YinsonYinson HoldingsHoldings BerhadBerhad

Corporate Presentation

March 2018 Overview of Yinson

Key Information Core Businesses - O&G Operations

— Yinson Holdings Berhad (“Yinson”) is the 6th largest independent — Production FPSO leasing company globally ¡ 5 FPSOs Floating — Fleet of: ¡ 1 FSO Production, Vessel and ¡ 5 FPSO vessels (Floating Production Storage and Offloading) — Marine Services Storage & Crew ¡ 1 FSO vessel (Floating Storage and Offloading) Management ¡ 1 Platform Supply Vessel (PSV) Offloading — Headquartered in Malaysia with key offices in Singapore, Oslo, Nigeria, Solutions Gabon, Vietnam and Ghana ¡ 3 Anchor Handling Tug Supply Vessels (AHTS) — Listed on Bursa Malaysia with market cap of MYR 4.66 billion (c. USD 1.16 billion) as of January 08, 2018 — Vessel & Crew Management — Yinson is now a full-fledged FPSO company. Completed the divestment of all its non-oil & gas business segments in July 2016

Latest Developments

December 2017 — On 21 December 2017, Yinson signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter of FPSO PTSC Lam Son. Subsequently on 29 December 2017, PTSC AP 1. Receipt of FPSO PTSC Lam had received the Termination Fee of USD209 million. Son’s Termination Fees and — On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount full repayment of project loan under the financing facility of project Lam Son. — On 3 July 2017, Yinson announced a potential offering of a 26% stake in FPSO John Agyekum Kufuor to form a November 2017 strategic alliance with a Japanese consortium comprising of Sumitomo Corporation, Kawasaki Kisen Kaisha, 2. Potential strategic alliance with Ltd. (“K Line”), JGC Corporation and Development Bank of Japan Inc. Japanese Investors — On 21 November 2017, the conditional share purchase agreement for the sale of 26% stake was executed for a consideration of up to USD117 million. — In June 2017, FPSO John Agyekum Kufuor achieved provisional acceptance and started receiving charter rates 3. June 2017 and achieved final acceptance on 8 December 2017. FPSO John Agyekum Kufuor — The USD 3.2 billion FPSO contract (USD 2.54 billion firm period + c.USD 717 million option period) was started receiving charter rates awarded by ENI Ghana Exploration and Production Ltd in 2015. — In April 2017, Yinson was awarded a USD 1 billion FPSO contract from Talisman Vietnam 07/03 (a wholly- April 2017 owned subsidiary of Repsol). 4. Won USD 1 Billion FPSO — Yinson will be partnering PTSC in the USD 1 billion FPSO contract from Talisman Vietnam. Yinson has a 49% Contract from Repsol’s stake in the proposed JV. Subsidiary, Talisman Vietnam — This is for the supply of a FPSO for the Ca Rong Do field development in Vietnam. 1 1 1 Company Strategies

Company Strategies

1. High Quality Counterparties & Strategic Partners 4. Strong Local Content 2. Application in Operating Robust Contractual Countries Terms & Termination Protection. No Oil Price or Reservoir Risk 5. Winning Contracts With 3. Innovative Solutions Optimize Capital & Funding Structure

2 2 2 Key Credit Strengths

1 5 Well-Positioned Within O&G Life Cycle Long Term Contracts

1 5

2 6 6 Strong Counterparties Experienced Management Team 2 Key Credit Strengths 3 7 7 Robust Contract Terms 3 Supportive Shareholder Base

8 4 4 8 Prudent Track Record of Operations Ample Financial Flexibility

3 3 3 Well-Positioned Within O&G Life Cycle

4 4 Offshore Oil & Gas Field Lifecycle

Offshore Oil & Gas Field Lifecycle

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5

Seismic & Survey Exploration & Appraisal Development Production Decommissioning

• Geological & Geophysical • Wildcat wells drilled to • Pre-FEED and FEED • Extract, process and • Decommissioning of end Mapping via seismic assess studies export of field infrastructure survey Hydrocarbon • Appraisal wells assess the • Fabrication and • Reuse, recycle, dispose • Obtain a right to explore a potential of any discovery procurement • Brownfield development Block or area made during exploration and Injection wells

Asset Class

Well Intervention

Pipe Laying Vessels Drillship Crane Vessels Crane Vessels Accommodation Units Semi-subs Pipe Laying Vessels Accommodation Units Seismic FPSO Jack Up Accommodation Units Decommissioning Vessels FSO AHTs AHTs AHTs MOPU

5 5 5 Share Price – Resilient Despite Oil Price Fallout

Global Oilfield Service Sector Stock Price Performance

160

140

+24.1% 120

100

80 (32.3%) 60 (39.5%)

40 (60.3%) SharePrice* (Rebased100) to

20 (80.7%)

(93.3%) 0 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

EPC OSV Rigs / Drilling FPSO Brent Yinson

(Source: Factset – Data from 01 June 2014 to 31 Dec 2017) *Share price for each sector is weighted by Market Cap

