EXMAR PROVISIONAL RESULTS FIRST

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The Executive Committee of EXMAR today reported its preliminary unaudited results for the second quarter and first semester 2011.
Key figures are:

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Consolidated income statement according IFRS
(in million USD)
First Quarter
2011
Second Quarter
2011
First Semester
2011
First Semester
2010
Turnover 101.9 133.8 235.7 200.8
EBITDA 28.3 24.7 53.0 63.5
Depreciations -19.6 -46.1 -65.7 -47.7
Operating result (EBIT) 8.7 -21.4 -12.7 15.8
Financial Result: -20.8 -60.1
– Of which Change in Fair Value of Financial Derivatives -3.7
-26.0
Result before taxes -33.5 -44.3
Share in the result of equity accounted investees -0.6 -0.5
Income taxes -1.3 -1.1
Consolidated result after taxation -35.4 -45.9
-Share of the group in the result -35.4 -45.9
Information per share (in USD per share) First Quarter
2011
Second Quarter
2011
First Semester
2011
First Semester
2010
Weighted average number of shares during the period 56,669,432 56,669,432 56,669,432 56,989,697
EBITDA 0.50 0.44 0.94 1.11
EBIT
Consolidated result after taxation
0.15 -0.38 -0.22
-0.62
0.28
-0.81
Contribution to the consolidated operating result (EBIT)
of the various operating divisions (in million USD)
First Quarter
2011
Second Quarter
2011
First Semester
2011
First Semester
2010
LNG
LPG
7.9
-2.0
6.7
-30.4
14.6
-32.4
23.6
1.9
Offshore 1.1 3.3 4.4 -11.0
Services and Holding 1.7 -1.0 0.7 1.3
Consolidated operating result 8.7 -21.4 -12.7 15.8

All figureshavebeen prepared underIFRSand have not been reviewedbythe joint statutoryauditors.

The Group had an operating result (EBIT) of USD -12.7 million for the first semester 2011 (USD 15.8 million for the first semester 2010). This includes a
provision of USD -26.7 million on the sale of two VLGCs to BW Gas.
The financial result was negatively impacted by the change in fair value of interest rate derivatives entered to hedge the interest rate exposure on long-
term financing of the fleet, which resulted in a non-cash unrealised loss of USD -3.7 million (1H 2010: USD – 26.0 million) and by USD 1.6 million
unrealised exchange profit (1H 2010: USD -13.9 million) valued at the closing rate of 30 June 2011 of EUR / USD 1.4483.
The consolidated result after taxation for the first half 2011 amounts to USD -35.4 million (1H 2010: USD -45.9 million).

LPG

The LPG fleet recorded an operational result (EBIT) of USD -32.4 million during the first six months of the year. EBIT for the first half
has been affected by 121 dry-docking days (81 days in 1H 2010). The result includes a provision of USD -26.7 million on the sale of two
VLGCs to BW Gas.

EXMAR and BW Gas have reached an agreement to swap 2 of EXMAR’s VLGC’s against the Midsize Fleet of BW Gas. Following the
swap, EXMAR will strengthen its position in the Midsize segment as a core business.

Contact : Miguel de Potter
Chief Financial Officer Publication half year report : 31st August 2011
. +32 3 247 56 70 Trading update 3rd Quarter : 27th October 2011
www.exmar.be
Time-Charter Equivalent (in USD per day)
First Q uarter
2011
Second
Q uarter 2011
First Se meste r
2011
First Se me ste r
2010
Midsize (35,418 m³) 18,240 16,200 17,224 20,192
VLGC (78,500 m³) 16,075 18,588 17,332 14,115
Pressurized (3,500 m³) 6,527 7,009 6,768 5,779
Pressurized (5,000 m³) 7,929 8,099 8,014 6,849

PROVISIONAL RESULTS FIRST
SEMESTER 2011
28/07/2011
5.45 pm
Regulated information
PROVISIONAL RESULTS FIRST
SEMESTER 2011
28/07/2011
5.45 pm
Regulated information
VLGC
The month-on-month improvements in the VLGC freight market which have been enjoyed since the beginning of the year ran out of steam
since the spring, mainly due to less spot volumes and further increases in the price of bunker fuels. However, current loading
commitments in the Middle East and additional spot stems which are currently being marketed are justifying a more optimist outlook for
the balance of the year.
EXMAR’s VLGC fleet is fully covered for the balance of the year of which 55% at fixed hire levels.

Midsize
Results were negatively impacted by the repositioning of two vessels from West to East and dry-docking of two other vessels, translating
into a low Time-Charter Equivalent for the second quarter. The ammonia market remained firm mainly driven by a strong demand both in
Europe and the US keeping ammonia product prices high. East of Suez, a solid demand was generated by the agricultural and the
industrial sectors both in Far East and India. The Indian ammonia import business from the Arabian Gulf remains firm.
EXMAR’s Midsize fleet is covered at 72% for the balance of the year.

Pressurised
The North West European and Far Eastern coaster spot market have been rather ‘thin’ during the first six months of the year. As a result
the spot freight rates have been under a downward pressure. However, the various Contracts of Affreightments have experienced good
nomination volumes in North West Europe while TC levels in the East remained firm. EXMAR entire pressurised fleet is committed on
Time Charter at rewarding level.

LNG

The LNG fleet recorded an operational result (EBIT) of USD 14.6 million during the first six months of the year.

Results in this segment were affected by a technical stop of EXCALIBUR in January and provisions for maintenance in the second
quarter.
With all LNGRV’s and LNGC’s in full operation during the second semester 2011, results will be as predicted.

In May EXMAR teamed up with the Colombian oil and gas producer Pacific Rubiales to build a small-scale LNG export project in northern
Colombia. Plans involve building a small liquefaction barge, LNG shuttle vessel and small regasification barge to targeted markets in the
Caribbean region. The FEED (Front-End Engineering and Design) study of the scheme is ongoing.

OFFSHORE

The operating result (EBIT) of the first semester of the offshore activities amounted to USD 4.4 million.

The OPTI-EX® production platform has been delivered to LLOG on July 5th and a first payment of USD 104.5 million has been received.
The OPTI-EX® is fully moored on location and commissioning is undergoing. A profit of about USD 130.0 million will be generated on this
transaction of which approximatively USD 60.0 million will be recorded in Q3 2011. The balance of the profit and sales proceeds will be
progressively recorded over the life of the sale contract (approx. 5.5 years).

The NUNCE accommodation barge is operating offshore Angola for Sonangol under a long term contract.

The KISSAMA accommodations barge is expected to be further employed in West Africa on a long-term contract starting second half of
2011.

SERVICES AND HOLDING

The contribution of the Services activities (EXMAR SHIPMANAGEMENT, BELGIBO, TRAVEL PLUS) to the operating result (EBIT)
amounts to USD 2.8 million while the operating result of the Holding activities amounted to USD -2.1 million.

Antwerp, 28 July 2011
The Executive Committee

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