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Investor Presentaiton

DIAGNOSIS OF THE GAS SECTOR Structural Weakness - Export Oriented IOCS Transmission Downstream Ownership of National Reserves Fully Integrated Suppliers Shell 48.2% ChevTex 13.8% ХоМ 9.6% Company Interests Interests 35% OGGS, WAGP, Part Elf Agip 4.5% 8.6% Shell owner of GTS1, NLNG, OK LNG (future) Numerous tie-in lines -2% -0% ChevronTexaco WAGP EGTL, LPG and LNG future) Integrated Suppliers Upstream Suppliers Affiliated Suppliers NPC Operatorship of National Reserves Fully Integrated Suppliers Shell 14.5% 1% ChevTex 5.5% 9% XoM 3.8% 5% Elf 6.6% Agip 4.1% ExxonMobil NGL and LNG (future) Elf Part owner GTS1 NLNG ☐ Dominant resource / infrastructure control Highly diversified downstream interest but trend is towards LNG as core downstream Convergence across all of integrated suppliers in strategic focus and delivery approach i.e. ✓ Grow global LNG market share ✓ Secure and guarantee supplies ✓ Secure value at end of downstream value chain Key Issues Balancing gas supply to own export with competing domestic supply 3rd party access to infrastructure ☐ PR Agip Part owner GTS1/2/4 NLNG, Brass LNG (future) ☐ Transfer pricing and impact on 3rd party Integrated Suppliers Upstream Suppliers Affiliated Suppliers NPC ☐ supplier without downstream interest Sub-optimal infrastructure development ← Core IOC operators have a strong portfolio interest that is biased towards export LNG. There isn't a natural confidence in the domestic market. This natural bias creates a major conflict and potential resistance to gas supply to domestic market

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