Höegh LNG – The floating LNG services provider

Capital Markets Day 15 January 2013

Forward looking statements

3

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.

4

Agenda

Time Session Speakers

14:00 Introduction Arild Jæger, Investor Relations

14:05 Welcome Leif O. Høegh, Deputy Chairman

14:15 Status and perspectives Sveinung J.S. Støhle, President and CEO

14:40 LNG market overview Per-Christian W. Fett, Director, Fearnley LNG

15:10 FSRU business Vegard Hellekleiv, Senior Vice President

15:40 Break

16:00 LNG shipping Thomas Thorkildsen, Head of Commercial Management

16:30 FLNG Øivin Iversen, SVP, Höegh FLNG Ltd.

17:00 Financing strategy Steffen Føreid, Chief Financial Officer

17:20 Closing remarks Sveinung J.S. Støhle, President and CEO

17:30 Buffet and drinks

5

Leif O. Høegh

Deputy Chairman and

Main Shareholder

Representative

Welcome

6

Sveinung Støhle

President & CEO

Status and perspectives

7

Why invest in Höegh LNG?

LNG market growing by 6-7% per year

Very attractive rates of return of 11-12% on total capital in the FSRU segment

Unique market position as one of only three operators in FSRU market

Access to all main sources of capital to fund the Company’s growth strategy

Contracted EBITDA to increase fourfold by 2015

Fully funded for current capital programme

Solid management team with proven experience from natural gas and LNG markets

8

(Source: ExxonMobil, 2013, The Outlook for Energy: A View to 2040, based on Smil, Energy Transitions (1800-1960))

Natural gas : The fuel for the future

23%

32%

19%

9

Business model Höegh LNG provides floating LNG infrastructure services under long-term contracts. The Company owns and operates FSRUs and LNG carriers Vision To be a market leader in floating LNG Services. Strategy Secure long-term contracts with strong

counterparties Focus on new FSRUs built at leading LNG shipyards Keep one FSRU open for new projects and target 1-2

new FSRUs per year post 2015 Spin-off FLNG business Establish US listed MLP to access competitive equity

funding Prioritise allocation of capital to FSRU investments

Business model, vision and strategy

10

1973 Delivery of the first Moss type LNG carrier, "Norman Lady"

2006 Delivery of "Arctic Princess" and "Arctic Lady"

Höegh LNG Ltd. established

2009/10 Delivery of FSRUs; "GDF Suez Neptune" and "GDF Suez Cape Ann"

2011 Ordered two FSRUs at Hyundai Heavy Industries

IPO - Raised more than USD 400 million in new equity and debt

Purchase of "LNG Libra"

2012 FSRU agreements in Indonesia and Lithuania, preferred bidder in Chile

Exercised options for two additional new FSRUs

Exercised option for 50% of "STX Frontier"

Established Höegh FLNG Ltd.

Sold Port Meridian deepwater port project

Raised nearly USD 600 million in new equity and debt

Key milestones

Business overview

Fleet and operation Höegh FLNG Ltd.

6 LNG carriers in operation

Option exercised for 50% of 2010 built vessel

Mainly long-term charters with oil and gas majors

Modern fleet with 2 FSRUs in operation and 4 new units on order

Options for additional units

Long-term charters with blue chip / state owned counterparties

Own FLNG2 design

Performed paid field specific studies

Business transferred into Höegh FLNG Ltd., to be capitalised on a stand-alone basis

FSRU1

11

1) FSRU: A floating LNG import terminal moored offshore or to a jetty allowing energy companies to store and regasify LNG close to markets with limited impact on land. A highly cost competitive solution to building large, shore based storage and regasification facilities. Can be operated as a floating LNG import terminal receiving LNG from conventional LNG carriers by way of ship-to-ship transfers, or as a conventional trading ship transporting and regasifying its own cargo 2) FLNG: Enables energy companies to monetise gas fields that are located far from existing infrastructure (pipelines, gas processing, onshore LNG export facilities, etc.) or where the cost of installation of on-shore infrastructure is not competitive. It also enables LNG projects to go ahead more quickly as an FLNG will be constructed in a controlled environment at the shipyard and then floated to the offshore gas field

Design In-house technical competence and project development expertise Build World leading LNG shipyards Experienced site team Charter Focus on long-term contracts Solid counterparties Operate In-house ship management with 40 years of safe operations Finance Access to all capital markets Good relationship with banks

12

Competitive advantages

In 2012, Höegh LNG secured three long-term FSRU contracts; Why?

Continued strong demand growth for LNG

13

Demand for FSRU services driven by incremental demand for natural gas to fuel power production Fuel switch for existing plants

New combined-cycle gas turbines

Natural gas projected to be the fastest growing major energy source globally

LNG production in 2011 was 242 million tonnes - expected to reach 330 million tonnes p.a. by 2017

In main markets, such as Japan, Korea and Taiwan, LNG covers close to 100% of demand for natural gas

Source: Wood Mackenzie, BP Energy Outlook 2030

Main focus markets

Around 30 FSRU regasification projects in pipeline

14

Existing Under construction / awarded Potential

15

Key growth considerations

LNG will be the fastest growing fossil fuel driving the demand for Höegh LNG’s services

