Exmar : Presentation AGM 2019

EXMAR GENERAL ASSEMBLY 21st May 2019

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About this presentation

"This presentation (the "Presentation") has been produced by EXMAR NV ("EXMAR" or the "Company"). By attending a meeting where this Presentation is presented, or by reading the Presentation slides, the reader or the recipient, as the case may be, (the "Recipient") agrees to be bound to the conditions set out below. This Presentation and its content may not be reproduced, passed on or redistributed in whole or in part, directly or indirectly, to any other person.

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This Presentation is dated May 2019. Neither the delivery of this Presentation nor any further discussions of the Company with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date of this Presentation.

No representation or warranty (expressed or implied) is made as to the accuracy or completeness of the information contained herein, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefor is expressly disclaimed. Neither the Company, nor its parent, subsidiary, affiliates, directors, officers, employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from any use of this Presentation or its contents or otherwise arising in connection with the Project or the Presentation, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein. Further, nothing in this Presentation should be construed as constituting legal, business, tax or financial advice.

Information provided by a third party where cited as the source may be derived from estimates or subjective judgments."

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Investment Highlights

1 Industry leader within LPG shipping and LNG Infrastructure

2

Strong cash flow visibility

3

Solid counterparties and partners

4

Well positioned

for the future

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LNG and LPG market

fundamentals

• Undisputed market leader in midsize LPG shipping, with a niche position in LPG, ammonia and other chemical gases
• Pioneered floating regasification solutions, introducing the world's first FLNG barge in 2017
• Strong in-house technical expertise in shipbuilding supervision and design upgrades for various types of ships
• Global presence with strong and long-term customer relationships
• Tango FLNG on 10-year tolling agreement to YPF (Argentinian multinational energy company) in Argentina
• FSRU on 10-yearfixed rate contract to GUNVOR (one of the world's largest independent commodities trading houses)
• Industrial midsize LPG shipping with an established, solid and stable customer base yielding stable earnings through the cycles
• EBITDA backlog of USD ~785m as per year-end 2018, with a pro forma NIBD/EBITDA of 5.3x adjusted for Tango FLNG
• Blue-chipshipping customer base including oil majors and traders
• Strong LPG shipping JV partner with Teekay LNG Partners
• Two VLGCs under construction to commence 5 year charters with Equinor ASA in 2021
• 1st class in-house technical management and crewing - largest independent operator of FSRUs in the world
• Positioned to act as a consolidator in the midsize and pressurized segments of the LPG segment
• FLNG first mover advantage to capture a niche market
• Several FSRU and FLNG projects being actively developed
• Improving LPG market fundamentals - strong U.S. LPG production growth
• Limited new ordering and increased LNG supply - positive outlook for FSRU contract awards
• Gas being an increasingly important source of energy
• Stranded gas to be monetized, driving demand for FLNG assets

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Significant De-Risking Over the Past 18 Months

Status 2017

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Uncontracted and unfinanced FLNG

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Uncontracted and

Recent developments

	 Signed 10-year tolling agreement with YPF in Argentina November 2018
	 Estimated EBITDA contribution of USD 43m per year with upside
	potential
 Commercial Operations Date ("COD") expected in May
	 Strategic important project for YPF and Argentina
	 Long-term financing with Bank of China / Sinosure in place since 2017
	 On 10-year contract to GUNVOR since October 2018 with an annual
	EBITDA contribution of USD 23m per year
	 GUNVOR is exploring several long-term employment options

Financial leverage

	NIBD/EBITDA	EBITDA	Capital gains
			8.6x
4.8x	4.8x	3.9x	5.3x
	Includes USD 98.3m
USDm	capital gains on
the sale of vessels	Includes USD 31m

141 capital gains on

the sale of vessels

unfinanced FSRU

barge

  Termination fee in line with standard LNG charter contracts

117

99

110

3

Liquidity position

	 Secured a Sale & Lease back financing with China State Shipbuilding
	Corporation ("CSSC"). Documentation in progress
	 Release of USD 40m restricted cash as part of the Tango FLNG credit
	facility expected June following COD
	 Lease financing for the FSRU barge, with USD ~78m being made available
	in June 2019 - additional financing of USD ~32m available once the barge
	is operational
 Sale and lease back of pressurized fleet in 2018/2019 - in total freeing up
	USD ~60m cash
	 Existing NOK unsecured Bond expiring in July 2019 successfuly refinanced
	by a new NOK 650m unsecured Bond with maturity May 2022

98

67

43

2015

2016

2017

2018

2019 PF

Leverage set to decrease upon commencement of

YPF FLNG contract

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EXMAR at a Glance

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