Cool Company

Investor Presentation • May 30, 2022

Business Update Presentation

31 May 2022

Forward looking statements

The statements contained in this presentation may contain forward-looking statements. The words "believe," "expect," "forecast," "anticipate," "estimate," "intend," "plan," "possible, " "potential, " "pending, " "target," "project," "likely," "may," "will," "would, " "should, " "could" and similar expressions identify forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Although CoolCo believes that the assumptions and expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such assumptions or expectations will prove to be correct. A number of material factors could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements. CoolCo assumes no obligation to update any forward-looking statement.

This presentation is not an offer to purchase or sell, or a solicitation of an offer to purchase or sell, any securities.

Speakers

Karl Fredrik Staubo

Interim Chief Executive Officer

John Boots

Chief Financial Officer

Cool Company Ltd. overview

About CoolCo

• 8 x modern Tri-Fuel LNGCs on water
• Listed on Euronext Growth
• Attractive cash breakeven of ~\$50k/day
• Increasing market exposure to anticipated strengthening of LNGC freight market
• Experienced commercial and technical ship management
• Strong sponsors with 135+ years of combined shipping experience
• Target market consolidation

CoolCo a leading LNG carrier company

Market leading exposure to LNG freight	• Market leading LNG freight market exposure with significant backlog and increasing spot market exposure, 20% end 2022 to 50% end 2023 • Energy security provided by LNG set to underpin demand for many years to come • Future proof modern fleet of sister vessels, fully compliant with new EEXI regulations CII ratings
Structural tightening of LNGC market	• Global LNG trade expected to increase by ~40% to 2030 as LNG is a key part of the global energy transition • New environmental regulations will impact supply as older tonnage is likely to be operationally limited • Current orderbook filled through 2025 with limited unchartered newbuilds
Platform for growth and consolidation	• First class in-house commercial and technical ship management • Management of 3rd party vessels generating additional revenue and allows for scalability • Committed to market consolidation

Key company developments

Timeline of key events (in 2022)

Successfully raised \$275m equity private placement

CoolCo established as a leading LNG shipping company connecting the world with cleaner energy and supporting energy independence with an upsized \$275 million private placement.

Vessel acquisitions from Golar LNG and Management Team appointments

Vessel acquisitions of 4 TFDE vessels from Golar LNG (Crystal, Frost, Seal and Bear)

Recruitment of dedicated management team

• Richard Tyrrell, new CEO expected to join July 1st - John Boots, new CFO joined April 1st

Acquisition of management entities and management contracts

In final stages of acquiring the management entities from Golar, expected to close during June 2022 Added four ship management contracts for 4 modern LNG carriers (2 TFDEs and 2 XDFs) owned by Quantum Pacific Shipping Ltd(1)

Revenue backlog and charter update

• Average achieved commercial TCE rate of \$56k/day during 1Q'22
• o Achieved TCE affected by seasonal weakness in two spot linked charters
• o Additional revenue generation from management contracts on additional 20 vessels
• Secured a 12-month charter at \$120k/day from April 2022
• Secured another multi-month charter with an increasing rate from ~\$60k to ~\$100k per day
• Current contractual revenue backlog(1) at ~\$320 million (incl. ~\$90 million in backlog extension options), where ~80% is based on fixed rates and ~20% on floating rate charters
• TFDE charter rates for 1-3 year terms are currently being discussed between \$100k-\$150k/day, subject to timing and vessel specifics; vs. current spot rates of around \$90-100k/day

Positioned to benefit from improving LNG shipping market

Fleet with 20% spot exposure by end of 2022, increasing to 50% by end of 2023

CoolCo chartering exposure 2022-2024(1)

Q1 financials (not reflective of a full quarter of operations)

Due to sequential execution of the vessel and management companies' acquisitions pre- and postquarter

Q1 Result of Operations

• Vessel revenues and vessel operating expenses include only 4 vessels (on average 20 days)
• G&A expenses include certain full quarter and one-off expenses

Q1 Balance Sheet

• Asset balance reflects only 4 acquired vessels during March'22
• Debt balance reflects full draw-down of new \$570m bank facility (6 x \$95m)
• Debt balance not inclusive of VIE debt on sale-leaseback facilities given sale of Ice and Kelvin post-Q1

April 30, 2022 balance sheet data post completion of all vessel acquisitions

• Cash balance ~\$68m (inclusive of net cash inflows/outflows from 8 acquired vessels since 1st Jan 2022)
• Contractual gross debt ~\$802m

First Quarter 2022 summary of financial results

Statement of Operations Summary1	Q1'22
	(USD in millions)
Total operating revenue	4.3
EBITDA	2.0
Operating income	1.0

Balance Sheet Summary 1	As of 31 March 2022 (USD in millions)
Current Assets	336.7
Non-Current Assets	601.2
Total Assets	937.9
Current Liabilities	63.2
Long-Term Liabilities	546.0
Total Liabilities	609.2
Equity	328.7

Debt overview and cash break-even

Overview of financing facilities Cash break-even per vessel

• New sustainability-linked bank financing secured against 6 LNGCs from existing US and European relationship banks.
• ‒ Amount: \$570 million (\$95 million/LNGC)
• ‒ Maturity: March 2027
• ‒ Margin: SOFR + 275bps (+/- 5bps subject to sustainability target(1))
• ‒ Amortization: 22 years to zero (age adjusted)
• Novated existing attractive sale & leaseback debt facilities on 2 LNGCs (Ice and Kelvin)
• ‒ Contractual Debt: \$242 million (as of 31st Dec-21)
• ‒ Maturity: January 2025
• ‒ Fixed bareboat rate of ~\$54,000/day per vessel (\$39.4 million per year) covering interest cost and amortization
• Golar RCF
• ‒ Amount: \$25 million (currently undrawn)
• ‒ Maturity: January 2024
• ‒ Cost: 5% fixed
• ‒ Commitment fee: 50bps on undrawn amount
• Strong support from relationship banks with potential for attractive debt financing for future consolidation targets