Methodology: The share prices (weighted by Market Cap) from the top 10 companies ranked by fleet size in each sector (OSV, Rigs/Drilling, FPSO) were used to create this chart. Companies were excluded if they were privately held, or if the listed company was heavily diversified (e.g. CNOOC and Swire were omitted from the OSV data). As the EPC sector does not have a “Top 10 companies by fleet size”, data from 23 publicly listed EPC companies were used. 6 6 6 Overview & Outlook of Global FPSO Industry

FPSO Typical Deployment Global FPSO Fleet Status

Tanker-Offloading — Brazil, West Africa, South East Asia and the North Sea, accounting Buoy Production Platform FPSO for 67% of the total number of installed FPSO globally — Out of the 21 FPSO vessels on order, 11 are to be deployed in Brazil, 5 in West Africa, 3 in South East Asia, 1 in the North Sea and 1 in the Australia/New Zealand. Injection Lines — As of July 18, 2017, there are 169 FPSO vessels in active Existing Well Centers employment, with another 23 FPSO vessels available for hire and — FPSO unit is a floating vessel used by the offshore oil and gas industry for the 1 FPSO vessel in long term repair.

production, the storage and for processing of hydrocarbons Source: Energy Maritime Associates (EMA) Floating Production Report Data – Q3 2017, 18 July 2017 — FPSOs can be a conversion of an oil tanker or a new vessel built specially for the application — Popular for its mobility, once an existing field has been depleted an FPSO can then be refurbished, relocated and reused for production in another field. 2017 - 2021 FPSO Charter Contract & Awards Forecast — In 2016: ü 11 total Floating Production System contracts awarded: 3 FPSOs, 7 FSRUs, and 1 Production Semi. ü 3 FPSOs were ordered, the lowest level going back more than 20 years. — In April 2017, Yinson entered into a time charter contract with Talisman Vietnam 07/03 (a wholly-owned subsidiary of Repsol) for the provision of a FPSO to the Ca Rong Do field development in Vietnam. — Looking ahead, EMA forecasts new FPSO vessels orders of 35 – 70 from 2017 to 2021. 30

25 17 20 15 15 13 15 10 11 26 10 11 10 20 21 10 14 14 14 8 5 11 12 12 11 9 7 8 4 3 6 7 7 7 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F FPSO Awards Low Case Mid Case High Case Source: Energy Maritime Associates (EMA) – January 2017 7 7 7 Strong Counterparties

8 8 High Quality Counterparties

Eni SpA / Eni Ghana PetroVietnam Technical Services Corporation (“PTSC”)

— Eni SpA, is engaged in the exploration and production of oil and natural — Established in 1993, PTSC’s main operations involves providing technical gas, processing, transportation, and refining of crude oil, transport of services to the oil & gas industries. These technical services include: EPCI for natural gas, storage and distribution of petroleum products, and the offshore facilities, EPC for industrial facilities, FSO/FPSO services, offshore production of base chemicals, plastics and elastomers. support vessels, seismic survey services, geophysical and geotechnical survey — Listed on Milan Stock Exchange Market cap. EUR 52bn (USD 63bn) as of services, geochemical metocean and oceanographic survey services, ROV Jan 8th, 2018 services and subsea works. — ENI is rated Baa1 by Moody’s, BBB+ by S&P and A- Fitch (long-term). — Listed at Hanoi Stock Exchange. Market cap. VND 12.1tn (USD 530m) as of Jan 08th, 2018 — In 2016, revenues were c.EUR 55.8bn (USD 61.7bn) and operating cash flow was c.EUR 7.7bn (USD 8.5bn). — As of FY2016, PTSC has a revenue of c.VND 18.7tn (USD 835.3m) and NPAT of c.VND 0.99tn (USD 43m). — Eni Ghana, a wholly-owned subsidiary of Eni SpA, is the charterer of FPSO John Agyekum Kufuor — PTSC is the charterer of FSO PTSC Bien Dong 01 of which they have 51% ownership in while Yinson holds the remaining 49%.

Addax Petroleum Canadian Natural Resources (“CNR”)

— Established in 1994 and based in Geneva, Switzerland, Addax Petroleum — Canadian Natural Resources (“CNR”) is one of the largest independent crude engages in the exploration and production of oil and gas in Africa, the oil and natural gas producers in the world. Middle East, and the North Sea. — Over the years, CNR has established its market presence in North America, the — Currently, Addax Petroleum has operations in Nigeria, Gabon, Cameroon, North Sea and offshore America. and the Kurdistan Region of Iraq. — Listed on Toronto Stock Exchange. Market cap. CAD 55.2bn (USD 44.5bn) as — Addax Petroleum is owned by Sinopec International Petroleum Exploration of Jan 8th, 2018 and Production Corporation (“SIPC”). — CNR is rated Baa3 / BBB+ by Moody’s and S&P respectively. — Sinopec Group is rated A1 and A+ by Moody’s and S&P respectively — In 2016, revenues were c.CAD 10.5bn (USD 7.9bn) with operating cash flow of — Currently, Addax Petroleum is a charterer for FPSO Adoon which is wholly c. CAD 3.5bn (USD 2.6bn). owned by Yinson. — CNR is the charterer of FPSO Allan, which is 100% owned by Yinson.

