Panel 2 Slides

A GLOBAL GAS & POWER COMPANY May 13, 2015 SK Group SK E&S Business Shared SK Group in Korea At a glance Field Growth SK GROUP: KOREA’S 3rd LARGEST COMPANY

3rd largest in sales - U$ 143 Billion Ranked 1st in Oil & Gas Sector and and in assets - U$ 136 Billion Telecommunication Sector

Oil & Gas

1st 2nd

Telecommunications

6th 3rd

5th

4th SK Group SK E&S Business Shared SK Group Companies At a glance Field Growth

A GLOBAL PLATFORM Employs over 79,000 talents through a network of 80 affiliates

Energy & Chemicals ICT Services

34 Companies 21 Companies 25 Companies 13,000 Employees 49,000 Employees 17,000 Employees

U$ 77 Billion Sales in 2013 U$ 33 Billion Sales in 2013 U$ 33 Billion Sales in 2013

Holding co. of gas distributors, Energy distribution, trade, Mobile service provider power generation consumer goods business

Platform services Engineering, plant, construction E&P, future energy, R&D Semiconductor memories Marine transportation Oil refining & marketing IT solutions & consulting Brokerage house Petrochemicals Int’l call & VoIP service Marketing, advertising Lubricants Wired/wireless telecom, Hotel, duty free, F&B Chemicals & electronic materials broadcasting services Internet portal, Fine chemicals, life science SNS /messaging

LPG marketing & trading SK Group SK E&S Business Shared SK E&S Company Profile At a glance Field Growth

E&S = ENERGY & SERVICE Comprehensive energy service company

City Gas Power LNG Global

No.1 City Gas Contributing to Importing Entry into the Chinese Provider in Korea stable power supply competitive LNG city gas market • 7 city gas companies • 2006 Gwangyang Plant • 2012 Acquisition Australia • China Gas Holdings • Stable gas supply to 3.6 million (1,074MW) Barossa-Caldita gas field (14.52%, one of the venues • 2013 Oseong Plant • 2013 LNG tolling agreement three major shareholders) • Market share 21% (833MW) with LNG liquefaction facility • Supplying city gas to Wuhan • 2014 Acquisition North America district Shale gas field

Region-based Major Projects Major Projects Expanding Total Energy Solution • 2015 Hanam CHP (399MW) • 2016 Boryeong LNG Terminal global Network Provider • 2017 Wirye CHP (450MW) commercial operation • U.S.A • 2017 Jangmoon Plant • 2019 Import of North America • Fuel cell, gas cooling, distributed • Australia (1,821MW) shale gas resources, bio gas, hydrogen, • Singapore • 2018 Yeoju Plant(1,000MW) • 2020 Australia Barossa-Caldita solar power • Indonesia gas field commercial production SK Group SK E&S Business Shared Financial Highlights At a glance Field Growth

FINANCIAL HIGHLIGHTS Significantly increased power business since 2011

Sales & Net Income

5,987

5,473

768 702 4,246

3,371 3,472 289

90 112 SALES: NET INCOME: UNIT: USD IN MILLION 2009 2010 2011 2012 2013 SK Group SK E&S Business Shared LNG PORTFOLIO Overview Field Growth

LNG PORTFOLIO

E&P Sourcing Liquefaction LNG Terminal

North America Barossa- Tangguh Freeport LNG Boryeong Shale Gas Caldita terminal

Developing Woodford Shale In 2012, SK E&S acquired a Secured long-term Established liquefaction Currently building an LNG Gas with Continental 37.5% interest in the contracts to receive tolling agreement (LTA) with receiving terminal in Resources by entering into Barossa-Caldita gas fields approximately 0.5~0.6 Freeport LNG for importing Boryeong, Korea aimed at Joint Venture located in offshore MTPA of LNG for captive 2.2 MTPA of LNG for 20 COD for the end of 2016. Australia, which will be demand. years starting in 2019. developed as an LNG project

Indonesia Canada Canada

Timor sea Philippines Barossa- USA Caldita USA Indonesia Australia Tangguh North America Project Boryeong Banda sea Freeport Mexico Shale Gas Timor sea Mexico LNG LNG terminal Pacific Ocean Australia Pacific Ocean SK Group SK E&S Business Shared LNG Business in SK Group At a glance Field Growth

LNG INTEGRATED WITHIN SK SK group owns 29 MTPA of LNG liquefaction plant capacity

