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					                                                                                                                            24 October 2012
                                                                                                            Securities Research & Analytics
                                                                                                   http://www.credit-suisse.com/researchandanalytics




                                                          US Natural Gas Reservoir
                                                          Connection Series


                                                          Five Reasons Why a Pause in Prices is Likely
                                                          ■ Our take: While there remains upside optionality to gas prices over the next 18-
                                                            24 months, absent an extremely cold winter we highlight five reasons why a
                                                            near-term pause in pricing is likely: (1) Stronger than forecast Haynesville
                                                            production, (2) Drilling efficiencies in dry gas basins are temporarily mitigating
                                                            the collapse in gas drilling activity; (3) A near-term surge is likely in Marcellus
                                                            production from infrastructure projects; (4) Continued ethane rejection in the
                                                            Rockies and Mid-Continent, which is boosting gas supply; and (5) Market share
                                                            losses to coal as switching economics no longer favor gas in all regions.
                                                          ■ Lower unconventional declines. In Q212, we adopted a constructive outlook
  The Credit Suisse Connections Series                      for gas, driven by shifts in producer economics favoring liquids and rising utility
  leverages our exceptional breadth of macro                demand. The linchpin of our call was our belief the market was under-
  and micro research to deliver incisive cross-             appreciating the potential for major declines in production. While conventional
  asset and cross-border thematic insights for              production is declining, analysis of supply data suggests unconventional supply
  our clients.
                                                            is more resilient than we forecasted despite a collapse in activity.
                                                             (1) Haynesville (HV) production is higher than expected. We estimate the
                              Research Analysts
                                                             break-even cost of gas is $3.77/Mcf in the Haynesville core and $4.93/Mcf
                             EQUITY RESEARCH                 outside of the core. As a result, HV drilling activity in the core has declined,
                                      Arun Jayaram           averaging 19 rigs in Q312 versus the peak of 138 rigs in Q210. Given the decline
                                  + 1 212 538 8428           in drilling activity, our proprietary production model estimated that July HV
                       arun.jayaram@credit-suisse.com
                                                             production was 5.9 Bcf/d, but State data indicates that actual production is 7.1
                                        Dan Eggers           Bcf/d, or 20% above our estimate.
                                  + 1 212 538 8428
                       arun.jayaram@credit-suisse.com                   o     HV volumes could be flat or higher in Q3. On October 2, Plains
                                                                              (PXP) preannounced 6.4% higher production relative to guidance.
                                       David Yedid                            The biggest surprise was the implied sequential increase in
                                 + 1 212 325 1831
                                                                              natural gas given reduced activity in the Haynesville. It appears
                        David.yedid@credit-suisse.com
                                                                              the company’s US gas volumes surged 7.5% sequentially to
                                          Helen Xu                            roughly 250 MMcf/d. PXP owns a 20% non-operated interest in
                                 + 1 212 325 4750                             Chesapeake’s HV acreage, who is the largest producer in the play.
                          Helen.xu@credit-suisse.com                    o     Why was HV production so resilient? HV activity has been
                                                                              more resilient given (1) higher than expected completion activity in
                     COMMODITIES RESEARCH                                     the 1H12 as operators have worked through completion backlogs,
                                      Stefan Revielle                         (2) impacts from restricted rate programs, and (3) significant
                                    +1 212 538 6802                           production shut-ins from CHK. In February, CHK began to shut-in
                      stefan.revielle@credit-suisse.com
                                                                              volumes in response to low gas prices, peaking at more than 650
                                          Jan Stuart                          MMcf/d of shut-in HV volumes in Q212. We believe CHK resumed
                                   +1 212 325 1013                            production from the wells in late Q2, which is boosting the near-
                          jan.stuart@credit-suisse.com                        term HV production outlook.
                                                                    .




ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES ARE IN THE DISCLOSURE APPENDIX. FOR OTHER
IMPORTANT DISCLOSURES, PLEASE REFER TO https://firesearchdisclosure.credit-suisse.com.
CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS                                                                     BEYOND INFORMATION™
                                                                                                 Client-Driven Solutions, Insights, and Access
                                                                                                               24 October 2012



                               (2) Drilling efficiencies mitigating lower gas activity. On a year-over-year basis, the
                               natural gas rig count has declined by 54%, yet production is yet to crack. One of the key
                               factors why production has been so stubborn is the impact of drilling efficiencies. In the
                               Barnett Shale, the industry has averaged 2.70 completions per month, which represents
                               a 17% improvement in efficiencies relative to 2011. This is an astonishing 29%
                               improvement relative to 2010, when the industry completed 2.1 monthly Barnett wells
                               per rig. The same trends are evident in other key dry gas basins.

                           ■ (3) Marcellus debottlenecking in 4Q should bring untapped supply to market: The
                             Tennessee Gas Pipeline (TGP) Northeast Supply Diversification and National Fuels Northern
                             Access pipelines are expected to add 500 MMcf/d of takeaway capacity to the northeast
                             market by November 1. TGP Northeast Supply Diversification will supply the New England
                             market with 100 MMcf/d and an additional 150 MMcf/d into Canada via Niagara. National
                             Fuel’s Northern Access project will extend from their TGP interconnect in Ellisburg, PA to the
                             TransCanada Pipeline at Niagara, bringing 320 MMcf/d of supply with it. The key to these
                             projects include the fact that they bypass the fully subscribed TGP 300 leg and are in close
                             proximity to the estimated 1,000 drilled, but uncompleted wells in Pennsylvania.
                           ■ (4) Widespread ethane rejecting is boosting gas supply by approximately 300 MMcf/d.
                             As a result of weak processing spreads (Mt. Belvieu frac spreads are only 10¢/gal),
                             processors are rejecting ethane in several markets such as the Rockies, Mid-Continent, and
                             San Juan Basin. Envantage estimates the industry is rejecting between 100 and 125 MBopd
                             of ethane across the U.S. It appears that ethane rejection is boosting natural gas supply by
                             approximately 275 to 350 MMcf/d.
                           ■   (5) Switching Economics no Longer Universally Favor Gas: Electric utility demand in
                               2012 has been off the charts, averaging 5.7 Bcf/d, or 29% above 2011 levels. Using historical
                               correlations between coal generation market share and gas prices, we estimate the potential
                               impacts to switching at different price points in the 1H13. We estimate natural gas could lose
                               2.4 to 5.1 Bcf/d of market share to coal at gas prices between $3.50 and $4.50 per Mcf. At
                               the current futures strip of $3.95 per Mcf, we estimate gas could lose 3.75 Bcf/d of market
                               share to coal in 2013.Focus shifts to key fundamental of gas market—winter
                               weather. The largest risk to our outlook for the remainder of 2012 and into 2013
                               remains weather. As the 2011-2012 winter season proved, a warm winter in a market
                               flush with supply of natural gas can significantly move prices lower. The same goes for a
                               cold winter as well. We estimate that a one standard deviation event in winter weather
                               can drive a 235 bcf swing to either side in season ending inventories compared to an
                               only 100 bcf impact in the summer. As such, we approach the winter season with a
                               heightened level of caution and fully appreciate the relationship in heating degree day
                               counts and residential/commercial demand.




US Natural Gas Reservoir                                                                                                    2
                                                                                 24 October 2012




                           Table of Contents

                           Unconventional Production: More Resilient Near-Term              4

                           As Always, Weather is a Key Fundamental of Gas                 16

                           CS Supply Demand Model and Price Forecast                      19

                           Pricing Trends and Trading Statistics                          20

                           Supply                                                         24

                           US Imports/Exports                                             28

                           US Gas Demand (Monthly)                                        29

                           US Gas Demand (Annual)                                         30

                           US Gas Demand (YTD)                                            32

                           Natural Gas Storage                                            34

                           North America Rig Count and Permits                            35

                           North America Gas Basin-Level Trends                           37

                           Competitive Fuel Sources                                       39

                           Weather                                                        40




US Natural Gas Reservoir                                                                      3
                                                                                                                                     24 October 2012




