Company Presentation Houston, September 25, 2019 “Navigator Holdings Ltd. (NYSE:NVGS)” Confidential NVGS - A GLOBAL LEADER IN SHIPPING OF LIQUEFIED GASES Highlights Revenue & EBITDA 2013 – 2019H1(LTM) Balance Sheet ■ Navigator Gas is the market leading shipper of liquefied Net operating revenue EBITDA Total assets Total equity gases (LPG, petchems and ammonia) 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 $161m • Market leader of the handysize ethylene capable gas $140m carriers - in addition 5 larger midsize gas carriers 37,500 – $121m $955m $107m $115m $110m 38,000 cubic meters, of which 4 are ethylene capable ■ 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% 2 Confidential TABLE OF CONTENTS GAS COURSE - FUNDAMENTALS INDUSTRY TRENDS PROJECT MILESTONES FOR THE NEXT 12 MONTHS FINANCIAL INFORMATION Confidential3 Confidential 5 Confidential CARGO TYPES THAT CAN BE CARRIED: LPG; PETCHEMS & AMMONIA Source Cargo LPG Use Energy Liquefied Petroleum Gases Natural Gas (LNG) Production (LPG) A derivative from production of other fuels and LNG, used as an energy source Pet. Chem Feedstock Petrochemical Gases Crude Oil Production Produced from saturated hydrocarbons and widely used Engine Fuel in the chemical industry, e.g. in producing polymers Shale Gas Ammonia Agriculture Methane gas is used in producing ammonia, which is used e.g. in nitrogen-based fertilizers 6 Confidential GAS CARRIER FLEET OVERVIEW 282 34 12% Total Fleet 8 - - Ethylene LPG Sector Fully-Refrigerated 94 2 3% Ethylene / Ethane 14 1 Fully-Refrigerated 21 1 Semi-Refrigerated 63 - 3% Ethylene 32 2 Handysize Semi-Refrigerated / 332 16 Navigator5% Pressure Semi-Refrigerated / Pressure 633 6 1% Source: Fearnleys, 2019 5 Confidential GAS CARRIER SIZES Pressurised : Small (< 10k m3) Semi-Refrigerated: Medium (> 10k < 35k m3) Fully Refrigerated: Large (> 49 < 85k m3) 6 Confidential FULLY-REF / SEMI-REF / PRESSURISED Fully Refrigerated Semi Refrigerated Pressurised Prismatic Cylindrical Bi Lobe Cylindrical Bottle Steel thickness = 10 mm Steel thickness = 20 mm Steel thickness = 32 mm Max pressure = 0.2 bar Max pressure = 5-7 bar Max pressure = 18 bar 7 Confidential FULLY-REF / SEMI-REF / PRESSURISED 2 Confidential FULLY-REF / SEMI-REF / PRESSURISED 2 Confidential FULLY-REF / SEMI-REF / PRESSURISED 2 Confidential We call a port every 5 hours Almost 6 million tonnes per year 11 Confidential OPERATIONAL SUPPORT 7 12 Confidential GASSING UP CYCLE GASSING UP Drydock – Inerting – Gassing up – Loading – Discharging – Inerting – Aerating - Drydock 13 Confidential COOLING CYCLE - LPG 14 Confidential COOLING CYCLE - ETHYLENE 15 Confidential COOLING CYCLE - ETHYLENE 16 Confidential Confidential Captain Fabian Schulz C2 Houston to Antwerp In-house managed Confidential TABLE OF CONTENTS GAS COURSE - FUNDAMENTALS INDUSTRY TRENDS PROJECT MILESTONES FOR THE NEXT 12 MONTHS FINANCIAL INFORMATION Confidential21 NAVIGATOR GAS GLOBAL FOOTPRINT LPG 4,250,000 mts¦ 5,449 Petrochemicals 850,000 mts ¦ 3,932 Cargo Volume (mts) Earnings Days Ammonia 650,000 ¦802 We enable the extension of the midstream business model to international markets by means of a ‘virtual pipeline’ 22 Confidential OFFERING FLEXIBILITY ACROSS ALL NGLS: FEEDSTOCK & DERIVATIVES Loading C3 Propane Discharging C4 Butadiene