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August 4, 2017

Summit Power International to Invest USD $1 Billion in Collaboration with GE and Excelerate Energy in Power Generation and LNG Supply

SINGAPORE – Summit Power International Pte. Ltd. (“Summit” or the “Group”), the Singapore incorporated power producer, today announced collaborations to develop USD$1 Billion of gas-to-power generation and an offshore liquefied natural gas (“LNG”) import terminal. IFC, a member of the World Bank Group, has been engaged as the lead arranger for financing to develop the Meghnaghat II natural gas based combined cycle power plant. Upon completion, Summit will have a total installed generating capacity of over 3,000MW. The expansion in its core market coincides with Summit’s strategy to expand across emerging markets in the South-East Asia.  To enable clean, sustainable power, Summit will be chartering a floating storage and regasification unit (“FSRU”) from Excelerate Energy for LNG storage and regasification services.

GE, through GE Capital’s Energy Financial Services, and Summit have entered into a Memorandum of Understanding (MOU) for GE to potentially provide USD$50 Million of equity to Summit, to be used for the development of power projects in Bangladesh. In addition, GE Gas Power Systems will have rights to supply equipment for the power projects based on gas turbine technology and developed in the next 36 months by Summit.

To make gas available for these projects, Summit LNG Terminal Company (“SLTC”) will sign the FSRU Time Charter Party agreement for 15 years with Excelerate Energy L.P. (“Excelerate”), the floating LNG specialist. The agreement is for the provision of one of Excelerate’s existing FSRUs.

Members from Summit, Excelerate Energy, GE, and IFC at the signing ceremony in Singapore.

The arrangements will be formalised at a signing ceremony to be held later today at The Fullerton Hotel, Singapore in the presence of Mr. Kazi M. Aminul Islam, Executive Chairman of the Bangladesh Investment Development Authority, Mr. Abul Kalam Azad, Chief Coordinator, Sustainable Development Goals of the Government of Bangladesh, Mr. Fazle Kabir, Governor of Bangladesh Bank, Mrs Lim Hwee Hwa, former Minister, Prime Minister’s Office Singapore, Mr. Satvinder Singh, Assistant CEO of International Enterprise (IE) Singapore, and Mr. Muhammed Aziz Khan, Chairman of Summit Group.

The MoU with Summit and GE will be signed by Mr. Faisal Khan, Additional Managing Director of Summit Corporation and Mr. Banmali Agrawala, President & CEO, GE South Asia.

Mr. Tariqur Rashid, Managing Director of SLTC and Mr. Karlman Tham, General Manager of Asia of Excelerate, will sign on behalf of Summit and Excelerate respectively.

Mr. Aziz Khan, Chairman of Summit Power International said: “We are delighted to announce these significant projects valued at over US$1 billion over the next three years. The addition of these power projects is in line with our objective to grow our sustainable power capacity to empower nations and transform lives. This development is a testament to our deep long-standing relationship with GE and IFC which began some 20 years ago. The Summit brand has grown from strength to strength over the past decade and today, our name is synonymous with “infrastructure for development”. We are excited to begin working with Excelerate for the first time. As the partner of choice for global players in the region, we endeavor to become the leading provider of energy solutions in Asia and deliver sustainable long-term value to all our stakeholders.”

Mr. Banmali Agrawala, President & CEO, GE South Asia said, “The MoU is a step towards furthering GE’s strategic partnership with the Summit Group in the region. We will continue to evaluate collaborations that provide comprehensive energy solutions to Bangladesh, including in the form of technology, services, and financing.”

IFC Head of New Business Infrastructure and Natural Resources, Asia Pacific, Mr. Lubomir Varbanov added, “We value our engagement with Summit, and have been actively supporting the group’s mission to bring sustainable long-term power solutions to Bangladesh. Our strategic relationship with Summit goes all the way back to 1997 when IFC financed Khulna, followed by Bibiyana in 2015, and more recently, in 2016, through financing from IFC’s own account and mobilizing from IFC’s Emerging Asia Fund and EMA Power. IFC remains committed to paving the way for the country to achieve energy security, and we look forward to supporting Summit to help meet this objective in the region.”

Mr. Karlman Tham, General Manager of Excelerate, said: “We are pleased to be partnering with Summit on this very important project. We are confident our experience and expertise in FSRUs will ensure an efficient and reliable project for Bangladesh for the years to come.”

In 2005, the Excelerate Energy Gateway™ introduced the industry to floating regasification. Today, it will be the technology behind Bangladesh’s first LNG import terminal. Discover how the Gateway has been proven safe and reliable in the most demanding environments.

