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Höegh LNG Partners LP – The Floating LNG Infrastructure MLP
NAPTP Conference
May 2015
Forward-Looking Statements
This presentation contains certain forward-looking statements concerning future events and our operations, performance and financial condition. Forward-looking statements include,
without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,”
“estimate,” “project,” “will be,” “will continue,” “will likely result,” “plan,” “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are
based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results
may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not
limited to: FSRU and LNG carrier market trends, including hire rates and factors affecting supply and demand; our anticipated growth strategies; our anticipated receipt of dividends
and repayment of indebtedness from joint ventures; the effect of the worldwide economic environment; turmoil in the global financial markets; fluctuations in currencies and interest
rates; general market conditions, including fluctuations in hire rates and vessel values; changes in our operating expenses, including drydocking and insurance costs; our ability to
make cash distributions on the units and the amount of any borrowings that may be necessary to make such distributions; our ability to comply with financing agreements and the
expected effect of restrictions and covenants in such agreements; the future financial condition of our existing or future customers; our ability to make additional borrowings and to
access public equity and debt capital markets; planned capital expenditures and availability of capital resources to fund capital expenditures; the exercise of purchase options by
customers; our ability to maintain long-term relationships with our customers; our ability to leverage the relationships of Höegh LNG Holdings Ltd. (“HLNG”) and its reputation in the
shipping industry; our ability to purchase vessels from HLNG in the future, including the FSRU Independence and HLNG’s two other FSRUs or LNG carriers; our continued ability to
enter into long-term, fixed-rate charters; our ability to maximize the use of our vessels, including the redeployment or disposition of vessels no longer under long-term charters;
expected pursuit of strategic opportunities, including the acquisition of vessels; our ability to compete successfully for future chartering and newbuilding opportunities; timely
acceptance of our vessels by their charterers; termination dates and extensions of charters; the expected cost of, and our ability to comply with, governmental regulations and
maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business; expected demand in the LNG shipping sector in
general and the demand for our vessels in particular; availability of skilled labor, vessel crews and management; our incremental general and administrative expenses as a publicly
traded limited partnership and our fees and expenses payable under the ship management agreements, the technical information and services agreement and the administrative
services agreements; the anticipated taxation of Höegh LNG Partners LP and distributions to our unitholders; estimated future maintenance and replacement capital expenditures; our
ability to retain key employees; customers’ increasing emphasis on environmental and safety concerns; potential liability from any pending or future litigation; potential disruption of
shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of our common units in the public market; our business strategy and other plans and
objectives for future operations; and other factors listed from time to time in the reports and other documents that we file with the SEC, including our Registration Statement on Form
F-1 for our initial public offering, which was declared effective on August 7, 2014. All forward-looking statements included in this presentation are made only as of the date hereof. We
do not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with respect thereto or any
change in events, conditions or circumstances on which any such statement is based.
2
Agenda
The LNG Value Chain
Höegh LNG Partners in Brief
LNG Market Developments
Summary
3
Höegh LNG Partners’ Role in The LNG Value Chain
Höegh LNG / Höegh LNG Partners - Providers of Floating LNG Infrastructure
Production
Liquefaction
FLNG
4
Transportation
Regasification /
Infrastructure
LNG Carriers
FSRU
Low cost barge solution
3 units (4 operated)
2 units operational
2 units in construction
Future opportunity
Future opportunity
3 units(2)

Höegh LNG Holdings (HLNG) Oslo Stock Exchange mkt cap $956 million(1)

Höegh LNG Partners (HMLP) NYSE mkt cap $555 million(1)
(1)
(2)
15 May 2015
One fully owned; two 50% owned in JVs with Mitsui OSK Lines of Japan
Pipeline
Delivery
Floating LNG Import Terminals (FSRU) – Operations
1
An FSRU is permanently moored close
to the market
2
An LNG carrier approaches the FSRU
and the LNG is transferred to the FSRU
3
The FSRU continuously regasifies the
LNG and sends high-pressure natural
gas to shore
5
Why FSRUs?
Land-Based LNG Import Terminal
6
Floating Storage & Regasification (FSRU)

Takes half the time to build

Approximately half the cost

Flexibility to be moved to another location or trade as an LNG transport vessel

Three out of four newcomers to LNG imports in 2015 will use FSRUs
Agenda
The LNG Value Chain
Höegh LNG Partners in Brief
LNG Market Developments
Summary
7
HMLP FSRU Business Model
8

Focus on stable cash-flows

Critical infrastructure on long term contracts especially well suited to MLPs

Newbuild assets of critical size with latest technology

Leading utility customers

Growth feeding through from parent
−
HLNG always has at least one FSRU without contract under construction
−
In-house design and project execution teams
−
Integrated FSRU solutions
HMLP Fleet and Future

