Company Presentation September 2019

“Navigator Holdings Ltd. (NYSE:NVGS)” Confidential This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as “may”, “plan”, “seek”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “project”, “opportunity”, “target”, “goal”, “growing” and “continue” or other words that relate to future events, as opposed to past or current events. All statements, other than statements of historical facts, that address activities, events or developments that Navigator Holdings Ltd. (“Navigator” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, acquisitions of vessels, the outlook for fleet utilization and shipping rates, general industry conditions, future operating results of the Company’s vessels, capital expenditures, expansion and growth opportunities, business strategy, ability to pay dividends and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation, possibly to a material degree.

Navigator cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial goals will be realized. All forward-looking statements included in this presentation speak only as of the date made, and Navigator undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, Navigator cautions you not to place undue weight on certain forward-looking statements pertaining to potential growth opportunities or long- term financial goals set forth herein.

2 Confidential TABLE OF CONTENTS

NAVIGATOR GAS INDUSTRY TRENDS EXPORT TERMINAL JV FINANCIAL INFORMATION

3 Confidential NVGS - A GLOBAL LEADER IN SHIPPING OF LIQUEFIED GASES

Highlights Revenue & EBITDA 2013 – 2019H1(LTM) Balance Sheet

■ is the market leading shipper of liquefied Net operating revenue EBITDA Total assets Total equity gases (LPG, petchems and ) in the handysize segment $282 52% $260m $252m $248m $246m • Operates the largest fleet of specialized handysize LPG $243m $1,833m vessels (15,000-24,999 cbm) – with a total fleet of 38 vessels $189m $182m • Market leader of the handysize ethylene capable gas $161m $140m carriers - in addition 5 larger midsize gas carriers 37,500 – $955m $121m $115m $110m 38,000 cubic meters, of which 4 are ethylene capable $107m ■ Average utilization of 93% over the last ten years demonstrating strong chartering and operational performance

■ Listed on NYSE since 2013 with a current market 2013 2014 2015 2016 2017 2018 2019 June 2019 capitalization of ~$545 million

Handysize Market Leader Asset Diversification (cbm and share of fleet) Cargo Diversification (Earnings Days )

Fully- refrigerated Ammonia 173k cbm OtherOthers 28% Petchems 7% 19% 40% Ethylene 355k cbm 40% Semi- 7% 7% refrigerated LPG 7% 362k cbm 7% 53% 7% 41%

4 Confidential INDUSTRY OVERVIEW: LPGS & PETROCHEMICALS

Butadiene

Mixed C4 Ethylene Ethane Propylene

Butane Pentene Vinyl Chloride Ammonia Cold °C Warm °C

5 Confidential INDUSTRY OVERVIEW: THREE MAIN CLASSES OF GAS

Pressurised Semi Refrigerated Cylindrical Bottle Cylindrical Bi Lobe Steel thickness = 32 mm Steel thickness = 20 mm Max pressure = 18 bar Fully Refrigerated Max pressure = 5-7 bar Prismatic Steel thickness = 10 mm Max pressure = 0.2 bar

6 Confidential FLEET OVERVIEW

282 34 12%

8 - -

Fully-Refrigerated 94 2 3% Ethylene / Ethane 14 1

Fully-Refrigerated 21 1 Semi-Refrigerated 63 - 3% Ethylene 32 2

Semi-Refrigerated / 332 16 5% Pressure

Semi-Refrigerated / Pressure 633 6 1%

Source: Fearnleys, 2019

7 Confidential ETHYLENE EXPORT TERMINAL INVESTMENT FUNDAMENTALS

Backdrop for the Terminal - Diversifying Along the Supply Chain Provide Increasing Share of Stable Cash Flows ■ Continued international ethylene arbitrage persists and further growth is capped by ■ Over 50% of the terminal’s 1 million ton annual the current insufficient infrastructure for deep sea exports out of the United States export capacity is already committed to three ■ To overcome the existing bottleneck, Navigator has entered into a 50/50 joint venture parties, Flint Hills Resources, a major Japanese with Enterprise Products Partners to construct a ethylene export marine terminal with trader and a major European chemical producer name plate capacity of 1 million tons and loading capacity of 1,000 tons per hour at ■ Long term contracts expected for the remaining Morgan’s Point, Texas capacity prior to the terminal becoming operational

