Höegh LNG – The floating LNG services provider

First Quarter 2014

Presentation of financial results

23 May 2014

Forward looking statements

2

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.

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

First quarter 2014 - Highlights and subsequent events

4

Mandatory change in accounting standard for recognition of joint venture

investments from proportionate consolidation to the equity method

EBITDA of USD (1.0) million and loss before tax USD 4.5 million

Signed a USD 412 million loan facility for the Höegh Gallant and FSRU #4

Tower Yoke Mooring System (TYMS) for the PGN FSRU project installed

PGN FSRU Lampung delivered from yard and connected to the TYMS

The second FSRU, Independence, delivered from yard

Letter of Intent for 5 year FSRU contract signed with Egas of Egypt

Höegh LNG Partners LP (“MLP”) made confidential submission to the United

States Securities and Exchange Commission of initial draft registration

statement for initial public offering of common units of the MLP

Agenda

5

Highlights

Financials

Operational review

Market outlook

Summary

Impact on consolidated figures from change in accounting standard

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Reduction in Income, EBITDA and EBIT - net profit remains same

Reduction in liabilities and total assets - equity remains same

USD'000 1Q2014 1Q2014Total income 51,3 59,3 Operating profit before depreciation (1,0) 8,4 Operating profit (3,9) 2,1 Profit or (loss) for the period (4,5) (4,5)

31.03.2014 31.03.2014

Total assets 739 1 160 Equity adjusted for hedging reserves 453 453 Net interest bearing debt 146 527 Equity ratio adj. for hedging reserves 61 % 39 %

Consolidated by the proportionate method Consolidated by the equity method

Income statement

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USD million 1Q2014 4Q2013 3Q2013 2Q2013 1Q2013

Income on T/C basis 17,2 17,8 17,2 11,3 15,6 Construction contract revenue 28,2 14,6 11,8 26,3 - Management and other income 3,6 8,9 3,8 1,6 1,7 Share of results from investments in joint ventures 2,2 4,2 3,8 3,6 3,5

TOTAL INCOME 51,3 45,5 36,7 42,7 20,7

Charterhire expenses (8,7) (8,9) (8,9) (8,8) (8,7) Construction contract expenses (24,0) (12,8) (10,4) (22,5) - Operating expenses (6,4) (6,2) (5,7) (5,9) (5,8) Administrative expenses (6,2) (4,9) (4,4) (3,9) (3,9) Business development expenses (7,0) (11,1) (5,9) (4,1) (4,5)

EBITDA (1,0) 1,5 1,3 (2,4) (2,2)

Depreciation (2,9) (4,6) (4,4) (4,3) (3,9)

EBIT (3,9) (3,1) (3,1) (6,7) (6,2)

Interest expenses (0,4) (0,6) (0,1) (0,1) (2,5) Interest income 0,5 0,5 0,5 0,6 0,7 Other financial items (0,7) (1,1) 0,1 0,2 0,5

PROFIT OR (LOSS) BEFORE TAX (4,5) (4,2) (2,6) (6,0) (7,6)

Taxes (0,0) 0,3 (0,2) (0,1) (0,4)

NET PROFIT OR (LOSS) (4,5) (3,9) (2,8) (6,1) (7,9)

Financial position

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USD million 31.03.2014 31.12.2013 30.09.2013 30.06.2013 31.03.2013

Licences, design and other intangibles 74 74 74 74 74

Investments in newbuildings under construction and vessels 455 421 388 387 366 Shareholder loans to joint ventures 23 25 26 27 28 Investments in joint ventures 0 0 7 8 6 Mark-to market on hedging reserves 14 18 12 13 3 Other assets 10 19 17 19 19 Restricted cash (non-current) - - - 1 - Unbilled construction contract receivable 81 53 38 25 - Current cash and marketable securities 82 75 101 108 162

