‘We have the experience to deliver tailor-made services’

Exmar Ship management is a successful and innovative maritime and offshore asset management business.

We owe our achievements to the unique skill set of our people at sea and those who support them on shore.

Our know-how and innovative approach towards crewing, operating and maintaining LPG, LNG and Offshore units

enables us to partner with external clients in a rather unique way compared to a traditional customer relationship

between a ship owner and ship management services provider. Our technical specialists are able to foster genuine

innovation based on transparent and productive relationships with our customers, who are typically looking for

a strategic partnership over a long period of time.

With decades of experience accumulated in managing LPG and LNG fl eets, the company has now transformed

itself into a major international player, establishing industry standards with classifi cation societies and maritime

organizations on crewing, commissioning, operating and maintaining Floating Liquefaction Storage Units, Floating

regasifi cation Storage Units and vessels specialised in performing ship-to-ship transfers of LNG.

In a constantly changing world, it is our fi rm belief that continuous improvement is only demonstrable in practice

if both parties are willing and able to share their knowledge and skills in an open manner. We have an outward-

looking approach to use best practices from other industries and apply modern management techniques such

as Lean Six Sigma to match ever-changing needs. Good governance is critical, as is a determined and focused

effort on health and safety. It’s also these beliefs that hold the key to unlocking our true potential in terms of

what we can offer in new and exciting advances in the safe and effi cient storage and transportation of natural

and petroleum gas. Our ultimate measure of success is measured beyond the bottom line and our customers’

satisfaction levels.

at Exmar Ship management, our aim is to use the experience and knowledge we acquire on a daily basis to

contribute further innovations and technological advances to meet growing global demand for gas as a safe,

clean source of energy.

- Marc Nuytemans, CEO – EXMAR Ship Management -

3 3

Our Mission, Vision & Values

Our Mission To contribute to a cleaner and more effi cient energy supply for

the world as a world-class global provider of specialized services

to the oil and gas industry at the intersection of maritime

and off-shore.

Our vision To manage specialized fl oating assets and deliver tailor-made

services combining our maritime and off-shore know-how

effi ciently and innovatively.

Our values RespectWe do business with respect for the world in which we operate.

We are committed to the highest safety standards. We respect

our shareholders by being a profi table company. recognizing our

operations impact our colleagues, customers, suppliers, partners

and society, we continuously improve our performance and our

ways of working. We are accountable for our decisions and for

the effects of our activities on the communities in which we

operate, now and for future generations.

CommitmentWe keep our promises and are committed to delivering results.

We execute work responsibly, while optimizing use of resources,

energy and human effort to maximize stakeholder value and

community benefi t.

AlliancesWe combine our individual strengths to achieve more together.

We build collaborative and trusting relationships with each

other as well as with our customers, suppliers, partners

and communities.

InnovationWe create new and elegant solutions for complex

problems. Our creativity and experience, our

technology and know-how, our broad base

of expertise and global network of

experts enable us to craft

powerful tailor-made

solutions.

5

A pioneer in managing floating assets

In the complex world of LPG and LNG, we have developed specialized services for clients looking to find

innovative means of storing, transporting and transshipping gas and chemicals in both liquefied and

gaseous states. Having performed the first commercial ship-to-ship LNG transfer, we are now preparing

to operate the world’s first floating liquefaction, regasification and storage units. We also constantly

innovate in the way we manage assets operating in extreme conditions, from LPG vessels trading in the

hostile conditions of the North Sea to offshore barges and FPSOs off the African coast.

InnovatIon

‘By having an expert from EXMAR Ship Management

located alongside our colleagues in our offices in Houston, we have been able to build

upon our shared knowledge and serve our own customers in

a better way’- Excelerate Energy -

Testimonial

LNG Operations and Project Manager: Captain Ashwini Kumar‘Since 2011, I have been based at Excelerate Energy’s office in Houston, sitting right next to their commercial

department where the LNG traders are trading. In front of me is their operations team. I am at the customer’s office

primarily as a liaison and a consultant. I help to resolve matters on a daily basis and ensuring operations involving the

vessels we manage run smoothly. Our client has grown significantly and we have grown with them.’

lng – ExcElEraTE EnErgycustomer profileSince 2003, Exmar and Excelerate Energy have been delivering

groundbreaking solutions across the entire floating LNG chain.

