Capital Product Partners L P : Fourth Quarter 2020 Financial Results Conference Call

Fourth Quarter 2020 Earnings Presentation

January 29, 2021

Capital Product

Partners L.P.

www.capitalpplp.com

IMPORTANT NOTICE

The statements in this presentation that are not historical facts, including, among other things, the expected financial performance of CPLP's business, CPLP's ability to pursue growth opportunities, CPLP's expectations or objectives regarding future distributions, and market and charter rate expectations and, in particular, the effects of COVID-19 on the financial condition and operations of CPLP and the container industry in general are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. For a discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see "Risk Factors" in CPLP's annual report filed with the SEC on Form 20-F. Unless required by law, CPLP expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, to conform them to actual results or otherwise. CPLP does not assume any responsibility for the accuracy and completeness of the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Measures

This presentation contains non-GAAP measures, including Operating Surplus, EBITDA and Free Cash Flow. Operating Surplus is a quantitative measure used in the publicly traded partnership investment community to assist in evaluating a partnership's financial performance and ability to make quarterly cash distributions. It should not be considered a measure of profitability or liquidity. We define EBITDA as Revenue less Operating Expenses and SG&A. These definitions may differ from similarly titled measures used by other companies and MLPs. These measures are not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States.

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Fourth Quarter 2020 Highlights & Update

• Net income for 4Q2020: $7.3 million.
• Declared common unit distribution of $0.10 for the quarter.
• Partnership's operating surplus: $20.7 million or $11.4 million after the quarterly allocation to the capital reserve.
• Agreed to acquire from Capital Maritime & Trading Corp. ("Capital Maritime") three 5,100 TEU sister container vessels with long term employment for a total consideration of $40.5 million.
• Announced a common unit repurchase program of up to $30.0 million commencing in February 2021.
• Average remaining charter duration 4.2 years with 90% charter coverage for 2021 and 81% for 2022.

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Statements Of Comprehensive Income

			($ In Thousands)
		For the Three-Month		For the Three-Month
		Period Ended		Period Ended
		December 31, 2020		December 31, 2019
	Revenues	35,085		27,701
	Total Revenues	35,085		27,701
	Expenses:
	Voyage expenses	1,863		1,078
	Vessel operating expenses	9,030		6,703
	Vessel operating expenses - related parties	1,268		995
	General and administrative expenses	1,753		2,016
	Vessel depreciation and amortization	10,678		7,450
	Operating income	10,493		9,459
	Other income / (expense), net:
	Interest expense and finance cost	(3,358)		(3,865)
	Interest and other income, net	133		202
	Total other expense, net	(3,255)		(3,663)
	Net income from continuing operations	7,268		5,796
	Net loss from discontinued operations	-		(172)
	Net income	7,268		5,624

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