Repsol

— An integrated energy company based in Spain with operations in 37 countries, distributing and selling products across 90 countries. — Listed in Spain Stock Exchange. Market cap. EUR 24bn (USD 28.8bn) as of Jan 8th, 2018 — Repsol is rated Baa2 and BBB by Moody’s and S&P respectively — As of FY16, Repsol has a revenue of c. EUR 34.7bn (USD 41.6bn) — Repsol is a new counterparty to Yinson with the award of Ca Rong Do project in Vietnam.

Sources: Bloomberg and Company Websites 9 9 9 Robust Contract Terms

10 10 Contractual Terms

Typical Charter Contracts

FPSO leasing companies’ services have been provided under the following contracts types: — Time charters: FPSO leasing companies lease out their owned FPSO/FSO as well as operate and maintain these assets. — Bareboat charters: FPSO leasing companies would bareboat charter the FPSO to its partner who would then enter into time charter with the charterer. — Operation & maintenance contracts: Charterers appoint an FPSO leasing company to operate and maintain the vessel with the crew under the payroll of such FPSO leasing company .

Charter contracts typically cover key clauses such as scope of work, contractual period, charter rates, termination events and termination fees, and charter guarantee.

Typical Contractual Terms

1 2 3 Charter rate: Highly reliable and Firm contracts over long tenors FPSO owner usually protected against contract termination predictable source of cash flow 1) Signed between FPSO owner 1) Fixed, daily hire rate not linked to oil and 1) Events triggering charter termination include force majeure, and charterers (charterers gas prices nor to field/reservoir charterers’ defaults, asset owner’s default, as well as for would typically be the field performance on which the FPSO convenience; operator on behalf of the other operates; 2) Termination fees are typically contractually structured and field partners); 2) Cash flow may be linked to uptime since calculated based on present value of lost future revenues payable 2) Fixed, long-term period charter rates are potentially reduced if as lump sum payments; 3) Termination fees payable depending on the trigger events. In case 3) Optional period (at discretion of uptime falls below a pre-agreed of FPSO owner’s default or bankruptcy, FPSO owner may not the Charterer) threshold. receive any compensation; 4) Purchase option typically included in the charter, provides the charterer flexibility to acquire the vessel at a pre-agreed value at a specified timing.

11 11 11 Contract Termination Explained

— Typical contract structure ensures that termination at charterers’ convenience will result in payment of termination fees covering the project’s outstanding loan, equity injected, plus cost of debt and equity as well as an additional amount generating the desired equity return. This ultimately results in Yinson’s original investment being protected.

— Post receipt of termination fees and settlement of loan obligations, the Free Cash Flow will be available for capital redeployment.

— Post termination, Yinson will still own the vessel, which will then be available for new competitive bids or to be redeployed for future projects.

— The contracts are supported by corporate guarantees from the parent of the charterer, reducing the risk of non payment of termination fees.

Lam Son Contract Termination, With Compensation And Immediate Redeployment

Summary of Lam Son Contract Termination Lam Son Field Operating Structure Pre-Termination

— On 31 March 2017, PTSC AP received a notice of termination for PetroVietnam PetroVietnam convenience from PTSC, as charterer, for the Bareboat Charter contract of Petronas Carigali Exploration Technical Vietnam Ltd. Production Corp. Services Corp. FPSO PTSC Lam Son. (PVEP) (PTSC) — On 30 June 2017, PTSC AP received a Letter of Intent (“LOI”) from PTSC 50% 50% 51% 49% expressing its intention to continue deploying the FPSO Lam Son at the Lam Son field with effective date from 1 July 2017. PTSC AP accepted the LOI. Lam Son Joint Operating PTSC Asia Pacific The petroleum operations within Lam Son Field will be taken over by PVEP Company Provides Provides Pte Ltd (PTSC AP) and the Parties are currently negotiating a new charter contract for (LSJOC) bareboat, bareboat operations & charter to redeployment of FPSO Lam Son at the Lam Son Field. maintenance PTSC of FPSO to — PTSC AP had on 21 December 2017 signed a settlement and amendment LSJOC agreement with PTSC in relation to the termination of the Bareboat Charter. PTSC Subsequently on 29 December 2017, PTSC AP had received the Time Charter Contract Bareboat Charter Contract Termination Fee of USD209 million (net of bank transaction costs and tax of which will subsequently be reimbursed by PTSC). — On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount under the financing facility of project Lam Son. Source: Bursa Malaysia 12 12 12 Prudent Track Record of Operations

13 13 6th Largest Indep. FPSO Leasing Company Worldwide

FPSO Leasing Company Fleet Size and Current Orders(1) (2) (#)

Under Repair

1 Available

On Order 2 1 1 Installed 1 2 1 1

2

12 11 1 10 9 1 7 3 1 4 4 2 2 2

BW Offshore SBM Modec Teekay Offshore Bumi Armada Yinson Bluewater MISC Petrofac Rubicon

— FPSO market dominated by small number of players (Top 10 players account for c. 80% of the Total FPSO leased fleet) — Whilst awards of new projects have slowed down in the past year, the absence of new entrants and the expected increase in awards in 2017 will work to lessen the effect of this 1. Source: EMA, EMA Floating Production Report Data – Q3 2017, 18 Jul 2017 2. This chart shows the top 10 FPSO leasing companies and does not take into account other non-leasing companies (Petrobras, CNOOC, other oil majors, etc.) 14 14 14 Key Assets

