May-11 Jtrt-11 Jul-11 Aug-11 Natural Gas Storage Sap-11 Oct-11 Nov-11 —5 yr avg en Max Dec-11 .s... Min Jan-12 Feb-12 Mar-12 Source: Etloomberg and M. Morgan. J.P.Morgan 42 EFTA00606200 Dave Nat. CFA North America Credit Research 16 February 2012 Working Natural Gas Change in Estimate