Operational Throughput Chiller Tank Capacity Load rate Docks Expansion 1st Phase Capacity Capacity Up to 1Mmts 125mts per Absorb Shipping Capacity 4Q2019 60,000cbm 1,000mts per Two Available throughput hour hour ■ The export terminal is estimated to absorb shipping capacity for 8-12 ethylene capable handysize gas carriers. This is likely to significantly support supply/demand dynamics for the current global ethylene carrier fleet

Solid JV Partner

■ EDP listed on NYSE with a market cap of $63bn and rated BBB+ by S&P ■ One of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of , NGLs, crude oil, refined products and petrochemicals

The construction of the terminal is progressing as planned and on budget, and expected to be operational from the end of Q4 2019 with the refrigerated storage tank expected to be completed in late 2020

8 Confidential COMPANY HIGHLIGHTS

■ A highly versatile modern fleet with an average age of 8.5 years capable of serving all customer needs across the three different cargo types: LPG, petrochemicals, and ammonia – maximizing utilization and profitability Market leader in handy-size gas carriers with strong ■ Operates the largest fleet of specialized handysize LPG vessels – with a total fleet of 38 vessels, market leader of the global handysize market track record ■ Largest share of the handysize ethylene capable gas carriers - in addition 4 large ethylene midsize gas carriers ■ Average utilization of 93% over the last ten years demonstrating strong chartering and operational performance

■ Navigator and Enterprise Product Partners have formed a 50/50 joint venture to build a world scale first of its kind ethylene export terminal in Texas, USA expected to be operational Q4 2019 Ethylene export terminal ■ The joint venture benefits from Enterprise’s vast pipeline infrastructure and Navigator’s technical and commercial capabilities providing a strong supports Navigator’s core platform for Navigator to capture additional value in the supply chain to international markets business and capture additional value in the ■ The terminal supports Navigator’s core business as the export terminal facilitates incremental deep sea transportation estimated to absorb supply chain shipping capacity ■ The terminal is expected to provide stable cash flows to Navigator and nearly half of the terminal capacity is already contracted and the majority of the remaining capacity is expected to be contracted ahead of commencement

■ Enabling midstream companies to diversify into downstream petrochemical processing by offering a ‘virtual pipeline’ from U.S. to international Enabling continued markets structural change in the midstream arena ■ Our large fleet of sophisticated gas vessels can, in addition to NGL feedstocks such as ethane, propane and , transport the added value monomers of ethylene, propylene and butadiene, facilitating the extension of the midstream business model globally

■ US production is expected to provide a substantial upside in cargo volumes of both LPG and petrochemical gases ■ US ethylene production is expected to outpace demand going forward and there is significant headroom in the pricing arbitrage between US, Solid market fundamentals Asia and Europe ethylene prices ■ Growth in seaborne LPG and ethylene trade is expected as the current infrastructure bottleneck will be removed through commissioning of additional export infrastructure currently under construction

■ Listed on NYSE since 2013 with a current market capitalization of USD ~545 million Backed by experienced ■ Management team with long industry experience and proven track record management and committed stakeholders ■ Strong support from core group of banks providing committed financing over the long term ■ Invesco (formerly WL Ross and Co) largest shareholder with 39.4% ownership

9 Confidential HIGHLY EXPERIENCED MANAGEMENT TEAM

■ Chairman of the Board since August 2006 and Chief Executive Officer until August 22, 2019 ■ Former Managing Director at Lehman Brothers Inc, where he was employed for more than 37 years David Butters Chairman of the Board ■ A former Chairman of the board of directors of GulfMark Offshore, Inc. and a former member of the board of directors of Weatherford International Ltd. ■ Mr. Butters holds a BA from Boston College and an MBA from Columbia University

■ Appointed member of the Board in November 2018 and Chief Executive Officer of Navigator Gas in August 22, 2019 ■ Previously held a series of positions as the chief executive officer of multiple affiliates and directly owned subsidiaries of INEOS Group Dr. Harry Deans Chief Executive Officer ■ From August 2015 to December 2017, Dr. Deans was the Senior Vice President of Agrium Inc prior to its merger with Potash Corporation of Saskatchewan to form Nutrien Ltd., where he served as the Executive Vice President and President of the nitrogen division ■ Dr. Deans holds a Ph.D and M.Phil. in chemistry from Strathclyde University as well as a B.Sc. in chemistry from Glasgow University

■ Appointed Chief Financial Officer of Navigator Gas in August 2006 ■ Worked for Navigator Holdings as a representative of the creditors’ committee during Navigator Holdings’ bankruptcy proceedings Niall Nolan ■ Non-Executive Director of Britannia Steam Ship Insurance Association Limited, a International Group P&I Club Chief Financial Officer ■ Prior to that, Mr. Nolan was group Finance Director of Simon Group PLC, a U.K. public company ■ Mr. Nolan is a Fellow of the Association of Chartered Certified Accountants.

