#1August 2020 Q2 2020 Investor Presentation NewFortress energy MOOOOOL#2Delivering Positive Energy Worldwide Our Vision We want to light the world. Billions of people around the planet lack access to affordable power. Electricity should not be a luxury good. Our Mission Our mission is to provide capital, expertise and vision to address this problem while also making positive and meaningful impacts on communities and the environment.#31. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 3#41 2 3 LO 5 Record volumes sold in July: San Juan reached run-rate volumes(1) on July 10 Executive Summary Highlights 4 Corporate actions plus Puerto Rico reaching run-rate complete our transition from start-up to operating company ● Five major corporate actions since last quarter, including buying down gas costs for 2020 ● July 10 forward 1.6-1.7mm GPD Jamalco boilers expected to add 100k GPD within next month Goal of 1.7-2.0mm GPD for remainder of 2020 Illustrative Annualized Operating Margin Goal(2) from existing facilities of ~$400mm+ Mexico + Nicaragua add ~$150mm New logistics solution greatly expands growth prospects with 10+ projects in pipeline (3) EVERTOER A. VAZQUEZ NewFortress www NewFortress NewFortress MAJUT 3 Members of our Puerto Rico team 4#5Averaging ~1.7mm GPD July Actuals Forecast Executive Summary Record Volumes: Daily Breakdown (4) A F H GPD GPD 73,119 102,527 84,810 88,862 72,396 55,306 44,926 GPD 129,336 122,648 126,866 145,864 166,875 125,267 136,960 154,637 195,492 225,962 233,411 220,809 235,986 233,337 232,503 219,684 67,183 233,482 221,305 213,423 220,425 219,694 229,250 178,233 110,103 185,438 213,082 220,126 234,277 232,104 195,344 232,910 232,910 Jul-1 Jul-2 Jul-3 Jul-4 Jul-5 Jul-6 Jul-7 Jul-8 Jul-9 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26 Jul-27 August September October November December E GPD 398,095 433,860 433,892 350,526 433,363 433,790 433,227 400,054 386,395 675,974 845,623 844,150 835,555 846,306 845,431 693,824 844,251 783,066 770,617 790,353 807,404 843,877 843,704 GPD B C GPD 281,510 279,857 277,760 GPD 326,090 292,025 325,161 250,231 277,700 267,402 276,344 263,695 276,538 279,786 275,467 221,987 276,404 243,568 276,383 254,707 259,629 240,015 266,436 277,035 270,646 283,652 275,979 280,149 279,374 281,130 278,689 287,620 277,396 279,875 278,131 255,091 275,567 263,440 276,019 247,709 277,099 241,670 281,319 265,337 275,015 248,195 277,248 269,493 281,359 245,740 153,834 278,722 483,617 133,987 274,739 834,205 775,403 275,811 277,172 281,032 272,250 69,696 649,497 266,200 363,000 363,000 363,000 209,330 53,434 850,000 278,300 70,000 850,000 278,300 70,000 850,000 278,300 70,000 850,000 60,088 74,182 56,238 63,044 73,237 75,482 108,355 75,297 122,665 67,736 67,314 81,200 85,946 83,539 71,390 135,276 66,962 55,050 65,113 99,795 107,325 115,155 98,400 102,520 G GPD Total GPD 1,208,151 1,230,917 1,248,489 $156mm $139mm 1,113,182 1,216,379 $152mm 1,154,596 $145mm 1,170,365 $147mm 1,120,264 $140mm 1,161,927 $145mm 1,490,453 $187mm 1,652,323 $207mm 1,665,084 $208mm 1,704,410 $213mm 1,714,649 $215mm 1,746,108 $219mm $195mm 1,553,821 $220mm 1,758,404 1,602,765 $201mm 1,590,812 $199mm 1,616,785 $202mm 1,636,033 $205mm 1,697,019 $212mm 1,618,769 $203mm 1,041,971 $130mm 1,168,572 $146mm 1,511,062 $189mm 1,613,625 $202mm $375mm 1,622,737 1,734,583 $399mm 1,891,249 $442mm 1,912,060 $428mm 1,916,180 $446mm Annualized Op. Margin(5) $151mm $154mm We hit run-rate July 10 Jamalco boilers online LO#61 Converted all Class B shares to Class A shares a Executive Summary Five Major Corporate Actions Since Last Quarter 2 Converting From LLC to C Corporation 3 Cancelled 2020 LNG supply contracts 4 Received debt rating 5 Considering dividend $ 6#7Executive Summary Corporate Actions: Converting Shares & Corporate Structure 1 Converted all Class B shares to Class A shares Allowed substantial increase in investment by current shareholders: ● Some shareholders were capped due to internal restrictions on percentage of free float Top holders have increased their positions by 10% since conversion (6) Our average daily traded volume increased by ~150%(7) ● ● ● 2 Converting from LLC to C Corporation Can now be included in major indices such as S&P, FTSE Russell and MSCI Index and passive funds represent over $8.5 trillion (over 40%) of fund industry assets(8) Expected inclusion within next two quarters(⁹) Passive assets expected to increase to 10-15% of holdings from current 1%(⁹) 7#8Executive Summary Corporate Actions: Gas Supply & Debt Rating ● 3 Cancelled 2020 LNG supply contracts Paid $105mm to cancel remaining 2020 cargoes - can now purchase cheaper supply Have 8 cargoes to backfill with a bar of $2.94/MMBtu to breakeven(10) Purchased two cargoes at $1.92/MMBtu and $1.85/MMBtu, respectively(11) We've already made ~$6mm on the swap, expect to net +$15-$25mm overal|(12) ● ● 4 Received debt rating Received rating of B+/B1 on existing facility Begins process to Investment Grade rating(13) Allows for refinancing at lower interest rates(13) 8#95 Executive Summary Corporate Actions: Considering Dividend Our long-term capital structure is expected to be highly cash flow generative with low leverage; by 2022, it is our goal to have more cash than we can invest After refinancing our debt at lower interest rates, we will consider a quarterly dividend.