FSRU segment is main focus for growth

Proven ability to raise debt and equity for further expansion

Develop Höegh FLNG as a stand alone company together with new investors

Preparing for MLP as new funding source

16

LNG market overview

Per-Christian W. Fett

Director, Fearnley LNG

LNG LNG Market Update

Høegh LNG CMD January 2013

Fearnley LNG

STRICTLY PRIVATE & CONFIDENTIAL

Disclosures & Disclaimer

Fearnley and the analyst accept no responsibility and expressively disclaims any and all liabilities for any and all losses related to investments caused by or motivated by research reports or investment recommendations from Fearnley. The information in this report has been obtained from public sources believed to be reliable but we do not represent that such information is accurate or complete and it should not be relied upon as such. Any person receiving a research report or investment recommendation from Fearnley is deemed to have accepted this disclaimer. The disclaimer shall apply even if a research report or investment recommendation is shown to be erroneous or incomplete or based upon incorrect or incomplete facts, interpretations or assessments or assumptions by Fearnley, and irrespective of whether Fearnley or any person related to Fearnley can be blamed for the incident. This research report and investment recommendation was not presented to the issuer before dissemination. The analyst has assisted the corporate department related to the issuing companies the previous 12 months. For relevant definitions, methods, risks, disclosures of potential conflicts of interests etc. and disclaimers (including U.S. specific disclaimers) please see www.fearnleysecurities.com. All research reports and investment recommendations should be reviewed in conjunction with the information therein.

14-Jan-13 www.fearnleysecurities.no 18

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Contents

www.fearnleys.com

1. Fearnley LNG

2. Market, LNG Rates & Values

3. LNG Fleet and Order book

4. LNG Vessel & FSRU Supply / Demand

5. Forecasting

Fearnley LNG

14-Jan-13 20

LNG in the Astrup Fearnley Organisation

www.fearnleys.com

Astrup Fearnley AS

Fearnleys Asia Singapore Pte Ltd Singapore

Rodskog Shipbrokers Ltd Hong Kong

Fearnleys AS Oslo

Fearnley Offshore AS Oslo

Fearnley Offshore Supply AS Oslo

Fearnley Finans Eiendom AS Oslo

Fearnley Finans Shipping AS Oslo

Fearnleys Rodskog Shanghai

Nor-Freight Co. Ltd. Poland

Fearnleys Venezuela

Fearngas Pte Ltd Singapore

Fearnleys (Thailand) Ltd. Bangkok

Fearnleys Shipbr. Priv. Ltd Mumbai

Libra Fearnley Energy S.A.S. Paris

Libra Fearnley Energy Ltd. (UK) London

Libra Fearnley Energy Fearnoil Inc Houston

Fearngas Pte Ltd. Singapore

P.T.Fearnleys Indonesia Jakarta

Fearnleys Japan Tokyo

Fearnleys Beijing Beijing

Grifone Stockholm

Fearnley Offshore LLC Houston

Fearnley Offshore Pte Ltd Singapore

Fearnley Offshore Supply Pte Ltd Singapore

Fearnley Finans Management AS Oslo

Libra Fearnley Energy AS Oslo

Fearnley Fonds ASA Oslo

Fearnleys Korea Ltd Seoul

Fearnleys LNG Houston

Fearnley Consultants AS Oslo

World wide: 350+ employees

• Norway 200+

• Shipping 80+ (Norway)

Fearnley LNG

Fearnley LNG

LNG Procurement/

Shipping/ Consultancy

Oslo Houston Tokyo Bejing Singapore

LNG Vessel Contracting

Oslo Seoul Singapore

Organisation Chart

21 www.fearnleys.com Private& Confidential

LNG – Who, When, Where, What, Why,

Market Fundamentals

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• LNG is a niche in the global natural gas market

• Main reason for liquefying gas is to store and transport it by sea ….to a better paying market

• Nat Gas is a clean burning and competitive energy source – especially for power generation

• Highest fossile fuel growth ratios

• Increased global trade

• LNG is being commoditized

Different shades of gold for natural gas* Natural gas is the only fossil fuel for which global demand grows in all scenarios, showing that it fares well under different policy conditions; but the outlook varies by region. Demand growth in China, India and the Middle East is strong: active policy support and regulatory reforms push China’s consumption up from around 130 billion cubic metres (bcm) in 2011 to 545 bcm in 2035. In the United States, low prices and abundant supply see gas overtake oil around 2030 to become the largest fuel in the energy mix. Europe takes almost a decade to get back to 2010 levels of gas demand: the growth in Japan is similarly limited by higher gas prices and a policy emphasis on renewables and energy efficiency.

*From IEA Global Energy Outlook 2012 (published Nov 2012)

LNG

Recent Headlines

14-Jan-13 www.fearnleysecurities.no 23

• Japan 2012 imports at record high

• South Korea 2012 imports also at new record at ~35 mt or +8% yoy

• …but Korea to restart nuclear power plants soon

• New all time high Beijing air polution index of over 500

• Japan new PM also to restart a few nukes in 2013

• ENI and Anadarko to cooperate on Mozambique + enough gas for 12 trains/50+ mt LNG production

14-Jan-13 24

BP Forecast

www.fearnleys.com

14-Jan-13 25

Contents

www.fearnleys.com

1. Fearnley LNG

2. LNG Rates & Values

3. LNG Fleet and Order book

4. LNG Vessel & FSRU Supply / Demand

5. Forecasting

LNG Market Overview

14-Jan-13 26

Commoditization of LNG - LNG Trade Flow Developments

www.fearnleys.com

Regional market - Only a handful of players – ’the LNG Club’ – mainly big oil companies and utilites

Global market – banks, utilities, trading houses, projects, IOCs, power companies, etc…

The World Fleet

Commoditization of LNG - snapshot of the LNG world

14-Jan-13 www.fearnleys.com 27

LNG Vessel Supply / Demand

Japan – World’s largest LNG importer

28

Japan is the world’s largest LNG importer.