■ Appointed Chartering Manager of Navigator Gas in November 2007, before being appointed Chief Commercial Officer in January 2014 Øyvind Lindeman ■ Employed for five years at A.P. Moeller- prior to joining Navigator Gas Chief Commercial Officer ■ Mr. Lindeman holds a BA with honors from University of Strathclyde and an Executive MBA with distinction from Cass Business School

■ Joined the Company as Director of Fleet and Technical Operations in December 2014 Paul Flaherty ■ Prior to this Mr Flaherty was employed by JP Morgan Global Maritime as VP, Asset Management Director of Fleet and Technical ■ Spent 17 years with BP Shipping Ltd as a Fleet and Technical Manager for both oil and gas vessels Operations ■ Mr Flaherty is a Chartered Engineer and a Fellow of the Institute of Marine Engineers & Science Technicians (IMarEST)

■ Appointed Director of Commercial Operations in April 2016 having been an Operations & Vetting Manager as well as a Technical Superintendent for the Company since joining in 2010 Demetris Makaritis ■ Prior to joining Navigator, Mr Makaritis worked as an operations supervisor for Zodiac Maritime Agencies Ltd. and as a naval architect for Director of Commercial SeaTec (V.Ships Group) in Glasgow Operations ■ Mr Makaritis holds a BEng (Hons) in Naval Architecture from Newcastle upon Tyne University, an MSc in Shipping, Trade & Finance from Cass Business School, London and is a Chartered Engineer

10 Confidential TABLE OF CONTENTS

NAVIGATOR GAS INDUSTRY TRENDS ETHYLENE EXPORT TERMINAL JV FINANCIAL INFORMATION

11 Confidential NAVIGATOR GAS GLOBAL FOOTPRINT

LPG 4,250,000 ¦ 5,449

Petrochemicals 850,000 ¦ 3,932 Cargo Volume (mts) Earnings Days

Ammonia 650,000 ¦802

Figures up to 4Q2018

We enable the extension of the midstream business model to international markets by means of a ‘virtual pipeline’

12 Confidential OUR STRATEGY OF DIVERSIFICATION: STABILITY IN A CYCLICAL BUSINESS 140 Changing Cargo Mix – Move from Simple to Complex 120 LPG 100

100% 80 60

90% TonMile (Thousands) 40 20 - 80% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Petchem Spot 25 70% Petrochemicals 20

60% Petchem Time Charter 15

50% LPG Spot 10 Ton Mile TonMile (Thousands)

5 40% - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 30% 20 Ammonia LPG Time Charter 20% 15

10 10%

Ammonia TonMile (Thousands) 5 0% Jan-16 Jul Jan-17 Jul Jan-18 Jul Jan-19 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Viamar 2019

13 Confidential OFFERING FLEXIBILITY ACROSS ALL NGLS: FEEDSTOCK & DERIVATIVES

Loading C3 Propane

Discharging C4 Butadiene

Loading C2 Ethylene

14 Confidential 15,000-25,000 CBM HANDYSIZE DEMOGRAPHICS AND TC RATES

LPG Handysize Global Fleet Ethane/Ethylene Global Fleet >15,000 cbm

Existing & Newbuild Owner Semi Ref. Fully Ref. Total Owner Total Handysize Midsize VLEC

Navigator Gas 17 6 23 Navigator Gas 10 4 - 14 Ultragas 8 - 8 Evergas - 8 2 10 Naftomar 3 4 7 Solvang 8 - - 8 Beneleux 5 - 5 Reliance - - 6 6 Petredec 2 2 4 Pacific Gas 5 - - 5 Schulte 4 - 4 Petredec 4 - - 4 Stealth Gas 4 - 4 Harpain 4 - - 4 Yara 3 - 3 Ocean Yield - 2 - 2 Pacific Carriers 3 - 3 Other 3 1 - 4 Harpain 1 - 1 Other 13 10 23 Total 63 22 85 Total 34 15 8 56

