#1W Harland & Wolff RETAIL INVESTOR PRESENTATION JULY 2022#2DISCLAIMER Copyright Harland & Wolff 2021 All rights reserved. The information contained in this confidential document ("Presentation") has been prepared by Harland & Wolff Group Holdings plc (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. 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The distribution of this document in or to persons subject o other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. ⭑Harland & Wolff Commercial in confidence Footer in here | 2#3MANAGEMENT TEAM ✓ Harland & Wolff W JOHN WOOD-CHIEF EXECUTIVE OFFICER John has spent his career managing the design and construction of large energy infrastructure projects; most recently storage and infrastructure developments in Australia. John led the successful turnaround of BAE shipyards in Australia, based on multiple contracts covering all marine sectors. ARUN RAMAN - CHIEF FINANCE OFFICER A Chartered Accountant, Arun brings valuable experience to the board from Star Energy where he negotiated the commercial gas storage agreements for the Humbly Grove Underground Gas Storage Project. Arun also worked at Vitol Services Ltd. in London where he was actively trading carbon emissions and other commodities. ✰ Harland & Wolff Harland & Wolff BELFAST GROUP HOLDINGS PLC Islandmagee Energy Hub Islandmagee APPLEDORE METHIL ARNISH Corporate Presentation | 3.#4January 2019 CORPORATE PRESENTATION Co-financed by the European Union Connecting Europe Facility WOODSIDE HAULAGE LIMITED WYLAND-LE-EUROPE InfraStrata Leaders in energy infrastructure select Security#5Potential Future Structure INFRASTRATA EQUITY EQUITY PARTNER CONSTRUCTION CYCLING FID GAS FEED COMPLETE NOW PROJECT 1 OPERATIONAL Islandmagee InfraStrata Leaders in energy infrastructure InfraStrata CONCEPT STUDY IDENTIFICATI PROJECT 2 PROJECT 3 PROJECT 4 PROJECT 5 New Co New Co New Co Energy New Co Established that it is not sustainable to survive on one project. The project has substantial engineering work still to undertake, previous team have not completed work to the standard required by RA. Many challenges exist for the project in relation to regulatory approval. Underlying business case for the project not without challenges. It will take at least five years to deliver on the strategy.#6OUR JOURNEY SO FAR 2010-17 Islandmagee Energy Concept Development. ACQUSITION Islandmagee Energy FEED 2018/9 2019 Harland & Wolff Belfast acquisition -£5.25m ORGANIC میرا PROJECT DELIVERY Harland & Wolff Appledore acquisition - £7m 2020 2021 Harland & Wolff Methil acquisition - £0.65m 1 2 GROWTH SHAREHOLDER VALUE CASH 3 GENERATIVE 4 H Harland & Wolff Group target to achieve: £250m turnover within 5 Years C£500m Capacity @80% Utilisation No reason why £500m can't be achieved by 2028 Develop strategy to ensure company survival away from one project Acquire strategic assets & Set them to work Build non-contract pipeline & secure contract revenue Raise a balanced profile of debt and equity to ensure future development くくく#7OVERVIEW COMPANY OVERVIEW Harland & Wolff Group Holdings plc is a London-listed (AIM:HARL) infrastructure operator engaged in the development and operation of strategic maritime assets across the United Kingdom Primary activities include the operation of UK based shipyards under the Harland & Wolff brand: ship repair, ship conversion, internal projects, offshore, fabrication (vessels and blocks) and recycling, across defence, cruise & ferry, energy, commercial shipping and the renewables sectors Post a recent major corporate restructuring including the acquisition of our current asset base, Harland & Wolff is positioned to become one of the leading operators of strategic shipyards in Europe FACILITIES BELFAST ✰ Harland & Wolff APPLEDORE METHIL ARNISH • COMPETITIVE LANDSCAPE The demand for UK based shipbuilding and offshore wind component fabrication is ever more prevalent in a post Brexit environment. UK Ministers have announced a new £1.68bn deal to build Royal Navy supply ships in the UK, with Harland & Wolff uniquely positioned given the size, scale and geographical presence of operations given the other shipbuilding projects that are ongoing in the other UK Yards T26 (+batch 2) T31 (+batch2) Establishment of a new national shipbuilding office that will be announced after the next spending review later in October with a large number of sovereign vessels to be procured. 