LNG imports up over 12% in 2012

Source: FEFC, METI

All 54 reactors shut in June, two restarted in July. 2-4 to start in 2013

LNG Vessel Supply / Demand

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• Annual LNG import growth rates of 20-

30% • Target for natural gas of 8.3% share of

primary energy mix in 2015 – up from 3.8% in 2008

– Total demand to triple from about 85 bcm in 2008 to 260 bcm in 2015

• Priority sectors are residential gas use and power generation

• Government policies for expanding gas distribution – only 10% of China have access to natural gas (world average 40%)

• Continues to install LNG regasification terminals (both floating and land based) and expansion of pipelines (from Russia and Caspian region)

China Imports only ~20% of Japan – but growing…

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Monthly imports

Annual imports

LNG Market Overview

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Spot - History

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LNG Spot Market

Arbitrage Trading

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LNG Fleet and Order book

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• Strong appetite from Korean Yards for new orders • Currency plays a big role for LNG ships - Japanese yards struggle with a strong YEN • Chinese yards get ‘China’ orders – not interested/competitive for export orders • LNG Prices have remained relatively stable during this order boom – Now there is a somewhat soft undertone

LNG Newbuild Prices

www.fearnleys.com

No new orders

First speculative orders placed

(GasLog, Golar, MaranGas)

98 new orders

Limited new orders – mainly options being exercised

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Contents

www.fearnleys.com

1. Fearnley LNG

2. LNG Rates & Values

3. LNG Fleet and Order book

4. LNG Vessel & FSRU Supply / Demand

5. Forecasting

LNG Fleet and Order book

14-Jan-13 34

• LNG order book now at 98 units (inc. FSRU/FLNG), up from only 6 at start 2011!

• DFDE appears to be propulsion of choice – FIRST MEGI ordered!

• Size also changing and new orders are for 160-175,000 cbm, up from 145-150,000 cbm

• Idling vintage vessels have been reactivated and added to the “active fleet” in recent months

World LNG Fleet by Year of Build – Jan 2013

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40 vessel are 25 years+ replacement demand developing!

115% inc. 26% inc.

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Contents

www.fearnleys.com

1. Fearnley LNG

2. LNG Rates & Values

3. LNG Fleet and Order book

4. LNG Vessel & FSRU Supply / Demand

5. Forecasting

LNG Vessel Supply / Demand

US/Canada LNG terminals with export projects

Source: Cheniere, Fearnley LNG

36 Source: Cheniere

Export Project Partners Possible Buyers Quantity

Company MTPA

Sabine Pass, LA Cheniere, JP Morgan BG, Gas Natural, KOGAS, GAIL, Total 16

Freeport, TX Freeport LNG, ConocoPhi l l ips Osaka Gas, Chubu Electric 9

Lake Charles, LA BG and SUG BG 15

Cove Point, MD Dominion Tokyo Gas, Mitsubishi 7,8

Jordan Cove, OR Jordan Cove Energy 9

Cameron, LA Sempra Mitsubishi Mitsui 12

Freeport exp, TX Freeport LNG, ConocoPhi l l ips 10

Port Lavaca, TX Excelerate 10

Corpus Christi LNG Cheniere 13,5

Gulf Coast LNG, TX Michael Smith 21

Pascagoula, MI Gulf LNG 11,5

Oregon LNG, OR LNG Dev. Comp, Warrenton 9,4

Elba Island, GA El Paso, Southern LNG 3,75

Total USA 148

LNG Canada Shel l , KOGAS, Mitsubishi , P.China PetroChina, KOGAS 12

Kitimat LNG Apache, Chevron 10

Douglas Channel LNG Partners , Golar LNG 0,7

BC LNG Partners Petronas , Progress Petronas 0,75

Prince Rupert BG, Spectra Energy BG 15

West Coast BC Nexen, Inpex, JGC Inpex TBA

West Coast BC Imperia l Oi l , Exxon TBA

Total Canada 38,45

• ~ 150 MTPA in planned US export projects • ~ 40 MTPA in planned Canadian export projects • Shipping intensive projects

Production increases

Expected LNG growth backed by committed liquefaction Projects

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• New wave of liquefaction projects in Australia mainly

• Large projects in Russia, Mozambique and Tanzania + US exports expected to boost numbers above from 2017 onwards

11 % 12 % 9 % 7 % 13 % 19 % 5 % 3 % 1 % 4 % 2 % 9 % 17 % 11 %

FSRU Market

Brokers General Notes on FSRU Projects

14-Jan-13 www.fearnleysecurities.no 38

• FSRU’s are:

– Accepted, popular and serve their purpose

– Have changed country/regions energy policies

– Fast track

– Competitive

– Strategic

• Conservative customers

• Tender process

• Experience is vital

• Awards are based on proposed solutions

• Fearnleys count 25+ FSRU projects and expect some 3-5 awards next 6 months

Green: Existing and planned export locations Red: Existing and planned import projects