TOTAL ASSETS 739 684 665 662 657

Total equity 374 389 381 381 349 Investments in joint ventures 89 86 97 103 130 Interest bearing debt 227 165 154 148 152 Mark-to market on hedging reserves 14 14 8 8 7 Other liabilities 34 31 25 22 20

TOTAL EQUITY AND LIABILITIES 739 684 665 662 657

Total equity adjusted for MtM on interest rate swaps 456 460 461 463 469 Equity ratio adjusted for MtM on interest rate swaps 62% 67% 69% 70% 71%Net interest bearing debt * 146 90 52 39 (10) * [IBD less cash, mark.securi ties and restricted cash]

Cash flow statement

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USD million 1Q2014 4Q2013 3Q2013 2Q2013 1Q2013

Net profit or (loss) before tax (4) (4) (3) (6) (8) Adjustments of non-cash P&L items (3) (1) (1) (3) 2

Dividend received from joint ventures 1 9 3 1 1 Net changes in working capital, other 6 0 3 (6) 2

Net cash flow from operating activities (1) 5 2 (15) (2)

Proceeds from sale of marketable securities - 21 - 80 - Investments newbuildings under construction and vessels (52) (45) (13) (38) (90)

Investments in intangibles and equipment (0) (0) (0) (1) (3) Proceeds of repayment on shareholders loans 2 2 1 2 2

Net cash flow from/(used in) investing activities (50) (23) (13) 43 (91)

Proceeds from borrowings 108 21 5 - 19

Repayment of borrowings (30) - - - - Interest paid (2) (2) (2) (2) (2) Other financing activities (8) (7) (0) (0) (4)

Net cash flow from/(used in) financing activities 67 12 2 (3) 12

TOTAL CASH FLOW 16 (6) (8) 26 (82)

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Status of FSRU newbuilding programme and new contracts

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Vessel / Hull Customer Status Construction Delivery

PGN FSRU Lampung PGN, Indonesia Delivered April

Independence KN, Lithuania Delivered May

Höegh Gallant LOI/TS with Egas Under construction 95% August 2014

2551 On offer in tenders Under construction 38% March 2015

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Perusahaan Gas Negara project

The Tower Yoke Moring System (TYMS) installed on site in Lampung

PGN FSRU Lampung delivered from yard and connected to the TYMS

Project on budget and schedule to commence operation in June 2014

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Klaipedos Nafta FSRU project

Independence delivered from yard

Terminal on schedule to commence

operations no later than end 2014

Jetty and pipeline (Client’s scope) on

schedule for completion during 3Q

2014

Pursuing interim employment for

Independence in short term market

Klaipedos Nafta reports that LNG

supplier has been selected

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Letter of Intent / Term Sheet with Egas of Egypt

Letter of Intent/Term Sheet signed with Egyptian

Natural Gas Holding Company (Egas) for a 5 year

FSRU contract

LNG to be used to cover natural gas deficit in power

sector

Basis Höegh Gallant which will sail directly from

yard to site

FSRU to be located at Ain Sokhna port on the Red

Sea

Average annual EBIDA of around USD 40 million

Operations scheduled to commence in 3Q 2014

Term Sheet subject to negotiation of Time Charter

Agreement, board approval and approval of the

Egyptian competent authorities

Egypt’s Natural Gas Transmission & Distribution

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0

10

20

30

40

50

60

Billio

n c

ub

ic m

ete

rs

Development of Natural Gas Quantities Distribution (1997-2012)

Export

Local

Source: Egyptian Natural Gas Co.

Consumption of natural gas has

doubled in 10 years

Natural gas is used for power

generation (58%), commercial

sector (20%), Industrial sector

(12%) and petrochemical

industry (10%)

Volumes available for export to

Jordan (pipeline) and for

Damietta LNG facility have

declined

LNG imports will cover local

demand for natural gas in peak

season

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Near-term FSRU opportunities for FSRU#4 and additional newbuildings

Project Pre-

qualified Bid Selection

Contract

award Start-up

Columbia 2014 2014 2015

Lebanon 2014 2014 2016

India 2015 2015 2017

Port Meridian Exclusive 2014-2015 2017-2018

Chile 2 2014 2015 2017

Chile/Colbun 2014-2015 2017

Höegh FLNG Ltd.

