DELIVERING CLEAN ENERGY TO THE WORLD · NAKILAT makes no representation or warranty, expressed or implied, with respect to any forecast, projection or predictive statements in this

1H20 Financial ResultsIR Presentation – 16th July 2020

DELIVERING CLEAN ENERGYTO THE WORLD

© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.

“Together Towards Tomorrow”

All statements in this presentation (other than those of historical fact) contain reference to our future business and financial performance and future events or developments that may constituteforward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project", “may”,“forecast” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, ourrepresentatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of NAKILATs’ management, of which manyare beyond NAKILATs’ control. These are subject to several risks, uncertainties and factors that might cause future results and outcomes to differ including, but not limited to the following:

• general LNG shipping market conditions and trends, including spot and long-term charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, technologicaladvancements

• and opportunities for the profitable operations of LNG carriers;• fluctuations in spot and long-term charter hire rates and vessel values;• changes in our operating expenses, including crew wages, maintenance, dry-docking and insurance costs and bunker prices;• number of off-hire days and dry-docking requirements including our ability to complete scheduled dry-dockings on time and within budget;• planned capital expenditures and availability of capital resources to fund capital expenditures;• may no longer have the latest technology which may impact the rate at which we can charter such vessels;• increased exposure to the spot market and fluctuations in spot charter rates;• fluctuations in prices for crude oil, petroleum products and natural gas, including LNG;• changes in the ownership of our charterers;• our customers’ performance of their obligations under our time charters and other contracts;• our future operating performance and expenses, financial condition, liquidity and cash available for dividends and distributions;• our ability to obtain financing to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments, and our ability to meet our restrictive

covenants• future, pending or recent acquisitions of or orders for ships or other assets, business strategy, areas of possible expansion and expected capital spending;• the time that it may take to construct and deliver new buildings and the useful lives of our ships;• fluctuations in currencies and interest rates;• the expected cost of and our ability to comply with environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities, governmental• organizations, classification societies and standards imposed by our charterers applicable to our business;• risks inherent in ship operation, including the risk of accidents, collisions and the discharge of pollutants;• our ability to retain key employees and the availability of skilled labor, ship crews and management;• potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;• potential liability from future litigation;• any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach

Should one or more of these risk factors or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of NAKILATmay (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. NAKILAT neither intends, nor assumes any obligation, to update orrevise these forward-looking statements in light of developments which differ from those anticipated except if required by law. Accordingly, you should not unduly rely of any forward-lookingstatements. NAKILAT makes no representation or warranty, expressed or implied, with respect to any forecast, projection or predictive statements in this presentation.

This presentation has been prepared is the English language. In case of discrepancies if translated, the English language document is the sole authoritative and universally valid version.

Forward Looking Statements & Disclaimer


2

▪ Glossary 4

▪ Operating in COVID-19 Environment 5

▪ Nakilat’s Fleet 6

▪ 1H20 Financial Highlights 7-8

▪ 1H20 Income Statement Highlights 9

▪ 1H20 Balance Sheet Highlights 10

▪ Net Borrowing (1H20) 11

▪ LNG Shipping Market Update (2Q20) 12-13

▪ LNG Shipping Supply (2Q20) 14

▪ Nakilat’s Business Outlook 15-16

▪ 1H20 Earnings Results – Summary 17-18

▪ Nakilat’s Shareholding Structure 19-20

▪ Q & A 21

Table of Contents


3

Glossary

LNGCLiquefied Natural Gas Carrier

FSRUFloating Storage Regasification Unit

Charter Free Vessel which is not attached with charter party

DFDEDual Fuel Diesel Electric Propulsion System

SteamSteam Turbine PropulsionSystem)