FSRU Market

World FSRU Players + Fleet

14-Jan-13 www.fearnleysecurities.no 39

Exce le ra te De livery Size (CBM) Name T ype Builder Owner Charte re r1 jan.05 138 060 Excelsior LNGRV Daewoo HI Excelerate/Teekay LNG Petrobras2 mai.05 138 120 Excellence LNGRV Daewoo HI G. Kaiser FF Ltd/Excelerate Energy Israel FSRU3 okt.06 138 074 Excelerate LNGRV Daewoo HI G. Kaiser FF Ltd/Exmar Excelerate Energy LLP4 mar.08 150 981 Explorer LNGRV Daewoo HI Excelerate 50%/Exmar 50% Excelerate Energy LLP5 apr.09 150 900 Express LNGRV Daewoo HI Excelerate 50%/Exmar 50% Bahia Blanca FSRU6 sep.09 150 900 Exquisite LNGRV Daewoo HI Excelerate 100% Petrobras7 nov.09 150 900 Expedient LNGRV Daewoo HI Excelerate 100% Mina Al Ahmadi?8 jun.10 150 900 Exemplar LNGRV Daewoo HI Excelerate 100% GNL Escobar

NB may-14 173 400 FSRU Daewoo HI Excelerate Petrobras VT3

Hoegh LNG Delivery Size (CBM) Name T ype Builder Owner Charte re r1 okt.09 145 000 GdF Suez Neptun LNGRV Samsung Høegh LNG / Mitsui OSK Suez2 mai.10 145 000 Gdf Suez Cape Ann LNGRV Samsung Høegh LNG/ Mitsui OSK Suez

NB feb.14 170 000 Hoegh TBN FSRU Hyundai Heavy Høegh LNG LithuaniaNB apr.14 170 000 Hoegh TBN FSRU Hyundai Heavy Høegh LNG IndionesiaNB jun.14 170 000 Hoegh TBN FSRU Hyundai Heavy Høegh LNG ChileNB apr.15 170 000 Hoegh TBN FSRU Hyundai Heavy Høegh LNG

GOLAR Delivery Size (CBM) Name T ype Builder Owner Charte re r1 mai.04 138 000 Golar Winter FSRU Daewoo HI Golar LNG Petrobras2 sep.81 129 013 Golar Spirit FSRU Kawasaki Golar LNG/Golar Gas Cryogenic Petrobras3 jun.04 137 500 Golar Frost FSRU Hyundai OLT Offshore Toscana Livorno FSRU4 feb.77 125 858 Golar Freeze FSRU HDW Golar LNG DUSUP5 jul.77 125 017 Khannur FSRU Rosenberg Golar LNG West Java

NB nov.13 170 000 LNGRV Samsung HI Golar LNGNB apr.14 160 000 LNGRV Samsung HI Golar LNGNB Option feb.15 170 000 FSRU Samsung HI Golar LNG Gas Atacana

OLT T oscana De livery Size (CBM) Name T ype Builder Owner Charte re r1 jun.04 137 500 FSRU Toscana (ex G. Frost) FSRU Hyundai OLT Offshore Toscana Livorno FSRU

Will the FSRU market attract more players?

Yes, ….its needed!

14-Jan-13 40

Contents

www.fearnleys.com

1. Fearnley LNG

2. LNG Rates & Values

3. LNG Fleet and Order book

4. LNG Vessel & FSRU Supply / Demand

5. Forecasting

Forecast Vessel Requirement

14-Jan-13 41

LNG Production Growth:

•6-7% historically

•7-8% forecasted

Fleet growth:

•6-7% historically

•7-8% forecasted

We have a current fleet of over 330 large LNG vessels

•We will need 25 ships built per year in next 4 year period + replacement tonnage for vessel leaving the active fleet

Top – Down

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Forecasting

14-Jan-13 42

• Demand: • Still a sellers market next 1-3 yrs • LNG Production is expected to grow with 6-10% per year on average – but tail-heavy

in forecast period (US exports from 2016) • Distances expected to stay “stable” with some upside risk (again US exports) • Strong interest for LNG from “new” markets – Positive for FSRUs

• Supply: • Fleet has grown with 6-7% historically • Active fleet expected to grow with 5-8% in near future, hence a demand for 25-30

LNG newbuildings per year + replacement units (ships leaving active fleet for FSRU/FSU/Scarp, etc.)

• Technical changes/solutions developing • However – when studying project start-ups and the orderbook profile - short term it looks

like orders could be a bit ahead of the projects planned start-up dates

LNG Market 2013-2020

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Summary

14-Jan-13 43

• Short term (12m) : market likely to remain stable, but quiet (few ships entering and limited volume

growth) with seasonal rate developments – arbitration opportunities will be main driver for charter and rate movements

• We expect continued interest in FSRUs with several contract awards near term • Long term (3 yrs+) : very strong macro fundamentals – LNG production volumes expected to grow

significantly – Massive investments in LNG infrastructure

• Will be periods with tonnage over/undersupply, but in general – LNG is a commodity growth story that will result in vessel demand. Any oversupply periods will be short-lived!

• FLNG – 4 projects now – will be more this time next year!

Summary – LNG Market

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Q&A

14-Jan-13 www.fearnleysecurities.no 44

Fearnleys App

14-Jan-13 45 www.fearnleys.com

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Thank You

47

Vegard Hellekleiv

Senior Vice President

FSRU business

48

A Floating Storage and Regasification Unit is permanently moored close to the market

1.

