Golar LNG Partners Third Quarter Results 2012

28 November 2012

This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Golar LNG Partners undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in liquid natural gas (LNG) and floating storage and regasification unit (FSRU) market trends, including charter rates; changes in the supply and demand for LNG; changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers and FSRUs; Golar LNG Partners ability to acquire new vessels from Golar LNG or third parties; increases in costs; the potential; the potential for the exercise of purchase options or early termination of charters by the Partnerships charterers and Golar Partners inability to replace assets and/or long-term contracts; and changes in the ability of Golar LNG Partners to obtain additional financing, in particular, in connection with the recent turmoil in financial markets. Unpredictable or unknown factors herein also could have material adverse effects on forward-looking statements. Please read Golar LNG Partners' filings with the Securities and Exchange Commission for more information regarding these factors and the risks faced by Golar LNG Partners.

2

Forward Looking Statements

Net income attributable to unit holders of $26.8 million and operating

income of $43.5 million.

Improved performance over the same period last year and Q2 2012

Distributable cash flow generation $25.2 million.

Completed first follow-on equity offering raising net proceeds of

approximately $223 million in July 2012.

Acquisition of interests in the companies that own and operate the

FSRU Nusantara Regas Satu in July 2012 for $385 million

Quarterly distribution increased to $0.475 per unit for the third quarter

of 2012, which represents a 10.5% increase from the rate prior to the

NR Satu acquisition.

3

Q3 2012: Highlights & Recent Events

NOK 1,300 million bond issue in the Norwegian market (approx. $227

million) and repayment of $222 million vendor loan from Golar LNG

Limited in respect of the Golar Freeze acquisition.

Completed second follow-on equity offering raising net proceeds of

approximately $181 million.

Acquisition of interests in the companies that own and operate the LNG

carrier Golar Grand completed for a purchase price of $265 million.

Management recommendation to increase quarterly distributions by

between $0.0225 and $0.0275 per quarter, which would increase

distributions to between $0.4975 and $0.5025.

4

Q3 2012: Highlights & Recent Events

Subsequent to quarter end:

(USD thousands)

2012

Jul-Sep (unaudited)

(1)

2012

Apr-Jun (unaudited)

(1)

2011

Jul-Sep (unaudited)

(1)

2012

Jan-Sep (unaudited)

(1)

2011

Jan-Sep (unaudited)

(1)

Operating revenues

Vessel operating expenses

Voyage expenses

Administrative expenses

Depreciation and Amortisation

Total operating expenses

Operating income

Interest income

Interest expense

Other financial items

Income before tax & non-controlling interests

Tax

Net income attributable to non-controlling interests

Net income attributable to Golar LNG Partners LP Owners

68,628

9,806

1,038

1,421

12,845

25,110

43,518

393

(10,285)

(753)

32,873

(3,292)

(2,760)

26,821

60,273

9,314

751

2,150

10,923

23,138

37,135

456

(8,509)

(2,443)

26,639

(1,557)

(2,504)

22,578

51,776

8,285

35

1,711

9,987

20,018

31,758

386

(3,093)

(14,551)

14,500

226

(2,539)

12,187

179,689

28,986

1,824

4,876

33,625

69,311

110,378

1,318

(25,834)

(4,298)

81,564

(4,838)

(7,735)

68,991

152,327

26,669

195

5,407

31,009

63,280

89,047

1,038

(11,096)

(16,845)

62,144

541

(7,424)

55,261

Income Statement

5

(1) Results for the NR Satu and the Golar Freeze for the periods prior to their acquisition by the Partnership (on July 19, 2012 and October 19, 2011, respectively) when they were owned and operated by Golar LNG Limited have been combined with the previously published results of the Partnership and are included in the results of all periods presented. These results are referred to as the Dropdown Predecessor.

(USD thousands)

2012

Sep 30 (unaudited)

(1)

2011

Dec 31 (unaudited)

(1)

Short term assets

Cash and cash equivalents

Restricted cash and short-term investments

Other current assets

Long term assets

Restricted cash

Vessels and vessels under capital leases, net

Other long term assets

TOTAL ASSETS

47,979

33,617

11,029

144,401

1,083,515

8,177

1,328,718

46,169

24,512

6,612

140,262

1,033,194

5,563

1,256,312

Balance Sheet: Assets

6

(USD thousands)

2012

Sep 30 (unaudited)

(1)

2011

Dec 31 (unaudited)

(1)

Short term liabilities

Current portion of long term debt

Current portion of obligations under capital leases

Other current liabilities

Long term liabilities and equity loan

Long term debt (inc loans due to related parties)

Obligations under capital leases

Other long term liabilities

Owners’ and Dropdown Predecessor equity

Total Partners’ capital

Accumulated other comprehensive (loss) / income

Non-controlling interest

TOTAL LIABILITIES AND EQUITY

Total debt and capital lease obligations net of restricted cash

Percentage of bank debt/lease obligations (net of restricted cash) swapped to a

fixed rate

60,363

3,161

86,845

686,755

273,365

18,686

-

135,271

(5,197)

69,469

1,328,718

845,626

96%

49,906

3,240

77,694

572,978

264,840

27,599

170,091

32,069

(5,039)