PTSC LAM SON

JOHN AGYEKUM 3,4 Vietnam KUFUOR JOHN FOUR Our Fleet AGYEKUM KUFOR 2 RAINBOW Nigeria

ADOON ALLAN Ghana 6 PTSC Malaysia 5 BIEN DONG 01 Gabon 1

PTSC PTSC Name Allan Adoon Four Rainbow** John Agyekum Kufuor*** 1 2 3 4 5 6 Lam Son* Bien Dong 01 FPSO / FSO / MOPU FPSO FPSO FPSO FSO FPSO FPSO Charterer / Client CNR Addax Petroleum PTSC PTSC Available for Deployment ENI Offshore Cape Three Points (OCTP) Field (Country) Olowi (Gabon) Block OML123 (Nigeria) Block 1-2/97 (Vietnam) Block 05-2/05-3 (Vietnam) – Block Ghana (Ghana) Storage Capacity 1.04 million barrels 1.7 million barrels 350,000 barrels 350,000 barrels 600,000 barrels 1.7 million barrels Oil: 58,000 BOPD Oil: 35,000 BOPD Oil: 60,000 BOPD Oil: 18,000 BOPD Oil: 40,000 BOPD Liquid: 75,000 BLPD Production Capacity Liquid: 50,000 BLPD Liquid: 140,000 BLPD Liquid: 28,000 BLPD – Liquid: 52,000 BLPD Gas Injection: 165 MMSCFD Gas Comp: 75 MMSCFD Gas: 7 MMSCFD Gas Comp: 47 MMSCFD Gas Comp: 10 MMSCFD Gas Export: 210 MMSCFD Contract Commencement Date 01-May-09 17-Oct-06 06-Jun-14 04-Jun-13 – 04-Jun-17 Contract Duration (firm + options) 2009 - 2019 2006 - 2022 2014 – 2017 2013 - 2033 – 2017 – 2037 Optional extension – Up to 4 years – 5 + 2 + 2 + 1 years – 1 + 1 + 1 +1 +1 years Total remaining contract tenure as 1.25 Years 4.75 years – 15.33 years – 19.35 years at 31 Jan 2018 (firm + options) 100% Yinson Ownership 100% Yinson 100% Yinson 51%: PTSC; 49%Yinson 51%: PTSC; 49%Yinson 100% Yinson (Potential 26% Divestment) Uptime (Since 1 Jan 2014) Above 99% Above 99% Above 99% Above 99% – Above 99% • Based on original Bareboat Charter Contract with PTSC. Notice of termination for PTSC Lam Son contract announced on 3 Apr 2017. On 30 Jun 2017, PTSC AP had received a Letter of Intent from PTSC expressing its intention to continue deploy the FPSO Lam Son at the Lam Son field with effective date from 1 Jul 2017. Parties are currently negotiating and finalizing the new charter contract. PTSC AP had on 21 December 2017 signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million. ** FPSO Four Rainbow for redeployment opportunity. *** Sailed on 1 March 2017. Provisional acceptance achieved in June 2017 and final acceptance in Dec 2017. 15 15 15 Excellent Record of Project Execution

More than 23 years of experience in the timely delivery FPSO/FSO Solutions for clients

Jack-Up Conversion FSO Conversion Jack-Up Conversion FSO Conversion FPSO Conversion FPSO Conversion FPSO Conversion Borger Dolphine MOPU Knock Taggart Marc Lorenceau Knock Nevis Allan Lam Son John Agyekum Kufuor Mobil Oil – Nigeria Abacam – Nigeria Addax – Nigeria Maersk – Qatar CNR – Gabon PTSC – Vietnam ENI – Ghana

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

FSO Conversion FPSO Conversion FPSO Conversion FPSO Upgrade FPSO Conversion FSO New Build Knock Dee Petróleo Nautipa Knock Taggart Petróleo Nautipa Adoon Bien Dong 01 Soekor – South Africa Ranger Oil – Angola Addax – Nigeria Vaalco – Gabon Addax – Nigeria PTSC – Vietnam

16 16 16 Long Term Contracts

17 17 Long-Term Charter Contracts

Strong existing order book underpinned by long term contracts across FPSO & FSO units. Firm period Orderbook of ~USD 3.1 billion (of which USD 2.2 billion is firm) as of 31 Jan 2018 excluding FPSO CRD Project Options period and FPSO PTSC Lam Son Project.

Vessel / Counterparty: 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Year

FPSO Until Oct Up to 4 years Adoon 2018

Until FPSO Allan Apr 2019

PTSC Bien Dong 01 Until Jun 2023 Up to 10 years (49%)

FPSO John Agyekum 15 years until Jun 2032 Up to 5 years Kufuor

Orderbook of ~USD 3.1 billion (of which USD 2.2 billion is firm) (1) as of 31 Jan 2018 excluding newly awarded FPSO CRD Project and FPSO Lam Son Project (2) which was terminated.

FPSO for Ca Rong Do 10 years until 2029 Up to 5 years Project

The FPSO CRD project contract value is USD 1.0 billion for a charter period of 10 years firm and 5 years option (of which the Group’s portion would be USD495.0 million). The Group’s total orderbook including the FPSO CRD Project would be USD 3.6 billion.