Offshore mooring

Jetty mooring

Project specific mooring solution Some other mooring examples:

FSRU - What is it?

49

An LNG carrier approaches the FSRU to bring a new cargo

2. Höegh LNG’s FSRU is compatible with most of the world's LNG carrier fleet Typically, LNG/Cs of 80,000 to

170,000 m3 will be used Full feasibility to discharge LNG from the FSRU to LNG bunker vessels, Short-sea LNG shipping Road trucks

FSRU - What is it?

50

The LNG is transferred from the LNG carrier to the FSRU

1. 3. LNG transfer can be done “ship-to-ship” or across a berth with loading

arms or flexible hoses

Side-by-side

Across a berth

FSRU - What is it?

Onboard regasification of LNG Output from 1 to 10 bcm p.a., but

typically 3-5 bcm p.a. Seawater provides the heat to

heat the LNG; steam boilers may replace or supplement the seawater heating

A modular and train based design Proven systems and components High reliability

51

The FSRU continuously regasifies the LNG and sends high-pressure natural gas to shore

4.

Regas Module

Regas module

FSRU - What is it?

52

Main drivers for developing new LNG import projects are: Supply of gas where there is no or limited access to pipeline gas

Fuel for new power production capacity

Replace liquid fuel for existing power plants

Provide alternative source of energy

Increased supply to pipeline gas demand

Competitive advantages of FSRUs: Shortest schedule

Lowest capital costs

Provide flexibility for relocation

For projects where the above criteria have top priority, FSRU solutions are selected

Why do importers choose FSRUs instead of onshore terminals?

FSRUs delivered in 2009 and 2010 from Samsung Heavy Industries GDF Suez Cape Ann and GDF Suez Neptune are on 20 year time charters to GDF Suez

GDF Suez Cape Ann will be used as China’s first FSRU from Q3 2013

53

Höegh LNG’s FSRUs in operation

54

Regas unit at Sinopacific Offshore & Engineering Höegh LNG's site team at Hyundai

Ship sections at Hyundai

Construction program at Hyundai Heavy Industries

55

20 year charter with PGN

Höegh LNG will deliver the mooring to PGN on EPC basis at completion

Scheduled start-up in June 2014

Debt financing work progressing well and scheduled to be completed by mid 2013

Delivered cost (excluding mooring) USD 300 million

EBITDA contribution USD 40 million p.a.

Perusahaan Gas Negara (PGN) - Indonesia

Tower yoke mooring system

Gas Export

Regasification Module

56

Klaipedos Nafta - Lithuania

Chartered by Klaipedos Nafta for 10 years

FSRU to be located in the Port of Klaipeda, Lithuania

The project is on schedule for start-up in Q3 2014

Financing secured through USD 250 million debt facility and paid-in equity

Delivered cost USD 325 million

EBITDA contribution USD 50 million p.a.

Metering

station Pipeline route

57

Colbún / AES Gener - Chile

Höegh LNG is selected preferred bidder and in final contract negotiations

Terminal to be located in Quintero Bay close to Santiago

Clients are Colbún and AES Gener

Contract length 10 + 5 years

Planned start-up end 2014

Delivered cost USD 300 million

EBITDA contribution USD 41 million p.a.

Market outlook

58

Strong outlook for FSRU market

Additional LNG supply equals capacity of 40 regasification terminals

Increasing number of importing countries Several prefer FSRUs as import terminal solution

Source: BP, RS Platou Economic Research

Up to

144

Assumptions: 1 import terminal = 3.5 mtpa of regas capacity

Planned increase of global liquefaction capacity

59

Steady growth in number of FSRUs employed

Outlook:

Upcoming projects are expected to employ newbuilt FSRUs

Growth is expected to accelerate beyond 2015

Currently ca. 30 potential FSRU projects in pipeline

0

5

10

15

20

25

2000 2005 2010 2015

Num

ber o

f FSR

Us

Year

FSRU employment growth

60

Near-term contract award opportunities

Project Pre-qualified Bid Selection Contract Start-up

Indonesia Yes Submitted 2013 2013 2014/15

Uruguay Yes Q1 2013 Q2 2013 Q3 2013 2015

India Yes Q2 2013 Q3 2013 2013 2014/15

Lebanon Yes Q2 2013 Q3 2013 2013 2015

Port Meridian Exclusive N/A N/A Q4 2013 2016

Concluding remarks

61

Höegh LNG in unique competitive position

Proven track record:

Two FSRUs in operation

Secured three new FSRU contracts in 2012

Construction program on schedule and budget

High barriers to entry due to clients’ experience requirements

Attractive financial returns (target unlevered IRR of 12 %)

Well positioned to win additional contracts (one FSRU available)

62

LNG shipping business

Thomas Thorkildsen

Head of Commercial Management

Norman

Lady

Suez

Matthew

LNG

Libra

Arctic

Princess

Arctic

Lady

STX

Frontier

GDF Suez

Neptune

GDF Suez

Cape Ann

Delivered in

1973 from

Rosenberg

shipyard in

Norway. The

vessel is

chartered to

Gas Natural.

Delivered in

1979 from

Newport

News. The

vessel is

owned by

Suez LNG

Shipping NA.

The vessel is

operated &

managed by

Höegh LNG.