Delivered On Order Recycling Clarkson 22,000 cbm semi-ref rates 12 $1,200

10 $1,000

8 $800

6 $600

4 $400

2 $200 No. No. Ships

0 $0

-2 -$200 month ‘000s TC Assessed per

-4 -$400

-6 -$600 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E Source: Fearnley Gas, Clarksons 2018 15 Confidential ROAD TO 2020 TRANSFORMATIONAL MILESTONES

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

The terminal will have a throughput Sudden increase of specialized petrochemical capability of 1 million metric tons (Mts) of PPL expansion products supporting deep sea Handysize ton- ethylene per annum. First exports Enterprise doubling existing expected to begin Q4 2019 with a mile demand PPL export capacity to capability of loading 1,000 Mts per hour 144kbbls day to their from 2020 once the storage facility for Houston ShipChannel Petrochemicals approximately 30,000 tons is completed. terminal

Repauno Pembina Pipeline Corporation is Strong development in LPG exports out of west & New Jersey ambient LPG rail-to- constructing a LPG export east coast North America with ambient LPG rail-to- ship with potential capacity of terminal in Prince Rupert, British Ref LPG Ref Columbia with target throughput - ship needing SR Handysize vessel transportation ~50kbbls day export terminal. Currently operating rail & truck 25kbbls day. Expected to utilize movements on the property utilizing handysize semi-refrigerated vessels for its targeted Asian and Semi on-site storage cavern. Latin-American markets.

Mariner East 2X Mariner East 2 Opening of new LPG expansion Expected to be operational at end of The 275kbbls day Mariner East 2 pipelines and increased Enterprise adding additional 2019 with incremental capacity of pipeline full capacity target for terminal efficiencies to 260kbbls day LPG export capacity 250kbbls day of NGLs 2H2020. Currently limited to to their Houston terminal taking ramp up generic LPG 150kbbls day. total volume to 1.1Mbbls day.

shipping out of U.S. Fully Ref LPG Ref Fully

Growth in seaborne LPG and ethylene trade is expected as the current infrastructure bottleneck will be removed through commissioning of additional export infrastructure currently under construction

16 Confidential INAUGURAL MEII ETHANE CARGO LOADED END NOVEMBER

Loading C2 Ethane

Confidential TABLE OF CONTENTS

NAVIGATOR GAS INDUSTRY TRENDS ETHYLENE EXPORT TERMINAL JV FINANCIAL INFORMATION

18 Confidential U.S. ETHYLENE COMPETITIVE FUNDAMENTALS

US ethylene production is expected to outpace demand going forward International ethylene price arbitrage continue, but further exports is as new projects are coming on stream capped by current insufficient export infrastructure

US Production and Consumption US Ethylene Expansions 2017 – 2022 2.30 350 US Ethane/Ehtylene Production US Ethane/Ehtylene Consumption Current infrastructure capacity limitation 2.10 300

1.90 250

1.70 200

1.50 150 Mts Mts 000’s Navigator Million barrels per day barrels Million 1.30 100 Carried 1.10 50 Ethylene

0.90 0 2014 2015 2016 2017 2018 2019 2020 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 US Ethylene Expansions 2017 – 2022 International Ethylene Price Arbitrage

45 2020- $1,600 Mts 000’s 2018 2019 2022 United States North-Eastern Asia South-Eastern Asia Western Europe 40 Exxon – Baytown 1,500 $1,400 35 47% Chevron Cedar Bayou 1,500 30 Formosa - Point Comfort 1,200 $1,200 Westlake – Louisiana 1,000 25 Indorama - Lake Charles 370 $1,000 20 Shintech – Louisiana 500 Sasol - Lake Charles 1,500 Mts Mts Millions $800

15 Shell – Monaca 1,500 Price per tons per metric Price 10 Odebrecht - Wood County 1,000 North Total - Port Authur 1,000 $600 5 PTT Global/Marubeni - Belmont 1,000 Middle East Exports America - Badlands 1,500 $400 Exports 2017 New Capacity Total accumulated 3,000 6,070 12,670 May-15 Nov-15 May-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19

As the clear market leader in the ethylene shipping segment, Navigator is uniquely positioned to benefit from growth in deep sea exports out of United States Source: Viamar, EIA, Bloomberg & IHS, 2019

