Slide 1: Investor Meetings May 2017
Investor Meetings May 2017 Innovation: Our Source of Energy
Slide 2: Disclaimer and Important Information
DISCLAIMER AND IMPORTANT INFORMATION About this presentation By attending a meeting where this presentation (the "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 by the terms, conditions and lim
Slide 3: Disclaimer and Important Information (cont'd)
DISCLAIMER AND IMPORTANT INFORMATION (CONT’D) Forward looking statements This Presentation contains certain “forward-looking statements”. The Recipient is cautioned not to rely on these forward-looking statements. All statements, other than statements of historical facts, that address activities, ev
Slide 4: Summary of key risk factors
Summary of key risk factors A number of risk factors may adversely affect the Company and its subsidiaries (together the "Group"). This summary is intended to highlight some of those risks, but is not intended to be exhaustive. Reference is made to the Company's published 2016 annual report page 59-
Slide 5: Summary of key risk factors (cont'd)
Summary of key risk factors (cont’d) • Termination risk: The Group’s current contracts permit, and future contracts may permit, a customer to terminate their contract early subject to the payment of a termination fee, however such fee may not fully compensate the loss sustained by the Group. • Risks
Slide 6: Executive Summary
RES EXECUTIVE SUMMARY
Slide 7: Executive Summary and Situation Overview
EXECUTIVE SUMMARY AND SITUATION OVERVIEW LPG fleet performing despite deteriorating market conditions due to solid contract portfolio with 1st LPG and LNG business class customers and operations areas performing LNG shipping and LNG regasification fleet delivering steady results in accordance wi
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Industry leader Innovator and world market leader in floating liquefaction (FLNG) and floating regasification (FSRU) within LNG and LPG World class reference in LPG shipping with blue-chip customers shipping Strong cash flow The Company’s LNG fleet has an average remainin
Slide 9: Transaction Overview
TRANSACTION OVERVIEW Issuer: EXMAR Netherlands BV Parent and Guarantor: EXMAR NV Issue Amount: Up to EUR 140 million (or equivalent in USD or NOK) Use of proceeds: The net proceeds shall be used to (i) refinance the Issuer’s NOK 1,000 million senior unsecured bond issue, and (ii) for general corpora
Slide 10: EXMAR - overview
> EXMAR - overview a
Slide 11: EXMAR at a Glance
EXMAR AT A GLANCE Key metrics (proportional consolidation) Fleet list (owned vessels) at 5th May 2017 Market capitalization: EUR ~340m Revenue (2016): USD 278m 4 EBITDA (2016): USD 116.5m (*) 2 Total assets (2016): USD 1,326m Equity ratio (2016): 32.6% 1 Net Debt / EBITDA (2016): 4.8x 1
Slide 12: EXMAR Business Overview
EXMAR BUSINESS OVERVIEW LNG LPG / NH3 Offshore Supporting Services EBITDA by segment (2016) 0% 1.6% 51% (*) including USD 14.3m non 48% cash profit LNG transportation, Niche position in LPG, Provides innovative In-house engineering liquefaction, storage and chemical gases and solutions in th
Slide 13: EXMAR LNG - Creating value through the LNG value chain
EXMAR LNG - Creating value through the LNG value chain
Slide 14: EXMAR LNG Shipping & LNG Infrastructure
EXMAR LNG SHIPPING & LNG INFRASTRUCTURE Business approach Key Financials1) Clients Customized service with significant LNG (USDm) 2015 2016 Q1/2017 Turnover 88.7 91.5 18.7 added value EBITDA 39.4 59.4 9.7 Investments with long-term time- *REBITDA 53.1 50.4 9.7 charter contracts EBIT 20.9 41 5.0
Slide 15: Innovating along the LNG value chain
INNOVATING ALONG THE LNG VALUE CHAIN Power Plant © EXMAR, all rights reserved 15
Slide 16: LNG Asset Overview
LNG ASSET OVERVIEW Commitment overview of a diverse and high-quality portfolio Existing LNG & FSRU fleet has an average remaining firm charter duration of ~ 10 years, generating an annual EBITDA of USD ~55m EXCEL commenced a 3 months’ TC at the end of March with extension options until the end o
Slide 17: FSRU Barge on a Stand Alone Basis
FSRU BARGE ON A STAND ALONE BASIS Expected Delivery in Q3 2017, cost efficient and tailored Buffer storage of 26,230 m³, Proven technologies and low High availability for 20 years provide sufficient margin operational expenses continuous send out Newest technologies for power and Low permanent fixed
Slide 18: EXMAR and Floating Regasification
EXMAR AND FLOATING REGASIFICATION Established player always working on innovative solutions Pioneered floating regasification solutions, introduced world’s first FSRU in 2005 Currently operating 10 FSRUs 1 barge-based FSRU under construction, still commercially available Unrivalled track rec
Slide 19: FSRU market outlook
FSRU market outlook Limited new ordering and an increased LNG supply positive for the FSRU market The FSRU orderbook is limited, with only four uncommitted FSRU fleet units scheduled to be delivered between 2017 and 2020 Höegh LNG Golar LNG In 2016, six FSRU projects were awarded and three to si
Slide 20: FLNG Developed by EXMAR
FLNG DEVELOPED BY EXMAR Caribbean FLNG project EXMAR to build, operate and maintain the world’s first Floating LNG (“FLNG”) unit FLNG is cheap, fast and flexible way to monetize gas reserves Export capacity: 0.5 MMt per year Storage: 16,100 m3 + OPTION: Floating Storage Unit Black & Veatch
Slide 21: Caribbean FLNG – Current Status
