Exmar 3Q Report

·        Turnover: first semester $253.6m; third quarter $130.4m; YTD 2008 $384m; YTD 2007 $361.5m.

·        Operating cash flow (EBITDA): first semester $63.5m; third quarter $3.6m; YTD 2008 $97.1m; YTD 2007 $88.5m.

·        Operating result (EBIT): first semester $31.5m; third quarter $16.2m; YTD 2008 $47.7m; YTD 2007 $49m.

Consolidated key figures per share are:

·        Average number of shares: first semester 33,726,338; third quarter 33,146,594; YTD 2008 33,531,679; YTD 2007 34,983,120.

·        Operating cash flow (EBITDA) in USD per share: first semester $1.88; third quarter $1.01; YTD 2008 $2.90; YTD 2007 $2.53.

·        Operating result (EBIT) in USD per share: first semester $0.93; third quarter $.49; YTD 2008 $1.42; YTD 2007 $1.40.

Contribution to the Operating result (EBIT) of the various divisions:

·        LPG: first semester $12.1m; third quarter $6.2m; YTD 2008 $18.3m; YTD 2007 $21.5m.

·        LNG: first semester $17.5m; third quarter $10.7m; YTD 2008 $28.2m; YTD 2007 $25.1m.

·        Offshore: first semester $4.2m; third quarter $.1m; YTD 2008 $4.3m; YTD 2007 $4.2m

·        Services and Holding: first semester $-2.3m; third quarter $-0.8m; YTD 2008 $-3.1m; YTD 2007 $-1.8.

Third Quarter figures have not been reviewed by the joint statutory auditors.

LPG:

During the 3rd quarter an operating result (EBIT) of $6.2m was recorded by the LPG fleet ($7.1m for the 3rd quarter of 2007). The EBIT for the first 9 months of the current year amounts to $18.3m (compared to $21.5m for the first 9 months of 2007).

EBIT for the 3rd quarter has been affected by 150 off-hire days incurred during the dry-docking and repairs of vessels and by increasing crewing expenses. Exmar and BW Gas jointly agreed to terminate their participation in their respective Pools. Since 1st September Exmar and BW Gas operate and market their own vessels independently.

Midsize:

The market has been characterized in particular by a continuance of reduced Ammonia supply with resultant buoyant product prices whereas the LPG segment remained stable. Although the market has become increasingly illiquid due to a lack of spot requirements, employment levels have been satisfactory and Time-Charter levels remain firm. The balance of the year is fully covered and the year 2009 is covered for more than 80 % at rewarding levels.

(25,000 m³/’98-built) has been sold to ABG Sundal Collier of , who took delivery of the vessel on 14 October. The transaction resulted in a $19.9m capital gain that will be recorded in the 4th quarter.

The agreement in principle whereby Prime Marine from and Exmar would form a joint-venture including 4 Midsize newbuildings from Prime Marine (35,000 m³ with delivery ranging from mid-2009 to early 2010) and 5 second-hand vessels from Exmar has been put on hold due to the present financial environment.

VLGC:

As anticipated, 3rd quarter started on a very firm note and overall freight increases averaged 30% whereas bunker expenses only increased by 15 % compared to 2nd quarter. As from mid-August, however, the market swiftly turned down due to a dramatic reduction of spot cargoes and increasing product price volatility. The latter dampened trading activity and a substantial queue of idle vessels developed in the .

Market prospects for the 4th quarter are quite negative; however, Exmar’s exposure to the spot market as from year end will be limited with only one vessel. The remaining 3 vessels will be employed under period commitments at reasonable levels.

Pressurized:

Magdalena (3,500 cu. m.) has been delivered on 24 October by Yamanishi Shipyard in . The vessel is being marketed for short-term employment in . When period market returns improve, the aim will be to secure Time-Charter employment. On 12 December, Sabrina (5,000 m³) will be delivered by Shitanoe in .

During 2009 Exmar will take delivery of another 6 newbuilding pressurized vessels, whereas the last 2 will be delivered in 2010. As reported earlier, the entire pressurized fleet is owned in joint-venture with Wah Kwong of .

LNG:

The LNG sector contributed $10.7m to the operating result (EBIT) during the 3rd quarter of the current year ($7.5m for the third quarter 2007). The EBIT for the first 9 months of the current year amounts to $28.2m (compared to $25.1m for the same period in 2007). The improvement is mainly due to the contribution of the Explorer delivered in April 2008.

Three further vessels will be delivered in 2009 (Express in March, Exquisite in September and Expedient in December). Exemplar is expected to be delivered in June 2010. Long-term employment has been secured for all these vessels.

Offshore:

The EBIT of the Offshore activities amounts to $.1m for the 3rd quarter (compared to $1.9m for the 3 quarter 2007). The reduction is mainly due to the sale of the Farwah in May 2008. The cumulated EBIT over the first nine months amounts to $4.3m, including $1.8m capital gain on the sale of the Farwah ($4.2mn for the same period in 2007).

The hull of the Opti-Ex™ has left the yard (Samsung) and is on its way to Kiewit Offshore Yard (USA) for assembly and installation of the topside. Final delivery ex-Yard fully commissioned is planned for mid 2009. The marketing of the Opti-Ex™ is active and Exmar is in dialogue with two major National Oil Companies.

Services & Holding:

The EBIT of the Services & Holding division for the 3rd quarter amounts to $-.8m ($-.4m for

the 3rd quarter 2007). The cumulative EBIT for the first 9 months of the current year amounts to $-3.1m (compared to $-1.8m for the first 9 months of 2007).