19 Confidential 1ST PHASE IS NEARING COMPLETION

Phase 2 expected to be completed in late Phase 1 on schedule to become operational from the end of Q4 2019 2020

Loading arms – final testing Liquefaction train – to be completed Q4 2019

Current ENE terminal construction

Refrigerated storage tank on schedule to be completed in late 2020

Piping – testing in progress Dock already operational and loading ethane

20 Confidential ETHYLENE TERMINAL - FINANCE OVERVIEW

Capex schedule and financing overview Current Offtake Status

■ Navigator’s share of total capital commitments estimated Navigator’s share of Capex: Already Paid Remaining Installments to be USD 155 million which is materially below initial budget (progressing ahead of schedule) $155.0m ■ The terminal is expected to provide stable cash flows to Navigator $41.5m • Over 50% of the terminal throughput is already contracted on 5 to 7 year contracts • the majority of the remaining capacity is expected $72.0m to be contracted ahead of commencement ■ Current offtakers include:

$22.5m ■ Flint Hill Resources; ■ A major Japanese trader; and $19.5m ■ A major European chemical producer added Capex estimate 2018 2019 2020 during Q2 2019

Financing status $155.0m

■ The terminal is fully financed, current contributions to the joint venture have been paid using cash at hand, secured $71.7m bond and available amount under the company’s RCF’s ■ Navigator has entered into a Terminal Credit Facility with $113.0m $70.0m a syndicate of banks for up to USD 75 million, of which USD 36 million is currently available based on the three throughput contracts in place as of today. The term of the loan is for a total of 7 years with a margin varying between 2.5% during construction, and up to 3% plus LIBOR in the final 2 years of the term loan $42.0m $41.3

Total Estimated Capex Senior Secured Bond Terminal Credit Facility* NVGS Equity Ethylene Terminal JV

21 Confidential TABLE OF CONTENTS

NAVIGATOR GAS INDUSTRY TRENDS ETHYLENE EXPORT TERMINAL JV FINANCIAL INFORMATION

22 Confidential GAS CARRIER CHARTER RATES

Navigator’s Daily TC Rates (US$) 78,000cbm - VLGC $33,000 $28k $30k $30k $30,000 $29k $2,200 22,000cbm - Semi-ref - Handy $26k $27,000 $26k $24k $24k 22,000cbm - Fully-ref - Handy $24,000 $21k $22k $21k $2,000 $21,000 $1,950 $18,000 Average 2009 –Q2 2019 $15,000 US$25,800 per day $12,000 $1,750 $1,700 $9,000 $6,000 $3,000 $1,500 $0 $1,450 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019

$1,200 $1,250 Navigator’s Utilization Rate

100% 97% 96% 97% 100% 97% 94% 93% 88% 88% 89% 85% $950 $1,000 90% 80%

70% Average 2009 – Q2 2019: $700 $750 60% 93.1% US$545,000 50% US$490,000 40% $450 $500 30% 20% 10% $200 $250 2010 2010 2011 2011 2012 2012 2013 2014 2014 2015 2015 2016 2017 2017 2018 2018 2019 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 Source: Clarksons Platou Gas 2019 2019 23 Confidential BREAK EVEN ANALYSIS

Comments Break even and TCE rates

30,000

For the quarter ended June 30, 2019, the Company had a cash break even rate of US$ $27,233 10,317 per day per vessel, before interest expenses and debt repayment 25,000

$22,975 $22,758 $21,712 $21,601 $21,782 $20,987 Including interest expenses, the cash break even $20,586 $20,901 $20,226 rate increases to US$ 13,788 per day per vessel 20,000 $20,190 $19,940 $19,089

15,000 14,247 13,577 13,788 Including debt repayment, the cash break even 13,149 13,390 12,757 12,878 13,076 13,097 rate increases to US$ 18,878 per day per vessel 12,633 12,704 12,651 12,387

10,000

Navigator has consistently obtained an average TCE equivalent is above the Company’s cash break even rate 5,000

Navigator gas committed revenue over the next three years at an average of US$ 24,351 per day - for 27.7% of the fleet Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Brokerage commission Operating expenses G&A Drydocking costs Interest expenses Average TCE rate

