011 7 J.P.Morgan EFTA_R1_02049749 EFTA02696371 Fundamentals Globalization of Natural Gas 0 O cc 0 LL - 07 (1) 0- High North American vs. International Natural Gas Prices —Henry Hub --- UK •Japan 1 4-i 2- 0 Sep-07 Oct-08 Oct-09 Nov-10 Dec-11 Current Gas Prices Supportive of LNG Transport $ cost per mm BTU