Credit Risk Credit Risk cont LOW

Credit Risk

Credit Risk (cont. ) LOW HIGH Next-Day Index Gas Sale Guaranty? Long-Term Tolling Arrangement Letter of Credit? First Lien or Margining?

Credit Risk (cont. ) LOW HIGH Next-Day Index Gas Sale Guaranty? Long-Term Tolling Arrangement Letter of Credit? First Lien or Margining?

Credit Risk (cont. )

First Lien Guaranty Low High

Selected Credit Tools for Discussion

I. Guaranties

I. Guaranties Protected Not Protected

I. Guaranties (cont. )

I. Guaranties (cont. )

I. Guaranties (cont. )

I. Guaranties (cont. )

II. Letters of Credit

II. Letters of Credit (cont. )

II. Letters of Credit (cont. )

II. Letters of Credit (cont. )

II. Letters of Credit (cont. )

II. Letters of Credit (cont. )

III. Prepayment

III. Prepayment (cont. )

III. Prepayment (cont. )

III. Prepayment (cont. )

III. Prepayment (cont. ) (i) $10/MMBtu Prepayment (iii) $12/MMBtu (ii) Gas

III. Prepayment (cont. )

III. Prepayment (cont. ) (i) $10/MMBtu Prepayment (iii) $10/MMBtu (ii) $5/MMBtu (ii) Gas

III. Prepayment (cont. )

III. Prepayment (cont. )

III. Prepayment (cont. ) (i) $10/MMBtu Prepayment (iii) $7/MMBtu (ii) Gas (ii) $7/MMBtu

III. Prepayment (cont. )

III. Prepayment (cont. ) (i) $10/MMBtu Prepayment (iii) $10/MMBtu (ii) Gas (ii) $12/MMBtu

III. Prepayment (cont. )

III. Prepayment (cont. )

VII. First Liens

VII. First Liens

VII. First Liens

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )

VII. First Liens (cont. )