MEGIM-type, Electronically Controlled, Gas Injection

BoGBoil-off Gas

DSMEDaewoo Shipbuilding & Marine Engineering


4

HHIHyundai Heavy Industries

Operating in COVID-19 Environment 5


Active work arrangements for employees to work from

home

Mandatory installation EHTERAZ

application on employees'

phones

Reinforced social

distance

Temperature screening for all employees onshore and onboard the

vessels

No COVID-19 related delays

to projects. Global Energy delivered on time and on

budget

No impact on vessels days, availability

remains unaffected

Established a dedicated COVID-19 task force

Uninterrupted service for our

customers

As we navigate through the global COVID-19pandemic, Nakilat and its joint venturesremains committed to first and foremost

ensure the health, safety, and wellbeing of allour people, onshore and onboard the vessels.

Nakilat’s Fleet 6


31

14

10

9

4

2

2

1

1

0 5 10 15 20 25 30 35

Q-FLEX ( 2-STROKE SSD)

Q-MAX ( 2-STROKE SSD)

TFDE

STEAM TURBINE

VLGC

MEGI (NEW BUILD)

XDF (NEW BUILD)

MEGI (CONVERSION)

FSRU (TFDE)

Number Of Vessels

Vessels' Type / Propulsion

29

19

7

4 4 43

21 1

0

5

10

15

20

25

30

35

Nu

mb

er o

f V

esse

ls

Wholly & Jointly-Owned Fleet


Profit: QAR 550MFinancial Results for 1H-2020

7


QAR 2BnRevenue

QAR 1.6BnEBITDA*

QAR 550M Net Profit

QAR 0.10EPS

11.64%RoE**

1.12Current Ratio

• Total revenue increased by 11.3%. Mainly due to acquisition of 49.9% stake of INSW in Oct’19, higher profitsfrom LPG, Agency services and savings in G&A costs.

• Expenses increased by 9.8% due to costs related to 4 JV vessels fully acquired in Oct 2019.

• EBITDA higher by 11.5% due to increase in revenue.

• Net Profit increase of 15.5% was driven by higher EBITDA.

Financial Highlights (1H-2020)

*Note: EBITDA is a non-IFRS financial measure and should not be used in isolation or as substitute for Nakilat’s financial results presented in accordance with International FinancialReporting Standards (“IFRS”)** Note : RoE is annualized

8

476

550

1H-19 1H-20

Net Profit

1,816

2,021

1H-19 1H-20

Revenue

1,340

1,471

1H-19 1H-20

Expenses

1,427

1,591

1H-19 1H-20

EBITDA

© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.

Income Statement (1H-2020) 9

Highlights :

• Total Revenue increased by 11.3% mainly due to

acquisition of 49.9% stake of INSW in Oct’19, higher profits

from LPG and Agency services

• Operating costs increased by 14.7% due to operating

costs of 4 JV vessels fully acquired in Oct’19

• General and administration expenses decreased by

11.7% as a result of process enhancement and cost

optimization initiatives

• Amort. & Depr. of PPE increased by 19.1% due to 4

vessels fully acquired in Oct’19

• Finance charges increased by 3.3% as a result of finance

charges of 4 JV vessels fully acquired in Oct’19 partly offset

by scheduled repayment of loan and lower LIBOR

Items (QAR - M) 1H-20 1H-19 YoY %

Revenue from operations 1,977 1,757 12.5%

Interest, dividend and other income 44 59 -25.4%

Total Revenue 2,021 1,816 11.3%

Operating costs 375 327 14.7%

G & A expenses 55 62 -11.7%

Amort. & Depr. of PPE 446 374 19.1%

Finance charges 595 577 3.3%

Total Expenses 1,471 1,340 9.8%

Net profit for the period 550 476 15.5%

© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.