We jointly performed the first commercial LNG ship-to-ship

(STS) transfer and also developed the world’s first regasification

vessel. We also jointly initiated the first dockside regasification

gas port. Excelerate Energy and Exmar Ship management

are now in the process of testing and configuring the world’s

largest FSrU which will operate off the atlantic coast of Brazil.

The shared knowledge and operational expertise from close

cooperation between the two companies reaches far beyond any

standard client-partner supplier relationship.

7 7

lPg - avancE gascustomer profileWith a length of 227m, a beam of 36m, and a gross registered

tonnage of 46,393 tons, the VLGC (Very Large Gas Carrier)

avance has been under Exmar Ship management’s care for

just over two years. This includes technical, crewing and HSEQ

management, with the vessel fully incorporated into the LPG

Business Unit.

ESm coordinated and managed a recent dry dock of the vessel

following ten years of service. In addition the ship has also

received a comprehensive assessment on board by an Oil major.

This was also accompanied by a full, two-day audit at the

ESm office, after which the owner was awarded a time charter

contract, having met the Oil major’s rigorous quality standards.

InnovatIon

Testimonial LPG Business Unit Director: Marc Robert‘Our customer utilises more than one ship management company for its fleet, so it has been important for us

to show Avance Gas just what we are capable of achieving. An area where we make it our mission to perform

well is keeping strict adherence to budgets, where we always match or improve on annual targets. The vessel

is an integral part of the LPG fleet and our experienced Master and his crew make every effort to ensure

our customer’s requirements are met. We have now been awarded a contract by Avance Gas to manage an

additional 4 VLGC’s for them so we look forward to further strengthening our business relationship.’

‘We are very pleased with your service and the way

you run the ship’- avance Gas -

9

An organization built around your business

servIce

At EXMAR Ship Management, we don’t just look at your assets and how you need them to be managed. We look

at exactly how you would like to work with us, and then adapt our organization to meet those needs. We assign

our professionals to work as part of our customers’ organizations at their request. We have jointly

managed construction at the yard and assisted in the delivery, testing and commissioning of their

vessels. We have adapted our own internal processes to match customer needs, and obtained

re-certifi cation from Class within months of implementation.

lng shIPPIng s.p.a.customer profi leExmar Ship management currently handles all technical and

crew management for vessels LNG Lerici and LNG Portovenere

of LNG Shipping S.p.a., which is a fully-owned company of

the Italian energy major ENI, S.p.a. To match their needs, we

have both an Italian superintendent and Italian deputy marine

superintendent based in Italy to provide technical services.

ESm has also adapted its current Ship management System

to meet ENI requirements, all of which has been certifi ed

by rINa. ESm works with an Italian Joint Venture Partner

for crewing and has appointed an Italian-speaking personnel

offi cer at headquarters in antwerp to further integrate all crew

management activities.

Testimonial Project Team Leader: Dario Cuyt‘ESM worked in partnership with the client for just over a year

beforehand to properly plan the integration of the two vessels into

day-to-day operations. We mapped out the client’s requirements

and set up business processes to meet their specifi c needs

with respect to marine, procurement and crew management.

We implemented them by always verifying these processes with

ones we already have in place at ESM.’

‘EXMAR Ship Management has taken the necessary steps to understand

how our vessels need to be managed in order to conform to our procedures

and regulations as well as the provisions of Italian law’

- LNG Shipping S.p.a. -

11

OffshOrE lng TOscanacustomer profileIn 2010, Exmar Ship management won the contract to operate

and maintain the OLT-owned FSrU Toscana, which was converted

by Saipem from an LNG ship into a floating LNG terminal. To build

the right organization around the customer’s requirements from

the start, Exmar Ship management established a joint venture

with Italian crewing specialist Fratelli Cosulich, creating Exmar

Cosulich Off shore Services (ECOS). The ECOS a-Team provided

technical consultancy services during the conversion, ensuring that

operational aspects were taken into account during the design and

construction process. Potential technical issues that might have

made a commercial impact were identified and rectified in due

time, and the management system for the unit was set up in line

with all applicable regulations and industry standards. a number

of engine and deck officers who were involved at that stage of the

project have now taken up key positions onboard specifically for

re-gasification operations.

servIce

‘We are very happy with the extremely professional

management of the whole operation. The ECOS crew have behaved in an exemplary

manner with their work and in their preparations and are always

highly courteous to us’

ECOS were also awarded the contract to crew and operate the

FSrU Toscana during what was the towage of the largest FSrU

of its kind through the Suez Canal from the dry dock facilities

in Dubai where the vessel was converted to its fi nal mooring

position off the coast of Italy.