1. Yinson have signed a contract award for the supply, operation and maintenance of a FPSO facility for Ca Rong Do Field Development - Block 07/03 Offshore Vietnam on 26 Apr 2017. The Group’s portion of the project’s orderbook is USD495.0 million (49%). 2. The orderbook excludes the PTSC Lam Son as the notice of termination for PTSC Lam Son contract was announced on 3 April 2017. PTSC AP had on 21 December 2017 signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million (net of bank transaction costs, and tax of which will subsequently be reimbursed by PTSC). On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount under the financing facility of project Lam Son. 18 18 18 FPSO John Agyekum Kufuor – Ghana

Yinson’s most recently completed project, FPSO John Agyekum Kufuor, is testament to Yinson’s capability as a trusted global FPSO player. In 2015, Yinson was awarded the ENI OCTP Ghana FPSO contract, valued at up to USD 3.2 billion (USD 2.5 billion for the firm period and USD 717 million for the option period).

The OCTP project is a two-phase, offshore integrated oil and gas development involving the FPSO John Agyekum Kufuor. Yinson owns 100% of the FPSO and also operates it.

ENI Ghana, the Charterer, is a wholly-owned subsidiary of ENI SpA. Eni SpA is one of the world's supermajors, with strong operating capability and present in 69 countries.

— Highly strategic project for Ghana: Will end years of — During the First Oil Ceremony on 6th July 2017, Ghanaian dependence on unreliable Nigerian gas imports and challenging President Nana Akufo-Addo said the OCTP project “would ensure hydroelectric schemes. It offers reliable, clean baseload of up to reliable and affordable clean energy to support economic activities 1.1 GW power over a minimum 10 year plateau period that will and keep the country on the right path to growth” and that he was provide both energy security and address the country’s deficit. “optimistic that the addition of production from the OCTP […] would — World Bank’s involvement, through USD 700mm in guarantees, enhance significantly gas supply for domestic power generation”. demonstrates the strategic importance of the upstream OCTP project in the country, out of which the FPSO plays an essential Potential Strategic Alliance with Japanese Investors: role. The World Bank has described this Project as "top priority" — On 30 June 2017, Yinson entered into a Heads of Agreement with for Ghana. a consortium of Japan-incorporated companies for a proposed sale — Long term charter contract of 15 years firm period + 5 years of 26% equity interest of Yinson Production (West Africa) Pte. Ltd, optional period. the entity which owns the FPSO John Agyekum Kufuor. — ENI International B.V., a wholly owned subsidiary of ENI SpA, — Japanese consortium comprises of Sumitomo Corporation, provides a Parent Company Guarantee to cover the performance Kawasaki Kisen Kaisha, Ltd (K Line), JGC Corporation and of ENI Ghana (the Charterer) under the Charter Contract till the Development Bank of Japan Inc. maturity of the contract. — On 21 November 2017, the conditional share purchase agreement — Timely project delivery: In April 2017, FPSO John Agyekum for the sale of 26% stake was executed for a consideration of up to Kufuor was delivered safely and on time in Ghana. The OCTP USD117 million. block has started production ahead of scheduled delivery date and firm period of the charter contract commenced on 4th June 2017. Average uptime to date is 99.7%. 19 19 19 FPSO Ca Rong Do – Vietnam

Yinson’s most recent award, FPSO Ca Rong Do is evidence of its ability to win new awards even in a difficult market. In April 2017, Yinson was awarded the Ca Rong Do FPSO charter contract in Vietnam with an estimated aggregate value of the bareboat charter contract at c.USD 1 billion by Talisman Vietnam.

The FPSO will be operated in an environment that Yinson is very familiar with, given the Lam Son and Bien Dong 1 vessels. The Ca Rong Do (CRD) is an oil and gas field development located in Block 07/03, offshore Vietnam involving FPSO CRD.

The award comprises of 1) the bareboat scope of work under the Bareboat Charter Ca Rong Do FPSO Operating Structure Contract, and 2) operation and maintenance of the FPSO which will be performed by PTSC. PetroVietnam — Talisman Vietnam 07/03 BV is a wholly-owned subsidiary of Repsol S.A who is a Technical Services Corp. global integrated oil company, with strong operating capability and present in more (PTSC) than 50 countries 51% 49% 100% — Long term charter contracts: 10 years firm period + 5 years options period — Estimated Bareboat Contract value: USD 1 billion (including options period) Talisman Joint Venture Vietnam Provides Company — Repsol is listed on Spain Stock Exchange. Market cap. EUR 24bn (USD 28.8bn) bareboat, Provides operations & bareboat charter to as of Jan 8th, 2018 maintenance PTSC — Repsol is rated Baa2 and BBB by Moody’s and S&P respectively of FPSO

PTSC — FPSO conversion status: Time Charter Bareboat Charter Contract ü An identified existing FPSO (currently under acquisition) to be upgraded/ Contract converted to become FPSO CRD. Delivery at the field planned by mid 2019 with firm charter period scheduled to commence from Aug 2019 ü FPSO with processing capacity of up to 35,000bopd (oil) and 900,000bbls storage capacity. ü On 19 May 2017, Yinson entered into a joint venture agreement with PTSC to undertake the execution and performance of charter.

