1. Sponsored by: Capital Markets Update

2. Mobius Risk Group Three Riverway Suite 1700 Houston, TX 77056 Houston Los Angeles Phoenix Las Vegas Philadelphia Boston

3. Who Are We? Mobius Risk Group Strategic Energy and Risk Advisor  Translation – Your in-house commodity trading/pricing/risk desk Not a broker Not a counter-party We act as your employees – adding horsepower to valuation, negotiation, structuring, hedge execution, & cash flow risk management  Crude & Crude Products, Natural Gas & Liquids, Power & Emmisions  Physical and Financial Markets  Metals, Shipping, Petrochemicals, Plastics Value  Live access to the commodity markets, not a forecast Better able to value transactions & sensitivities as PDP risk premiums compress Better able to establish proper infrastructure for hedging, restructures, and unwinds Experienced Team  Goldman Sachs, AAA Capital, TXU, Enron, Total, Coastal

4. What are we trying to tell you? Mobius Risk Group Why are bids for $100mm deals $50mm apart?  Did I pay too much?  Should I have stepped up?  Have I valued the liquids properly?  Am I sweating the potential for a commodity price decline ‘moments’ after closing? Why weren’t we set up to hedge before closing? What’s my credit threshold? You are operating in an environment where the ‘other guys’ have market oriented valuation and risk teams, tools and reporting systems  Competitive advantage for them These market valuation/risk experts, tools and systems are available to you  Without tying up balance sheet for price discovery  Without having to hire a diversified commodity team

5. Why should you give a damn? Mobius Risk Group Because it’s about money  Cash flows at risk  Risk-adjusted bids  Extracting value at execution Reasons to get out of bed  $4 mm of value on a $50 mm deal?  $10 mm of value on a $100mm deal?