NewFortress Energy Investor Update

Endnotes (14) We define "Operating Margin" as the sum of (i) Net income / (loss), (ii) Depreciation and amortization, (iii) Interest expense, (iv) Other (income) expense, net (v) Contract termination charges and Loss on Mitigation Sales, (vi) Loss on extinguishment of debt, net, (vii) Tax expense (benefit), and (viii)Selling, general and administrative, each as reported in 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. We are presenting Operating Margin on an "illustrative basis" to reflect the volumes of LNG that would be sold under binding contracts assuming our projects In Development were fully operational for one full calendar year, multiplied by the average price per unit at which the current contracts for our Operational or In Development projects price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we would 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 actual costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will be the same as the costs used in the illustrative example and actual result in the Illustrative Operating Margins may differ materially. For the purpose of this Presentation and for NFE's assets, we have assumed an average Operating Margin of between $3.66 and $4.32 per MMBtu because we assume that (i) we have an industry average delivered cost of gas of $5.16 per MMBtu for 2021, (ii) our volumes increase over time through increased utilization of our terminals and facilities, 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. NFE's Illustrative Operating Margin from pipeline includes assets that are not yet In Development, including 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. For Hygo + Suape's we assume an average delivered cost of gas of $5.90 based on industry averages in the region and the existing LNG contract at Sergipe. Hygo + Suape Illustrative Operating Margin from pipeline include revenue from every terminal and power plant other than Sergipe, with the assumption that all are Operational and earning revenue through fuel sales and capacity charges or other fixed fees. For GMLP, this illustration reflects the revenue from ship charters, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. We assume an average Operating Margin of $58k to $64k per day for ten vessels and assume no changes to the revenue from the FLNG tolling agreement. 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 the Illustrative Operating Margins illustrated in this Presentation, 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 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 targets. 32

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