20 20 20 Experienced Management Team

21 21 Key Management & Board of Directors

Key Management

Mr. Lim Chern Mr. Daniel Bong Mr. Tan Fang Mr. Eirik Barclay Yuan Ming Enn Fing Chief Executive Group CEO & Group Chief Group Chief Officer, Offshore Executive Director Strategy Officer Financial Officer Production

Dato’ Mohamed Mr. Flemming Mr. Lim Chern Sabri Bin Gronnegaard Mr. Andy Choy Wooi Mohamed Zain Chief Operating Head of Legal, Chief Executive Chief Executive Officer, Offshore Offshore Production Officer, Marine Officer, Yinson Production Energy

Board of Directors

Mr. Lim Chern Mr. Lim Han Weng Mdm Bah Kim Lian Mr. Lim Han Joeh Yuan Group Executive Non-Independent Non-Independent Non- Chairman Group CEO & Executive Director Executive Director Executive Director

Datuk Syed Zaid Datuk Raja Dato’ Wee Hoe Soon Dato’ Mohamad bin Syed Jaffar Zaharaton binti Raja @ Gooi Hoe Soon Nasir bin AB Latif Albar Zainal Abidin Independent Non- Non-Independent Non- Senior Independent Executive Director Independent Non- Executive Director Executive Director Non-Executive Director

22 22 22 Strong & Experienced Project Execution Teams

Experienced Key Project Personnel with a wealth of experience in the offshore Oil & Gas industry.

Mr. Jahn Atle Mr. Lars Gunnar Vogt Mr. Per Dyberg Senior Vice Mr. Frode Rødøy President, Business Senior Vice Project Director HSEQ Director Development and President, Projects Technology

— Joined FOP in July 2008. — Joined Yinson in 2015. — Joined Yinson in January 2014. — Appointed HSEQ Director in March 2015. — Project Manager for the conversion of FPSO — More than 15 years of experience in the Oil & — Lead Marine Engineer and Senior Vice — 24 years of experience from Oil & Gas industry John Agyekum Kufuor. Gas industry, whereof the last 12 specialising in President Concept Development in BW and has been HSEQ Director and Head of — Worked in the offshore Oil & Gas industry since FPSOs. Offshore and Engineering consultant companies HSSEQ in Trelleborg Offshore, Golar 1986. — Has held various roles in the 10 years with BW in Norway. Wilhelmsen and Høegh Fleet Services. — Spent 20 years in the ABB/Vetcogray system Offshore such as Engineering Manager, Project — Naval Architect graduate from NTNU in — Holds a Master of Science degree in Petroleum where he has held several management Development Vice President, Marketing & Trondheim Norway. Engineering from the Norwegian Institute of positions for Subsea EPCI Projects Worldwide. Tenders Vice President and Business Technology in Thondheimand MBA degree from — Holds a Master of Science degree from Development Vice President. Heriot-Watt University Scotland. Norwegian University of Science and — Master degree in Mechanical Engineering from Technology in Trondheim. Norwegian University of Science and Technology

Mr. Miljenko Mr. Ivar Lysberg Vladovic Mr. Lars Eik Mr. Chris Lank Mr. Filipe Costa Senior Vice Vice President, Country Manager, Engineering President, Projects & Topsides Delivery Ghana Manager Operations Business Manager Development — Joined FOP in October 2000. — Joined FOP in January 2007. — Joined Yinson in October 2013. — Joined Yinson in November 2014. — Joined Yinson in May 2015. — Appointed Vice President, Asset — Worked in Vetco Aibel, Umoe Oil and — 18 years of experience in shipping — Has over 20 years experience in — World wide experience as Project Management & Business Gas and ABB Offshore Systems. and Oil & Gas industry. high-integrity engineering industries Development in May 2013. Manager, Engineering Manager and — Held several management positions — Has held numerous positions in including 10 years in offshore O&G. Business Development Manager in — Has 33 years experience in the in offshore O&G projects including FPSO companies such as Teekay, — Worked at Weir Strachan & Henshaw offshore O&G industry. the Oil & Gas, Petrochemical and FPSO Knock Allan conversion Petrofac and Songa Floating as Project Manager and Principal Energy sectors. — Started career at Aker, holding several project. Production. Engineer. key management positions in North — Past experience in SBM Offshore and — Holds a Master of Science degree in — Worked on various projects in Korean — Prior to joining Yinson, has held Bumi Armada. Sea EPC projects during his 16 years Mechanical Engineering from shipyards. several engineering positions in his 7 — Holds a Master in Mechanical with the company. Norwegian University of Science and — Holds a Master of Science degree in years with DPS Bristol and — Holds a BSc honors degree in Engineering from Universidade Do Technology. Naval Architecture from the University Singapore. Algarve, Portugal. Mechanical Offshore Engineering from of Zagreb, Croatia. — Chartered Engineer with Master of Heriot-Watt University Scotland and a Engineering in Mechanical Naval Engineering degree from Engineering from University of Bristol. Bergen College of Engineering 23 23 23 Supportive Shareholder Base

24 24 Strong and Supportive Ownership

High-quality and supportive shareholder base and successful raisings of equity capital since 2011.