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JULY 11, 2017

Dhaka, Bangladesh – IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh’s first liquefied natural gas (LNG) import terminal. The project will be located offshore Moheshkhali island in the Bay of Bengal with a project cost of $179.5 million. IFC and Excelerate today announced securing the debt financing for the project to help expand access to clean energy in Bangladesh. The equity for the project had been tied up earlier with IFC coming in with a contribution of $10.8 million and Excelerate’s equity amount of $43.1 million.

As lead arranger for the project, IFC helped arrange the debt financing package of $125.7 million for the LNG project including IFC’s loan of $32.8 million from its own account and the balance from CDC Group, DEG, FMO and JICA. The funding will support the timely construction and installation of the fixed infrastructure required for the project.

Bangladesh’s first LNG import terminal will enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent, sufficient to support up to 3,000 MW of power generation capacity. The construction of the terminal will commence in the fourth quarter of 2017 and is expected to be in service by mid-2018.

Excelerate CFO Nick Bedford and representatives from IFC, the Bangladeshi government, Petrobangla, and project lenders at the signing ceremony in Dhaka.

Honorable Advisor to the Prime Minister of Bangladesh Dr. Tawiq-E-Elahi Chowdhury presided over the signing.

“Our partnership with IFC has been essential to the development of this project,” stated Excelerate’s Chief Financial Officer Nick Bedford. “IFC has demonstrated its commitment to bringing new energy to Bangladesh with the execution of these agreements. Excelerate takes great pride in helping bring sustainable energy solutions to countries with high energy demand, and we expect this project to have a great impact on the wider Bangladeshi economy.”

The terminal is the first fully integrated turnkey floating terminal solution whereby all services will be provided under a single contract by a single provider – Excelerate. The concession agreements for the project can serve as a template for other LNG projects in the country.

“IFC is committed to a sustained effort towards partnering with Bangladesh in bringing reliable and affordable clean energy to all,” said IFC Regional Industry Head, Infrastructure and Natural Resources, Asia Pacific Hyun-Chan Cho.  “Addressing the issue of depleting gas supplies is critical for the country. We hope this first LNG import facility in Bangladesh will pave the way to expand support to the power sector and industry, promote growth and mitigate climate change impacts.”

The Moheshkhali Floating LNG terminal will provide the critical infrastructure required for the country to access natural gas from global markets which is especially important considering declining domestic natural gas reserves, limited hydro and wind resources, scarce land availability for large-scale solar deployment, and increasing dependence on expensive, imported liquid fuels in the country.

The terminal will include the provision of one of Excelerate’s existing floating storage and regasification units (FSRU), the installation of a subsea buoy system anchored offshore, and the employment of port service vessels during operation. The FSRU will have 138,000 cubic meters of LNG storage capacity.

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February 8, 2017

THE WOODLANDS, TX – Excelerate Energy (Excelerate) announced today that it has executed a Letter of Intent (LOI) with Daewoo Shipbuilding and Marine Engineering (DSME) for the delivery of up to seven floating storage and regasification units (FSRUs). The LOI gives Excelerate the ability to order one FSRU in the second quarter 2017. As the world’s largest operator of regasification vessels and developer of LNG import solutions, the agreement affords Excelerate the ability to respond to increasing market demand for natural gas as its existing fleet of nine FSRUs become committed to long-term projects.

The initial specifications are for 173,400 m3 LNG FSRUs with a baseload send-out capacity of 1.0 Bcf/d, but can be modified to suit specific project needs. These vessels will incorporate Excelerate’s proven technologies and industry leading experience, and will represent the most capable and fuel-efficient FSRUs in the industry. Excelerate partnered with DSME on its existing fleet of FSRUs, including the industry’s first regasification vessel the Excelsior, which have proven to be to be versatile in diverse environments around the world.

“Excelerate Energy is very pleased to continue its longstanding relationship with DSME in building the industry’s leading FSRUs. These vessels have been proven in long-term service as safe, efficient and reliable components of our comprehensive suite of LNG import solutions,” stated Excelerate Chief Executive Officer Rob Bryngelson. “We believe this is the right time to move forward with DSME as we continue to provide LNG import solutions in a timely and efficient manner around the world.”

Excelerate has developed and commissioned ten floating LNG import facilities worldwide, with two currently in advanced stages of development in Bangladesh and Puerto Rico. Looking ahead, Excelerate has a significant project development portfolio for floating regasification, which will be supported by these additional vessels in combination with the company’s FSRU conversion strategy.

