Q1 2020 PRESENTATION OF FINANCIAL RESULTS 28 May 2020 1 Forward - PowerPoint PPT Presentation

HÖEGH LNG – A FULLY INTEGRATED LNG INFRASTRUCTURE COMPANY Q1 2020 – PRESENTATION OF FINANCIAL RESULTS 28 May 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

Covid-19 update  Mitigating action plan in place since early February to ensure health, safety and continued operations  No Höegh LNG employees infected by the virus  Limited operational and no contractual impact on Höegh LNG so far  All assets operating in accordance with plans and charters  Dividend suspension and cost savings plan implemented to face continued market uncertainties 3

Agenda Highlights 1 Company update 2 Market update 3 Financials 4 Summary 5 4

Highlights for the first quarter of 2020 Highlights  EBITDA of USD 59.6 million, net loss of USD 1 million Dividend of USD 0.025 per share paid in the first quarter of 2020   Contract coverage for 2020 increased to close to 100%  Completed revolving credit facility for up to USD 80 million  Completed new senior unsecured bond issue of NOK 650 million Subsequent events  Selected preferred bidder for two new FSRU projects in Latin America  AIE received approval for increasing the import capacity through the Port Kembla Gas Terminal  Höegh LNG and Total reached a final binding agreement to settle boil-off dispute  Completed the amendment, extension and USD 45 million upsizing of Independence’s debt facility  Suspension of dividends and cost savings plan implemented targeting USD 9-11 million in savings for 2020 5

Cost savings plan implemented  USD 6-8 million in cost savings − Reduction in Opex for the fleet − Suspended bonus scheme for executive management and onshore personnel for 2020 − Reduction of personnel cost, external services and travel  USD 3 million in dry docking off-hire postponed − Scheduled dry-docking/class renewal of one vessel postponed from second half 2020 to Q1 2021 gives reduced off-hire in 2020 with USD 2.6 million with positive impact on EBITDA − Planned investment in various equipment of USD 0.4 million postponed to 2021. Reduces capital expenditures in 2020, no impact on EBITDA  Quarterly dividend from Höegh LNG Holdings Ltd suspended − Improves cash flow with USD 1.9 million per quarter from and including Q2 2020  All savings are estimated compared with original plans for 2020 6

Agenda Highlights 1 Company update 2 Market update 3 Financials 4 Summary 5 7

Good commercial progress and growing project pipeline Selected as FSRU provider  Approval of modification to import permit Ongoing tenders Bilateral projects  HLNG exclusivity  Atlantic basin  On track for EES approval at FSRU end 2020  Indian subcontinent − Ongoing negotiations project   FID targeted in 2020 TCP signed #4 − Potential FID 2020 − Potential start-up 2021 FSRU Indian subcontinent   Latin America FSRU project   HLNG shortlisted HLNG exclusivity project  Cyprus #3 FID targeted in 2020  #5 − Applied for LNG import licence  Latin America FSRU − Fast-track solution  project HLNG preferred bidder  Start-up 2021-2022 #6 − Start-up 2021  Latin America FSRU  project HLNG preferred bidder  Start-up 2023 #7 8

Close to 100% contract coverage for 2020 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 LNGC AIE - Conditional on FID Höegh Galleon 2019 Cheniere / AIE Lease back period from HMLP expires mid-2025 Höegh Gallant (TC in) 2014 LNGC 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.

Sustainable, safe and reliable operations Lost time injury frequency 1  2019 annual report released, including sustainability report– available at www.hoeghlng.com Materiality assessment conducted in 2019  0,38 0,31  New sustainability targets for 2020 0,00 0,00 0,00 − revised in line with stakeholder preferences 2016 2017 2018 2019 2020 YTD − progression will be reported in the annual report for 2020 Technical availability  Extended sustainability reporting aligned with NSA recommendations in addition to GRI 100,0 % 99,9 % 99,8 % 99,8 % 99,5 % 2016 2017 2018 2019 2020 YTD 1: Calculated per million exposure hours for sea going personnel only 10

Agenda Highlights 1 Company update 2 Market update 3 Financials 4 Summary 5 11

13% growth in global LNG trade in Q1 2020 Global monthly LNG trade 40 35 Global LNG trade up 13% y-o-y in Q1 2020 30 Million tonnes Europe continues to be the main growth market 25 China impacted by Covid-19 in Q1, India and South 20 Korea main growth markets in Asia 15 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 2016 2017 2018 2019 2020 Source: IHS Markit 12

Despite Covid-19 the LNG market continues to grow Global LNG demand: Impact of COVID-19 Global LNG supply: Impact of COVID-19 and oil price drop 440 440 430 7,4 430 420 420 Million tonnes Million tonnes 410 410 6,7 400 400 7,2 390 390 8,4 380 380 14,4 370 370 360 360 350 350 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Southeast Asia Other Pacific Middle East Atlantic Africa Demand reduction Pre-COVID LNG outlook COVID outlook: 14 Apr 2020 United States Other Atlantic Pre-COVID outlook COVID outlook: 14 Apr 2020 Source: IHS Markit Note: Outlook from 14 April 2020, Pre-Covid outlook from January 2020 13