Awilco LNG

Investor Presentation • May 24, 2018

Q1 2018

Jon Skule Storheill

Øyvind Ryssdal

24/05/18

Disclaimer

This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding the intent, opinion, belief, various assumptions or current expectations of Awilco LNG (the "Company") and it's management with respect to, among other things, (i) goals and strategies, (ii) evaluation of the Company's markets, competition and competitive position, and (iii) anticipated future performance and trends which may be expressed or implied by financial or other information or statements contained herein.

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 forward-looking statements, forecasts, estimates, predictions, influences and projections are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that will occur in the future, some of which are beyond our control and difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements, and no representation is made as to the accuracy of these. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements, forecasts, estimates, predictions, influences and projections are: changes in LNG transportation market trends; changes in the supply and demand for LNG; changes in trading patterns; changes in applicable maintenance and regulatory standards; changes in applicable regulations and laws; technological developments affecting gas and LNG demand; political events affecting production and consumption of LNG; changes in the financial stability of clients of the Company; the Company's ability to secure employment for available vessels and newbuildings on order; increases in the Company's cost base; failure by yards to comply with delivery schedules; changes to vessels' useful lives and residual values; the Company's ability to obtain financing of the newbuildings and lastly unpredictable or unknown factors with material adverse effects on forward-looking statements.

Neither the receipt of this presentation by any person, nor any information contained herein, constitutes, or shall be relied upon as constituting, any advice relating to the future performance of the Company. Each person should make their own independent assessment of the merits of the Company and its business and should consult their own professional advisors. The information and opinions contained in this presentation relate only as of the date of this presentation, and are subject to change without notice. Neither the Board of Directors of the Company or the Company and it's management make any representation or warranty, express or implied, as to the accuracy or completeness of this presentation or of the information contained herein and none of such parties shall have any liability for the information contained in, or any omissions from, this presentation, nor for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient's own investigation and evaluation of the Company or its business. Unless legally required, the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

Company overview

Awilco LNG is a fully integrated pure play LNG transportation provider, owning and operating LNG vessels. The Company owns two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride. Awilco LNG is listed on Oslo Axess under the ticker code ALNG.

1. Highlights

• 1. Financials Q1
• 1. Market update
• 1. Summary

1 st quarter highlights

1 st quarter 2018

• Awilco LNG reported:

−	Net freight income	MUSD 12.5	MUSD 7.3 in Q4 2017
−	EBITDA	MUSD 9.5	MUSD 4.2 in Q4 2017
−	Net profit/(loss)	MUSD 1.0	MUSD (4.5) in Q4 2017

• Vessel utilisation of 97 % compared to 83 % previous quarter
• TCE* of USD ~69,200 pd (USD ~39,900 pd in Q4 2017), current CBE** of USD ~53,000 pd

*TCE: net freight income divided by the number of calendar days minus off-hire days

**CBE: Cash break even in USD per day including operating expenses, administration expenses, dry-docking and financing costs (estimated)

1. Highlights
2. Financials Q1
3. Market update
4. Summary

www.awilcolng.no - 6 -

Q1 2018 income statement

USD million	Q1'18	Q4'17	2017
Freight income	13.8	9.6	20.4
Voyage related expenses	(1.4)	(2.3)	(6.9)
Net freight income	12.5	7.3	13.6
Operating expenses	(1.9)	(1.9)	(7.9)
Administration expenses	(1.0)	(1.2)	(3.9)
EBITDA	9.5	4.2	1.7
Depreciation	(3.2)	(3.2)	(12.3)
Net finance	(5.3)	(5.5)	(21.2)
Profit/(loss) before tax	1.0	(4.5)	(31.8)
Tax	-	-	-
Profit/(loss)	1.0	(4.5)	(31.8)

Q1 2018 financial position

USD million	31.03.18	31.12.17
Vessels	361.8	363.9
Total non-current assets	361.8	363.9
Trade receivables	0.4	1.6
Other short term assets	6.0	5.1
Cash	30.1	29.0
Total current assets	36.5	35.7
Total assets	398.3	399.6
Total equity	128.0	127.0
Long-term interest bearing debt	262.8	263.9
Other non-current liabilities	2.3	2.3
Non-current liabilities	265.1	266.2
Short-term interest bearing debt	3.9	2.7
Other current liabilities	1.2	3.7
Total current liabilities	5.1	6.4
Total equity and liabilities	398.3	399.6