(14)(16) Goals Start returning earnings to shareholders 20-25% of next 12 months free cash flow (15) Greatly expand income and yield investor base ($650bn estimated potential investor base in AuM) (17) Adjustments considered as new projects turn on(16) Signal type of company we are becoming 9#10Executive Summary Corporate Actions + Units 5/6 Turning On Complete Our Transition From Start-Up to Operating Company GPD 1.9mm GPD at YE 2020; 3.4mm GPD with Nicaragua + MX Volume Build 3,500k 3,000k 2,500k 2,000k 1,500k 1,000k Illustrative Annualized Operating Margin Goal from existing facilities is ~$400mm+; Mexico & Nicaragua (Operational(18) by end of year) add ~$150mm 500k 320k 378k 329k ■Nicaragua 538k Old Harbour 753k 976k ■Mexico 1,906k Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2¹21 Montego Bay 1,656k Puerto Rico 3,179k Miami 3,246k Goal to be investment grade company in 12-18 months Debt / Illustrative Adj. EBITDA (20) 2.7x Q4'20 Annualized $359mm Illustrative Adj. EBITDA Goal(19) 2.0x 2021 YE $479mm Illustrative Adj. EBITDA Goal 10#111. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 11#12Operational Update Committed Volumes(21) at Run-Rate Across Operational Facilities Run-Rate Volume (GPD) Available Capacity (GPD)(22) Customers Served *includes volumes to the Jamalco CHP and boilers Montego Bay Jamaica 400k 340k 16 Old Harbour Jamaica 760k* 5.2mm 3 Jamalco CHP Jamaica ✓265k 265k 2 San Juan Facility Puerto Rico 863k 1.8mm 5 12#13Health, Safety, & Environment ("HSE") YTD Availability YTD Reliability LNG Truck & Ship Transfers Operational Update Operational Asset Performance 0 99% 99% 7,000+ Achieved "three zeros" for HSE incidents for operating assets (23) ✓ Zero (0) days away from work incidents ✓ Zero (0) recordables for health or process safety Zero (0) spills or environmental containment loss 99% average YTD Availability(24) across five operating assets Miami Liquefier: 100% ✓ Montego Bay Terminal: 100% Old Harbour Terminal: 100% Jamalco CHP: 100% San Juan Facility: 97% 99% average YTD Reliability(25) across five operating assets Miami Liquefier: 100% Montego Bay Terminal: 100% Old Harbour Terminal: 100% Jamalco CHP: 99% San Juan Facility: 97% Other notable performance includes:(26) ✓ ✓ Over 6,600 truck & rail tender loads performed to-date, all without incident Over 650 ship transfers to-date, all without incident NFE has performed the most ship-to-ship & ship-to-shore transfers of any company in the western hemisphere 13#141. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 14#15Development Update How Our Business Operates Today Our business requires a seamless marriage of: gas supply, logistics, infrastructure, transportation & power Prior to NFE PORT abundance of big ships globally (125-180k m³) But too large to enter ports Our First Innovation (5 years ago) OO XX ✓↓ PORT transfer LNG from big ships to small ships offshore bring smaller ships into port Type of Port Onshore (Montego Bay, San Juan) large offshore storage vessel small shuttle vessel small storage vessel or onshore storage onshore regasification Offshore (Old Harbour) offshore Floating Storage Regasification Unit ("FSRU") subsea pipeline for regasified LNG to onshore power plants 15#16Development Update Our Next Phase: Delivery in 3-6 Months vs. 24 Months Our latest infrastructure solution dramatically reduces project timelines and costs by 50%+(27) Our Proprietary ISO Flex System Big ship directly to ISO storage containers on small offshore support vessels ("OSVs") OSVS are cheap, abundant and can run in low draft ports Easily offloaded at container ports Greatly reduces time, permitting and capital costs and can be used everywhere BOOD ↓ Big Ship ISO containers Time Est. Costs of Construction ($mm) (28) Est. Costs of Operation ($mm) (29) Big Ship to Small Ship ● ● 24 months $100mm+ $40mm Big Ship to ISO Flex 3-6 months $50mm $15mm 16#17First Gas(31) Q4 2020 Development Update La Paz Terminal, Baja California Sur, Mexico NFE's power plant will capture the highest power prices in Mexico(30) Run-Rate Volumes 500-750k gpd 00000 4 Status Update Site Works Construction works have commenced at the terminal Dredging Dredging works on the site have been completed Power We expect to ship three gas turbines to La Paz on Oct. 1st 17#18First Gas Q4 2020 Development Update Nicaragua Terminal, Puerto Sandino, Nicaragua Will supply our 300 MW power plant underpinned by a 25-year PPA Run-Rate Volumes 700-900k gpd m Status Update Permits Materially advanced the permitting process; expect to be fully permitted to construct by end of Q3(32) Design Full conceptual design completed on entire development(33) Power Power plant construction expected to be completed by December 18#191. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 19#2010+ projects in pipeline New Business Our Growth Prospects Are Compelling We have over ten projects in our pipeline across the globe F C NFE project pipeline regions 20#21New Business New Business Economics $250-$300mm project costs yield ~$100-$200mm Illustrative Annualized Operating Margin Goal Illustrative Economics 300 MW (average solution) $250-$300mm project costs(34) $100-$200mm Illustrative Annualized Operating Margin Goal 3 - 6 months deploy time (35) Average annualized operating margin goal ($ in mm's) 600 750 4 5 900 1,050 1 1,200 6 7 8 # of new deals (36) 21#221. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 22#23$/MMBtu Gas and Diesel prices impacted by oversupply and COVID-19 demand hit(37) $30 $25 $20 $15 $10 $5 $0 Jul-10 Focus on Gas Gas Prices are Both the Biggest Threat and Biggest Opportunity for Our Business www Jul-11 Jul-12 Jul-13 Jul-14 -Diesel Avg. Diesel-LNG Spread ($/MMBtu) 10 yr.: $8.22 5 yr.: $4.90 2 yr.: $5.83 Jul-15 -LNG Jul-16 and Jul-17 Jul-18 Jul-19 LNG was cheaper than diesel for all but 24 days in last 10 years Jul-20 Gas market is oversupplied with US gas inventories 15% higher than the 5-year average But gas rig activity has declined 60% YoY while total rig count has dropped from 942 to 251 YoY (73%) Reduction in oil & gas drilling activity has led to stabilization and rebound We believe spot prices will remain low through 2021, but expect normalization in 2022 Important for NFE to capitalize on depressed prices in near term 23#24Focus on Gas Current Supply Situation for Projected Committed Volumes(38) Purchased Cargoes Short Cargoes 2020 2 Cargoes 6 Cargoes (67% open) 2021 12 Cargoes 21 Cargoes (64% open) 2022-2025 36 Cargoes 100 Cargoes (73% open) On average, we are short 71% of projected committed volumes from existing & future facilities Goal is to cover 75-80% of our short positions while gas prices are attractive 24#251. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 25#26Hydrogen Update Update on our mission to ZERO We want to participate in bringing the cost of green hydrogen down to $1/kg, which is equivalent to ~$7.50/MMBtu natural gas $1/kg Green hydrogen Potential to significantly decarbonize customer base & create tremendous growth opportunities for NFE 90+ Proposals evaluated ~5 Viable proof of concept projects ~3 Potential breakthrough technology investments Our goal is to reach FID on a proof of concept project by the end of the year 26#271. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 27#28Financial Performance Financial Performance Operating Results Volumes: Increased 223k GPD largely due to PR commissioning gas and full quarter volumes in Jamalco CHP Revenue: Increase of $20mm on higher volumes at Jamalco and PR, offset by decrease in volumes in Old Harbour Cost of Sales/O&M: Increase as a result of volumes sold and higher LNG price offset by some capitalized charter costs Contract Termination / Mitigation Sale: One-time cancellation charge of $105mm; mitigation sale of $19mm Cash SG&A: Consistent with Q1 at approximately $20mm(39) Volumes Sold, Average (k GPD) Revenue ($mm) Financial Metrics Cost of Sales/O&M ($mm) Operating Margin ($mm) Contract termination charges and mitigation sales ($mm) Net Income/(Loss) ($mm) Total Debt(40) ($mm) Cash on Hand (41) ($mm) Q1 2020 Q2 2020 755 $74.5 $76.7 ($2.2) $0.2 ($60.1) $980.0 $291.3 978 $94.6 $79.4 $15.2 $123.9 $980.0 QoQ Change $223.4 223 $20.1 $2.7 $17.4 ($166.5) ($106.4) $123.7 ($67.9) 28#29Illustrative Operating Margin Goal from Committed Volumes (42) As Committed Volumes become Operational, revenue & Illustrative Operating Margin Goal are expected to increase substantially Illustrative Annualized Operating Margin Goal ($ in millions) Illustrative Operating Margin Goal Illustrative Annualized Operating Margin Goal Miami Montego Bay Old Harbour Puerto Rico Mexico Nicaragua Average Volume (gpd) $600 $500 $400 $300 $200 $100 Q1 ($2) 35k 258k 461k 0.8mm $61 Financial Performance Q2 $15.2 $61 36k 254k 476k 210k 1.0mm 2020 $321 Q3 $80 $321 40k 274k 563k 724k 1.6mm $439 Q4 $110 $439 57k 269k 711k 869k 1.9mm $500 Q1 $125 $500 63k 403k 760k 882k 288k 783k 3.2mm $542 Q2 $135 $542 59k 403k 760k 882k 358k 783k 3.2mm 2021 $569 Q3 $142 $569 59k 403k 760k 882k 458k 783k 3.3mm $568 Q4 $142 $568 62k 389k 760k 882k 458k 783k 3.3mm 29#30Capital plan fully funds committed projects, provides additional liquidity for pipeline projects, and returns capital to shareholders ☆ Received B+/B1 credit rating for existing facility Financial Performance Capital Plan L WA Issue 5-year debt at lower interest rate than current loans $ Considering quarterly dividend 30#311. Executive Summary 2. Operational Update 3. Development Update 4. New Business 5. Focus on Gas 6. Hydrogen Update 7. Financial Performance 8. Appendix 31#32(in thousands) Net income/(loss) Add: Appendix Operating Margin Reconciliation Contract termination charges and loss on mitigation sale Selling, general and administrative Depreciation and amortization Interest expense Other expense, net Loss on extinguishment of debt, net Tax expense (benefit) Non-GAAP operating margin $ LA Q2-19 Q1-20 (51,233) $ (60,055) 32,169 2,110 6,199 920 208 28,370 5,254 13,890 611 9,557 $ 155 (4) (9,680) $ (2,169) $ Q2-20 (166,519) 123,906 31,846 7,620 17,198 999 117 15,167 Management's Use of Operating Margin Operating margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense. As operating margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as achieve optimal financial performance of our current liquefaction, regasification and power generation operations. The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business. 32#33Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." FORWARD-LOOKING STATEMENTS. Certain statements regarding New Fortress Energy LLC (together with its subsidiaries, "New Fortress Energy," "NFE," the "Company," "we" or "us") in this Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "by," "converts" "approaches" "nearly" "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "target," "goal," "projects," "contemplates" or the negative version of those words or other comparable words. Any forward-looking statements contained in this presentation, including statements regarding the expected development schedule and timing of specific milestones for our downstream and other facilities, including First Gas and other milestones, the expected volumes that we will sell based on our Committed volumes or other illustrative models, our expectations about new technology solutions and projects with respect to project cost and timeline, our ability to convert from non-binding memorandums of understanding to binding commitments, the expected capabilities of our development projects once completed, our illustrations of our goals for Operating Margin and Volumes at particular points and on a