Chad Zamarin June, 11, 2015

LNG Exports

LNG Exports

US Natural gas supply growth is robust and outpaces domestic demand • Dry and associated gas abundance • Production growth limited by

domestic takeaway capacity Global demand is strong and

growing • US supply and price stability

US LNG Exports are coming • Over 10 Bcf/d under construction • First LNG by YE 2015

Next phase of growth undetermined

2

US Proved Non-Producing Reserves

Productive Capacity from Unconventional Reservoirs

Tcf

Current market fundamentals in the U.S. – increased production, increased natural gas reserves and lackluster increase in natural gas demand – have created an opportunity to expand into exports – benefitting U.S. economy, creating jobs and reducing balance of trade deficit

Source: EIA, US Crude Oil, Natural Gas and Natural Gas Liquids Proved Reserves, 2013.

Source: Advanced Resource Intl; Cheniere Research.

U.S. Natural Gas Markets

3

US Natural Gas Resources

Tcf

Source: Potential Gas Committee, 2015; EIA, Natural Gas Proved Reserves, 2010

US Gas Consumptions vs. Production

Source: EIA March 2014 STEO

• U.S. resources increased by 86% since 2006 • Represents over 100 years of supply at current demand

0

500

1000

1500

2000

2500

3000

2006 2008 2010 2012 2014Shale Other

2,718

2,203

2,853

2,081

1,532

-

3

6

9

12

0

4

8

12

16

2012 2015 2020 2025

Productive Capacity from Unconventional Reservoirs

Oil NGLs Natural Gas

Bcf/d MMB/d

Includes Eagle Ford, Barnett Combo, Bakken, Permian, Anadarko, Wet Marcellus, Utica, Cotton Valley, Piceance, Uinta

51 60 67 78

86 98

113

118

110 116

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

49.6 50.7 52.9

55.3 56.4 58.4

62.7 65.7 66.7

70.4 73.9

60.3

54.5

63.3 63.8 62.7 66.0 67.1

69.8 71.7

73.5 75.7

40

50

60

70

80

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bcf/d US Gas ProductionUS Gas Consumption

4

$HH Cash

$8

$4

$0

$12

$16

U.S. Shale Production & Henry Hub Price

Bcf/d

Note: * YTD is through June 2014

Source: Lippman Consulting, Advanced Resources Intl.; EIA (HH prices)

CA Energy Crisis

Hurricane Katrina

$147/Bbl Peak Oil

0

10

20

30

40

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Annual Shale Gas Production (Bcf/d) 2000 2010 2011 2012 2013 2014*

Eagle Ford 0.0 0.3 1.2 2.6 3.9 4.7

Marcellus 0.0 1.3 3.5 6.5 9.9 13.4

Haynesville 0.0 4.0 7.0 7.2 5.3 4.3

Fayetteville 0.0 2.1 2.6 2.8 2.8 2.8

Woodford 0.0 1.2 1.3 1.6 1.8 1.7

Barnett 0.2 5.1 5.6 5.7 5.3 4.9

Other 0.9 2.2 2.3 2.9 3.7 5.3

Total 1.1 16.2 23.5 29.3 32.7 37.3

U.S. Demand vs. Productive Capacity

59

75

82

92

103

116

40

50

60

70

80

90

100

110

120

2010 2015 2020 2025 2030 2035

5

The U.S. holds vast natural gas resources recoverable at low prices

Domestic demand cannot keep pace with supply growth Bcf/d

U.S. Demand High/Low Range

Productive Capacity at $4.55/MMBtu wellhead (2010-2035 average)

~ 29 Bcf/d

Surplus

Source: EIA Annual Energy Outlook 2013 (U.S. Demand). Range includes Low Economic Growth, High Economic Growth and $25 Carbon Tax Scenarios Advanced Resources International Inc., “U.S. Natural Gas Resources and Productive Capacity: Mid 2013 Update” (Productive Capacity). In constant 2010 $.

Applications Filed with FERC for Liquefaction Projects Continental U.S.

LNG Export Projects Quantity

Bcf/d FERC

Pre-filing Date

FERC Application

Date

FERC Scheduling

Notice Issued

EIS / EA

Scheduled Date for EIS

or EA FERC Approval

DOE Non FTA

Final

Under Construction

Sabine Pass Liquefaction T1-4 2.8 7/26/10 1/31/11 12/16/11 EA 4/16/12 8/7/12

Cameron LNG 1.7 4/30/12 12/10/12 11/21/13 EIS 4/30/14 6/19/14 9/10/14

Freeport LNG 1.4 0.4

12/23/10 8/31/12 1/6/14 EIS 6/16/14 7/30/14 11/14/14

Dominion Cove Point LNG 1.0 6/1/12 4/1/13 3/12/14 EA 5/15/14 9/29/14 5/7/15

Corpus Christi Liquefaction 2.1 12/13/11 8/31/12 2/12/14 EIS 10/8/14 12/30/14 5/12/15

