1. Gas Market Dynamics – The Ups and Downs March 11, 2009

2. 2 Safe Harbor Statement This presentation contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the company uses words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "would," "could," "should" or similar expressions, or when the company discusses its strategy or plans, the company is making forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, the California State Legislature, the California Department of Water Resources, the Federal Energy Regulatory Commission and other regulatory bodies in the United States and other countries; capital markets conditions, inflation rates, interest rates and exchange rates; energy and trading markets, including the timing and extent of changes in commodity prices; the availability of natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the company's reports filed with the Securities and Exchange Commission that are available through the EDGAR system without charge at its Web site, www.sec.gov and on the company's Web site, www.sempra.com.www.sec.govwww.sempra.com

3. Asia Industrial Production Indices 3 S. Korea

4. Asia Industrial Production Indices 4 Taiwan S. Korea

5. Asia Industrial Production Indices 5 Japan Taiwan S. Korea

6. Asia Industrial Production Indices 6 Asia LNG Asia LNG seasonally adjusted.

7. LNG Forecast 7 Asia Demand

8. Recession LNG Forecast 8 Asia Demand

9. Europe Industrial Production Indices 9 Eurozone

10. Europe Industrial Production Indices 10 Eurozone Spain

11. US Industrial Production Index 11

12. Commodity Price History 12 Indices adjusted by CPI. Recessions

13. US Gas Rig Count 13 Decline of 480 in 10 Months Decline of 640 in < 6 Months

14. Henry Hub Japan LNG Japan LNG vs. U.S. Gas Prices 14

15. Japan Cumulative LNG Cost at Actual and Henry Hub Prices 15 Actual Japan Costs HH Prices

16. Henry Hub Korea LNG Korea vs. U.S. Natural Gas Prices 16

17. Korea Cumulative LNG Cost at Actual and Henry Hub Prices 17 Actual Korea Costs HH Prices

18. Platt’s Asia Daily Spot LNG Japan/Korea Marker (JKM) 18 High Low Forwards for March For April

19. Henry Hub Europe Pipeline Imports vs. U.S. Natural Gas Prices 19 Europe Pipeline

20. Europe Cumulative Actual Pipeline Cost and Henry Hub Prices 20 Europe Pipeline Costs HH Prices

21. Changes in Forward Prices and Forecasts for December 2009 21

22. Current Price Forecasts 22

23. Summary The current economic crisis is leading to a significant reduction in LNG demand in Asia, which may fall below minimum contract quantities. Few if any spot cargo sales will be made to Japan, South Korea, or Taiwan through 2009. Europe gas demand will also fall, particularly in Spain, but lagging oil-based pipeline contract prices will continue to support LNG spot prices in Europe and the UK for a few more months. New liquefaction capacity and lower global demand will sharply increase LNG flows to the U.S. this year. Gas prices will be low in the US, but the unprecedented rate that drilling rigs are being laid down means that prices should not be low for long. Absent another oil price bubble North America gas prices should return to the pre-2008 situation of being competitive with prices in Asia and Europe. 23