run rate and annualized basis, the timing of our downstream facilities coming online and the timing of related volumes reaching Run Rate, our plans and business strategy for specific industries, types of power users and geographies, our goals for business and developments in the future (including but not limited to, our plans to convert to a corporation, our liquidity and financing plans, including our plans to refinance, lower our interest rate, decrease our leverage ratio and increase our borrowing capacity), our intentions to consider dividends or otherwise make use of capital or free cash flow, our consideration of a dividend with our Board of Directors, our market assumptions including those regarding the cost of our shipping, logistics and regasification activities, and the pricing of LNG, natural gas and other alternative fuels, our financing plans and our plans to be rated by a credit rating agency to facilitate those financing plans, our Company's equity value and equity value per share, are based upon our limited historical performance and on our current plans, estimates and expectations in light of information (including industry data) currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These statements are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. NFE can give no assurance that its expectations regarding any forward-looking statements will be attained. Accordingly, you should not place undue reliance on any forward-looking statements made in this Presentation. Factors that could cause or contribute to such differences include, but are not limited to, the risk that our construction or commissioning schedules will take longer than we expect, that our expectations about the price at which we sell LNG, the cost at which we produce, ship and deliver LNG and the margin that we receive for the LNG that we sell are not in line with our expectations, that our operating or other costs will increase, or our expected remaining costs for development projects underway increases, such that our expected of funding of projects may not be possible, that we may not realize the benefits of converting from a limited liability company to a corporation or be included in major indices as a result, that our expected financing based on our current or future corporate or debt ratings, cash flows of existing or future projects may not be achievable by us on commercially favorable terms or at all, that we may not achieve our goals with respect to free cash flow or may otherwise be unwilling or unable to declare dividends, that we may be unable to agree on terms for projects for which MOUs have been signed on favorable terms or at all, that we may not have our Credit Facility or Company rated at the rating that we expect or at all, that the novel coronavirus and its impact on the economy and travel will negatively impact our ability to do business, develop projects or finance projects, that we may be unwilling or unable to make Commitments to new projects for internal, external, financing, or any other reason, that we may be unable to implement our plans and business strategy in the way that we expect. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's previous public filings with the U.S. Securities and Exchange Commission (the "SEC"), which will be made available on the Company's website (www.newfortressenergy.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this Presentation. NFE expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. upon for any reason. PAST PERFORMANCE. Our operating history is limited and our past performance is not a reliable indicator of future results and should not be relied ILLUSTRATIVE ECONOMICS: Illustrative economics (including of Annualized and Committed Operating Margin) are hypothetical value based on specified assumptions that are aspirational in nature rather than management's view of projected financial results. Actual results could differ materially and the hypothetical assumptions on which this illustrative data is based are subject to numerous risks and uncertainties, including particular risks and uncertainties introduced due to the novel coronavirus and its broad and ongoing impact on the worldwide economy. 33#34Endnotes Certain of the below Endnotes include forward-looking statements. Please see our note regarding "Forward-Looking Statements" on the slide titled "Disclaimers" of this Investor Update (the "Presentation"). Please evaluate this Presentation in connection with the risk factors in our public reports, including our report on Form 10-Q for the period ended June 30, 2020. (1) "Run-Rate" means the date on which management currently estimates the initial ramp-up of operations on a particular facility will be over, and the facility will be using natural gas or producing LNG at a sustainable level. "Run-Rate Volumes" refers to the volumes of natural gas or LNG that are being used or produced. Volumes of LNG and natural gas that we are able to deliver and sell through a particular facility may keep increasing after the Run Rate date due to additional large or small scale customers being added for service by the facility, so the Run Rate does not represent the date on which management expects the relevant facility to be operating at its full capacity. It is also possible for a facility to be operating at Run-Rate volumes prior to full commercial operations, and there can be no assurance if or when full commercial operations will occur. Operations of such projects at their full capacity volumes will occur later than, and may occur substantially later than, Run Rate. We cannot assure you if or when such projects will reach the date Run Rate or full capacity volumes. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal. (2) "Illustrative Annualized Operating Margin Goal" means our goal for Operating Margin under certain illustrative conditions, presented on a run rate basis by multiplying the average volume we expect to sell in the last quarter of the relevant period by four. "Operating Margin" means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Contract termination charges and Loss on Mitigation Sales, (vii) Loss on extinguishment of debt, net, and (viii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements. Operating Margin is a Non-GAAP Financial Measure. Please see the Appendix to this Presentation for a reconciliation to our nearest GAAP measure and an explanation of the uses and limitations of Operating Margin. This goal reflects the volumes of LNG that it is our goal to sell under binding contracts multiplied by the average price per unit at which we expect to price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we expect to purchase or produce and deliver such LNG or natural gas, including the cost to (i) purchase natural gas, liquefy it, and transport it to one of our terminals or purchase LNG in strip cargos or on the spot market, (ii) transfer the LNG into an appropriate ship and transport it to our terminals or facilities, (iii) deliver the LNG, regasify it to natural gas and deliver it to our customers or our power plants and (iv) maintain and operate our terminals, facilities and power plants. There can be no assurance that the costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will result in the Illustrative Annualized Operating Margins reflected. For the purpose of this Presentation, we have assumed an average Operating Margin of between $5.29 and $7.57 per MMBtu, because we assume that (i) we purchase gas between $2.25 and $5.63 per MMBtu for the remaining periods in 2020 in spot cargos, and at a weighted average of $3.80 in 2021, in a combination of strip and spot cargos, (ii) our volumes increase over time, and (iii) we will have costs related to shipping, logistics and regasification similar to our current operations because the liquefaction facility and related infrastructure and supply chain to deliver LNG from Pennsylvania does not exist, and those costs will be distributed over the larger volumes. These costs do not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve our Illustrative Annualized Operating Margin Goal, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the Illustrative Annualized Operating Margin Goal related to such volumes (i) are not based on the Company's historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal. 34#35Endnotes (3) "pipeline" or "In Discussion" refers to potential customers (i) with whom we are in active negotiations, (ii) for whom there is a request for proposals or competitive bid process, or (iii) for whom we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer as of date of this Presentation. We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some, but not all, of our contracts contain minimum volume commitments, and our expected sales to customers reflected in any volumes referenced is substantially in excess of potential minimum volume commitments. References to these volumes and percentages of these volumes should not be viewed as guidance or management's view of the Company's projected earnings, is not based on the Company's historical operating results, which are limited, and does not purport to be an actual representation of our future economics. (4) This chart is based on management's internal reporting of volume data through July 27, 2020 which is tracked by management through daily live monitoring, formal reporting systems and informal information gathering. The forecasted monthly average gallons per day between August 2020 and December 2020 is based on management's illustrative goals of volumes to be delivered in each month illustrated. There can be no assurance that other facilities, future facilities or the same facilities over a different timeframe will achieve similar results and actual results could differ materially from previous results. The results of any particular facility are not representative of the results of facilities as a whole, and as our operating history is limited, past performance is not a reliable indicator of future results and should not be relied upon for any reason. (5) "Annualized Op. Margin" during the period from July 1 through July 27 refers to an assumed Operating Margin of $4.15/MMBtu (based on management's estimated forecast for July 2020) multiplied by 365 days, and during the period from August 2020 through December 2020, refers to management's Illustrative Annualized Operating Margin Goal, calculated by multiplying the Illustrative Operating Margin Goal for each month by the estimated delivered volumes, and multiplying the total by twelve. Please see Endnote 2 to this Presentation for more information. (6) Based on daily traded volume as of June 10, 2020, the day our conversion from Class B shares to Class A shares became effective, and daily traded volume on July 28, 2020. Factors other than the conversion from Class B shares to Class A shares may have impacted the daily trading volume. (7) Based on share holdings as of June 10, 2020, the day our conversion from Class B shares Class A shares became effective, and share holdings on July 28, 2020. Factors other than the conversion from Class B shares to Class A shares may have impacted the share holdings of these investors. (8) Barron's, "The Big 3 Index Providers Have a Huge Amount of Power - Even Over Tesla", July 17, 2020 (available at https://www.barrons.com/articles/the-big-3-index-providers-have-a-huge- amount-of-powereven-over-tesla-51595026560). (9) We may not be included in major indices within the next two quarters or at all. There can be no assurance that passive assets will increase in line with our expectations or at all, particularly if we are not included in major indices. (10) Calculated based on the expected delivered volume of the 8 cancelled cargos divided by the $105mm payment related to the cancellation of such cargos. (11) The prices at which we have purchased cargos should not be relied upon to estimate the prices at which we will purchase cargos in the future. (12) $6mm savings calculated based on the average savings per MMBtu of LNG cancelled and repurchased at spot rates, multiplied by the volume of cargos cancelled and repurchased at spot rates. Our past results should not be relied upon to estimate our future results, and there can be no assurance that we will net a positive impact from our cargo swap. Savings for the second half of 2020 are based on the implied buydown price per MMBtu from our contracted cargos in the second half of 2020, less the actual market price of natural gas per MMBtu (sourced from Bloomberg as of July 3, 2020) multiplied times the number of MMBtu that were contracted in the second half of 2020 and which we expect to repurchase at actual market prices. There can be no assurance that we will purchase an equivalent number of cargos as we cancelled, or that the price we will pay for any cargos we purchase in the second half of 2020 will be in line with our expectations or lower than the price under which we cancelled cargos. 35#36Endnotes (13) Refers to the corporate family credit rating that NFE received from Moody's and S&P. There can be no assurance that NFE will become an investment grade company on the timeline that we expect or at all. There are many factors that impact borrowing costs and our ability to refinance our debt or raise funds in the future, so there can be no assurance that rated debt would allow us to reduce our borrowing costs or lower our interest rate. (14) There are many factors that impact borrowing costs and our ability to refinance our debt or raise funds in the future, so there can be no assurance that rated debt or any other development discussed in this Presentation would allow us to refinance our debt to reduce our borrowing costs or lower our interest rate. (15) "free cash flow" means our goal for free cash flow under certain illustrative conditions, presented on a run rate basis by multiplying the free cash flow average volume we expect to sell in the last quarter of the relevant period by four. "free cash flow" is calculated by taking the net loss, plus (i) depreciation and amortization, (ii) non-cash interest expense, (iii) other expense or income, (iv) Contract termination charges and Loss on mitigation sales, (v) loss on extinguishment of debt, (vi) tax expense, and (vii) adjustments for expenses not otherwise indicative of our ongoing performance, including non-cash share-based compensation expense and non-capitalizable development-related expenses. free cash flow would not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve a free cash flow which would make it appropriate to distribute dividends, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the free cash flow goals related to such volumes (i) are not based on the Company's historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal. (16) Regarding the Company's future consideration of paying a dividend, any decision regarding the payment of a dividend would be subject to evaluation and approval by our Board of Directors on a quarterly basis. In making such a determination, the Board of Directors would evaluate factors it deems relevant, including, but not limited to, the Company's current and projected financial condition and available liquidity; investment and other capital needs; contractual obligations; and other factors deemed relevant by the Board of Directors in making its determination. There can be no assurance that the Board of Directors will declare a dividend in the future or, if any dividend is declared, the timing or amount of any dividend declared. (17) Based on the total assets under management for the yield and income funds in the United States and Canada, based on data from NASDAQ. (18) "Operational" or "Turning On" with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date. We cannot assure you if or when such projects will reach full commercial operations. Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals. 36#37Endnotes (19) "Illustrative Adj. EBITDA Goal" means our goal for Adj. EBITDA under certain illustrative conditions, presented on a run rate basis by multiplying the Illustrative Adj. EBITDA Goal average volume we expect to sell in the last quarter of the relevant period by four. "Adj. EBITDA" is calculated by taking the net loss, plus (i) depreciation and amortization, (ii) interest expense, (iii) other expense or income, (iv) contract termination charges or loss on mitigation sales, (v) loss on extinguishment of debt, (iv) tax expense, and (vii) adjusted for expenses not otherwise indicative of our ongoing performance, including non-cash share-based compensation expense and non-capitalizable development-related expenses. Adj. EBITDA would not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and certain selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve our Illustrative Adj. EBITDA Goal, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the Illustrative