Liquefied Natural Gas : LNG Supplies for Asian Markets (LNGA) Presentation

NORTH AMERICAN GAS DYNAMICS

LNG SUPPLIES FOR ASIAN MARKETS (LNGA) 2019

7 March 2019

LAiSqXu:eLfNieGd aNnadtuOraTlCGAaDsRL:imLNitGedLY

Forward Looking Statement | All Jurisdictions

The information in this presentation is not an offer or recommendation to purchase or subscribe for securities in any one or more entities in the LNGL Group or to retain or sell any securities currently being held. This presentation does not take into account, nor is it intended to take into account, the potential and/or current individual investment objectives and/or the financial situation of investors.

This presentation was prepared with due care and attention and the information contained herein is, to the best of LNGL Group's knowledge, as of the date of the presentation.

This presentation contains forward-looking statements that are subject to risk factors associated with the gas and energy industry. The expectations reflected in these statements are currently considered reasonably based, but they may be affected by a range of variables that could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, the ability to obtain reliable gas supply, gas reserve estimates, the ability to locate markets for LNG, fluctuations in gas and LNG prices, project site latent conditions, approvals and cost estimates, development progress, operating results, legislative, fiscal and regulatory developments, economic and financial markets conditions, including availability of financing.

No representation or warranty (express or implied) is or will be made by any person (including LNGL Group and its officers, directors, employees, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated presentation, information or material (collectively, the Information), or the accuracy, likelihood of achievement or reasonableness of any projections, prospects or returns contained in, or implied by, the Information or any part of it. The Information includes information derived from third party sources that has not necessarily been independently verified.

Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, LNGL Group

disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this presentation to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statements were based.

To the maximum extent permitted by law, each entity in the LNGL Group, along with each entity's respective officers, employees and advisers, excludes all liability (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from.

All references to dollars, cents or $ in this document is a reference to US Dollars, unless otherwise stated.



OUR COMPANY

• ▪ Regulatory approvals secured

• ▪ Cost certainty, equity committed

• ▪ Strategic site selection and project size

  •  Australia domiciled, principal office in Houston, TX USA

• ▪ Favorable environmental factors

  •  Developer of mid-scale LNG export terminals

• ▪ All key regulatory approvals secured

  •  Over 20 mtpa of Atlantic Basin capacity under development

• ▪ Competitive shipping to LNG markets

• ▪ LNG export option for W Canadian gas

• ▪ Strategic site selection with expansion

  •  Patented optimized single mixed refrigerant (OSMR®) liquefaction technology

• ▪ Lowest full-cycle cost technology

• ▪ Energy efficient, highly reliable

  •  Environmentally conscious and attentive

• ▪ Only 6 - 8% feed gas consumption

• ▪ Ammonia use is Greenpeace endorsed

Vision: World's premier provider of mid-scale LNG liquefaction solutions

MAGNOLIA LNG: PREPARING FOR FID

Latest Developments

EPC and Pipeline	Capacity Increase	Price
Ongoing process to	Request into FERC and	Magnolia's Commercial
refresh and update	DoE to upsize Magnolia	SPA Offer
Magnolia's pipeline	to 8.8 mtpa
• Market competitive
	capacity and EPC
• Reflects final	fixed liquefaction fee
		elements
engineering design
• 113% of Henry Hub
• Approval anticipated
later this year



Magnolia LNG is ready for FID once sales and purchase agreements are executed



MARCELLUS/UTICA CAPACITY EXPANSIONS

$-$(0.50)

20,000,000 18,000,000 16,000,000

AverageDailyBasis,$US/Dth

14,000,000

$(1.00)

$(1.50)

$(2.00)

$(2.50)

12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 -

CumulativeCapacityAdditions,Dth/d

Dominion, South PointCumulative Takeaway Expansion Capacity

Source: PointLogic/IHS

Minimum seasonal basis prices have decreased as takeaway capacity was added