Q1 2018 cash flow

USD million	Q1'18	Q4'17	2017
Cash Flows from Operating Activities:
Profit/(loss) before taxes	1.0	(4.5)	(31.8)
Income taxes paid	-	-	-
Interest and borrowing costs expensed	5.4	5.5	22.2
Depreciation, amortisation and impairment	3.2	3.2	12.3
Trade receivables, inventory and other short term assets	-	(1.1)	(1.6)
Accounts payable, accrued exp. and deferred revenue	(2.0)	1.6	1.1
Net cash provided by / (used in) operating activities	7.6	4.7	2.1
Cash Flows from Investing Activities: Investment in vessels	(1.1)	(0.8)	(2.3)
Net cash provided by / (used in) investing activities	(1.1)	(0.8)	(2.3)
Cash Flows from Financing Activities:
Gross proceeds from equity issue	-	-	26.8
Transaction costs of equity issue	-	-	(0.7)
Repayment of borrowings	-	-	(5.6)
Interest and borrowing costs paid	(5.4)	(5.2)	(21.4)
Net cash provided by / (used in) financing activities	(5.4)	(5.2)	(0.9)
Net changes in cash and cash equivalents	1.1	(1.4)	(1.1)
Cash and cash equivalents at start of period	29.0	30.4	30.0
Cash and cash equivalents at end of period	30.1	29.0	29.0

1. Highlights

2. Financials Q1

3. Market update

4. Summary

LNGC rates

USD/DAY

• Utilisation and rates improved in Q4 2017 and into late January before softening heading into shoulder season
• Q1 2018 headline rates on average 70 % higher vs Q1 2017 + improved ballast bonus terms
• Rates turned in May 2018, both spot and multi-month activity has picked up

Source: Fearnley LNG

Monthly global LNG trade

MT LNG

• Global LNG trade up by 6 % in Q1 2018, equating to 4.4 MT

• Increase due to ramp up of production capacity added second half 2017, partially offset by six week outage at PNG

Source: Clarksons Platou

Gas price

• Winter, China substituting coal with gas and the oil price increase pushed Far East prices to highest level in three years in Q1 2018
• Far East and NBP prices have fallen into the shoulder season, but oil price increase supportive of higher gas prices
• Spread HH vs ROW drives exports from US to Far East
• 68 % of US volumes in Q1 headed to Asia (50 % in 2017), supporting a 18 % increase in ton-mile in LNG shipping

Source: Clarksons Platou, Poten

LNG trade change

• LNG exports increased by 6 %

• No new production facilities added in Q1; exports up due to ramp up of capacity added 2017 in Australia, US and Russia offset by outages at PNG and Peru and maintenance in Indonesia

• China up 59 % and South Korea up 15 % on switch to gas from coal and nuclear respectively

• Egypt down on increased domestic production, could become net exporter in near future

Source: Clarksons Platou, Energy Aspects

LNG production

• 30 MTPA of liquefaction capacity expected to start up in 2018, and a further 61 MTPA in 2019 2021
• Cheniere FID on Corpus Christi T3 this week, trains under construction ahead of schedule (SPL T5, CCL T1 + T2)
• Freeport delayed 9 months
• Beyond 2020 over 700 MTPA new LNG production is in planning stages with some 200+ in pre-FID phase with specified timeline

Source: Clarksons Platou, Arctic Securities, Fearnley LNG, Company presentations

LNG fleet and orderbook

LNG FLEET AND ORDERBOOK EARLY MAY 2018

• 23 vessels delivered as of early May 2018
• 24 further vessels scheduled for delivery in 2018, although some delays may be expected
• Total fleet of 456 LNGC above 125' cbm 22 laid up, 77 vessels built before year 2000 (3 scrapped in 2017, 1 conversion in 2018)
• 17 newbuilding orders so far in 2018 of which 9 speculative
• Orderbook at 87 vessels, of which 18 assumed available

Source: Fearnley LNG

1. Highlights

2. Financials Q1

3. Market update

4. Summary

Summary

➢ Increasing volumes and sailing distances creating a firm market – despite influx of newbuildings

• ─ Winter market high of USD 80's pd and shoulder season low of USD 40' pd in 2017/2018 vs USD 45' pd and USD 28' pd in 2016/2017 - seasonality still valid
• ─ US production and Chinese demand driving ton/mile increase
• ─ Market turned in early May, charterers appear to be positioning for a firm 2nd half 2018
• ➢ Mid- and long-term demand for LNG transportation remains strong
• ─ We are at the start of the biggest increase of LNG volumes in history; global gas demand and oil price increase is expected to trigger FIDs in the near future for the next liquefaction wave
• ─ Expected LNG glut now seen as gone
• ─ 77 vessels built prior to 2000, smaller and inefficient
• ➢ Awilco LNG
• ─ Pure play fully integrated LNG transportation company with excellent operational track record
• ─ Spot vessels provides full exposure to increasing activity and rates
• ─ Refinancing significantly reduces ALNG cash break even, rolling purchase options
• ➢ Awilco LNG's vessels are trading spot and ideally positioned for taking advantage of improving market

A Fully Integrated Pure Play LNG Transportation Provider

Jon Skule Storheill

CEO Mobile: +47 -9134 4356 E -mail: jss@awilcolng.no

Øyvind Ryssdal CFO Mobile: +47 -920 14 029 E -mail: or@awilcolng.no