Following successful mooring and installation off the coast of

Livorno in October, the FSrU Toscana underwent a thorough

testing and certifi cation process, with the result that after three

years of work, OLT and SaIPEm reached an agreement on the

take-over of FSrU Toscana in mid December 2013. ECOS is

now operating and maintaining a live and operating fl oating gas

terminal off Livorno, delivering natural gas to the Italian grid for

the next 20 years.

Testimonial Project team coordinator: Toon Roosen‘It was important for us to become intimately involved at the start

of the conversion of the vessel into an FSRU, so we could share

our know-how and technical expertise with the constructor in

order to meet customer expectations. Similarly, by assisting OLT

at the design stage with all technical and engineering matters, we

were able to set up an integrated management system that would

meet their needs as well as obtaining approval from the relevant

authorities. Having been involved pretty much since the start,

I am pleased to have been now appointed as one of the Terminal

Managers of the FSRU Toscana, which is the equivalent to Master

on a vessel.’

- OLT -

13

If you visit us in our headquarters in Belgium, you will see a wealth of nationalities amongst crewing,

purchasing and finance colleagues as well as our highly-qualified superintendents. At sea we employ

1,815 seafarers of 30 different nationalities. We recruit and train cadets from top academies and

have long-term partnerships with crewing agencies in the Ukraine, Croatia, Bulgaria and

the Philippines, with many of their Junior Officers who joined us on board many

years ago now coming through the ranks to become Officers, Masters and

Engineers.In addition, we have welcomed and brought in crews from

our customers into our management, fully integrating them

with support from multi-lingual staff on shore.

A multi-skilled and multinational company

expertIse

15

Testimonial FLNG O&M Project Manager:

Adolfo Ibañez‘Once the unit has been fi xed to a permanent offshore jetty off

the Caribbean coast in Colombia, we will essentially have just over

twenty people working in three groups: maintenance, process

control and operations, all coming from the world of LNG shipping

and production and offshore industry. As the FLSU is the fi rst of its

kind and will be operational all year round at a high availability

rate, we are taking a highly innovative approach to operations

and maintenance of this unique “fl oating production facility”

for EXMAR.’

ExMar / PacIfIc rUBIalEs EnErgy cOrPOraTIOn

customer case studyESm will operate and maintain the world’s fi rst fl oating

liquefaction & storage unit (FLSU) in the Caribbean Sea off

the coast of Colombia. The Exmar group-owned “Caribbean

FLNG” will process, handle, store and deliver LNG via ship-to-

ship transfer for export for its client Pacifi c rubiales Energy

Corporation of Colombia for 15 years. The unit is currently under

construction and is scheduled to be operational by

the second quarter of 2015. To gear up for manning &

and managing the FLSU, ESm has appointed a multi-national,

multi-disciplined project team of experts to manage the

pre-operational phase of the project.

‘EXMAR Ship Management experts have shared their know-how and

technical experience with us since the beginning of this project to ensure the success of the Caribbean

FLNG project. We therefore know that the FLSU will be in good hands when it is commissioned and made

operational by the same people’ - Pacifi c rubiales Energy -

expertIse

17

Port callsJanuary 2013 – February 2014: 185 different ports called by Exmar

Ship management around the world

with 1,869 different calls

Ain Sukhna TerminalAlgecirasAliagaAmbesAmsterdamAntwerpAqabaArdalstangenBahia BlancaBalboaBarcelonaBelfastBethiouaBhavnagarBilbaoBonny Inshore TerminalBordeauxBoston MABraefoot BayBrestBrofjordenBrunsbuttelBuenos AiresCadizCallaoCaojingCape TownCartagenaChaguaramasCharleston SCColonCristobalDahejDalianDampierDonaldsonville LADongesDubaiDunkirkDuqmDurbanEl FerrolEnnoreEsbjergEscobarFawleyFlushing