30 Year pipeline of sovereign shipbuilding opportunities has been produced by the new National Shipbuilding office as part of the new National Ship Building Strategy. C52% of the UK's Marine Fabrication footprint strategically situated around the UK coastline. Corporate Presentation | 7#8MARKETS & SECTORS DEFENCE COMMERCIAL ENERGY CRUISE & FERRY RENEWABLES Sellone 1250 Decommissioning Conversion Technical Services COMPLETE LIFECYCLE MANAGEMENT In Service Support * Harland & Wolff Fabricat Construon Repair & Maintenance FIVE MARKETS – SIX SECTORS SPREADING THE RISK Corporate Presentation | 8#9STRATEGIC ASSETS IN THE RIGHT PLACE H Demand outstripping capacity across the UK & Europe W Harland & Wolff 好 A group with a large enough fabrication footprint to compete for large scale projects Facilities on active east coast and north-west coast Geographically diverse locations to capitalise on all projects Politically diverse portfolio Risk split over several sites rather than focus on one Opportunity to balance work loading between sites Project costs at par with top yards in the Far East; equivalency achieved due to high shipping costs and rework on damage in transit Structures are getting larger & heavier; significant challenges to transport XXL monopiles and jackets from Asia to Europe Latest and upcoming Crown Estates licensing rounds demanding as much as 35% - 40% local content Location Size (Acres) Bought Belfast 89 5 Dec 19 Cost £5.25m Appledore 28 24 Aug 20 £7m Methil/Arnish 133/6 12 Feb 21 £0.65m Total Footprint 256 £12.90m Corporate Presentation | 9.#10PROGRESS 2.5 Years into the 5 Year Plan REPORTED REVENUE CONTRACTED REVENUE 2020 £2m 2020 2021 £26m 2021 2022 £110m 2022 2020 2021 2022 ✓ Harland & Wolff EMPLOYEES £1.8m 2020 45 £21m 2021 200 £70-80m 2022 1100 ARNISH P&L LARGEST SINGLE CONTRACT 2020 (£15m) c£600k 2020 £26m 2021 (£24m) 2021 £55m 2022 ☐ (£Xm) 2022 OUTLOOK TO 2026 UNWEIGHTED PIPELINE £8.16bn DEBT FACILITY 2020 £0m WEIGHTED PIPELINE £1.36bn 2021 £2m 2022 COMMITTED ACCORDION $70m 18 Month high Pwin Opportunities MARKETS INPLAY Weighted £1.8bn + 2020 CRUISE & FERRY COMMERCIAL 2021 CRUISE & FERRY COMMERCIAL RENEWABLES Assuming 30% Win Rate £540m 2022 CRUISE & FERRY COMMERCIAL RENEWABLES ENERGY DEFENCE Note:- All the above details are based on management estimations given current information available and current trading conditions 2020 2021 2022 SHIP REPAIR SHIP BUILDING FABRICATION BELFAST SHIP REPAIR SHIP BUILDING FABRICATION METHIL 2020 2021 2022 SHIP REPAIR SHIP BUILDING FABRICATION APPLEDORE 2020 2021 2022 SHIP REPAIR SHIP BUILDING FABRICATION Corporate Presentation | 10#11GROUP ESTIMATED OPPORTUNITIES TO 2026 Value Unsanitised Value and Sanitised Value Unsanitised Sanitised Unsanitised Value Sanitised Value 10bn 5bn Obn Unsanitised Value by COMPANY 0.08bn (1%) 2.13bn (26%) Unsanitised Value and ... 8.16bn 1.36bn Weighted Unsanitised Value Sanitised Value 4bn 1.19bn 3bn 2bn 1bn LL Obn Matt Mark Willie Graham Albert Smith Lawther Duff Couser Allan Sales Person Unweighted 8.15bn Open 103 Won Value 103.95M Lost Value 387M Submitted In Last Month 0.19bn Commercial Obn (5.29%) ✰ Harland & Wolff Market Won Unsanitised Count of Unsanitised Value Value 29 12 10 2203-3 Commercial Cruise & Ferry 15M 4M Renewables Defence 28M 56M OM 1 Total 104M 53 Lost Unsanitised Count of Unsanitised Value Market Value Cruise & Ferry Defence Renewables Commercial 1M 67M 3 3 224M 6 Total 96M 387M 23 35 2.31bn (28%) Sanitised Value by COMPANY 405M (29.92%) 3.63bn (45%) Total Service Value Fabrication and Construction COMPANY HW01 CONTRACT TYPE HW03 ⚫HW02 9M (0.66%) ●HW04 519M (38.29%) Repair and Maintenance Decommission Technical Services Total Unsanitised Value 4.43bn 3.63bn 0.09bn Defence 3bn (38.33%) 0.00bn 0.00bn 8.15bn 422M (31.13%) Market ●Renewables ● Defence ●Commercial Energy Renewables 5bn (55.28%) Cruise & Ferry#12REVENUE OPPORTUNITIES < 18MONTHS JULY 2022 M55 Contract £55.1m £2.8m £50+m £30+m DEFENCE £5.5m £20m £7m £11m £240m COMMERCIAL Corry Barge Lot 1 £9m Corry Barge Lot 2 £10m *2 - £40m £11m ENERGY £18m £14m £10m £122m £22m £2.8m CRUISE & FERRY £5m £7.5m £1.5m RENEWABLES £265m £15m £87m £14m £165m W ✰ Harland & Wolff £20m £10m 2023 Estimates for pipeline revenue figures have been compiled by the Directors and are based on invitations to tender, current engagements and market intelligence. Weighted pipeline figures are adjusted by proportion of likely win rate (as estimated by management) multiplied by total contract value. Corporate Presentation | 12#13Fleet Solid Support Contract Harland & Wolff Navantia BMT TEAM RESOLUTE Strengthening UK sovereign ship building capability and prosperity H & W Fleet Solid Support BMT Navantia DELIVERY DATES 31/12 2028 