CARIBBEAN FLNG – CURRENT STATUS FLNG to be delivered in June / July 2017, financing secured and employment discussions in advanced stages Delivery set to take place June / July 2017 The balance of the purchase price (USD ~200m) is due at delivery Complementary support from Wison Shipyard has b
Slide 22: FLNG – a promising market
FLNG – a promising market Big potential for unlocking stranded gas reserves Arctic West Europe and Remote locations Mediterranean Rim North America Stranded gas Unconventional gas South East Asia production Stranded gas and rapidly Middle East growing consumption in cities Significant rese
Slide 23: EXMAR LPG: Innovation and Partnership
EXMAR LPG: Innovation and Partnership
Slide 24: EXMAR LPG Shipping
EXMAR LPG SHIPPING Business approach Key Financials1) Clients Niche position in LPG, ammonia and LPG (USDm) 2015 2016 Q1/2017 chemical gases transportation Turnover 124.5 109.4 22.5 EBITDA 51.3 56 8.5 Focus on midsize carriers *REBITDA 51.4 41.7 8.5 Long-term relationships with blue-chip EBIT
Slide 25: EXMAR LPG Activities
EXMAR LPG ACTIVITIES Owner/Operator of LPG carriers Fleet of 33 LPG carriers (owned and time-chartered) Transportation of LPG, chemical gases and ammonia 21 LPG/NH³ midsize (28,000 - 38,000 m³) and 1 semi-ref LPG carrier Flexible commercial proposition in JV with Teekay LNG Partners Time-cha
Slide 26: Highlights and Outlook
Highlights and Outlook Midsize fleet Pressure from the larger vessels’ segments combined with a steady flow of newbuilding deliveries explains the downward correction, which the Midsize segment has incurred since the beginning of the year. A certain floor on hire levels seems to have been reached
Slide 27: LPG market outlook
LPG market outlook MGC orderbook being absorbed and rates set for recovery A high level of vessel deliveries have been putting pressure on MGC charter rates MGC rates. However, the orderbook relative to the existing fleet 1,200 has come down to around 20% after peaking at over 50% in early 1,000 2
Slide 28: EXMAR Offshore - Finding the answer before the question's asked
EXMAR OFFSHORE - Finding the answer before the question’s asked
Slide 29: EXMAR Offshore
EXMAR OFFSHORE Business approach Key Financials1) Clients Provides engineering and design Offshore (USDm) 2015 2016 Q1/2017 Turnover 74.5 52.4 7.9 services, asset leasing and operating EBITDA 8.6 -0.8 -2.6 and management services REBITDA* 10.3 -1.7 -2.6 Cost effective approach with EBIT 4.4 -3.6
Slide 30: EXMAR's Activities in the Offshore Sector
EXMAR’s ACTIVITIES IN THE OFFSHORE SECTOR Build, own, operate model Services Owned assets: 2 accommodation barges. Discussing Pre-Operations Engineering consolidation opportunities Marine and Maintenance Services Development of FPSO’s and FSO’s Operational Services Development of semi-su
Slide 31: Supporting Services - The power of innovation
SUPPORTING SERVICES - The power of innovation
Slide 32: EXMAR's Supporting Services
EXMAR’s SUPPORTING SERVICES Key Financials1) EXMAR Shipmanagement Travel Plus Supporting Services 2015 2016 Q1/2017 Specialized in quality ship Service-oriented travel agency based Turnover 49.2 46.3 10.3 management & related services to in Antwerp specialized in both in EBITDA 0.1 1.9 -0.9 asse
Slide 33: Key Figures
* See ee ‘—— A a na som fh’ i ae ays > “Ki \ uv a ft y ‘= | aie wes vet} Fe RES KEY FIGURES
Slide 34: Committed Capex
COMMITTED CAPEX CAPEX schedule Caribbean FLNG Total capex of USD ~300m Remaining capex of USD ~200m due at delivery in June / July 2017 EXMAR has secured a long term post-delivery financing of the Caribbean FLNG with Bank of China and Deutsche Bank. Financing is not dependent on long-term em
Slide 35: Debt Overview
DEBT OVERVIEW Strong track record with and backing from core shipping banks and Export Credit Agencies The Group’s debt facilities amounted to USD ~780m end 2016, including the bond of NOK 1,000m (USD ~152m) expiring in July 2017. Several refinancing alternatives being explored Balloon of Exce
Slide 36: Debt Overview (main bank facilities)
DEBT OVERVIEW (main bank facilities) Competitive financing with flexibility to distribute excess cash to parent company (USDm) Borrower Outstanding loan Annual principal Balloon and maturity Liquidity covenants (31/12/2016) repayment EXMAR LPG EXMAR 201.1 20.9 USD 110.7m in June 2021 Higher of USD 2
Slide 37: EXMAR Cash Overview
EXMAR CASH OVERVIEW Assuming full refinancing of NOK bond (equivalent of USD 150m) USDm 274 600 -352 Comments 550 500 Cash balance remains stable assuming full refinancing of 450 the NOK 1,000 bond (USD 152m) 400 350 Restricted Cash increases due to DSRA of CFLNG to be put 76 300 in place as lon
Slide 38: Financial Highlights
FINANCIAL HIGHLIGHTS Comments (In USD millions unless otherwise stated) 2015 2016 Q1/2017 LPG: Strong performance in 2016 in a weakening market, due to a solid contract portfolio. USD 14.3m non-cash profit recognized on the acquisition of 50% of the Operating Income 315.3 305.9 59.3 pressurized fl
Slide 39: Outlook 2017
OUTLOOK 2017 LNG Delivery of the Caribbean FLNG in Q2 2017 and FSRU barge before year end. Discussions on employment are progressing but no revenue expected before early 2018 All LNG assets contracted on long term charters with the exception of the EXCEL LPG Strong cover ratio of the fleet but
Slide 40: Thank you for your attention
Thank you for your attention © EXMAR, all rights reserved 40