                           Unconventional Production: More Resilient
                           Near-Term
                           In Q212, we adopted a constructive outlook for gas, driven by shifts in producer economics
                           favoring liquids and rising utility demand. The linchpin of our call was our belief the market
                           was under-appreciating the potential for major declines in production. While conventional
                           production is declining, analysis of supply data suggests unconventional supply is more
                           resilient than we forecasted despite a collapse in activity.
                           While there remains upside optionality to gas prices over the next 18-24 months, absent an
                           extremely cold winter we highlight five reasons why a near-term pause in pricing is likely:
                           (1) Stronger than forecast Haynesville production, (2) Drilling efficiencies in dry gas basins
                           are temporarily mitigating the collapse in gas drilling activity; (3) A near-term surge is likely
                           in Marcellus production from infrastructure projects; (4) Continued ethane rejection in the
                           Rockies and Mid-Continent, which is boosting gas supply; and (5) Market share losses to
                           coal as switching economics no longer favor gas in all regions.

                           Reason 1: Haynesville Production is Defying the Law of Gravity
                           Exhibit 2 illustrates our breakeven costs by Basin. We consider the Haynesville Shale to be
                           the key marginal source of supply in the gas market given its size at nearly 7 Bcf/d.

                           Exhibit 1: Natural Gas Production in Big 5 Dry Gas Plays
                                                                                   Gas Production (Bcf/ d)
                                                                    Barnett        Fayetteville    Marcellus     Woodford     Haynesville-TX/LA
                                                       8


                                                       7


                                                       6
                              Gas Production (Bcf/d)




                                                       5


                                                       4


                                                       3


                                                       2


                                                       1


                                                       0
                                                           0   12     24      36      48      60   72       84   96   108   120   132    144
                                                                                                   Months

                           Source: HPDI, Credit Suisse estimates



                           Our breakeven work suggests that the break-even cost in the core of the field is $3.77 per
                           Mcf, while its $4.93 per Mcf outside of the core in East Texas. As such, we view the
                           marginal cost of the Haynesville at approximately $4.35 to $4.50 per Mcf.




US Natural Gas Reservoir                                                                                                                          4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  24 October 2012




                                                                                                                              Exhibit 2: Natural Gas Production—Breakeven Costs per Basin
                                                                                                                                                                                                                              NYMEX Breakeven Price ($ per MMBtu) for 10% ATAX RoR




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 $6.19
                                                                                                                                                                        $7.00




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                $5.73
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $5.49
                                                                                                                                                                        $6.00




                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $4.93
                                                                                                                                                                                                                                                                                                                                                                                                                                                            $4.69
                                                                                                                                                                                                                                                                                                                                                                                                                                           $4.37
                                                                                                                                                                        $5.00




                                                                                                                                                                                                                                                                                                                                                                                                                           $4.03
                                                                                                                                                                                                                                                                                                                                                                                                         $3.88
                                                                                                                                                                                                                                                                                                                                                                        $3.75

                                                                                                                                                                                                                                                                                                                                                                                        $3.77
                                                                                                                                                                                                                                                                                                                                                     $3.66
                                                                                                                                                                                                                                                                                                                                    $3.45
                                                                                                                                                                                                                                                                                                                  $3.30
                                                                                                                                                                                                                                                                                                  $3.17
                                                                                                                                                                        $4.00




                                                                                                                                                                                                                                                                                $3.15
                                                                                                                                                                                                                                                                    $2.89
                                                                                                                                                                                                                                                           $2.86
                                                                                                                                                                                                                                                   $2.23
                                                                                                                                                                        $3.00




                                                                                                                                                                                                                                   $1.40
                                                                                                                                                                                                                 $1.32
                                                                                                                                                                        $2.00

                                                                                                                                                                        $1.00




                                                                                                                                                                                                $0.00
                                                                                                                                                                        $0.00




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                                                                                                                              Source: Company data, Credit Suisse estimates



                                                                                                                              As a result of record low gas prices, activity trends in the core part of the play and East
                                                                                                                              Texas have collapsed, with activity levels declining to 18 rigs and 22 rigs, respectively.