Sabine Pass Liquefaction T5-6 1.38 2/27/13 9/30/13 11/03/14 EA 12/12/14 4/6/2015

Jordan Cove Energy 1.2/0.8 2/29/12 5/22/13 7/16/14 EIS 2/27/15

Oregon LNG 1.25 7/3/12 6/7/13 4/17/15 EIS 2/12/16

Lake Charles LNG 2.0 3/30/12 3/25/14 1/26/15 EIS 4/10/15

Magnolia 1.08 3/20/13 4/30/14 4/30/15 EIS 11/16/15

Excelerate 1.38 11/5/12 2/6/14 ON HOLD EIS

Southern LNG 0.5 12/5/12 3/10/14 EA

Golden Pass 2.6 5/16/13 7/7/14 EA

Note: National Environmental Policy Act (NEPA) empowers FERC as the lead Federal agency to prepare an Environmental Impact Statement in cooperation with other state and federal agencies

Source: Office of Fossil Energy, U.S. Department of Energy; U.S. Federal Energy Regulatory Commission; Company releases

6 projects have received FERC approval 5 projects have received final DOE approval for Non FTA

6

Source: Office of Oil and Gas Global Security and Supply, Office of Fossil Energy, U.S. Department of Energy; U.S. Federal Energy Regulatory Commission; Company releases

U.S. LNG Export Projects

Dominion Cove Point

Under Construction

Company Quantity (Bcf/d)

DOE FERC

* Contracts

Cheniere Sabine Pass T1 – T4

2.2 Fully permitted Fully

Subscribed

Freeport 1.8 Fully permitted Fully

Subscribed

Lake Charles 2.0 FTA +

NonFTA v

Fully Subscribed

Dominion Cove Point

1.0 Fully permitted Fully

Subscribed

Cameron LNG 1.7 Fully permitted Fully

Subscribed

Jordan Cove 1.2/0.8 FTA +

NonFTA

Oregon LNG 1.25 FTA +

NonFTA v

Cheniere Corpus Christi

2.1 Fully Permitted Partially

Subscribed

Cheniere Sabine Pass T5 – T6

1.3 FTA A T5

Subscribed

Southern LNG 0.5 FTA v Fully

Subscribed

Magnolia LNG 0.5 FTA v Partially

Subscribed

Golden Pass LNG 2 FTA v Fully

Subscribed

Freeport LNG

Corpus Christi

Plus other proposed LNG export projects that have not filed a FERC application. Excelerate has requested that FERC put on hold the review its application. • Application filing = v • FERC scheduling notice issued = • FERC Approved = A

Filed FERC Application

Proposed Projects

Jordan Cove

Oregon LNG

Cameron LNG

Lake Charles

Sabine Pass

7

Southern LNG

Shale Plays

Basins

Source: Lippman Consulting, Baker Hughes and Bentek, as of January 2014

NGPL

Tennessee Gas

HPL

KM Tejas

Oasis

Enterprise

Permian Basin

Barnett

Granite Wash

Eagle Ford

Haynesville

Marcellus / Utica

Corpus Christi

Woodford

LNG Exports and Gas Supply

Marcellus / Utica mother load

Other shale plays growing contribution

Need for Infrastructure re-tooling

Domestic supply to the Gulf Coast

LNG outlet to global market

8

Sabine Pass

Projected Global LNG Demand

9

22 17 19

2015 2020 2025

2015 2020 2025

5 10 16

2015 2020 2025

2015 2020 2025

Americas

Asia

Middle East/N. Africa

186 270

314

30 63 89

Europe

Source: Wood Mackenzie Q1 2015 LNG Tool (1) Assumes 85% utilization of nameplate capacity

Demand forecasted to increase by 200 mtpa to 2025, a 5.7% CAGR Average of 21 mtpa of new liquefaction capacity needed each year(1)

0

50

100

150

200

250

300

350

400

450

500mtpa

Asia Pacific Europe Middle East

North Africa North America South America

Cheniere Energy Global Customers

Supply Purchase Agreements

Spain

Gas Natural Fenosa

Endesa

Iberdrola

India GAIL

South Korea Kogas

U.K. BG Centrica

8.6

France Total EDF

Indonesia Pertamina

Australia Woodside

Portugal

EDP

10

Sabine Pass LNG – November 2012

11

Sabine Pass LNG – March 2015

12

Aerial View of SPL Construction – April 2015

Train 1

Train 2

Train 3 Train 4

Air Coolers

Compressor Area

Propane Condenser Area

T1 Ethylene Cold Box

T1 Methane Cold Box

T2 Ethylene Cold Box

T2 Methane Cold Box

LNG Exports – What’s next?

Additional Greenfield Projects? Incremental Expansions?

Small and Mid Scale LNG?

14