24 Confidential VESSEL VALUE Navigator vessels Navigator newbuild vessels Outstanding Vessel Built Size (Cbm) NBV1 (US$’M) Debt2 Loan to value Available 1 2 US$’M NBV1 Debt Vessel Built Size (Cbm) US$’M US$’M Loan to value Navigator Leo 2011 20,600 42.2 Navigator Aries 2008 22,750 41.1 Navigator Libra 2012 20,600 42.4 Navigator Gemini 2009 20,750 43.2 Navigator Global 2011 22,500 36.4 0 0% Navigator Taurus 2009 20,750 44.2 139.1 46.7% Navigator Pluto 2011 22,085 30.1 Navigator Pegasus 2009 22,200 37.9 Navigator Magellan 1998 20,700 19.3 Navigator Phoenix 2009 22,200 38.0 Total 126.9 0 0% Navigator Jorf 2017 38,000 49.9 Navigator Capricorn 2008 20,750 36.7 Navigator Scorpio 2009 20,750 39.1 Navigator Virgo 2009 20,750 38.3 Navigator Glory 2010 22,500 34.8 127.8 43.6% Navigator Grace 2010 22,500 34.2 Navigator Gusto 2011 22,500 37.0 Navigator Genesis 2011 22,500 36.4 Summary including terminal Navigator Galaxy 2011 22,500 36.4 # of Navigator Atlas 2014 21,000 45.8 vessels Value (US$’M) Debt2 (US$’M) Loan to value Navigator Europa 2014 21,000 44.3 104.7 58.1% Navigator vessels NBV1 38 1,640.1 798.8 48.7% Navigator Oberon 2014 21,000 44.7 Broker assessment value Navigator Triton 2015 21,000 45.5 adjustment (180.2) Navigator Umbrio 2015 21,000 46.0 Navigator Centauri 2015 22,000 41.5 Investment in Marine Export Navigator Ceres 2015 22,000 41.6 117.0 55.0% Ethylene Terminal3 113.0 Navigator Ceto 2016 22,000 41.6 Unsecured bond 100.0 Navigator Copernico 2016 22,000 42.0 Navigator Mars 2000 22,085 29.5 Total 38 1,572.9 898.8 57.1% Navigator Neptune 2000 22,085 30.0 71.7 60.0% Navigator Saturn 2000 22,085 29.9 1) Net Book Values as at June 30, 2019 Navigator Venus 2000 22,085 29.8 2) Available debt at June 30,2019 (incl undrawn revolver) Navigator Aurora 2016 37,500 75.3 3) Terminlal contributions as at August 31, 2019 Navigator Eclipse 2016 37,500 75.7 Navigator Prominence 2017 37,500 80.9 238.5 58.1% Navigator Nova 2017 37,500 76.8 Navigator Yauza 2017 22,000 50.8 Navigator Luga 2017 22,000 50.6 Total 1,513.2 798.8 52.8% 25 Confidential STRONG BALANCE SHEET & BANKING RELATIONSHIPS

Actual Debt Loan to Debt maturities per year (US$’M) As of June 30, 2019 (US$'M) (US$’M) Value %

US$100 million Bond US$107 million facility US$160.8 million facility US$278 million facility Vessel Net Book Value 1,640 863.7 52.7%

US$290 million facility US$220 million facility Terminal Credit Facility Broker assessment value adj (180) - - Broker assessed values 1,460 863.7 59.1%

Total debt 863.7 Total Shareholders’ equity 947.0 Total capitalization 1,810.7 Debt / Capitalization 47.7% 72 185 Current Facilities

▪ Senior Unsecured Notes maturing in February 2021. 46 ▪ November 2018, the Company issued US$72 million Senior 75 Secured Notes, maturing in 2023. 16 ▪ US$278 million Secured Term Loan expiring between April 2022 and February 2023 100 ▪ US$290 million Secured Term Loan expiring from 67 66 December 2022 54 ▪ US$220 million Secured Term Loan expiring in January 2023 2019 2020 2021 2022 2023 2024 2025 ▪ US$160.8 million Secured Term Loan expiring in June 2023 ▪ March 2019, US$107 million Secured Term Loan expiring March 2025 ▪ March 2019, up to US$75.0 million Terminal Credit Current Agreement maturing March 2026 Lenders Revolving Credit Facility • US$220 million Revolving Credit Facility has $12.5 million available to drawdown as at August 2019