 Exhibit 3: Haynesville Shale (Core)                                                                                                                                                                                                                               Exhibit 4: Haynesville Shale (East Texas)
                                                                                 Haynesville Shale (Core)                                                                                                                                                                                                                                            Haynesville Shale (East Texas)

   160                                                                                                                                                                                                                                                               140


   140                                                                                                                                                                                                                                                               120

   120
                                                                                                                                                                                                                                                                     100

   100
                                                                                                                                                                                                                                                                        80
    80
                                                                                                                                                                                                                                                                        60
    60

                                                                                                                                                                                                                                                                        40
    40

    20                                                                                                                                                                                                                                                                  20


     0                                                                                                                                                                                                                                                                      0
                  3Q2000


                                    3Q2001


                                                      3Q2002


                                                                        3Q2003


                                                                                          3Q2004


                                                                                                            3Q2005


                                                                                                                               3Q2006


                                                                                                                                                 3Q2007


                                                                                                                                                                   3Q2008


                                                                                                                                                                                     3Q2009


                                                                                                                                                                                                        3Q2010


                                                                                                                                                                                                                          3Q2011


                                                                                                                                                                                                                                               3Q2012
         1Q2000


                           1Q2001


                                             1Q2002


                                                               1Q2003


                                                                                 1Q2004


                                                                                                   1Q2005


                                                                                                                     1Q2006


                                                                                                                                        1Q2007


                                                                                                                                                          1Q2008


                                                                                                                                                                            1Q2009


                                                                                                                                                                                              1Q2010


                                                                                                                                                                                                                 1Q2011


                                                                                                                                                                                                                                      1Q2012




                                                                                                                                                                                                                                                                                                    1Q2001
                                                                                                                                                                                                                                                                                                             3Q2001
                                                                                                                                                                                                                                                                                                                          1Q2002




                                                                                                                                                                                                                                                                                                                                                               1Q2004
                                                                                                                                                                                                                                                                                                                                                                            3Q2004
                                                                                                                                                                                                                                                                                                                                                                                     1Q2005
                                                                                                                                                                                                                                                                                                                                                                                                3Q2005




                                                                                                                                                                                                                                                                                                                                                                                                                                       3Q2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                   1Q2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                            3Q2008




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      3Q2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1Q2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        3Q2011
                                                                                                                                                                                                                                                                                1Q2000
                                                                                                                                                                                                                                                                                         3Q2000




                                                                                                                                                                                                                                                                                                                                   3Q2002
                                                                                                                                                                                                                                                                                                                                            1Q2003
                                                                                                                                                                                                                                                                                                                                                      3Q2003




                                                                                                                                                                                                                                                                                                                                                                                                         1Q2006
                                                                                                                                                                                                                                                                                                                                                                                                                  3Q2006
                                                                                                                                                                                                                                                                                                                                                                                                                              1Q2007




                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1Q2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3Q2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         1Q2010




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1Q2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           3Q2012
 Source: Smith Bits, Credit Suisse estimates                                                                                                                                                                                                                       Source: Smith Bits, Credit Suisse estimates



                                                                                                                              On October 2, Plains (PXP) preannounced 6.4% higher production relative to guidance.
                                                                                                                              The biggest surprise was the implied sequential increase in natural gas given reduced
                                                                                                                              activity in the Haynesville. It appears that the company’s US gas volumes surged 7.5%
                                                                                                                              sequentially to roughly 250 MMcf/d, suggesting the retrenchment in Haynesville volumes
                                                                                                                              will be later than we are modeling. PXP owns a 20% non-operated interest in Chesapeake’s
                                                                                                                              (CHK) HV acreage, who is the largest producer in the play.
                                                                                                                              Exhibit 5 illustrates our Haynesville natural gas production model (blue bars) relative to
                                                                                                                              actual production (red line). While our production model has tracked closely with actual
                                                                                                                              production, the relationship began to breakdown in Q411 given the decline in drilling activity,
                                                                                                                              our proprietary production model estimated that July HV production was 5.9 Bcf/d, but State
                                                                                                                              data indicates that actual production is 7.1 Bcf/d, or 20% above our estimate. Haynesville
                                                                                                                              production has been more resilient given higher than expected completion activity from
                                                                                                                              efficiencies and the work through of completion backlogs. We believe another factor that

US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            5
                                                                                                                                                                                                                                                                                                              24 October 2012



                           has contributed to more robust Haynesville production has been the impact from restricted
                           rate programs, where wells are flowed at reduced rates using smaller chokes. In these
                           cases, wells can exhibit a flattish production profile for several months until the eventual
                           onset of declines.