62,934

1,256,312

726,190

92%

Balance Sheet: Liabilities

7

Distributable Cash Flow

(USD thousands)

Three months

ended

Sep 30, 2012

Three months

ended

Jun 30, 2012

Net Income before non controlling interest 29,581 25,082

Add: Depreciation and Amortisation (excluding Dropdown Predecessor prior to

acquisition) 12,047 8,884

Unrealised loss from interest rate derivatives 685 1,125

Unrealised foreign exchange & related currency derivative (gain)/loss (1,545) (318)

Less:

Net (income)/loss attributable to Dropdown Predecessor (1,462) (2,749)

Estimated maintenance & replacement capital expenditures (10,518) (8,664)

Non-controlling interests' share of DCF before maintenance & replacement capital

expenditure (3,628) (3,123)

Distributable cash flows for the quarter 25,160 20,237

Distribution for the period 22,476 20,820

8

9

Options Base Contract Duration

Counterparty

FS

RU

s

LN

G C

arr

iers

Golar Spirit 10-year contract

Golar Winter 10-year contract

extended to 15 years

Methane

Princess 20-year contract

Golar Mazo 18-year contract

Assets and Contracts

Golar Freeze 10-year contract

Dusup = Dubai Supply Authority. Pertamina = National oil company of Indonesia. Nusantara Regas = Joint venture between Pertamina and

PGN (National Gas distribution company of Indonesia)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Recent dropdown Nusantara Regas

Satu 11-year contract

$2.6 billion contracted revenue – Average 8.2 years remaining contract term

Golar Grand 5-year contract Recent dropdown

Option/put to Golar

Golar Grand

Purchase price November 2012 $265 million

Financed by: Share of $181m net equity proceeds $175 million

Debt (finance lease acquired with vessel) $90 million

Net cash from operations before interest costs $36-$38 million

Initial contract term (including put option to Golar) to October 2017 5 years

Vessel delivered under charter March 2012

Management recommended annualized distribution increase $0.09 - $0.11

Increases distributions per unit on an annualized basis to: $1.99 - $2.01

Annualized distribution per unit increase in first year since IPO 11.7%

Distribution increase per unit since IPO based on $2.00 per annum 29.9%

10

11

Growth potential - Golar LNG Limited Fleet

Capacity

Ship Owned Built m3 Containment Propulsion Charter

Golar LNG vessels

Gimi 100% 1976 125,000 Moss Steam Short-term

Hilli 100% 1975 125,000 Moss Steam open

Gandria 100% 1977 126,000 Moss Steam open

Golar Viking 100% 2005 140,000 Membrane Steam Short-term

Golar Maria 100% 2006 145,700 Membrane Steam open

Golar Arctic 100% 2003 140,650 Membrane Steam 3 years

Newbuild 1 100% 2013 160,000 Membrane Tri-fuel

Newbuild 2 100% 2013 160,000 Membrane Tri-fuel

Newbuild 3 100% 2013 160,000 Membrane Tri-fuel

Newbuild 4 100% 2013 160,000 Membrane Tri-fuel

Newbuild 5 100% 2014 160,000 Membrane Tri-fuel

Newbuild 6 100% 2014 160,000 Membrane Tri-fuel

Newbuild 7 100% 2014 160,000 Membrane Tri-fuel

Newbuild 8 100% 2014 162,000 Membrane Tri-fuel

Newbuild 9 100% 2014 162,000 Membrane Tri-fuel

Newbuild 10 100% 2014 160,000 Membrane Tri-fuel

Newbuild 11 100% 2015 160,000 Membrane Tri-fuel

Newbuild FSRU 1 100% 2013 170,000 Membrane Tri-fuel

Newbuild FSRU 2 100% 2014 160,000 Membrane Tri-fuel

12

LNG Industry Growth

LNG Supply LNG Shipping Requirement – September 2012

0

50

100

150

200

250

300

350

400

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

mm

tpa

Speculative

Possible

Probable Development

Under Construction

Operational

34%

Source: Wood Mackenzie Source: Poten & Partners

13

FSRU Updates

Growing the FSRU Franchise

Shortlisted for 5 projects (2012-2013 awards)

Gas Atacama award subject to possible extension of charterer conditions deadline

Robust Demand for New FSRUs

25+ new projects being developed

Middle East activity continues to be very strong

Rising demand has led to a significant increase in FSRU fleet utilization - very few FSRUs available before 2015

Well positioned for New Awards

2 FSRU newbuilds in 2013/2014

Only uncommitted newbuild FSRU in 2013

Conversions to suit market needs

Strong presence with shipyards

Demonstrable track record toward clients

Nusantara Regas Satu

Freeze FSRU Picture courtesy of DUSUP

14

Golar

Spirit

Golar

Winter

Golar

Freeze

Khannur

Increased distribution to $0.475 per unit following acquisition of the

Nusantara Regas Satu

Golar Grand contract increases revenue backlog – now $2.6 billion

Management recommendation to further increase distribution to

between $0.4975 and $0.5025

Strong growth outlook for LNG demand and supply and related

infrastructure including LNG carriers and FSRU’s

Golar LNG fleet, including 13 newbuildings, provides substantial

dropdown growth potential

Summary