FSS1 tat Harland & Wolff ☑ Harland & Wolff Bids Submitted Q3 2022 Preferred Bidder Q4 2022 Contract Award Q1 2023 First Ship Delivered 31/12/2028 Harland and Wolff are strategically involved with the Team Resolute bid as a key subcontract partner. Harland and Wolff have also been instructed by MOD to submit proposals to other Prime Contractors as part of their response to the tender. The programme will provide significant opportunity to regenerate and provide significant social and economic benefits to the wider community. The vessels will be substantially built and integrated in the UK, with Belfast & Appledore crucial for the 3- vessel build, integration and delivery. PRIME CONTRACTOR Key Dates SUB CONTRACTOR 31/12 2029 FSS2 31/12 2030 FSS3#14What differentiates H&W ? Our dock sizes and our 250-acre footprint Physical size of our fabrication, assembly and blast & paint areas Management team that have delivered projects in all sectors Known in the industry and have connections to decision makers Ability to run with two flat sectors A new face in the market Customers that want value for money, they are ready for change Government policy of regional growth and encouraging exports Moulded offering to suit client's requirements across all sectors Larger structures continue to be demanded from fabrication sector REVITALISING SOVEREIGN AND COMMERCIAL SHIPBUILDING AND FABRICATION CAPABILITY IN THE UK ✓ Harland & Wolff H Our ethos binds our teams together. It breathers into how we work, how we communicate and what we do EXPLORING NEW IDEAS Trying and testing new methods and processes EMPOWERING OTHERS Sharing tools and techniques to progress and succeed ENGAGING FULLY Committing ourselves to our work with a passion and drive WITH CONFIDENCE Playing to our strengths and focusing on our goals STRIVING FOR THE BEST Motivating and inspiring others with high performance and a can-do attitude BEING NIMBLE Bringing agility and flexibility through lean teams 14#15☑★ Harland & Wolff Islandmagee Energy Corporate Presentation Corporate Presentation | 15#16Islandmagee Project Update 405 MACCHIO PALCICE Energy FEED Completed. Discharge and Abstraction License Awarded. Marine License Awarded. Sustained engagement with potential funding partners ongoing. W ✓ Harland & Wolff Strong Legal Opinion supporting the company on Judicial Review; outcome expected Q4 2022. Strong Legal Opinion suggesting no Consent to Construct License is required. Hydrogen economy continues to develop, however no method to commercialise hydrogen storage exists. Ability to undertake large scale hydrogen production does not yet exist. Company involved in several small scale feasibility projects that will deliver value in the future. War in Ukraine has really emphasised the need for more storage and the Governments appetite to assist and fund projects. Real industry expectations of "Brown" or "Black" outs due to energy shortages as supply chain is over stretched. Project will come back into focus after the outcome of the Judicial Review, equity providers keen to commit subject to the JR evaluation of changing energy markets. As the energy crisis deepens, opportunities are opening up for the company. Corporate Presentation | 16#17ROAD TO MONETISATION SEVERAL NEW ROADS HAVE APPEARED IN RECENT MONTHS WHILST AWAITING JR OUTCOME W ✓ Harland & Wolff Established farm-out model Part with majority equity Retain a carried interest Preferred route initially Well established and modelled Substantial equity reduction Project as a whole attracts equity & debt to take FID; H&W remains as minority shareholder Long term government loan - National Infrastructure Bank • Discussions Progressing Traction now increasing since energy markets have tightened Structural shortage of gas storage and strategic nature of the asset Financing underpinned by a combination of long-term loans and grants along with private equity participation Limited traction, but fairly new concept in the UK Regulated Asset Base (RAB) Model • Government agrees to pay an agreed return on capital deployed to raise funds for construction Very popular across Europe This option is now being discussed to try and create CfD mechanism • a model that is suitable Government covers the shortfall delta between the Q1/Q3 spread and minimum spread required to provide a guaranteed return on capital deployed Most economically efficient way of providing support; the CfD mechanism might not be utilized if the Q1/Q3 spread is enough to provide the minimum required return on capital deployed#18☑★ Harland & Wolff harland-wolff.com