1. 1 The Northeast Gateway Energy Bridge Deepwater Port --- Project Update and Review January 20, 2006 The Northeast Gateway Energy Bridge Deepwater Port --- Project Update and Review January 20, 2006

2. 2 Northeast Gateway Energy Bridge Deepwater Port Project Facts Based on Excelerate Energy’s proprietary Energy Bridge shipboard regasification technology Port will be located in federal waters roughly 13 miles south-southeast of Gloucester A dual-buoy system will be capable of ensuring continuous delivery of natural gas Throughput capacity available will range from 400 to over 800 MMcf/d Only project that can be in-service by 2007

3. 3 Energy Bridge™ Technology

4. 4 Energy Bridge™ System Overview High Pressure Pumps And Vaporizers Reinforced LNG Storage Tanks Energy Bridge™ Regasification Vessel Traction Winch Buoy Compartment Oversized Boiler The Energy Bridge™ system is based on proven technology used for over a decade in the harsh North Sea marine environment When not in use, the buoy will remain 80 to 90 feet below the surface

5. 5 Energy Bridge™ Mooring System Components STL Buoy Flexible Riser Energy Bridge™ Regasification Vessel Subsea Pipeline To Shore Anchor Lines Subsea Manifold The Submerged Turret Loading (STL™) buoy was developed by Advanced Production and Loading With this system, Energy Bridge™ has minimal installed infrastructure and therefore minimal environmental impact

6. 6 Energy Bridge™ Operation General Overview

7. 7 Gulf Gateway Energy Bridge™ Commissioned March 17, 2005 Gulf Gateway Energy Bridge™ Deepwater Port Regasification Vessel Excelsior Docked and Vaporizing

8. 8 EBRV Shipping Fleet Five Vessels Strong First generation vessels are of identical design at 138,000 m 3 of LNG (≈3 Bcf) with a peak sendout rate of 450 MMcf/d –Excelsior – January 2005 –Excellence – May 2005 –Excelerate – October 2006 Second generation vessels are larger at 150,900 m 3 (≈3.3 Bcf) with a peak sendout rate of 600 MMcf/d –TBN Explorer – March 2008 –TBN Express – 2009 Excelerate has also chartered the conventional LNG Carrier Excalibur (sister ship to the first generation EBRVs) Excelerate has the assets in place for a 2007 delivery schedule

9. 9 Northeast Gateway Deepwater Port

10. 10 Northeast Gateway Deepwater Port Siting Complexities

11. 11 Northeast Gateway Energy Bridge Deepwater Port Operations Northeast Gateway designed as a baseload facility –Design based on extreme Massachusetts Bay conditions –Statistical analysis reveals >99% weather availability Flexible output possible to meet market needs –During periods of peak demand, two EBRVs can be simultaneously accommodated –EBRVs have the ability to rapidly increase and decrease delivery rate Port can accommodate larger vessels (up to 250,000 m 3 ) to maximize future throughput

12. 12 Severe Weather Capability

13. 13 Gulf Gateway Performance Hurricane Katrina Landfall Gulf Gateway Energy Bridge Image courtesy of HurricaneTrack.com

14. 14 Hurricane Katrina Timeline For Gulf Gateway and EBRV Excellence Map Courtesy of AccuWeather, Inc. 8/19EBRV Excellence arrives at Gulf Gateway & starts the commissioning process 8/25Hurricane Katrina makes landfall in Florida, expectation is it will trend north 8/26Hurricane Katrina enters the Gulf of Mexico, strengthening to a Category 5 storm by 8/28 8/28EBRV Excellence continues operations with 5 to 6 meter sea states and ≈50 knots winds 8/30Discharge successfully completed with no interruptions due to weather

15. 15 Hurricane Rita’s Path Approximately 25 Miles From The Eye Gulf Gateway

16. 16 The Need for Additional Natural Gas

17. 17 The Need for Natural Gas In The Northeastern US Northeast Gateway reviewed supply & demand forecasts by: –U.S. Energy Information Administration (EIA) –Federal Energy Regulatory Commission (FERC) –Congressional Research Service (CRS) –Northeast Gas Association (NGA) –National Petroleum Council (NPC) –National Commission on Energy Policy (NCEP) –Power Planning Committee of New England Governor’s Conference –Conservation Law Foundation (CLF) Independent analyses are consistent in their recognition that a near-term need exists

