1. Frank J. Macchiarola Executive Vice President May 6, 2015 Conference of Western Attorneys General The LNG Export Opportunity

2. ANGA Members

3. U.S. Shale Gas Revolution Source: Potential Gas Committee, 2014 2014 1,253 TCF shale 2,853 TCF total 32% INCREASE in supply in just four years Source: Potential Gas Committee

4. Abundant Supply Estimates of U.S. Recoverable Natural Gas (trillion cubic feet) Proved Reserves Potential Shale Gas Resources Total Resource ( Uncategorized ) Non-shale Gas Resources CERA, MITNPC, INGAAICFPotential Gas CommitteeEIA ‘00 ‘02 ‘04 ‘06 ‘08 ’10 ’12 ‘14’08 ‘09 ‘10 ‘11 ’12 ’13 ‘14‘10 ‘11 ‘09 ’12 ’13 ‘15

5. Fundamental Shift in Outlookame Change Source: EIA, Annual Energy Outlook 2005 & 2013 Early Release Natural Gas Net Imports (trillion cubic feet) Imports Exports ProjectedHistorical AEO 2005 AEO 2015 Actual

6. LNG Exports Sabine Pass (Cheniere) DOE: Approved FERC: Approved Capacity: 2.2 BCF/d Freeport LNG (FLEX Quintana Island) 2 Separate Filings DOE: Approved FERC: Approved Capacity: 1.8 BCF/d Lake Charles (Trunkline/Energy Transfer Partners, BG Group) DOE: Conditionally Approved FERC: Filed Capacity: 2 BCF/d Cove Point (Dominion) DOE: Conditionally Approved FERC: Approved Capacity:.8 BCF/d Cameron (Sempra) DOE: Approved FERC: Approved Capacity: 1.7 BCF/d Coos Bay (Jordan Cove) DOE: Conditionally Approved FERC: Filed Capacity: 1.2 BCF/d Waiting all Final Approvals Approved by FERC and waiting DOE Approval Astoria (Oregon LNG) DOE: Conditionally Approved FERC: Filed Capacity 1.2 Elba Island (Southern LNG) DOE: Under Review FERC: Filed Capacity:.5 BCF/d Lavaca Bay (Excelerate Liquefaction Solutions) DOE: Under Review FERC: Filed Capacity: 1.4 BCF/d Received Final Approval Corpus Christi Liquefaction (Cheniere) DOE: Under Review FERC: Approved Capacity: 2.1 BCF/d Carib Energy (Crowley Maritime Corp.) DOE: Approved Will provide LNG transport services Capacity:.04 BCF/d

7. LNG Export Study Comparison ModelerRelease Date U.S. Natural Gas Supply Assumption LNG Exports Volume Range (Bcf/d) Price Change from Baseline Case EIAOctober, 2014Reference12.0 - 20.0$0.10 - $0.80 ICFMay, 2013High4.0 - 16.0$0.32 - $1.02 CRAFebruary, 2013Low20.0 - 35.0$1.60 - $3.10 NERADecember, 2012Reference0.0 - 15.8$0.00 - $1.09 NavigantJanuary, 2012Reference0.9 - 6.6$0.04 - $0.41 Deloitte2011Reference6$0.22 * Relative to EIA supply assumptions

8. Meeting Global Demand 1. ICF estimate for year end 2011. 2. FTA & non-FTA Applications to DOE as of Mar 31, 2014 3. Dec 2012 ICF estimate based on current worldwide project list. ~Poten, BG Group, Credit Suisse, Facts Global Source: API, ANGA

9. LNG Global Market

10. The Energy Policy Debate

11. Frank J. Macchiarola Executive Vice President, Government Affairs fmacchiarola@anga.us 701 8 th Street NW Washington D.C. 20001 202.789.ANGA anga.us fmacchiarola@anga.us