Adj. EBITDA Goal related to such volumes (i) are not based on the Company's historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal. (20) "Debt / Illustrative Adj. EBITDA Goal" is calculated by dividing our total debt of $980mm by our Illustrative Adj. EBIDTA Goal for each period. For more information about Illustrative Adj. EBITDA Goal please see Endnote 19. (21) "Committed" means our expected volumes to be sold to customers under (i) binding contracts, (ii) non-binding letters of intent, (iii) non-binding memorandums of understanding, (iv) binding or non-binding term sheets or (v) have been officially selected as the winning provider in a request for proposals or competitive bid process, in each case, as of the period specified in the Presentation. Some, but not all, of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in the Presentation are substantially in excess of such minimum volume commitments. Our near-term ability to sell these volumes is dependent on our customers' continued willingness and ability to continue purchasing these volumes and to perform their obligations under their respective contracts. If any of our customers fails to continue to make such purchases or fails to perform its obligations under its contract, our operating results, cash flow and liquidity could be materially and adversely affected. References to Committed Volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management's view of the Company's projected earnings, is not based on the Company's historical operating results, which are limited, and does not purport to be an actual representation of our future economics. (22) "Capacity" refers to the technical, regulatory or physical limitation on our facility's volume capacity, which could be our physical or permissioned capability to deliver LNG to the facility, landed or floating storage capacity at the facility, the loading or unloading rate of LNG or natural gas to or from the facility, or the technical capacity of the regasification equipment. For our projects in development, these capacity volumes represent our estimates of the limiting technical, regulatory or physical factor based on regulatory, technical and engineering advice that management has received. "Available Capacity" is the Capacity of each facility, less the Run-Rate Volumes from Committed customers as illustrated on this Slide 12. (23) Our Operating assets during the second quarter of 2020 were the Montego Bay Facility, Miami Facility, Old Harbour Facility and San Juan Facility year to date through July 29, 2020. These metrics are tracked by management through formal reporting systems and informal escalation paths. There can be no assurance that we will achieve similar results in the future and future results could differ materially from previous results. The results of any particular facility are not representative of the results of facilities as a whole, and as our operating history is limited, past performance is not a reliable indicator of future results and should not be relied upon for any reason. 37#38Endnotes (24) "Availability" means the percentage of time the NFE facility is operable less NFE planned downtime for our Montego Bay Facility, Miami Facility, Old Harbour Facility and San Juan Facility year to date through July 29, 2020. There can be no assurance that other facilities, future facilities or the same facilities over a different timeframe will achieve similar results and actual results could differ materially from previous results. The results of any particular facility are not representative of the results of facilities as a whole, and as our operating history is limited, past performance is not a reliable indicator of future results and should not be relied upon for any reason. (25) "Reliability" means the percentage of time the NFE facility is operable less planned or unplanned NFE downtime for our Montego Bay Facility, Miami Facility, Old Harbour Facility and San Juan Facility year to date through July 29, 2020. There can be no assurance that other facilities, future facilities or the same facilities over a different timeframe will achieve similar results and actual results could differ materially from previous results. The results of any particular facility are not representative of the results of facilities as a whole, and as our operating history is limited, past performance is not a reliable indicator of future results and should not be relied upon for any reason. (26) These metrics reflect our entire operating history through June 30, 2020. These metrics are tracked by management through formal reporting systems and informal information gathering. There can be no assurance that we will achieve similar results in the future and future results could differ materially from previous results. The results of any particular facility are not representative of the results of facilities as a whole, and as our operating history is limited, past performance is not a reliable indicator of future results and should not be relied upon for any reason. (27) Our project timelines and costs are based on internal evaluations, and refer to completing certain stages of projects within a timeframe and within a spectrum of budget parameters that, when taken as a whole, are substantially consistent with our business model. We do not have development or operational experience with the ISO Flex System and we can make no assurance that it will reduce project timelines or costs. (28) "Est. Costs of Construction" means management's internal estimates of construction and development costs related to the ISO Flex System and without the ISO Flex System, including costs