Loading C2 Ethylene 23 Confidential EARNINGS DAYS & UTILISATION 100% 90.5% 90.1% 89.9% 89.3% 88.1% 90% 86.4% 84.6% 84.5% 82.3% 81.9% 83.0% 80.1% 79.9% 80% Petchems Spot 70% 60% Petchems TC 50% LPG Spot 40% 30% LPG TC 20% 10% Ammonia Spot Ammonia TC 0% 08/2018 09/2018 10/2018 11/2018 12/2018 01/2019 02/2019 03/2019 04/2019 05/2019 06/2019 07/2019 08/2019 Ammonia TC Ammonia VC LPG TC LPG Spot Petchems TC Petchems Spot Utilisaton 24 Confidential NAVIGATOR GAS GLOBAL FOOTPRINT: LPG 140 120 LPG 100 80 60 Million Million metrictons 40 20 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Viamar Handysize represent regional distribution of LPG, ambient LPG transportation and service delivery to ‘restricted’ locations 25 Confidential NAVIGATOR GAS GLOBAL FOOTPRINT: PETROCHEMICALS 25 Petrochemicals 20 15 Million Million metrictons 10 5 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Viamar Handysize gas carriers offers an economically viable virtual pipeline in connecting producers and consumers across continents 26 Confidential NAVIGATOR GAS GLOBAL FOOTPRINT: AMMONIA 20 Ammonia 15 10 Million Million metrictons 5 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Viamar The handysize ammonia trade is evolving servicing regional ports alongside population growth and agricultural demand 27 Confidential NAVIGATOR GAS GLOBAL FOOTPRINT: ETHANE We enable the transfer of U.S. feedstock competitiveness to international end-users and improving their domestic cost base 28 Confidential INAUGURAL MEII ETHANE CARGO LOADED END NOVEMBER 2018 Loading C2 Ethane 29 Confidential TABLE OF CONTENTS GAS COURSE - FUNDAMENTALS INDUSTRY TRENDS PROJECT MILESTONES FOR THE NEXT 12 MONTHS FINANCIAL INFORMATION Confidential30 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 Petredec 6 - - 6 Schulte 4 - 4 Pacific Gas 5 - - 5 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 36 15 8 58 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 Assessed TC per -4 -$400 -6 -$600 Source: Fearnley Gas, Clarksons 2018 31 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 - ship needing SR Handysize vessel transportation ~50kbbls day export terminal. Columbia with target throughput 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. Fully Ref LPG Ref Fully shipping out of U.S. 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 32 Confidential PEMBINA: PRINCE RUPERT EXPORT TERMINAL 33 Confidential PEMBINA: PRINCE RUPERT EXPORT TERMINAL 34 Confidential PEMBINA: PRINCE RUPERT EXPORT TERMINAL 35 Confidential PEMBINA: FREIGHT 11 days 7 days 7 days Volume Vessel Load Mexico Hawaii Asia 25,000bbls day 150,000bbls Every 6 days 25 days 30 days+ 30 days Incremental vessel demand per annum 4.5 6+ 5+ 36 Confidential FI&T: REPAUNO EXPORT TERMINAL NEAR GIBBSTOWN, NJ 37 Confidential Source: Repauno 38 Confidential 39 Confidential 40 Confidential FI&T: REPAUNO EXPORT TERMINAL Source: Repauno 41 Confidential FI&T: REPAUNO EXPORT TERMINAL Source: Repauno 42 Confidential FI&T: REPAUNO EXPORT TERMINAL FREIGHT 10 days 10 days 14 days 4 days Volume Vessel Load Africa Europe Caribs 40,000bbls day 150,000bbls Every 4 days 35 days+ 25 days 13 days Incremental vessel demand per annum 9 6+ 3.25 43 Confidential ENTERPRISE NAVIGATOR MP: 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