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Awarded pre-FEED contract to one major shipyard and one major EPC contractor for

initial design of Höegh LNG’s proprietary FLNG Barge

Initial results of pre-FEED confirm Company’s expectations on competitive cost level

and schedule to first gas

Signed Letter of Intent with non-disclosed North American barge FLNG project

Re-evaluating current capitalization plan for Höegh FLNG

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Vessels in operation

Existing fleet operated safely and without incidents

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Global LNG demand- according to the majors

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Source: Fearnlys

Asia LNG demand growth – expectations continue to rise

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Source: BG Group

Worldwide LNG import outlook

Significant growth in the use of FSRUs over the last 5-6 years

Average growth in peak regasification volume is 70% per year

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LNG imports to Argentina and Brazil have grown with approx. 180% from

2010 - 2013

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Brazil has a sudden severe drought and thus not enough hydro for electricity

production

Argentina disregarded their E&P investments and therefore do not have enough gas

1,3

3,2 3,8

4,9

2,0

0,6

2,5

4,4

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

1

2

3

4

5

6

2010 2011 2012 2013

MTPA

LNG imports - Argentina LNG imports - Brazil

FSRU utilisation - Argentina FSRU utilisation - Brazil

Source: IGU World LNG Report

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Around 30 projects in pipeline

16 projects in Asia/Middle East

6 projects in the Americas

7 projects in Europe/Africa

Owner FSRUs (oper+constr)

Customers*

Höegh LNG 4+2 GDF Suez (2),

Perusahaan Gas Negara,

Klaipedos Nafta, Egas

Golar LNG 5+2 Petrobras (2), Pertamina,

Dubai Power Authority,

Jordanian Energy Ministry,

Kuwait Oil Corporation

Excelerate 9 YPF (2), Petrobras,

PREPA, Israel Electric

Corporation

OLT 1+0 E.ON, IREN (also owners)

MOL 0+1 GDF Suez /Marubeni

BW Gas 0+2 N/A

* Projects in operation or awarded

Existing

Under construction / awarded

Potential

FSRU market outlook

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FLNG Projects under construction

Main sponsor Country Technical solution

Shell Australia Offshore FLNG

Petronas Malaysia Offshore FLNG

Petronas Malaysia Offshore FLNG

Pacific

Rubiales/Exmar

Colombia Barge FLNG

Existing

Under construction / awarded

Potential for HLNG Barge FLNG

FLNG market outlook

Global LNG fleet overview

19 FSRUs in fleet

7 FSRU newbuildings on order

377 LNG carriers in fleet

114 newbuildings on order (30%)

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Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 377 114 - 491

FLNG - 4 - 4

FSRU 19 7 - 26

Total 396 125 - 521

LNG carrier fleet FSRU fleet

(Source: Platou)

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Corporate strategy

Further expansion

With 3 of 4 FSRUs under contract, considering options for further expansion

Expansion will be in the following order of priority: 1) FSRU 2) FLNG 3) LNGC

All three Korean shipyards have confirmed that they still have available

slots in 2017, and plenty available slots in 2018

Dividend policy

Company in the process of formulating a dividend strategy

Expects first pay out during the first half 2015

Details of the dividend strategy will be communicated to the market in the

second half of 2014

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Summary

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PGN FSRU project on schedule to start operations in June 2014

KN FSRU project on schedule for start up by end of the year – interim

employment being pursued for Independence

Term Sheet signed with Egas for a 5 year FSRU contract - Höegh Gallant to be

employed for the project

Firming up price and schedule on proprietary FLNG Barge. Signed a Letter of

Intent with non-disclosed North American barge FLNG project

Dividend strategy under development with expected first payout in first half 2015

Evaluating strategy for next phase of FSRU expansion

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Thank You!