related to the marine, regasification, truck loading, power and transportation infrastructure. These osts do not include all costs included in generally accepted accounting principles and should not be relied upon for any reason. (29) "Est. Costs of Operation" means management's internal estimates of operational costs related to the ISO Flex System and without the ISO Flex System, including costs related to the marine, truck loading, power and transportation operations. These costs do not include all costs included in generally accepted accounting principles and should not be relied upon for any reason. (30) Based on power prices in Mexico from CENACE. (31) "First Gas" means the date on which (or, for future dates, management's current estimate of the date on which) natural gas is first made available to our projects, including our facilities in development. Full commercial operations of such projects will occur later than, and may occur substantially later than, the First Gas date. We cannot assure you if or when such projects will reach the date of delivery of First Gas, or full commercial operations. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal. (32) Based on management's estimates of permitting preparation, submission and approval timeline. There can be no assurance that we will achieve our goal. (33) Additional design and drawings are required for submission of permits and construction. 38#39Endnotes (34) These illustrative project costs are management's internal estimates of construction and development costs related to our total projects, including the ISO Flex System along with the development or conversion of a natural gas power plant. These costs do not include all costs included in generally accepted accounting principles and should not be relied upon for any reason. Each project has specific budget for its costs which may vary significantly from this illustration, so this illustration should not be relied upon to estimate the costs of any particular project or at all. (35) This illustrative deploy time is our management's internal estimates of development timeline, which may vary by jurisdiction and generally runs from completion of the construction permit process through the final certification of completion. We do not have development or operational experience with the ISO Flex System and we can make no assurance that our internal estimates regarding these timelines are correct across jurisdictions or for any particular project. (36) This chart is an illustration of the added value to our business of each new deal that we bring to Run Rate Volume and full commercial operations, and is not meant to be an indication of our expected future results. The Average Annualized Operating Margin Goal is calculated by multiplying the number of new deals by $150mm in Annualized Operating Margin Goal, which is the midpoint of our Illustrative Annualized Operating Margin Goal of between $100mm and $200mm. This Illustrative Annualized Operating Margin Goal is based on an assumed average Operating Margin of $5.00/MMBtu for each new project in our target regions. Our operating history is limited and there can be no assurance that we will achieve this Average Annualized Operating Margin Goal for any particular new project, any number of new projects, or that we will bring any new project to Run Rate Volumes or full commercial operations. (37) "LNG" is an illustrative LNG fuel price for customers of at least 100 MW in the Caribbean of 115% of Henry Hub plus $6.00 per MMBtu. "Diesel" means an illustrative diesel fuel price for customers of at least 100 MW in the Caribbean of the New York Harbor Ultra Low Sulfur index plus $7.50 per barrel, divided by 5.59 to convert to MMBtu, for each day. The information for the Henry Hub price for natural gas used in "LNG" and for the New York Harbor Ultra Low Sulfur index used for "Diesel" is from Bloomberg as of July 29, 2020. The price information for LNG and Diesel is not meant to include any infrastructure or capacity charges, and our customers' and potential customers' actual LNG or Diesel offtake agreements may have higher or lower pricing than is included in this illustration. Other data on this Slide 23 based on July 2020 EIA Short Term Energy Outlook, available at https://eia.gov/outlooks/steo/data.php. (38) Open cargos based on our estimated gas needs over the next five years for certain of our current customers and our current contracted volumes for LNG in long term strip cargos. We cannot assure you if or when we will enter into contracts for sales of In Discussion customers, and if we Commit additional customers we will have a higher number and percentage of Open Cargos, so there can be no assurance that our estimates are correct. In addition, there can be no assurance that our construction or commissioning timelines would enable us to sell LNG or natural gas within the timeline estimated or at all. (39) "Cash SG&A" means SG&A, excluding non-cash share-based compensation expense and non-capitalizable development related expenses and expenses associated with simplifying our corporate structure, during the relevant period. (40) "Total Debt" is the sum of our $800mm Term Loan Facility and our $180mm CHP Bonds. (41) "Cash on Hand" means the sum of Cash and cash equivalents and Restricted cash as presented in our financial statements for the period referenced. (42) Please see Endnote 2 for more information about our Illustrative Annualized Operating Margin Goal. For this slide, the Illustrative Annualized Operating Margin Goal is calculated by multiplying the Illustrative Operating Margin Goal for each quarter by four. 39