10Balance Sheet (1H-2020)

Highlights :

• Cash and bank balances decreased by 6.7% mainly due

to cash used for investment in joint venture

• Trade and other receivables increased by 52.9% mainly

due to advances of Hub business (Port Agency) and

advances to joint venture

• Equity investments decreased by 18.6% due to lower

share prices of shares held for investment

• Fair value of interest rate swaps increased by 27.5%

due to decrease in LIBOR

• Accounts payable, accruals and other liabilities

increased by 20% mainly due to advances of Hub

business (Port Agency) and other liabilities

Items (QAR - M) Jun-20 Dec-19 % Change

Property and equipment 23,789 24,144 -1.5%

Investment in joint venture companies 4,260 4,378 -2.7%

Cash and bank balances 2,236 2,397 -6.7%

Trade and other receivables 2,059 1,347 52.9%

Equity investments 92 113 -18.6%

Total Assets 32,436 32,379 0.2%

Borrowings 21,048 21,242 -0.9%

Equity after hedge reserve and before non-

controlling interests6,061 6,851 -11.5%

Fair value of interest rate swaps 3,157 2,477 27.5%

Accounts payable, accruals and other

liabilities2,163 1,803 20.0%

Non-controlling interests 7 6 16.7%

Total Equity & Liabilities 32,436 32,379 0.2%

Net Borrowings (QAR in Billions)


11

Net Borrowings (FY'14 to 1H-20)

QAR 2.3Bn new loan in 2019 - QAR 1.8 Bn - for JV fully acquired in Oct'19 & QAR 0.5 Bn for new business opportunities.


LNG SHIPPING OVERVIEW 12

2Q20 - LNG Shipping Market Update 13


Source: Clarksons

Source: Clarksons Source: Clarksons

Source: Clarksons

Source: Clarksons

1Q20

Spot LNG Shipping Market Rates

Average DFDEs Day Rates Average MEGIs Day Rates

1Q20~$55,100

2Q20~$35,000

1Q20~$68,350

2Q20~$43,800

-37% -36%

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

Ch

arte

r R

ate

per

Day

($

)

Multi-Month (3-6) LNG Shipping Rates 12 Months

174kcbm MEGIs 160kcbm DFDEs 145kcbm Steam

0

15,000

30,000

45,000

60,000

75,000

90,000

105,000

120,000

135,000

Jan

-20

19

Feb

-20

19

Mar

-20

19

Ap

r-2

01

9

May

-20

19

Jun

-20

19

Jul-

20

19

Au

g-2

01

9

Sep

-20

19

Oct

-20

19

No

v-2

01

9

De

c-2

01

9

Jan

-20

20

Feb

-20

20

Mar

-20

20

Ap

r-2

02

0

May

-20

20

Jun

-20

20

USD

/ d

ay

Spot Rates (MEGI Vs DFDEs Vs Steam) 2019-1H20

174kcbm MEGIs 160kcbm DFDEs 145kcbm Steam

Average Rates in 1H20

MEGIs/XDFs: ~$56,000pd160k DFDEs: ~$45,000pd145k Steam: ~$31,100pd

2Q20

15,000

25,000

35,000

45,000

55,000

65,000

75,000

85,000

95,000

105,000

115,000

Q1

-20

15

Q2

-20

15

Q3

-20

15

Q4

-20

15

Q1

-20

16

Q2

-20

16

Q3

-20

16

Q4

-20

16

Q1

-20

17

Q2

-20

17

Q3

-20

17

Q4

-20

17

Q1

-20

18

Q2

-20

18

Q3

-20

18

Q4

-20

18

Q1

-20

19

Q2

-20

19

Q3

-20

19

Q4

-20

19

Q1

-20

20

Q2

-20

20

$ p

er d

ay

1 Year Time-Charter Rate in 2015-1H20

Average Rates in 1H20

MEGIs/XDFs: ~$75,200pd160k DEFEs: ~$61,800pd145k Steam: ~$37,400pd

STEAMs

DFDEs

MEGIs/XDFs

Note: *As of 2Q20, World live LNG fleet (excl. vessels <125,000cbm, FSRUs, FSUs, and FLNG, noassumption for scrapping, or LNGC conversion to FSRUs