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January 31, 2017

KARACHI, PAKISTAN – Following negotiations with the consortium of Engro, Fatima, and Shell (“the Consortium”) over the last few months, Excelerate Energy (“Excelerate”) is prepared to help the Consortium deliver a proposed floating LNG terminal and second FSRU to the Pakistan market. The fast track FSRU project will supply much needed natural gas to Pakistan to help mitigate the supply shortfalls the country is currently facing.

Excelerate has a proven track record of successfully delivering fast-track floating regasification projects around the world and will use its experience to help the Consortium meet the aggressive delivery schedule required for the terminal. Most recently, Excelerate successfully commissioned GASCO’s Ruwais Floating LNG terminal in the UAE, which was implemented in less than 12 months.

The Consortium’s project site is located just across the Port Qasim channel and the country’s first LNG import terminal that Elengy installed early last year utilizing Excelerate’s floating regas technology. When the Consortium’s project comes on line in 2018, the total regasification capacity from Excelerate’s two FSRU’s at Port Qasim will be significantly over 1 Bcf a day which is enough natural gas to support over 6,000 MW of power generation.

Excelerate is extremely excited to work with this strong partnership of Engro, Fatima, and Shell to implement this project in what we view as one of the largest markets for natural gas in the world,” stated Chief Development Officer Daniel Bustos. “Our project development and operations teams are aggressively reviewing implementation plans for this project. We have been very pleased to be involved with the country’s first floating LNG terminal developed by Engro’s subsidiary Elengy over the past 18 months.”

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January 11, 2017

THE WOODLANDS, TEXAS  – Excelerate Energy (“Excelerate”) today announced it has completed the long-term sale and leaseback of the FSRU Experience with a wholly owned subsidiary of CMB Financial Leasing Co. Upon completion of the 10-year agreement, Excelerate will re-purchase the FSRU from CMB. The transaction demonstrates the market’s confidence in FSRUs as financeable and dependable assets and positions Excelerate well for future financings as part of its growth strategy.

The agreement enables the swap of short-term debt for long-term debt at the ultimate shareholder level, and leaves Excelerate with a strong balance sheet and a debt-to-book equity ratio of roughly 1:1. Excelerate is wholly owned by George B. Kaiser. Standard Chartered Bank acted as advisor to Excelerate.

Commissioned in 2014 as the largest FSRU in the industry, Experience is currently under long-term charter to Petrobras, providing regasification services to Brazil.

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December 14, 2016

BARCELONA, SPAIN, – Excelerate Energy (“Excelerate”) is pleased to announce that it is the recipient of the CWC LNG Technological Innovation 2016 Award for its design and engineering achievements on the FSRU Explorer. The award was given on the evening of December 13, 2016, at the CWC Annual World LNG Summit Awards dinner held in Barcelona, Spain.

Now in its 17th year, the CWC World LNG Summit & Awards is recognized as the premier end-of-year gathering for the global LNG industry. This year’s Summit brought together over 500 LNG leaders to discuss the pertinent topics in the LNG industry. The CWC LNG Technological Innovation Award is presented to a company that, through technological improvement or change, has made a fundamental contribution in the production, transportation or regasification of LNG. The award is voted on by a panel of LNG industry professionals.

“We would like to thank CWC for honoring Excelerate Energy with this prestigious award,” stated Director of Business Development Aziz Kassim, who was present to receive the award on behalf of Excelerate. “We are humbled to have been selected by a panel of our peers. We would also like to thank our client, DUSUP, for allowing us the opportunity to deliver this innovative project to Dubai.”

The newly upgraded FSRU, currently under charter at DUSUP’s Jebel Ali Terminal in Dubai, is now one of the most fuel efficient and capable ships of its kind in the world. The vessel achieved the highest sendout rate of any FSRU in the world at over 1 billion cubic feet per day, and can now provide gas-up, cool-down, and loading services to LNG carriers and LNG powered vessels ‒ the only floating regas terminal to do such. Beyond the advanced capabilities of the vessel, the upgrades completed by Excelerate demonstrate the expanded role of FSRUs in the global market and their ability to adapt and grow with the markets they serve.

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Bangladesh’s First LNG Import Terminal on Schedule to Open in Early 2018

December 13, 2016

CHITTAGONG, BANGLADESH – Following the execution of definitive agreements with Petrobangla (Bangladesh Oil, Gas & Mineral Corporation) earlier this year, Excelerate Energy (“Excelerate”) has completed the required geotechnical and geophysical studies for the implementation of the Moheshkhali Floating LNG terminal. Moheshkhali Floating LNG is a joint effort between Excelerate and the International Finance Corporation (IFC, and a member of the World Bank Group) under a joint development agreement. Completion of these activities allows the project to remain on schedule to receive its first liquid natural gas (LNG) delivery in early 2018, with financial close targeted for early 2017. The studies performed confirmed the viability of the project site location, the superiority of Excelerate’s FSRU and offshore mooring designs, and the overall project cost.

