 FLEX LNG Available Q3 2020 | 7 7 | 2017 7 | 2017 2018

Functional Organizational Chart of FLEX LNG A highly experienced team is in charge of LNG shipping Comparison of LNG Ship Types on UTC Basis* LNGC Providing technical management and support services • 160 vessels including LNG, tankers, dry Owned Fleet Chartered Fleet Finance & Admin bulk, container, offshore supply Frontline (FLEX LNG) (FLEX LNG) (FLEX LNG) Management Ltd • Vessel construction, project management, technical management, insurance, etc. • HSE and Incident Response Technical Mgt Chartering Chartering Finance (Frontline Mgt) (FLEX LNG) (FLEX LNG) (FLEX LNG) Providing newbuild construction supervision services Accounting Newbuild Commercial Commercial (Frontline Mgt) Seatankers Supervision Operations Operations • 47 vessels under construction including (FLEX LNG) Management Ltd (Seatankers) (FLEX LNG) LNG, tankers, dry bulk, containers, offshore Ship Mgt, Insurance Crewing (Frontline Mgt) Providing ship management and crewing (Bernhard Schulte) services Newbuild FLEX LNG Bernhard Schulte • 600 ships under crewing and/or technical Design Shipmanagement Shared Services management (Ship Construction Third Party • Dedicated LNG crew for FLEX LNG vessels Strategies) | 8 8 | 2017 8 | 2017 2018

Executive Management Team Marius Hermansen – Interim Chief Executive Officer • Mr. Hermansen joined FLEX LNG Board in December 2015. Marius works for Frontline Management and manags S&P activities for Frontline and all related companies • Prior to FLEX and Frontline, Mr. Hermansen worked over 10 years at Fearnleys • Mr. Hermansen was educated at the Norwegian School of Economics (NHH) in Bergen Øystein Kalleklev - Chief Financial Officer • Mr. Kalleklev joined FLEX LNG in October 2017, after serving as CFO of Knutsen NYK Offshore Tankers since 2013 and Chairman of the General Partner of the MLP KNOT Offshore Partners from 2015-2017 • Previous roles include CFO of industrial investment company Umoe Group, Managing Director of Umoe Invest, Partner of investment bank Clarksons Platou and Business Consultant at Accenture • Mr. Kalleklev holds a MSc in Business and Administration from Norwegian School of Economics and a Bachelor in Business and Finance from Heriot-Watt University | 9 9 | 2017 9 | 2017 2018