Exmar : Investor Meetings May 2017

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 limitations hereunder.

This Presentation has been produced by EXMAR NV ("EXMAR" or the "Company") solely for use in presentations to potential investors in connection with the contemplated offering of bonds by EXMAR Netherlands BV (the "Issuer") expected to be initiated in May 2017 (the "Bonds"). This Presentation and its contents are strictly confidential and may not be reproduced, passed on or redistributed in whole or in part, directly or indirectly, to any other person. The joint lead managers and bookrunners are DNB Markets, Pareto Securities, Nordea Markets and SEB (the "Managers").

This Presentation is for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any of the Bonds. Prospective investors in the Bonds are required to read the offering material and other relevant documentation which is released in relation thereto for a description of the terms and conditions of the Bonds.

The information contained in this Presentation is furnished by the Company and has not been independently verified by the Managers. No representation or warranty (expressed or implied) is made as to the completeness of the information contained herein, and it should not be relied upon as such. None of the Managers or any of their parent or subsidiary undertakings or any such person's directors, officers, employees, advisors or representatives (collectively the "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 Bonds or the Presentation, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

Inherent risk and no investment advice

An investment in the Bonds involves a high level of risk and several factors could cause the actual results or performance of the Company to be different from what may be expressed or implied by statements contained in this Presentation. Each investor is solely responsible for its own assessment of the market and the market position of the Company and must conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company, its business and its Bonds and other securities. The content of this Presentation is not to be construed as financial, legal, credit, business, investment, tax or other professional advice. Each Recipient should consult with its own professional advisers for any such advice.

Limited investigations

No due diligence investigations (neither legal, commercial nor technical) have been carried out by the Managers or by any other parties in connection with the Bonds. The Recipient acknowledges and accepts the risks associated with the fact that only limited investigations have been carried out.

No updates

This Presentation is dated May 2017. Neither the delivery of this Presentation nor any further discussions of the Company or the Managers 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. Neither the Company nor the Managers undertakes 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.

Conflict of interest

The Managers and/or their Representatives may hold shares, options or other securities of the Company and may, as principal or agent, buy or sell such securities. The Managers may have other financial interests in transactions involving these securities.

Third party sources

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

© EXMAR, all rights reserved 2

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, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, future operating or financial results and future revenues and expenses, future, pending or recent acquisitions, general market conditions and shipping industry trends, the financial condition and liquidity of the Company, cash available for dividend payments, future capital expenditures and dry-docking costs and newbuilding vessels and expected delivery dates, are forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Risks and uncertainties include, but are not limited to, the risk factors summarized on slide 4 and 5 of this Presentation. A further list and description of risks, uncertainties and other factors can be found in the Company's Annual Report.

Distribution and selling restrictions

Neither the Company nor the Managers nor any of their Representatives have taken any actions to allow the distribution of this Presentation in any jurisdiction where a registration or similar action would be required for such purposes. The distribution of this Presentation and any purchase of or application/subscription for Bonds is restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction.

Neither this Presentation nor any copy of it, nor the information contained herein, is being issued, and nor may this Presentation nor any copy of it, nor the information contained herein, be distributed directly or indirectly, to or into Australia, Canada, Japan or the United States or to any U.S. person, or to any other jurisdiction in which such distribution would be unlawful, except as set forth herein and pursuant to appropriate exemptions under the laws of any such jurisdiction.

The Bonds have not been and will not be registered under the U.S. Securities Act or under applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Bonds will only be offered or sold (i) outside the United States to persons other than "U.S. persons" (as defined in Regulation S under the U.S. Securities Act ("Regulation S")) and (ii) in the United States to "Qualified Institutional Buyers" ("QIBs") (as defined in Rule 144A promulgated under the U.S. Securities Act) in reliance on an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.

Neither the Company nor the Managers have authorised any offer to the public of the Bonds or has undertaken or plans to undertake any action to make an offer of the Bonds to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area which has implemented the EU Prospectus Directive 2003/71/EC, as amended (the "Prospectus Directive").

In the event that this Presentation is distributed in the United Kingdom, it shall be directed only at persons who are either (a) "investment professionals" for the purposes of Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (b) high net worth companies, unincorporated associations and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order, or (c) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Bonds may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this Presentation or any of its contents. Any investment or investment activity to which this Presentation relates will be available only to Relevant Persons and will be engaged in only with Relevant Persons.

This Presentation is not a prospectus for the purposes of Section 85(1) of the UK Financial Services and Markets Act 2000, as amended ("FSMA"). Accordingly, this Presentation has not been approved as a prospectus by the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the UK Prospectus Rules nor has it been approved by a person authorised under FSMA.

Governing law

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

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• General market and cyclical risks: The Group's operations is exposed to changes in the market demand for gas transport and in the macro-economic situation in general. Historically, both charter rates and vessel values tend to be cyclical.
• Competitive risks: The international liquefied gas market is a highly competitive market and an oversupply may lead to a reduction in charter rates, vessel values and profitability.
• Risks related to time charters and voyage charters: No assurance can be given that any of the existing time charters or contracts of affreightment will be renewed or, if renewed, will be renewed at satisfactory rates. In case we can not enter into profitable long term charters for our existing fleet or our floating assets under construction our result and cash flows will be substantially affected. We would be subject to a short term or spot market or charters based on changing market prices. In addition it might be more difficult to obtain financing for such assets at reasonable terms.
• Risks related to the operation of ocean-going vessels: The Group's operation of vessels is affected by risks of mechanical failure of the vessels, explosions, collisions, cargo loss or damage and business

  interruption caused by defects, human error, war, terrorism and bad weather.

• Regulatory and environmental risks: Changes in regulatory requirements for liquefied gas carriers may affect the Group's operations. The shipping and offshore business is subject to environmental rules and regulations pursuant to international conventions and national legislation in relevant jurisdictions. Breach of these rules and regulations may result in fines, penalties and/or claims by authorities, customers and other third parties. New legislation and/or rules may result in stricter and/or more expensive requirements to be complied with.
• Governmental and safety requirements: The Group is subject to the international laws and regulations governing the shipping and oil service industry. In the event that the Group is unable at any time to comply with the existing regulations or any changes in such regulations, or any new regulations introduced by local or international bodies, the operations may be adversely affected. Compliance with safety and other vessel requirements imposed by authorities or classification societies may be costly and could reduce the Group's net cash flows and net income.
• Legislation and tax laws: The Group may become subject to future changes to current legislation and tax laws under which the Group operates, which the Group cannot avoid or influence.
• Political risks: The Group is exposed to the risk of political, financial and economic instability in the international market as a whole and in some of the geographic markets in which the Group may operate in the future.
• Dependency on a limited number of clients: The Group receives a considerable part of its income from a limited number of clients and the loss of a client, a time charter or other revenues could lead to a significant loss of income and cash flows.
• Risks related to newbuilds: The Group currently has several newbuilds under construction. There is always an inherent risk related to delays and budget overruns related to new-buildings. Significant cost overruns or delays could adversely affect the Group's financial position. Additionally, failure to complete a project on time may result in the delay of revenue from that vessel and new vessels may experience start-up difficulties following delivery or other unexpected operational problems. Any newbuild may have hidden defects or deficiencies that may not be covered by the warranties under the shipbuilding contract and/or may have a negative impact on the Group's operational performance. If shipyards do not perform under the contracts and the Group is unable to enforce refund guarantees, the Group could loose all or part of its investment.

© EXMAR, all rights reserved 4