Item	\$/day
OPEX	~16,000
G&A	~1,500
Interest	~8,000
Amortization	~24,500
Cash Break-even	~50,000

• All vessels have undergone their 5-year cycle docking in 2018 and 2019, hence there are no dry-docking expenses on current fleet expected until 2023-2024

LNGC Market Fundamentals

Upward trend in LNGC rates

12M term market continues to strengthen despite seasonal weakness in the spot market

LNG Market: Stronger for longer

LNG market is in the midst of a transformation that will lift demand as focus is shifted to diversification of supply

European gas forward market LNG Supply: Up to 150+ mtpa by 2028 Ukraine/Russia effects on the LNG market

Global LNG Market (2021) ~400 million tons

Russian pipeline gas exports to Europe(2021) ~115 million tons LNG = ~25% of global LNG market

Focus on energy security drives diversified gas supply

Energy security producing a strong supply-side reaction

Momentum for new liquefaction is building with new SPAs and fast track projects New liquefaction FIDs

Driftwood	26
Plaquemines	20
Various GoM	11
Corpus Christi Stage 3 Expansion	10
Fujairah	10
NFE train 7	8
Lake Charles LNG	5
Vista Pacifico LNG	4
Rio Grande LNG	3
Congo	3
Greater Tortue Ahmeyim project	2.5 +100 MTPA after 2025

LNG fleet orderbook insufficient for future growth

Both energy security and fleet renewal (LNG prices and IMO) driving demand

Fleet age profile (~600): Older steamers likely to struggle Orderbook: 221x vessels on order with limited availability

Not available Available

Regulatory changes puts supply of LNGCs at risk

EEXI/CII will inevitably impact the LNGC market… …and the large number of steamers are first to feel the pain

Machinery	Pre-2001	2001-2010	2011-2021	TOTAL
Steam	53	139	28	220
TFDE/DFDE	0	36	124	160
ME-GI/XDF	0	1	144	145
Other (Q-Max/Q Flex)	0	44	0	44
TOTAL	53	220	296	569

Summary and outlook

• ➢ CoolCo established as a leading LNG carrier company with ambition to combine shareholder returns and fleet growth through consolidation
• ➢ Increasingly visible pipeline of growth opportunities
• ➢ LNG a fast-growing energy source connecting the world with cleaner energy and supporting energy independence
• ➢ Increasing spot market exposure positioned to benefit from favourable market conditions and strengthening LNGC freight market
• ➢ First class in-house commercial and technical ship management capabilities
• ➢ Strong sponsors with 135+ years of combined shipping experience

Appendices

Fleet overview

8 Sister vessels with low boil-off and operational synergies

Vessel name	Cargo capacity / Containment system	Delivered	Yard	Machinery	Boil-Off Rate (%)	Ice class	Latest docking window (year)
Bear	160,000 Membrane (Mark III)	Sep-2014	Samsung	TFDE	0.10 %	No	2024
Crystal	160,000 Membrane (Mark III)	May-2014	Samsung	TFDE	0.10 %	No	2023
Frost	160,000 Membrane (Mark III)	Oct-2014	Samsung	TFDE	0.10 %	No	2024
Glacier	162,000 Membrane (Mark III)	Oct-2014	Hyundai	TFDE	0.10 %	No	2024
Ice	160,000 Membrane (Mark III)	Feb-2015	Samsung	TFDE	0.10 %	Class 1C	2025
Kelvin	162,000 Membrane (Mark III)	Jan-2015	Hyundai	TFDE	0.10 %	No	2025
Seal	160,000 Membrane (Mark III)	Oct-2013	Samsung	TFDE	0.10 %	No	2023
Snow	160,000 Membrane (Mark III)	Jan-2015	Samsung	TFDE	0.10 %	Class 1C	2025

Managed fleet overview

Currently managing 11 LNGCs and 9 FSRUs in addition to owned fleet

Vessel name	Vessel Type	Owner
Golar Celsius	LNG Carrier	New Fortress Energy
Golar Penguin	LNG Carrier	New Fortress Energy
Golar Grand	LNG Carrier	New Fortress Energy
Golar Maria	LNG Carrier	New Fortress Energy
Golar Mazo	LNG Carrier	New Fortress Energy
Methane Princess	LNG Carrier	New Fortress Energy
Golar Arctic	LNG Carrier	Golar LNG
Kool Orca	LNG Carrier	Quantum Pacific Shipping Ltd
Kool Firn	LNG Carrier	Quantum Pacific Shipping Ltd
Kool Boreas	LNG Carrier	Quantum Pacific Shipping Ltd
Kool Baltic	LNG Carrier	Quantum Pacific Shipping Ltd

Vessel name	Vessel Type	Owner
Golar Spirit	Floating Storage & Regasification Unit	New Fortress Energy
Golar Winter	Floating Storage & Regasification Unit	New Fortress Energy
Nusantara Regas S	Floating Storage & Regasification Unit	New Fortress Energy
Golar Freeze	Floating Storage & Regasification Unit	New Fortress Energy
Golar Eskimo	Floating Storage & Regasification Unit	New Fortress Energy
Golar Igloo	Floating Storage & Regasification Unit	New Fortress Energy
Golar Nanook	Floating Storage & Regasification Unit	New Fortress Energy
LNG Croatia	Floating Storage & Regasification Unit	LNG Croatia
Golar Tundra	Floating Storage & Regasification Unit	Golar LNG

www.coolcoltd.com

www.coolcoltd.com/investors

Ticker: COOL