NewFortress Energy Investor Update

Endnotes (22) This number of FSRUS includes the conversion of the Golar Penguin and the Golar Celsius, currently owned by Hygo, from LNGCs to FSRUs. There can be no assurance that this conversion will be successful on a particular timeline or at all. (23) These vessels are currently subject to contractual arrangements for various periods of time and each vessel has attributes that may limit its use to specific operational or logistical applications. There can be no assurance that we will use the vessels for our own operations after such arrangements have concluded. (24) "Lease cost" is based on an average cost to lease of $35k/day for FSUs and $75k/day for FSRUS based on management's estimates of current market rates. There can be no assurance that market rates or the cost to lease any particular ship are in line with our expectations. (25) "Own cost" is based on an average cost to own of $27k/day for FSUs and $51k/day for FSRUS based on management's estimates of operating costs, costs for periodic drydocking, interest on the ship at 5%, and amortization of a $700mm allocation over 20 years. There can be no assurance that management's assumptions regarding the factors used will be in line with the actual costs, and there may be additional costs that we have not considered as part of the cost of ownership. (26) This pipeline is based on the volumes of natural gas that it is our goal to sell in 2025 based on NFE's Operational and In Development projects, Hygo's Operational and In Development projects, the Suape project, and the expansion of NFE's business into three new terminals (beyond the acquisitions discussed in this Presentation) and organic growth to expand the volume of natural gas that NFE sells through existing infrastructure in three of NFE's currently existing geographies. There can be no assurance that we will sell the volumes of natural gas we expect through our Operational or In Development projects, or that we will be able to expand our business at the rate or on the terms that we expect. (27) This step reflects our assumed cost to build and the production of LNG of a new floating liquefaction plant similar to the Hilli (currently partially owned by GMLP). These costs and production numbers are rounded from the actual costs in order to simplify the illustration and do not reflect the actual cost to build the Hilli or the amount of LNG the Hilli currently produces. There can be no assurance that an FLNG could be built at this cost with this production profile. (28) This step reflects an estimate based on the current operating model of the Hilli. This assumes that we would charge current market rates to a customer who would use the new FLNG as a tolling asset, providing it with natural gas as feedstock and paying us for the service of liquefying and returning the gas as LNG. Then, we would purchase LNG from the customer at a markup. Based on current market rates of 9.5% of Brent, we assume that we would purchase LNG for $4.75/MMBtu. In addition, we would make an assumed $1.75 per MMBtu Operating Margin for our tolling fees from the customer for our liquefaction services. The new FLNG would allow us to subtract our Operating Margin of $1.75 from our $4.75 price of LNG, leading to a net cost of $3.00 per MMBtu. There can be no assurance that any FLNG would achieve our assumed Operating Margin or that we would be able to purchase LNG from our own customer or the market at any particular price. Please see our note regarding "Forward-Looking Statements" in the slide labelled "Disclaimer" to this Presentation for more information. 34

View entire presentation