The geotechnical and geophysical studies are significant components of the project and provide the technical path forward to final engineering and detailed design. The studies also provide critical data for the Environmental Social Impact Assessment to ensure that a safe and environmentally sound project will be delivered to Bangladesh and will meet IFC’s requirements. The completion of these studies is a result of the excellent cooperation between Excelerate, IFC, Petrobangla, and local authorities.

“Our dedicated project development, operations, and technical teams are working aggressively to ensure that the project moves forward quickly and efficiently. We stand ready to deliver LNG to Bangladesh and are pleased with the progress we’ve made and relationships we’ve developed with Petrobangla and the Government of Bangladesh,” stated Excelerate Chief Executive Officer Rob Bryngelson. “Excelerate is the only FSRU provider capable of delivering a comprehensive end-to-end floating LNG import solution, and we look forward to a long and productive relationship with Petrobangla in Bangladesh.”

Unlike other floating terminals, where responsibilities are divided among several companies, Moheshkhali Floating LNG will be the world’s first fully integrated turnkey floating LNG terminal whereby all services will be provided under a single contract by a single provider – Excelerate. The company will fully develop, design, permit, construct, install, finance, and operate the terminal. This structure will allow for a single point of interface and responsibility to Petrobangla and provide seamless operations for the Bangladeshi market. Excelerate will own and operate the terminal under a 15-year agreement with Petrobangla.

Under the contract with Petrobangla, Excelerate will provide a floating storage and regasification unit (FSRU), an offshore subsea buoy system to anchor the FSRU, and a subsea pipeline to interconnect into the onshore natural gas system.  In addition, Excelerate will provide full operational services, including the provision of port service vessels and overall facility management. The FSRU will be capable of delivering natural gas at a base regasification rate of 500 million standard cubic feet per day, with peaking capacity substantially in excess of this.

The project is expecting to achieve financial close on the project in early 2017, which will allow for the construction and installation of the terminal to commence. IFC is mandated to provide and arrange the financing for the project.  Excelerate is in final negotiations for the major project contracts including EPC, O&M, and Port Services.

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September 15, 2016

DUBAI, UNITED ARAB EMIRATES – Excelerate Energy L.P. (“Excelerate”), in collaboration with Dubai Supply Authority (“DUSUP”), has completed the first commercial gas-up operation at DUSUP’s Jebel Ali LNG Import Terminal via Excelerate’s floating storage and regasification unit (FSRU) Explorer on August 31, 2016. The FSRU gassed-up all five tanks of a 173,000 m3 LNG Carrier, in a 17-hour period. DUSUP’s ability to utilize the FSRU for these operations will allow LNG vessels departing regional dry docks avoid having to travel significant distances to perform this required step in the LNG cargo cycle, making Dubai a full-service LNG hub. A second similar gas-up operation was completed a few days later on another vessel.

This achievement not only demonstrates the enhanced capabilities of the newly upgraded Explorer, but it also illustrates the versatility of FSRU terminals in their ability to provide more than just regasification services. As part of Explorer’s recent upgrades, the vessel can now provide gas-up, cool-down, and loading services to LNG carriers. The FSRU was also upgraded to include an LNG bunker port to service small-scale LNG offtakers.

“We are pleased to support DUSUP in its ability to be a full-service LNG provider in the region,” stated Chief Executive Officer Rob Bryngelson. “With the added capabilities of Explorer, Jebel Ali LNG Terminal is more than just an import terminal. We are committed to offering safe, efficient, and customized solutions to our customers.”

Gas-up is one of the mandatory operations an LNG carrier must perform to make the cargo tanks ready to receive LNG cargoes after leaving the dry dock.

About DUSUP LNG Terminal

In 2010, DUSUP completed the construction of the LNG import terminal in the port of Jebel Ali, which allows for the import of LNG via an FSRU. The terminal is located 35 kilometers southwest of the city of Dubai and provides natural gas for power generation and other industrial uses. To meet the increasing demand for natural gas in the Emirate, DUSUP entered into a long-term Time Charter Party Agreement with Excelerate in 2014 for a larger and more efficient FSRU to replace its existing regasification vessel. The Explorer has 151,000 cubic meters of LNG storage capacity and is permanently moored alongside the jetty at Jebel Ali and can accommodate deliveries from ships as large as 263,000 cubic meters. DUSUP was founded under Decree N° 2 of 1992 with the sole authority to buy, store, distribute and sell natural gas within Dubai.

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