Ownership Summary

Top 4 Shareholders Stake (%) Collectively, the top 4 shareholders of Yinson owns more than 50% of stock 1. Lim Han Weng and Family 28.06 1) Lim Han Weng and Family – 28.06% — Founding Lim family remains heavily invested, with 28.06% ownership. Mr. 2. Kumpulan Wang Persaraan 14.11 Lim Han Weng serves as Group Executive Chairman of Yinson — Lim family has subscribed to all rights issues raised by Yinson to date 3. Employees’ Provident Fund 11.77 2) Kumpulan Wang Persaraan – 14.11% 4. AIA Bhd 5.43 — Kumpulan Wang Persaraan is a key shareholder, being the second largest shareholder after the Lim family Total 59.37% 3) Employees’ Provident Fund – 11.77%

Note: Shareholdings as of January 5, 2018 — Currently, the Deputy CEO of EPF (Investment) sits on Yinson’s Board of Directors — In 2015, EPF fully subscribed in Yinson’s private placement of MYR 169.8mm

Successfully Tapped the Equity Capital / Perp Markets 9 Times Since 2011

2011 2012 2013 2014 2015 2017

Private Placement Rights Issue Private Placement Rights Issue Private Placement Perpetual Bond (NC5) 1 2 4 6 7 9 MYR 11.3mm MYR 85mm MYR 56.5mm MYR 568mm MYR 169.8mm USD 100mm Perpetual Bond Private Placement Private Placement 8 (Private Placement) 3 5 MYR 20.4mm MYR 106.6mm USD 100mm

25 25 25 Ample Financial Flexibility

26 26 Financial Snapshot

EBITDA Adjusted Net Leverage

MYRmm YTD Q3’18 MYRmm YTD Q3’18 Revenue 652.8 Short Term Debt 314.7 EBITDA 451.9 Long Term Debt 2,854.2 EBITDA margin (%) 69.2 Total Debt 3,168.9 Less: FV gain on securities (0.1) Less: Cash at Consolidated YHB (747.5) Less: Impairment loss on PPE and Receivables 25.4 Net Debt 2,421.4 Add: Fair value loss on investment properties 2.9 Less: 49% of PTSC SEA(1) Net Debt(4) (52.4) Less: Gain on disposal of PPE (0.1) Add: 49% of PTSC AP(1) Net Debt(4) 299.5 Less: Accrued reimbursements on tax (6.4) Less: Net Debt of other JV Entities and Associates (13.7) Add: Unrealised FX loss 11.7 Adjusted Net Debt 2,654.8 Add: Realised FX loss 5.0 Net Leverage(5) 3.7x Core EBITDA 490.3 Adjusted Net Leverage(6) 3.2x Core EBITDA margin (%) 75.1 MYRmm YTD Q3’18 Debt Serviceability Revenue 652.8 Share of 49% of PTSC SEA Revenue 38.8 — Taking Core EBITDA of MYR 490.3mm against finance costs of c.MYR 53.1mm would give Yinson an ISCR Share of 49% of PTSC AP Revenue 97.0 of 9.2x, thus demonstrating its ability in servicing its interest obligations. Share of Revenue of other JV Entities and Associates 29.3 MYRmm YTD Q3’18 Adjusted Revenue 817.9 Core EBITDA 490.3 Core EBITDA 490.3 Finance Costs 53.1 Add: 49% of PTSC SEA Core EBITDA(1) (2) 38.1 ISCR 9.2x Add: 49% of PTSC AP Core EBITDA(1) (3) 96.7 Add: Core EBITDA of other JV Entitles and Associates 0.1 Adjusted Core EBITDA 625.2 Project Financing Adjusted Core EBITDA margin (%) 76.4 — Project Level Debt § Typically 70-80% of total project cost § Tenors of the project financing are medium to long term in nature, and shorter than the firm period of the Net Gearing Debt Maturity Profile charter contract — Financing Structure MYRmm MYRmm § Structured at DSCR of 1.2 – 1.3x, on the back of contractual cash flows Net Gearing: 1,986 § Excess free cashflows from project (after debt servicing at the project level) can be applied to servicing 0.91x 2,000 corporate level debt obligations § Termination fee, received from a contract termination, will first be applied to pay down project debt. Residual sums can be applied to extinguish corporate borrowings or to be reinvested into new project. 5,000 1,500 Note(s): 2,647 (1) PTSC SEA holds FSO PTSC Bien Dong 01 while PTSC AP holds FPSO PTSC Lam Son (2) PTSC SEA Core EBITDA is calculated with profit before tax of MYR 54.1mm, finance costs of MYR 3.7mm, and depreciation of MYR 1,000 20.0mm 566 (3) PTSC AP Core EBITDA is calculated with profit before tax of MYR 49.2mm, finance costs of MYR 26.8mm and depreciation of MYR 2,500 121.4mm 2,421 500 315 302 (4) Net Debt for PTSC SEA, PTSC AP and other JV entities/associates is calculated with total borrowings and cash & bank balances at the respective JV & associate levels. (5) Net Leverage is taken with Net Debt over annualized Core EBITDA 747 (6) Adjusted Net Leverage is calculated with Adjusted Net Debt over annualized Adjusted Core EBITDA - - Source: Company filings Cash Net Debt Equity < 1 year 1 - 2 years 2- 5 years > 5 years 27 27 27 Group Debt