HMLP’s fleet is serving in China (Cape Ann), Indonesia (Lampung) and as a carrier (Neptune)

FSRU Independence serving in Lithuania – announcement awaiting consents

FSRU Gallant went on contract in Egypt in April 2015 – 2H2015 dropdown targeted
HMLP Fleet
GDF Suez Neptune
PGN FSRU Lampung
9
Future Dropdown Candidates
GDF Suez Cape Ann
FSRU Independence
FSRU Independence
Höegh Grace
Höegh Gallant
Newbuildings
Unit
Current HMLP Fleet
GDF Suez Neptune
GDF Suez Cape Ann
PGN FSRU Lampung
Type
Ownership
FSRU
FSRU
FSRU
50%
50% (1)
100%
Dropdown Candidates at HLNG
Independence
FSRU
Höegh Gallant
FSRU
Höegh Grace
FSRU
HN2552
FSRU
Built
Charterer
2009
2010
2014
Engie (2)
Engie
PGN
2014
2014
2015E
2017E
20
14
20
16
20
18
20
20
20
22
20
24
20
26
20
28
20
30
20
32
20
34
Contract Summary
ABKN
EGAS
SPEC
Open
Firm contract
Modern
technically
advanced fleet
averaging 2.8
years after
Independence(3)
10
(1)
(2)
(3)
Long-term
charters
averaging 14.7
years after
Independence(3)
Economic interest; ownership interest 49%
Previously GDF-Suez
Current fleet including Independence, as of March 31, 2015
Leading utility
customers
Option
Fixed contracts
with substantial
opex passthrough
TBD
Contracted
dropdown
candidates
Progress on Dropdown Pipeline
 FLNG
development
underway
Delivery
1Q2017
Pending
Current
Independence
HMLP Fleet
(Part 1)
11
Port
Meridian
Expected
on-hire
mid 2016
On-hire
Apr 2015
MLP has an option to purchase assets with charter contracts of 5+ years
Höegh
Gallant
Independence
(Part 2)
Höegh
Grace
HN 2552
Additional FSRU
Newbuildings /
Acquisitions
 LNG carriers
 Related LNG
infrastructure
(e.g.
Moorings)
 3rd party
acquisitions
Other
Potential
Assets
Agenda
The LNG Value Chain
Höegh LNG Partners in Brief
LNG Market Developments
Summary
12
LNG Demand Picture

Global LNG trade is set to expand by one-third from 2014 to 2019

Increase in global LNG trade supported by Asia – mostly China and non-OECD Asia

New markets opening up in Latin America and Middle East
Source: IEA (2014a), Medium-Term Gas Market Report 2014, OECD/IEA Paris(1)
(1)
13
© OECD/IEA/ Anne-Sophie CORBEAU, Anne BRAAKSMA, Farid HUSSIN, Yayoi YAGOTO and Takuro YAMAMOTO 2014, The Asian Quest for LNG in a
Globalising Market, IEA Publishing. License: http://www.iea.org/t&c/termsandconditions/
Lower Crude Oil Prices Lead To Lower LNG Prices (Up to a Point)…
70% of the LNG world wide is currently sold under long term contracts linked to oil….
 Asian LNG contract prices are typically at around 85% of crude oil parity
 Continental European contract prices are typically at 60-65% of crude oil parity
 S- curve (cap and floor) is limiting price fluctuations
… the remainder is linked to natural gas hubs and/or sold spot
 Spot prices have dropped significantly as a result of the drop in oil price
− 60% y/y in Asia
− 30% y/y in Europe
 U.S. export starting later this year will introduce a new HH dynamic to the market
14
…Lower LNG Prices Lead to Increased Demand for LNG

Lower LNG prices makes LNG available to price sensitive and new clients/markets

India is a good example; Petronet expects LNG demand to increase up to 300% at current LNG
price level
60
50
MTPA
40
30
20
10
0
$/MMBtu
19-20
15
16-17
13-14
11-12
Source: Petronet LNG
…and LNG Infrastructure: FSRU Projects in The Pipeline
10
8
6
2
4
2
5
4
3
0
8
2
1
1
1
FSRU operation
Firm FSRU project
Modern
Exclusive potential FSRU project
HLNG’s FSRU focus for new projects
16
First generation
Old
1
Agenda
The LNG Value Chain
Höegh LNG Partners in brief
LNG Market Developments
Summary
17
Summary

HLNG / HMLP is the market leader in the FSRU segment on a world-wide basis

Stable cash flows from critical infrastructure on long term contract especially well suited to MLPs

The LNG market is projected to grow 5-6% per year over the next 10 years

FSRUs have over the last 3-4 years become the preferred LNG import solution for new markets
due to low cost, short schedule and increased flexibility compared to a land based terminal

Lower LNG prices increase demand for LNG → increased demand for LNG import infrastructure
and increased demand for FSRUs
18
Thank you!