Investor Presentaiton

GAS SUPPLY CHALLENGES Legislative Delays in Passage of Fiscal and DGA JV Gas Capex $ Billions: 2007-2011 50.8 30.5 20.3 New Gas Capex $ Billions; 2007-2011 20.3 11.6 Impact of NAGFRA bill between $4.4- $5.4 bn* over the next 5 years, ■ Downstream Gas Act submitted in 2005 depending on revenues generated ☐ 8.7 Total gas Existing New gas Capex gas projects projects New gas Govt projects Share IOC share Assuming both new export and domestic gas projects fall under NAGFRA 2007-2011: $4.0b of 100 capex recovered. ■ Both Houses have had public hearings etc. However, bill not passed yet Fiscal Reform Act submitted in 2005 ■ NASS hasn't reviewed this ■ Potential revenue loss to government is $4 - $5bn as a result of delays Delays by the National Assembly in the passage of critical legislative submissions are creating uncertainty in major projects, further escalating the long term supply development and could also in the long run reduce the Government net proceed by $4.4 -5.4 bn, if the relevant fiscal laws are not passed

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