Debt Financing Structure(1) Corporate Debt: Total Corporate Level Debt(2): Yinson Revolver + Senior Sukuk + Finance — c. MYR 248.2mm (excl. Perpetual Bond, Holdings Lease: c.MYR 248.2mm(2) which is accounted as equity) Berhad — Debt raised for the Group to fund its equity 100% 100% contribution in projects — Key pieces are: YTMC YJL (1) MYR 80mm 5.250% Sukuk due 2018 (2) MYR 170mm 5.750% Sukuk due 2019 100% 100% 100% 100% 100% 49% Project Debt: Total Project Level Debt(3):

YAL YPL Trillium YMSSB Indah PTSC SEA — c.MYR 2,920.7 mm (excl. PTSC AP Lam Son & PTSC SEA Bien Dong debt) 100% 100% 100% 100% 49% — Raised at the respective operating subsidiary Tulip levels. These debt will be serviced by 100% PTSC AP 96.67% contracted project cash flows YCL YHL YPAS 100% 100% LEGEND: 49% 100% 100% YPPL OYL Debt

PTSC ARO Allan AS Adoon AS 100%

CRD 3.33% Holding Companies 100% 100% Nereus Operating Subsidiaries KAPL Adoon PL YPWAPL 100% FPSO

OSV Camelia FSO

Corporate Debt(2) (7.8%) Financing is structured such that project level debt is self sufficient. Quantum of termination payment is enough to repay project level debt. (c. MYR 248.2mm, excl. Total Perpetual Bond) On an ongoing basis, contracted project cash flows will be used to service project debt. Any excess may be used to service / pay down corporate borrowings. Existing Debt (c. MYR In the event of a contract termination, the early termination payment will be used to first extinguish project debt. Any excess may then be upstreamed and used to pay down corporate borrowings. 3,168.9mm) Project Debt (92.2%) (c.MYR 2,920.7 mm)

(1) Figures shown are as at 31st October 2017 (2) Corporate level debt consists of holdco revolver of MYR 22.7mm, senior sukuk of MYR 224.9mm and finance lease of MYR 0.6mm (3) Project level debt figures is calculated as the balance after deducting revolver, senior sukuk and finance lease at corporate level USDMYR = 4.2320

28 2828 Appendix

29 29 Transformation & Key Corporate Milestones

Origin Transformation Started as a transport and logistics Transformation into key FPSO player pursuant to a JV with PetroVietnam Technical Services company Corporations in 2011, followed by the acquisition of Fred Olsen Production ASA in 2014

Key Corporate Milestones

1983 1996 2008 2012 2014 2016 2017 — Began as a — Listed on — Transferred to the p Secured FPSO contract via p Completion of Fred Olson p Divestment of — Final Acceptance for FSPO John transport Bursa Main Board of joint venture PTSC for Lam Production acquisition non-O&G Agyekum Kufuor agency in Malaysia Bursa Malaysia Son Project – USD 737.3 p Rights Issue – MYR 568 subsidiaries p Awarded USD 1.0 bn FPSO contract by Johor on 11 Securities Berhad mn mm — Paid special Repsol for the Ca Rong Do field Bahru, July on 30 July p Acquired 40% stake of Phu — PTSC Lam Son achieved dividend of up to development in Vietnam Malaysia My Port on 12 July First Oil in Vietnam MYR 160 mm p Proposed divestment of 26% equity p Rights issue – MYR 85 mm p Divestment of 50% of p Issued Senior interest in FPSO John Agyekum Kufuor p Private Placement – MYR Petroleo Nautipa Sukuk of MYR p Issued USD 100 mm perpetual capital 20.4 mm — Petronas Licenses 250 mm securities via Reg S p Received termination fees of USD 209m for FPSO PTSC Lam Son and repaid project loan

1983 1993 1996 1997 2008 2011 2012 2013 2014 2015 2016 2017

1993 1997 2011 2013 2015 — Incorporated — Expanded logistics p Secured FSO contract via a joint p Private Placement – MYR p Announced and awarded USD 3.2 bn FPSO contract Yinson Holdings services Increased venture with PetroVietnam 56.5 mm by Eni Ghana Exploration and Production Ltd. Sdn Bhd (now Commodity Technical Services Corporation — First Oil for FSO, PTSC Bien p Private placement of 60 mm shares – MYR 169.8 Yinson Holdings Trading capacity (“PTSC”) for Bien Dong Project – Dong 1 mm Berhad) USD 331.2 mn in June p Private Placement – MYR p JV with Four Vanguard Servicos E Navegacao Lda p Secured OSV contract from PTSC 106.6 mm thereby securing control of FPSO Four Rainbow – MYR 75.0 mm in June p Commenced acquisition of p Issued USD 100 mm perpetual capital securities via p Private Placement – MYR 11.3 Fred. Olsen Production ASA – private placement mm MYR 551.3 mm

p Key Contract / Acquisition / Divestment p Equity Raising p Debt Raising 30 30 30