18. 18 Timing Benefits Northeast Gateway Deepwater Port Analysis Group Market Study –Identified need as soon as 2007 Consistent with independent studies Hurricanes Katrina and Rita highlighted regional vulnerability Critical infrastructure must be developed now to meet demand Early project implementation provides a buffer to demand forecasts –Meets timing of earliest forecasted need –Enables prove-up ahead of a potential “gas crisis” Northeast Gateway can be in service by 2007

19. 19 Deepwater Port Review Process

20. 20 Northeast Gateway DWP Application History Northeast Gateway voluntarily agreed to undergo concurrent MEPA review –MEPA process likely to be used as basis for Gov. Romney’s approval –Forum for state and local stakeholder involvement in the process Environmental Notification Forms (ENFs) filed with the state in March 2005 for the Port and Pipeline Lateral –Northeast Gateway (Excelerate) to build, own and operate the Port –Algonquin Gas Transmission to build, own, and operate the pipeline DWPA application was filed on June 13 –Over a year of public and agency outreach efforts –Six-month pre-filing process with state and federal agencies

21. 21 Northeast Gateway Application Process and Timeline ENFs filed with EOEAMarch 15, 2005 DWP Application filed with USCGJune 13, 2005 Completeness DeterminationAugust 18, 2005 Data Request (Clock Stopped)November 18, 2005 Response to Data RequestDecember 2005 Clock Resumption (Pending)January 2006 Record of DecisionSeptember 2006 Final License and Related Permits4Q 2006 Construction commencement1Q 2007 Commencement of Operations3Q 2007

22. 22 Environmental Benefits of the Northeast Gateway Deepwater Port

23. 23 Environmental Improvements Result of Existing Operations Northeast Gateway has committed to significantly reduce water usage on existing and future ships –Intake and discharge reduced over initial expectations by 95%+ –Intake velocity reduced to < 0.5 feet per second EBRV Design Use Initial Intake (MGD) Initial Discharge (MGD) Reduced Intake (MGD) Reduced Discharge (MGD) Engine Cooling Condenser46.9 00 Main Seawater Cooling5.9 00 Ballast Water1.870 0 Water Curtain0.6 Freshwater Generator0.3 0.27 Hoteling and Sanitary ServicesN/A0.317N/A0.005 Total55.5754.0172.770.88 % of Original Water Use5%2%

24. 24 Environmental Improvements Result of Existing Operations Northeast Gateway has committed to significantly reduce air emissions as well –Addition of selective catalytic reduction technology and operational improvements Existing ships that will call on Northeast Gateway New ships under construction Project is not considered to be a major source of air pollution –NO X emission levels will be less than 50 tons per year –CO 2 emission levels will be less than 100 tons per year –Project is not subject to Federal stationary new source permitting requirements (PSD / NSR regulations) at these levels Northeast Gateway will have the benefits of these improvements from the first day of operations

25. 25 Northeast Gateway Deepwater Port Additional Points of Note Project commitments have been made early (and substantially at risk) to keep target timing –Commitments outstanding for a total of 5 EBRVs –Subsea coring and extensive analysis conducted early –Buoy contract executed with APL (buoy manufacturer) Excelerate Energy has worked with MARAD to establish a cadet program on its LNG vessels –Cadets serving from Texas A&M Galveston (current) –Cadets serving from Mass & Maine Maritime (forthcoming) –Goal is to increase the base of skilled US crewmembers

26. 26 LNG Supply Excelerate’s Global Reach

27. 27 LNG Supply A Global Marketplace LNG is a global commodity, with sources around the world U.S. markets are of key interest to suppliers to diversify their price exposure and supply a growing need Excelerate Energy, parent company of Northeast Gateway, has secured LNG from suppliers around the world Additional LNG supplies are presently coming to market with more before the commissioning of Northeast Gateway Existing sources are expanding / new supply is being added throughout the Atlantic Basin (Trinidad, Egypt, Nigeria, Qatar, Oman, etc.)

28. 28 LNG Supplier Relationships 2005 Cargo Commitments Gulf Gateway commenced operations in March 2005 –First EBRV Excelsior came into service in January 2005 –Second EBRV Excellence came into service in May 2005 Gulf GatewayNortheast Gateway MalaysiaEgyptNigeriaTrinidad Cargoes Confirmed Cargoes Delivered

29. 29 Northeast Gateway Looking Forward to Serving Massachusetts