Acquired in

2011 and

delivered to

Höegh LNG

in 2012. The

vessel is

chartered to

North West

Shelf for six

months.

Delivered in

2006 from

Mitsubishi

Heavy

Industries. The

vessel is

chartered to

Statoil ASA

on a 20 year

time charter

for the Snøhvit

LNG Project.

Delivered in

2006 from

Mitsubishi

Heavy

Industries.

The vessel is

chartered to

Total E&P

Norge AS for

the Snøhvit

LNG Project.

Delivered in

June 2010

from Hanjin

Heavy

Industries.

The vessel is

chartered

from STXPO

and further

sub chartered

to Repsol.

Höegh LNG to

own 50%.

Delivered in

November

2009 from

Samsung

Heavy

Industries.

The vessel is

chartered to

GDF Suez

LNG Supply

SA.

Delivered in

June 2010

from

Samsung

Heavy

Industries.

The vessel is

chartered to

GDF Suez

LNG Supply

SA.

63

Existing fleet

64

Fleet mainly on long-term contracts

OPEX pass-through or indexation in long-term charter agreements

Vessel Built OwnershipCapacity (m3 '000) 20

13

2015

2017

2019

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

Matthew 1979 0 % 126' Ship management ageement with GDF Suez

STX Frontier 2010 0% / 50% 153' (Exercised option to purchase 50% of vessel, delivery on or before 1 October 2013)

LNG Libra 1979 100 % 126'

Norman Lady 1973 50 % 87' Extension

Arctic Lady 2006 50 % 147'

Arctic Princess 2006 34 % 144'

GDF Suez Neptune 2009 50 % 145'

GDF Suez Cape Ann 2010 50 % 145'

PGN FSRU 2014 100 % 170'

KN FSRU 2014 100 % 170'

Colbún FSRU 2014 100 % 170' (Selected preferred bidder)

New FSRU 4 2015 100 % 170'

GDF Suez

Perusahaan Gas Negara

Klaipedos Nafta

Colbún / AES Gener

FSR

Us

Option 5+5

Option 5+5

Option 5

LNG

Car

riers

Total

Statoil

Option 5+5

GDF Suez

Option 5+5

Option 5+5

Constr.

Rep

sol

Constr.

Constr.

Construction

GasNatu-ral

65

Vessel Delivered cost (100% basis) Yard

Selection date

Delivery On budget? On Schedule?

Arctic Lady 215 Mitsubishi H.I 2002 2006

Arctic Princess 215 Mitsubishi H.I 2002 2006

GDF Suez Neptune 330 Samsung H.I 2006 2009

GDF Suez Cape Ann 330 Samsung H.I 2006 2010

Proven ability to design, construct and deliver on time and budget.

Recent project execution performance

Strong emphasis on operational performance

In-house ship management

Impeccable safety record

Support to and close cooperation with charterers

• Annual customer satisfaction reviews

Operational LNG experience from early 1970’s

• Norman Lady (built 1973) - 40 years of continuous commercial operations

66

Proven operational track record

Global LNG fleet overview

14 FSRUs in fleet

8 FSRU newbuildings on order plus 2 options to change from LNGC to FSRU

364 LNG vessels in fleet

88 newbuildings on order (24%)

67

Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 364 88 - 452

FLNG - 2 - 2

FSRU 14* 8** 1 23

Total 378 98 1 477

LNGC fleet FSRU fleet

* 10 newbuildings and 4 conversions ** In additional to eight firm FSRU orders globally, Golar LNG has options to convert two LNGC orders to FSRUs

Source: Wood Mackenzie, LNG Unlimited, Fearnley LNG

68

LNG Libra (1979)

Available February 2013

Working on charter or sale

STX Frontier (2010)

Available April / October 2013

Working on medium to long-term charter

Norman Lady (1973)

Available September 2013 or 2015

Awaiting charterers decision on extension

Near-term LNG shipping opportunities

69

Shipping summary

Established operator

Existing fleet operated to the satisfaction of our customers and in accordance with industry standards

Near-term focus on securing employment for LNG Libra and STX Frontier

Growth focus on medium to long-term contracts with investment grade customers using newbuilt LNG carriers for 2015/2016 timeframe subject to meeting unlevered IRR target of 12% and availability of capital

Höegh FLNG Ltd.

Øivin Iversen

SVP of Höegh FLNG

70

71

Business model

To provide floating liquefaction services to small and medium size exploration and production companies based on long-term lease contracts

Strategy

To offer liquefaction capacities between 0.5 and 3 million tonnes of LNG per year

Construction at recognised yards

Separate company from 2012

Target unlevered IRR of 15%

Further equity contributions will come from new partners/investors or a potential stock listing

Debt financing through commercial banks and export credit agencies

Höegh FLNG Ltd. - Business model and strategy

72

Höegh FLNG Ltd. – Objectives and legal structure

Höegh FLNG Ltd.'s objectives for 2013

Bring partners / investors into Höegh FLNG in Q1/Q2 2013

Agree and execute 1-2 project specific front-end engineering designs ( FEEDs) for FLNG, funded by clients. This will allow a final investment decision (FID) in 2014 for the first project