E&P Liquefaction Shipping Terminal Power/ Retail

LNG VALUE CHAIN Up-stream Mid-stream Down-stream

SK AFFILIATES

PROJECTS • 8 production projects • Freeport LNG(4.4 MTPA) • 6 LNG carriers • 1 Terminal • 7 city gas companies in - Peru Camisea (COD 2016) Korea and 2 companies • Peru LNG(4.5 MTPA) in China (Wuhan, • 20 exploration projects Shenzhen) - Barossa Caldita • Yemen LNG(6.9 MTPA) • Ras Laffan LNG(6.6 • Power plants & CHPs in MTPA) Korea

• Oman LNG(6.6 MTPA) SK Group SK E&S Business Shared LNG At a glance Field Growth

LNG SUPPLY & DEMAND

LNG Supply LNG Demand

• Gwangyang (1GW), Pyeongtaek (833MW) Long term • 0.5~0.6 MTPA (committed) LNG procurement power plant • Jangmun (under construction), Yeoju (approved for construction)

• Operation in Gimcheon and North America • 2.2 MTPA (Freeport) Iksan CHP project • Upstream Asset+Plant Capacity • Construction in Hanam/Misa and Wirye

• 1.0~2.0 MTPA (planned) Australia • Barossa-Caldita Project Third party • Domestic demand project • SK E&S holds 37.5% interest demand • Global demand

Spot /Short term • Flexible sourcing depending procurement on the demand SK Group SK E&S Business Shared Power At a glance Field Growth DEMAND FOR POWER DRIVES LNG GROWTH

Total capacity of Capacity of Annual consumption of power plants in Korea private power plants directly imported LNG

345

GENCO 296 50% 44,792MW 249

205

Private Power Plant Co. P Co. G Co. M Co. S 89,435MW 11% 76 84 84 10,037MW Korea Hydro & Nuclear Power Others 3,357 1,865 1,866 1,766 725 33% 23% 19% 18% 7%

29% 10% 26,039MW 8,567MW 2014 2015 2016 2017 2018 2019 2020

Others : Korea District Heating Corporation, Units : MW (Megawatt) Units: 10,000 tons Water Resources Corporation Data source : 2014 KPX Power Statistics Information System SK Group SK E&S Business Shared Power At a glance Field Growth SK’s STABLE SUPPLY OF ELECTRICITY

Hanam/Wirye LNG CHP Jangmoon 400/450MW LNG Power Plant Yeoju 1,800MW LNG Power Plant

MW Oseong 1,000 LNG Power Plant Gimcheon 833MW Coal CHP 59MW Jeonbuk Coal CHP Gwangyang LNG Power Plant 21MW 1,074MW SK Group SK E&S Business Shared City Gas Profile Field Growth SK’s STABLE SUPPLY OF CITY GAS

Our city gas companies strive to supply City gas market share in Korea stable clean energy

Gangwon

Ko-one ES Others 27% 21%

Chungcheong ES Yeongnam ES(Gumi)

F 4% Yeongnam ES A 16% Jeonbuk ES (Pohang) E 5%

D 6% Busan C 9% B 12% Jeonnam SK Group SK E&S Business Shared Renewable Energy Performance At a glance Field Growth SK’s CLEAN ENERGY PORTFOLIO

Yeoju Jungpyoung Solar Power Plant Solar Power Plant 1MW 1MW Oseong Pohang Fuel Cell Plant Solar Power Plant 3MW 4MW Changwon Yangsan Solar Power Plant Wind Power Plant 4MW 28MW

Cheonsa Hamahn Wind Power Plant Solar Power Plant 100MW 1MW Junnam Busan Solar Power Plant Solar Power Plant 3MW 3MW SK Group SK E&S Business Shared Global Business At a glance Field Growth SK E&S IN CHINA VIA CHINA GAS HOLDINGS

Natural Gas Operation Locations CGH Gas Sales Projection

• Distributor covering 24 provinces and 160 cities • Acquired permission for LNG import (2006) • Pipeline networks reaching out 47,668 km with 207 Storage and • The possible construction or acquisition of LNG import terminal distribution stations (City gates)

- Anhui - Chongqing - Fujian LNG : - Gansu PNG : 4.4 - Guangdong UNIT : MTPA - Guangxi - Guizhou - Hebei - Heilongjiang - Henan - Hubei - Hunan - Inner Mongolia - Jiangsu - Jiangxi 2.0 - Jilin - Liaoning 0.9 - Ningxia - Shanxi (山西) 0.1 - Shanxi (陕西) - Shandong 3.1 4.9 6.6 17.0 - Tianjin - Yunnan - Zhejiang 2010 2013 2015 2020

