5% 50% ayselw 0 75% 100% 125% • Investment Grade • High yield —2013 -2014 -2015 -2016 -2017 Source BorA Metall LrxhGlota Research estimates Spiro 8ofA Mel, Lynch Global Research estimates Chart 28: We see a marginal break-even in the range of $3.3.25/MMBtu, compared to the 3-year rolling forward of $2