Höegh LNG Holdings Ltd. Bermuda

Höegh LNG Ltd. Bermuda

Höegh FLNG Ltd. Bermuda

New partners / investors

New Investor Chairman New Investor

Chairman

73

Höegh FLNG Ltd. – Board and management

OPERATIONS Andre Thoresen

Operations Manager

BUSINESS DEVELOPMENT

Øivin Iversen Senior Vice President

Gunnar Knutsen CEO

TECHNICAL Thomas Larsen Vice President

PROJECTS TBC Man

agem

ent

Dire

ctor

s Sveinung J. Støhle Chairman

Morten W. Høegh Director

Timothy J. Counsell Director

New Investor Chairman Cameron Adderley

Director New Investor

74

FLNG – Complete floating LNG Plant

Accommodation and CCR

Gas Inlet Facilities

Acid Gas Removal

Liquefaction Trains

LPG Extraction

Hull Storage Tanks

Offloading Arms

Dehydration and Mercury Removal

1 3 5 4

2

Power Generation

75

Simplified FLNG solutions

Near shore / Jetty-moored solutions

0.5-3 MTPA (1 to 3 trains)

Minimized gas treatment (pipeline gas)

Electrical power from shore

Other utilities from shore

No accommodation onboard

Offshore solutions

0.5-3 MTPA (1 to 3 trains)

Not self-propelled

Spread moored

Barge-type solution for US export and West Africa projects

76

Advantages of FLNG

Cost effective – Significantly lower CAPEX than an onshore LNG facility

Environmentally safer – Less environmental impact than an onshore LNG plant

Fast track delivery – 4 years from FID to commencement of LNG production, or faster with simplified solution

Project execution method – Construction to take place at one shipyard optimised for fabrication, minimizing risk of cost overruns and delays

Flexible deployment – Opportunity to monetise stranded gas and with the potential to use at multiple fields over vessel’s lifetime

Highly attractive long-term and stable financial returns

77

Announced FLNG projects

COUNTRY LOCATION OF FIELD MAIN SPONSORS STATUS

Australia

Prelude FID taken – in EPC phase

Cash Maple Completed pre-FEED studies

Sunrise Pending resolution with Timor, under review

Bonaparte On-going concept studies

Brazil Santos FID likely delayed until or post 2013

Colombia Caribbean coast Service agreement signed

Indonesia Abadi “On hold”

Israel Tamar Completed pre-FEED study

Malaysia Sarawak Kanowit FID taken – in EPC phase

Sarawak Rotan On-going pre-FEED studies

Papua New Guinea

Gulf FLNG Under review, Governmental Approval (NEC) approval not received

Gulf of Papua Governmental Approval (NEC) approval received, gas allocation and final approval in process

USA Texas FEED commenced, no off-take or approvals in place

78

FLNG development

Key milestones

2006

2007

2008

2009 2010

2011 2013

• Conversion study

• Selected Niche technology • Initiated pre-FEED

• Completed pre-FEED

• Completed generic FEED

• Selected KBR

• PNG FLNG • WoodGoup PSN selected O&M partner

Construction of first FLNG

• Höegh FLNG in operation • FEED contract(s) expected

2012

• Pre-FEEDs for Asian client and Tamar

2014

• First FID expected

Invested 400 000 engineering man hours in proprietary FLNG design

79

Key technical challenges

Liquefaction

No liquids in the process – not sensitive to motions

Minimum hydrocarbons inventory – Safety

Low equipment count – reliable and easy to operate

Fast start-up

Storage

Central bulkhead to eliminate sloshing in cargo tanks

Extensive calculations and model tank tests

Membrane system selected by both Shell and Petronas

Liquid transfer

Ballast tanks optimised for constant draught

Operation within capabilities of existing loading arms

80

Partnership with global leaders

FPSO Operations

Operation & Maintenance Engineering / EPC FPSO EPCIC

& LNG/C

EPCIC

Owner & Operator

Project pipeline – Offshore Australia

Australia Asian national oil company

• Field development plan with FLNG only • Field owner currently evaluating a lease model for FLNG • Höegh LNG has executed a simplified pre-FEED in 2012 • FLNG capacity of 2 mtpa LNG for 15-20 years • Höegh FLNG is currently negotiating agreements to bring

the project into FEED phase

Opportunity Status

82

Project pipeline – Tamar field, Israel

Israel Joint Development with DSME/D&H Solutions Tamar

• FLNG as export solution from the Tamar field • Tamar field will go into operations in 2013 (domestic use) • Höegh LNG has executed a full pre-FEED in 2012 • FLNG capacity of 3 mtpa LNG for 15-20 years • Currently discussing the required structure and agreements

to bring the project into FEED phase

Opportunity Status

83

Project pipeline – Papua New Guinea

Status

• Höegh LNG and partners have Approval in Principle in PNG (National Executive Committee Approval)

• The Project Approval Process in PNG initiated • Field specific concept study for a jetty moored solution and

an offshore solution completed • Proposal to execute pre-FEED recently issued to a client

Papua New Guinea (“PNG”) Joint Development Area with Petromin and DSME E&R Independent of gas field

Opportunity

PRL04 Stanley Gas/Con

PL2

PRL03

PL1

PRL5 Elevala/ Ketu Gas/Con

PL3

PL4

PRL08 Kimu Gas

PRL02 PRL011

PRL012

PRL09 Barikewa Gas

PL5

APRL 14 Iehi, Bilip & Cobra Gas

PRL13 Kuru Gas

PL7

PL8 APRL 15 Elk/Antelope Gas/Con

PL10 PRL10 Uramu Gas

PL12

PRL01 Pandora Gas

PL 9

FPSO

Undeveloped gas discoveries in Papua New Guinea

PL11

PPL 237 Bwata Gas/Con

PPL 235 Douglas Pukpuk Gas

Project pipeline – Early stage opportunities

84

North America – export of pipeline gas

West and East Africa – export of associated gas from oil production and gas which otherwise would have been flared