A Global Gas & Power Company

- Thank you - Global LNG Supply and Demand –All Planned Supply Global LNG Supply and Demand –Likely Supply Core Asian Markets LNG Supply and Demand LNG Market Update

Carlos Wheelock Vice President: Commercial Strategy & LNG Marketing

Pioneer and world leader in innovative LNG midstream solutions. • Owner and Operator of LNG Carriers • Designer, owner, and operator of Floating Storage and Regasification Units (FSRUs) • Developer of Floating Liquefaction, Storage and Offloading (FLSO) Units • Provider of Operating Services under long‐term contracts • Provider of support services including LNG sourcing, LNG trading and shipping • In‐house expertise to take projects from concept to operation

Over 70 Master Sales & Purchase Agreements with key market participants, SPOT MARKET and a flexible commercial model allows Excelerate access to many markets/regions

A highly‐flexible fleet with storage/regas capacity that provides Excelerate SHIPPING the ability to capture upswings in both trading and chartering markets

Industry‐leading experience in floating LNG solutions and operations LOGISTICS enables Excelerate to a unique ability to meet the demands of many different markets

Excelerate has optimized value by quickly moving to the premium LNG HIGH ADAPTABILITY market as it shifted from the US to the UK to the Far East

Excelerate has an experienced trading and marketing team that can provide RISK MANAGEMENT hedging and analysis to de‐risk LNG deals and projects.

UPSTREAM MIDSTREAM DOWNSTEAM We provide a complete We deliver a complete We offer flexible monetiz ation solu tion natural gas solu tion for transport/pricing options • Formulation of marketing end‐users • Manage commodity strategy • Assist in formulating price exposure • Fleet management and sourcing strategy • Optimize shipping length portfolio optimization • Portfolio optimization through chartering in/out • Outlet for commissioning • Experienced operations • Deal structures volumes to compliment benefitting from strong commercial activities operational track record • Fleet Management • Time/location swaps • Global market player

EXCELERATE CUMULATIVE TRADING VOLUME 7

• Commercially‐minded fleet 6 operations 5 • 4 Established trading team with global 3 MMt relationships 2 • 70+ Master Sales & Purchase 1 0 AtAgreements with key marktket partic ipan ts 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 • Offices in Houston, London, and EXCELERATE CUMULATIVE CHARTERING VOLUME Singapore with a combined 50+ years of 14 direct LNG marketing and trading 12 expertise 10 • In‐house market fundamentals and 8 financial trading capabilities MMt 6 • Established contractual framework for 4 long term FOB and Tolling Structures 2 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

• Supply is Outpacing Demand − Over supplied market in the short term − Self correcting as speculative projects struggle in this price environment − Market balanced in 2019‐2020 • Spot Market is Increasing in Size − New supply markets are divertible − US is take or pay on fixed component only (not commodity) • Unconventional Buyers − Traditional buyers are saturated − Smaller entrants are critical to this market − FSRU customers went from “Tier 2” to extremely attractive

Source: Excelerate Energy, Wood Mackenzie

Source: Excelerate Energy, Waterborne IHS

• Little demand from traditional markets. • New demand from unconventional buyers: new entrants and/or taking advantage of low price of LNG. • Location: emerging markets. • Volume: <1mtpa. • Index: open to Oil, HH or Hybrid structure • Flexibility: volume, destination, shipping, & cancelation rights. • Receiving Terminal: FSRU prefdferred. Fast, economical and proven technology. • Credit Support: required flexibility on performance guarantee

• Five shhldJithareholder Joint VtVenture

• 7th largest LNG production facility in the world, located in Trinidad

• Four LNG trains producing up to 100,000 metres3 of LNG per day = 15mmt p.a.

• >250 cargoes p.a. to over 20 countries

• Significant contributor to T&T ’s GDP & exports

• 700 +permanent employees, and 2,,p000 contractors at peak periods

• Train 1 merchant plant. T2/3/4 fixed margin / processing Milestones in 2014

• 15th year of production – May 1st • 3, 000th cargo lifted • 25 million hours worked without an LTI – 7.5 years • > 1 year without a recordable incident • Top quartil e re lia bility • Largest ever cargo shipped: 169,650 m3 Destinations 2008 & 2014

T1-3 cargoes by region 2008 T1-3 cargoes by region 2014

South Other America 1% 1% Central Central America America Other 5% 4% Caribbean 7% 7% Europe 9% Far East 13% North South AiAmerica North AiAmerica 49% America 47% 11%

Far East Europe 10% 23% Caribbean 12%