Source: Clarksons Source: Clarksons

2Q20 - LNG Shipping Supply – LNG Newbuild Price 14


7%

472510 522 546

598628

24

5230

4

120

170

220

270

320

370

420

470

520

570

620

2018 2019 2020e 2021e 2022e 2023e

Nu

mb

er

of

LNG

Sh

ips

Development of Global LNG Carriers Fleet* (2018 - 2023e)

Total Existing LNG Carriers Fleet Orderbook LNG Carriers Fleet

180

190

200

210

220

230

240

250

145K cbm SteamNewBuild

160k cbm DFDENewbuilding

174k cbm MEGI/XDFNewbuilding

Historic LNGC Newbuild Price 2006 - 2020

DFDE MEGI/XDFSteam

Average Price$200m


BUSINESS OVERVIEW 15

Nakilat’s Business Outlook


LNG Shipping Fleet

Expect to see the full impactof the 49.9% stakeacquisition of 4 Q-Flexs in thefollowing quarters

Took the first vessel deliveryof “Global Energy”, withinbudget and schedule

Term charter engagementswith charterers for the 4Newbuild LNGCs

Shipyard & Marine Services

Market Fundamentals

Portfolio growth

Shipyard is a cyclical businesswith a strategic importance forNakilat.

We are working to minimize theimpact of COVID-19 of thisbusiness segment.

According to Drewry, globalliquefaction capacity shouldgrow by ~146mts from 2019until 2024.

Due to Covid-19, closedarbitrage, weak global GDPgrowth, and upcoming availablevessels in the next 18-24months, the LNG shippingcharter rates are expected tobe volatile in the followingquarters

Nakilat expands its global LNGshipping capacity with the49.9% stake acquisition of 4Q-Flexs LNGCs (217,000cbmper vessel) owned by INSW.

The 4 LNG carriers have beenon 25-year time-charters toQatargas since their deliveryin 2007 and 2008.

16

17© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.

1H20 - Earnings Results - Summary 17

Summary


Global leaderfor energy

transportation

Maximize shareholder

return

Priority forsafety &

environment

1H20 Earnings Results:

• Strong profitability results (+15.5% YoY), momentumcontinues

• As of 1H20, Covid-19 did not have any major negativefinancial impact on Nakilat’s quarterly financial performance

• Nakilat’s defensive and solid business model provides theflexibility to navigate sustainably through extreme volatilemarkets

• Nakilat’s EBITDA was up by 11.5% year-over-year to reachQAR 1.6 billion

• As of May’20 – LTIF* Yearly Data: (0.18 Nakilat in 5M20 Vs0.45 Industrial Average 2019)

*Note: Lost Time Incident Frequency Rate

18

19© Copyright of this document vested in Qatar Gas Transport Company Ltd. (NAKILAT). All rights reserved.

Appendix 19

Notes:*As per QCSD, 16/07/20

**Vanguard Fund 11 Funds, as of June’20

***BlackRock Funds: 10 Funds , as of June’20

Nakilat’s Ownership Structure


20

Milaha*

Qatar Pension Fund (Civil)*

Vanguard Funds**

BlackRock Funds***

Other Shareholders

36.25%

13.24%

1.64%

0.45%

~48.42%


Q&A

21

For Investor Relations inquiries please contact:

Fotios Zeritis, MBA, FICS, CIR – Head of Investor Relations

[email protected] or Direct: +974 4496 8911

Any Further Investor Questions?


22

mailto:[email protected]

Qatar Gas Transport Company Ltd. (Nakilat)Head Office: Al Shoumoukh Tower (B)P.O. Box: 22271 ،Doha ،Qatar | C.R.No.: 28566Office: +974 4499 8111Fax: +974 4448 3111www.nakilat.com.qa

Thank You

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DELIVERING CLEAN ENERGY TO THE WORLD · NAKILAT makes no representation or warranty, expressed or implied, with respect to any forecast, projection or predictive statements in this