FosFreeport TXFujairahFuttsuGalleGalveston TXGdanskGdyniaGeismar LAGenoaGibraltarGlomfjordGoteborgGothenburgGresikGuayaquilHaderaHaldiaHammerfestHamriyah Port (Sharjah)HeroyaHouston TXHuelvaHullImminghamInceInchonJ.N.P.T. - Jawaharlal Nehru Port TrustJakartaJebel AliKalundborgKarstoKhor FakkanKielKiel CanalKingston (Jamaica)La SpeziaLas Palmas (Canary Islands)LaveraLe HavreLeixoesLimassolLumutMailiaoMejillones

MelkoyaMilford HavenMina Al AhmadiMina SaqrMississippi RiverMizushimaMongstadMontoirMormugaoMumbaiNaoetsuNew MangaloreNewington NHNiigataOffshore MaltaOkpoPajaritosPanama CanalParadipPasadena TXPascagoula MSPecemPembrokePhiladelphia PAPiscoPoint Comfort TXPoint FortinPoint LisasPorbandarPorsgrunnPort JeromePort KhalidPort Of SpainPort SaidPorto VesmeQuinteroRafnesRas Al KhaimahRas LaffanRayong Port IRPC TerminalRevithousaRichards BayRio De JaneiroRostockRotterdamRouenSagunto

Salina CruzSalvador (Bahia)San Francisco CASanta Cruz De Tenerife (Canary Islands)SantosSavannah GAScapa FlowSendaiSetubalSikkaSillamaeSinesSingaporeSitraSkikdaSluiskilSoharSokhnaSouthwoldStanlowStavangerStenungsundStjordalStockton CAStureSuapeSundsvallTamataveTampa FLTarragonaTeesportTerneuzenTetney TerminalToamasinaTokyoTonsbergTuticorinUlsanVallettaVishakhapatnamVlissingenYangkouYokkaichiYokohamaYuzhnyyZeebrugge

Bahia Blanca44

Rio de Janeiro63

Point Lisas80

Pasadena, TX

34

Mongstad 41

Karsto 43

Teesport

Singapore 47

La Spezia46

Fujairah 73 Dahej36Mumbai

35

Rio de Janeiro

33

Barcelona

31Leixoes 37Sines 47

Antwerp67

19

Key facts

EXMAR Ship Management in a glance

Nationalities at sea: 30Crew at seaLpG & LnG seniors and offshore expatriates

LpG & LnG Junior offi cers

LpG & LnG ratings (shared pool) & offshore

155

283

127

177Argentinian, Belgian, Canadian, Ukranian, Croatian, Indian, Italian, Moroccan, Dutch, Polish, Senegalese, Tunisian, American

Filipino, Italian, Indian, Argentinian, Belgian, Croatian, Romanian

Argentinian, Belgian, Bulgarian, Canadian, Spanish, French, Croatian, Montenegrin, Slovenian, Indian, Italian, Jamaican, Moroccan, Dutch, Polish, Rumanian, Senegalese, Tunisian, Trinidadian, Ukranian, American, Russian

Belgian, Bulgarian, Ukranian, Latvian, Croatian, Indian, Dutch, Filipino, Polish, Russian

Libyan, Cameroons, Angolan, Nigerian

Angolan, Bulgarian, Croatian, Slovenian, Indian, Filipino, Trinidadian, Ukranian, American

Belgian, Bulgarian, Latvian, Italian, Polish, Tunisian, French, Egyptian, Romanian, South African

315

700

55

LnG

LnG

LpG

LpG

LpG / LnG

oFFsHore

oFFsHore

Actual vessel fl eet

Midsize LpG carrier

offshore accommodation barge 3

Fpso 1FsrU1

LnGrv carrier

Fully pressurized LpG carrier

LnG carrier 51

semi pressurized LpG carrier

vLGc

1

FSRU TOSCANALIVORNO

FSRU TOSCANALVORNO

B.L.

21

Exmar Ship management NV

De Gerlachekaai 20

B-2000 antwerp, Belgium

shipmanagement@exmar.be

Our certifi cations:

• Iso 29001

• Iso 14001

• Iso 9001

• oHsas 18001

• rIna