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Navigator Holdings Ltd. “NVGS” Stifel Presentation August 2017 Navigator Holdings Ltd. “NVGS” 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 TABLE OF CONTENTS NAVIGATOR GAS MARKET FINANCIAL INFORMATION APPENDIX 3 • NAVIGATOR AT A GLANCE Enabling opportunities in Energy, Plastics and Fertiliser markets Global Trade Diversification *Europe 31% Africa & MEG 25% Asia 22% SAM 12% NAM 10% Leading Handysize Market Share ¦ Cargo Diversification Growing Together with Our Customers Building for future markets Other 27% Petchems 38 2006: New 33 management Consolidation Period 26 29 8% 23 LPG 7% 12 5 6 8 9 2000 2008 2009 2011 2012 2013 2014 2015 2016 2017 * 2016 YTD Regional Cargo Volume 4 GAS CARRIER MARKETS: MORE TO IT THAN LPG Global Seaborne Transportation Producer of LPG Producer of Ethylene Producer of Fertilizers. 4x Ice Class Semi- 1x Large Ethane capable vessel on 1 x New generation Midsize vessel Refrigerated vessels on 5-10 10 year contract on 10 year contract year contracts Strong Increasing Steady Market Growth Ton-Miles Diversification LPG Petrochemicals Ammonia 120 25 20 100 20 15 80 15 60 10 10 Million Tons Million Tons 40 Million Tons 5 20 5 - - - 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 Source: Viamar 2017 5 GAS CARRIER FLEET OVERVIEW 261 30 12% 24 - - Fully-Refrigerated 92 10 11% Ethylene / Ethane 13* 1 8% Fully-Refrigerated 26 - - Semi-Refrigerated 59 5 8% Ethylene 24 4 17% Semi-Refrigerated / 336 12 4% Pressure Semi-Refrigerated / Pressure 633 4 1% * 11 of the 13 MGC’s are on long term time charters and the remnaining 2 vessels are owned by Navigator Source: Clarksons, 2017 6 INDUSTRY OVERVIEW: THREE MAIN CLASSES OF GAS SHIPS 7 WE ARE ACTIVELY IMPLEMENTING CHANGES TO OUR CARGO MIX Total Earning Days 2015 to 2017 3,000 Days 2,500 43% …and increasing Petchems Spot 2,000 Petchems TC LPG Spot 1,500 1,000 LPG Time Charter Earning Days 1H2016 1H2017 Change 500 Petrochemicals 1,219 2,374 + 95% LPG 3,104 2,978 - 4% Ammonia 342 336 - 2% Ammonia Time Charter - 2015 Q1 Q2 Q3 Q4 2016 Q1 Q2 Q3 Q4 2017 Q1 Q2 8 OUR GLOBAL FOOTPRINT IN PETROCHEMICALS IS CHANGING Increasing voyage Long term structural approach to Shift from Middle East Larger parcel-sizes duration contracts to U.S. focus 9 TABLE OF CONTENTS BACKGROUND NAVIGATOR GAS MARKET FINANCIAL INFORMATION APPENDIX 10 HANDYSIZE GAS FLEET OVERVIEW Market Share 15,000 – 40,000cbm Ethylene Vessels : Available capacity from 2018 Owner Existing On Total Ethylene Fleet Order Navigator Gas 33 - 33 [10] Ultragas 9 - 9 - 51% Petredec 6 2 8 [4] 37% Others Others Solvang 4 4 8 [8] Naftomar 7 - 7 - Harpain 5 - 5 [4] Handysize Fleet Demographics Beneleux 4 - 4 - Ethylene Non Ethylene Newbuilds Scrapping Pacific Carriers 4 - 4 - 12 10 Schulte 4 - 4 - 8 6 Stealth Gas 1 3 4 - 4 Yara 3 - 3 - 2 0 Other 29 - 29 [2] 1983 1984 1985 1986 1987 1988 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 2020 -2 1982 -4 109 9 118 [28] -6 11 U.S. ETHYLENE FOCUS: COMPETITIVE FUNDAMENTALS US Ethylene expansions 2017 – 2022 U.S. Ethylene production vs domestic demand 2017 2018 2019 2020-22 50 Oxy 1,200 45 Westlake Calvert 100 40 Dow Freeport 3,300 Mts Millions 35 +50% Formosa 300 30 CP Chem 3,300 Exxon Baytown 3,300 25 Indorama 800 20 Formosa 2,500 15 Sasol 3,300 10 LACC 2,200 Shintech 1,100 5 Shell 3,300 - TOTAL/Nova 2,200 Existing (Jan New Capacity 2017) U.S. Gas Prices Underpins C2 Production Cash Cost Structural Shift for our C2 exports: U.S. in focus 160,000 20 18 140,000 16 120,000 14 Mts Per Annum USD/MMBtu 12 100,000 10 8 80,000 6 Middle East Exports 60,000 North 4 2 40,000 America - Exports Jan-2013 Jul-2014 Jan-2016 Jul-2017 Jan-2019 20,000 Mt. Belvieu ethane Henry Hub natural gas WTI crude - Source: ESI, Bloomberg, 2017, & IHS, 2016 2012 2013 2014 2015 2016 12 ENTERPRISE & NAVIGATOR ETHYLENE TERMINAL Source: 13 ENTERPRISE & NAVIGATOR ETHYLENE TERMINAL China Map 14 TABLE OF CONTENTS