Simplified technical solution, since the gas has already been treated

Shorter lead-times

Lower technical costs

85

FLNG summary

FLNG accepted as a solution to monetise gas fields and this new market will grow

Höegh FLNG is staffed and in operation

Höegh LNG is in the process of bringing partners / investors into the new company

Mature technical FLNG solution forms basis for specific project developments

Three advanced FLNG project opportunities and several early stage developments. Two can go into FEED phase in 2013 with a possible final investment decision for our first FLNG in 2014

86

Financial strategy

Steffen Føreid

CFO

87

EBITDA development

Capital expenditure & funding

Growth plans beyond current investment plan

Agenda

Strong growth in EBITDA

88

(*) KN and PGN project agreements signed - selected bidder status for Colbún/AES Gener project

EBITDA to more than quadruple by 2015

70% of earnings growth secured

Stable and predictable cash flows from high margin infrastructure business

New FSRUs wholly owned by Company

Back-ended capex schedule

89

Year Capex (USD bn)

Paid as of 3Q 2012 0.2

4Q 2012 0.0

2013 0.3

2014 0.7

2015 0.2

Total 1.4

Delivery schedule: FSRU KN: 1Q 2014 FSRU PGN: 2Q 2014 FSRU Colbún: 2Q 2014 FSRU #4: 1Q 2015 STX Frontier: Oct. 2013

60% of contract price payable upon delivery of FSRUs

Fixed price turn-key shipbuilding contracts with world leading shipyard

Capitalization strategy in growing the Company

Objective Maintain strong creditor and investor confidence Maximize shareholder value Be adequately capitalized given existing business

and expansion commitments

Financing strategy Raise equity before taking on capital commitments Raise debt financing when employment secured Broaden sources of equity and debt funding

Goals Long-term equity-to-total asset of 30%* Start paying dividends after completion of current

expansion program in 2015

90

(*) adjusted for mark-to-market of derivatives

91

Proven capital markets access

Equity USD 340 million

IPO proceeds USD 134 million @ 38 NOK/share Follow-on share issues USD 208 million @ 53 NOK/share Shares listed on the Oslo Stock Exchange («OSE»)

Bond financing USD 130 million

Bank financing USD 538 million

Senior unsecured corporate bond NOK issue swapped into USD with fixed interest rate of 7.3% Höegh LNG shadow rated at B+/B+/B with bonds listed at the OSE Proceeds for general corporate purposes and as equity in projects

USD 250 million bank financing of KN FSRU - fixed interest rate 5.1% First ever FSRU financing backed by K-sure and GIEK USD 288 million bridge financing of two FSRUs available regardless

of employment

The Company has raised USD 1.0 billion in debt and equity since June 2011

92

No need for further equity in funding current investment plan

USD 0.8 billion of cash and undrawn bank financing available

USD 0.8 billion of additional bank financing to be raised

Uses Sources

FSRU#1-4 (remaining) 1,0 Cash at hand 31/09/12 0,3

STX Frontier 0,1 Undrawn bank financing (USD250m KN and USD288m bridge) 0,5

Mooring 0,1 Incremental bank financing (FSRU2,3,4 / STXF / Mooring) 0,8

Remaining capital expenditures 1,2 Cancellation USD288m bridge facility (0,3)

Net proceeds sale of Mooring 0,0

Excess cash 0,2

Total 1,4 Total 1,4

Based on 3Q2012 figures. Cash at hand includes proceeds from the bond issue and the sale of Port Meridian

75% leverage assumed for FSRUs & Mooring, 65% for STX Frontier

Strong appetite for LNG backed lending among banks

Stable and predictable cash flow from provision of infrastructure services

Strong group of relationship banks

Expanding the banking group

Status financing activities

KN FSRU: Completed

PGN FSRU: In progress

PGN Mooring: In progress

Colbún/AES Gener FSRU: Initiated

STX Frontier: Initiated

FSRU #4: To be initiated + new banks for PGN financing

Plan to grow with 1-2 FSRUs per year beyond 2015

Potential equity funding of further growth

Internally generated funds

Share issue if acceptable pricing

Sale of existing assets

Partnerships

Master Limited Partnership

Potential debt financing of further growth

Commercial bank debt

Export credit agencies

Project bond market

Other debt sources

94

Master Limited Partnership

A partnership publicly listed in the US

Providing funding for further growth and lowering the cost of capital

Process of engaging financial and legal advisors started

Planning for a potential MLP IPO in 2014

95

96

Stable and predictable cash flows from provision of infrastructure services

Strong growth in earnings

Proven capital markets access

No need for additional equity in funding remaining capex of current investment plan

Planning for an MLP IPO in 2014

Closing remarks on financing

97

Sveinung Støhle

President & CEO

Closing remarks

98

Key investment considerations

LNG will be the fastest growing fossil fuel

Höegh LNG's services will continue to be in demand for the very long-term

FSRU main focus for growth

Fully funded for current capital programme

Proven ability to raise debt and equity for further growth

Develop Höegh FLNG as a stand alone company together with new investors

Preparing for MLP as new funding source