Investor Presentaiton

1. OVERVIEW OF THE GAS SECTOR Drivers of Demand Growth Rising and High Gas Price in Key Export Markets as Reserves Decline ■ Propelling a vibrant export LNG business in Nigeria ■ Causing relocation of gas based industries e.g. methanol etc. to reserves rich and low gas cost countries like Nigeria, Egypt, Trinidad etc. 2. Aggressive Domestic Power Sector Reform 3. Successful campaign by the FGN to attract gas based investors Henry Hub $/mm btu $16 Natural Gas Spot Price $14 $12 $0 1990 1992 1994 1996 1998 2000 2002 2004 2006 Figure 60. World Electricity Generation Capacity by Region, 2002-2025 Gigawatts 4.000 History Projections Mature Market Economies 3,000 Transitional Economies Emerging Economies 2,000 1,000 2002 2010 2015 2020 2025 Sources: 2002: Energy Information Administration (EIA). The current demand boom is driven by 3 mutually reinforcing factors - rising gas prices, power sector reform and investor confidence in Nigeria

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