26 Confidential FINANCE: BALANCE SHEET

(US$'M) 2015 2016 2017 2018 Q2 2019

Assets

Cash and cash equivalents 87.8 57.3 62.1 71.5 47.3

Other current assets 37.2 36.5 50.0 46.6 57.7

Vessels in operation (net) 1,264.4 1,480.4 1,740.1 1,670.9 1,639.8

Vessels under construction 170.8 150.5 - - -

Investment in equity accounted joint venture - - - 42.5 93.8

Other fixed assets and other non-current assets 10.4 9.9 1.6 1.3 8.4

1,570.6 1,734.6 1,853.9 1,832.8 1,847.0

Liabilities and Stockholders' equity Current portion of secured term loan facilities, net of deferred financing - - 81.6 68.9 67.8 costs Current liabilities 30.3 24.2 28.9 36.5 39.1

Secured term loan facilities 505.3 653.9 681.7 599.7 616.6

Senior unsecured/secured bond 125.0 100.0 98.6 167.4 168.6

Derivative Liabilities & other current liabilities - - - 5.2 10.2

Common Stock - $0.01 par value; 400 million shares authorized 0.6 0.6 0.6 0.6 0.6

Additional paid-in capital 586.4 588.0 589.4 590.5 591.2

Accumulated other comprehensive income -0.5 -0.3 -0.3 -0.4 -0.4

Retained earnings 323.5 368.2 373.5 364.4 353.3

Total stockholders' equity 910.0 956.5 963.2 955.1 944.7 1,570.6 1,734.6 1,853.9 1,832.8 1,847.0

27 Confidential FINANCE: CASH FLOW STATEMENT

(US$'M) 2015 2016 2017 2018 Q2 2019

Net Income 98.1 44.6 5.3 -5.7 -11.0

Depreciation and amortisation 53.5 62.3 73.6 76.1 37.9 Drydocking payments -11.6 -9.9 -0.3 -5.8 -5.2 Non cash movements 5.9 4.9 6.6 5.6 1.6 Change in working capital 3.6 -15.2 -9.3 7.5 -6.6 Net Cash from Operating Activities 149.5 86.7 75.9 77.5 16.7

Investment in Terminal - - - -42.5 -51.5 Investment in fixed assets -237.8 -239.1 -180.6 -0.8 -1.5 Insurance recoveries - 9.4 1.0 1.0 0.1 Proceeds from sale of fixed assets 32.00 - - - - Net Cash for Investments -205.8 -238.2 -183.0 -42.3 -52.9

Change in net debt 81.6 120.9 111.9 -25.8 12.0 Other - - - - - Net Cash from financing 81.6 120.9 111.9 -25.8 12.0

Change in cash balance 25.3 -30.5 4.8 9.4 -24.2

28 Confidential FINANCE: INCOME STATEMENT

(US$'M) 2015 2016 2017 2018 Q2 2019

Net operating revenue 281.5 251.9 243.1 248.4 119.9

Operating expenses: Address and brokerage commissions 7.0 5.8 5.4 5.1 2.5 Charter in costs - - - - - Vessel operating expenses 78.8 90.9 101.0 106.7 56.9 Depreciation and amortization 54.0 62.3 73.6 76.1 37.9 General & administrative expenses 13.6 15.0 15.9 19.0 10.0 Sale of vessel -0.6 - - - - Total operating expenses 152.8 174.0 195.9 206.9 107.3 Operating Income 128.7 78.0 47.2 41.5 12.6 Share of result of equity joint venture - - - - - Foreign currency exchange gain on senior bonds - - - 2.4 -0.1 Unrealized loss on non-designated derivative instruments - - - -5.2 0.7 Interest expense 29.7 -32.3 -37.7 -44.1 -24.0 Income before income and taxes 98.9 45.8 5.7 -5.4 -10.8 Income taxes -0.8 -1.2 -0.4 -0.3 -0.2 Net Income 98.1 44.6 5.3 -5.7 -11.0

Earnings per share 1.8 0.8 0.1 -0.1 -0.2

Avg. number of shares in issue (millions) 55.4 55.4 55.5 55.6 55.8

EBITDA 182.1 140.2 120.8 117.6 50.5

29 Confidential NGT Services (UK) Limited Verde Building 10 Bressenden Place SW1E 5DH United Kingdom Tel: +44 (0) 20 7340 4850

Navigator Gas US, LLC 650 Madison Avenue 25th Floor New York NY 10022 United States of America Tel: +1 (212) 355 5893 www.navigatorgas.com

Confidential