1. Natural Gas In California LNG Imports UCSB Bren School Corporate Partners Summit May 14, 2004

2. BHP Billiton – diversified with a global reach Energy CoalDiamonds & Spec Prod Aluminium Stainless Steel MaterialsCarbon Steel Materials Base Metals Petroleum

3. California Energy Profile 2002 Source: California Energy Commission Petroleum In State Production 48.0% Alaska Imports21.7% Foreign Imports30.3% Electricity In-State Production76.9% Natural Gas 33.4% Nuclear 12.6% Coal 10.2% Large Hydro 9.8% Oil 0.2% Renewable 10.7% Natural Gas In State 17.0% Canada28.2% Rockies 11.4% Southwest 43.4%

4. Western Natural Gas Infrastructure CEC Natural Gas Market Assessment - Aug 2003

5. EIA Natural Gas Projections Through 2025 (2003 Forecast) Tcf HistoryProjections Net Imports Production Consumption 2001 2025 Natural Gas Net Imports, 2001 & 2025 Source: EIA, Energy Information Administration Tcf

6. EIA Natural Gas Projections Through 2025 (2004 Forecast) Source: EIA, Energy Information Administration

7. EIA Natural Gas Projections Through 2025 (2004 Forecast) Source: EIA, Energy Information Administration

8. EIA Natural Gas Projections Through 2025 (2004 Forecast) Source: EIA, Energy Information Administration

9. Cabrillo Port Project Description Import LNG from Pacific Rim Operate a Floating LNG Storage and Re-gasification Unit (FSRU) approximately 21 miles offshore Port Hueneme Subsea natural gas pipeline into an existing SoCalGas system near Ormond Beach Deliver about 800 MMcf/d on average of natural gas Provide secure alternative natural gas source for California

10. Cabrillo Port FSRU - Offshore Ventura County Port Cabrillo FSRU

11. LNG Project Vicinities Closest land fall 14.04 miles from Cabrillo Port Over 21 miles from the city of Oxnard and will not be visible to city residents Cabrillo Port Marine Sanctuary Boundary 12.43 miles from Cabrillo Port

12. Cabrillo Port Floating Storage & Regasification Unit (FSRU) Storage Capacity 273,000 m 3 Overall Length 928 ft Normal Gas Sendout Capacity 800 MMcfdLNG Tank Diameter 183 ft Max Gas Sendout Capacity 1.5 Bcf/d Width 213 ft

13. Cabrillo Port Natural Gas Pipeline Landfall Existing SoCalGas pipeline FSRU located approx. 21 miles offshore

14. MARAD / USCG & CSLC Approvals Permit Approval by Other Agencies Coastal Commission Consistency Certificate & Coastal Development Permit Filed Applications with U. S. Coast Guard and California State Lands Commission Cabrillo Port Permitting Process - Deepwater Port License & California Land Lease Joint NEPA / CEQA Environmental Review Scoping Draft Distribution Draft Comment Period Final EIR / EIS Issued Other Permits EPA Air & Water Quality permit DOE Import Permit Others Public Comment & Participation Public Comment & Participation Sept 03 Jan 04 Data Requests Application Deemed Complete Mar 04 Oct 04 July 04 Dec 04 Jan 05 Deepwater Port License California State Lands Lease

15. Cabrillo Port California Environmental Review Process

16. Cabrillo Port Project Benefits Introduces a new natural gas supply to California Increased supply diversity Increased supplies should have a moderating effect upon prices of natural gas & electricity Reduces reliance upon interstate pipeline systems Reduces reliance on diminishing domestic resources Creates new permanent jobs, about 75-90 direct and about 85-100 indirect Provides a new tax source for California

17. Cabrillo Port Project Schedule – Calendar Years Pre-Application Submittal Activities & Initial Meetings with Key Stakeholders Submit Deepwater Port Application Post-Application Submittal Stakeholder Briefings Environmental Reviews & Public Meetings Public Hearings & Final Permit Approvals Deepwater Port License Granted Gas Market Definition – Identify potential customers Gas Sales Discussions with potential customers EPC Contracting Strategy & Tender Process FSRU Construction & Installation First Gas Deliveries 2005200620072008200920032004

18. Cabrillo Port For more information on Cabrillo Port, please visit our websites: www.lngsolutions.com www.bhpbilliton.com Or feel free to call (805) 604-2790 Thank You