BACKGROUND NAVIGATOR GAS MARKET FINANCIAL INFORMATION APPENDIX 15 2017 6M HIGHLIGHTS 2017 6M HIGHLIGHTS Gross Revenue EBITDA NET INCOME US$151.7m US$64.1m US$5.0m Vessels owned Avg daily charter rate Fleet Utilization 36 US$21,657 89.2% 16 GAS CARRIER CHARTER RATES 78,000cbm - VLGC Navigator’s Daily TC Rates (US$) 22,000cbm - Semi-ref - Handy 29.7 30.0 30.3 30 28.6 28.9 28.3 $2,000 27.4 22,000cbm - Fully-ref - Handy 25.6 25.5 23.6 24.1 8,250cbm - Small 21.7 $1,800 20 Average 2006 -2016 US$26,969 per day $1,600 10 $1,400 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M $1,200 2017 Navigator’s Utilization Rate $1,000 99.4% 99.5% 96.8% 98.7% 97.1% 96.2% 97.4% 97.3% 100% 92.9% 94.3% 87.9% 89.2% $800 80% US$375,000 Average 2006 -2016: 95.6% 60% $600 40% $400 US$355,000 20% $200 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M 2017 Source: Clarksons Platou Gas 2016 17 COMMITTED REVENUE Total US$ 622.1M in committed revenue 2017-2020 2020+ Committed Revenue EBITDA Average TCE Committed Revenue US$419.72M US$288.8M US$25,616 US$202.4M Committed revenue for the Navigator fleet Remaining 6 2018 2019 2020 Total months 2017 Available days 8,585 13,716 13,630 13,737 49,668 Committed charter days1 4,890 4,566 4,009 2,920 16,385 Uncommitted days 3,695 9,150 9,621 10,817 33,283 Charter coverage 56.96% 33.29% 29.41% 21.26% 32.99% Committed revenue (US$’M) 111.5 119.26 109.64 79.34 419.723 Average committed TC equivalent rate (US$ / d) 22,797 26,118 27,349 27,171 25,616 Committed EBITDA2 (US$’M) 76.6 81.1 76.1 54.9 288.8 1) The committed revenue as at 30/6/2017, including the continuation of the charters in Indonesia. 2) Committed EBITDA calculated as contracted revenue less estimated vessel operating expenses based on average for FY 2016, excluding estimated broker commissions and other charter-related fees and expenses, any non-charter related costs such as general and administrative costs, drydocking expenses and other costs. 3) The total committed revenue beyond 2020 of $202.4 is excluded, represented by 6 vessels on committed time charters which expire up to December 2026. 18 DAILY OPERATING EXPENSES Navigator’s Daily Operating Expenses Analysis of Operating Expenses (US$) 9,000 1.0% 8,115 8,068 7,916 7,925 8,000 7,779 6.7% 7,632 7,657 7,415 7,316 7,102 5.4% 7,000 5.4% 6,000 1.7% 5,000 53.3% 4,000 14.0% 3,000 8.4% 2,000 1,000 Crew Lubes & Stores Repairs 0 Upgrade Insurance Admin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2 2017 Tech Mgt Other 19 BREAK EVEN ANALYSIS Comments Break even and TCE rates Operating expenses Brokerage commission G&A For the six months ended 30th of June 2017, the Drydocking costs Interest expenses Total Company had a cash break even rate of US$ 9,900 per day per vessel, before interest expenses USD/d Average TCE rate and debt repayment 35,000 31,081 30,596 30,282 29,180 29,561 Including interest expenses, the cash break even 30,000 rate increases to US$ 12,757 per day per vessel 27,233 25,000 22,975 22,758 21,712 21,601 Including debt repayment, the cash break even rate increases to US$ 18,669 per day per vessel 20,000 15,000 13,386 13,456 13,577 12,633 12,449 12,707 12,932 12,704 12,651 12,757 Navigator has consistently obtained an average TCE equivalent significantly above the Company’s 10,000 cash break even rate 5,000 Navigator gas committed revenue over the next three years at an average of US$ 25,616 per day - for 33.0% of the fleet Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 20 STRONG BALANCE SHEET & BANKING RELATIONSHIPS (US$'M) Current Lenders As of June 30, 2017 Actual Cash 53.8 Debt Secured term loan facilities 704.4 Unsecured Notes 100.0 Total Debt 804.4 Total Shareholders' equity 962.4 Total capitalization 1,766.8 Debt / Capitalization 45.5% 21 INDEBTEDNESS Lending Facilities Outstanding - end of year (US$’M) Current Facilities 851 ▪ Senior Unsecured Notes maturing in February 2021.
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