                           Exhibit 5: Haynesville Production Model vs. Actual Production
                                                                                     Historical Haynesville Natural Gas Production
                             8.0
                                                                                                                                 Estimated Production                                                                              Actual Production


                             7.0


                             6.0


                             5.0


                             4.0


                             3.0


                             2.0


                             1.0


                             0.0
                                            Mar-08




                                                                                                                    Mar-09




                                                                                                                                                                                      Mar-10




                                                                                                                                                                                                                                                       Mar-11




                                                                                                                                                                                                                                                                                                                       Mar-12
                                                        May-08




                                                                                                                               May-09




                                                                                                                                                                                               May-10




                                                                                                                                                                                                                                                                  May-11




                                                                                                                                                                                                                                                                                                                                May-12
                                   Jan-08




                                                                                                  Jan-09




                                                                                                                                                                            Jan-10




                                                                                                                                                                                                                                              Jan-11




                                                                                                                                                                                                                                                                                                              Jan-12
                                                                                      Nov-08




                                                                                                                                                              Nov-09




                                                                                                                                                                                                          Jul-10


                                                                                                                                                                                                                                     Nov-10




                                                                                                                                                                                                                                                                                Jul-11


                                                                                                                                                                                                                                                                                                     Nov-11
                                                                   Jul-08




                                                                                                                                        Jul-09
                                                                            Sep-08




                                                                                                                                                                                                                                                                                            Sep-11
                                                                                                                                                 Sep-09




                                                                                                                                                                                                                        Sep-10
                           Source: HPDI, Credit Suisse estimates



                           We do expect meaningful declines in production in 2013 as highlighted by our supply-
                           demand model in Exhibit 33, but from a stronger base in 2012.

                           Reason 2: Drilling Efficiencies are Masking Declines in Activity
                           Exhibit 6 illustrates our Barnett Production Model relative to actuals. Unlike the Haynesville,
                           our model has tracked very closely with actual production trends in 2012. However, we
                           raised our expectations for Barnett production, largely driven by higher completion activity.

                           Exhibit 6: Barnett Production Model
                                                                                                   Barnett Actual vs. Predicted Production

                                                                 7,000
                                                                                                                                                                           Actual                        Predicted

                                                                 6,000


                                                                 5,000
                                                     MMcf/d




                                                                 4,000


                                                                 3,000


                                                                 2,000


                                                                 1,000


                                                                        0
                                                                                         Jul-04




                                                                                                                                                                                     Jul-07




                                                                                                                                                                                                               Jul-08




                                                                                                                                                                                                                                                                       Jul-10




                                                                                                                                                                                                                                                                                                     Jul-11
                                                                                                                             Jul-05




                                                                                                                                                     Jul-06




                                                                                                                                                                                                                                              Jul-09
                                                                            Jan-04




                                                                                                           Jan-05




                                                                                                                                                                       Jan-07




                                                                                                                                                                                                Jan-08




                                                                                                                                                                                                                                                                                         Jan-11
                                                                                                                                        Jan-06




                                                                                                                                                                                                                                 Jan-09




                                                                                                                                                                                                                                                         Jan-10




                           Source: HPDI, Credit Suisse estimates



US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                 6
                                                                                                                                                                                                                                                                                                       24 October 2012



                           Exhibit 7 illustrates the historical rig count in the Barnett Shale. Note the sharp decline in
                           activity in 2012 is consistent with declines in the Haynesville.

                           Exhibit 7: Barnett Shale Rig count
                                                                                                                                                         Barnett Shale (Core)

                                             160

                                             140

                                             120

                                             100

                                                           80

                                                           60

                                                           40

                                                           20

                                                               0
                                                                                                               1Q2002




                                                                                                                                                                          1Q2005




                                                                                                                                                                                                                                      1Q2008




                                                                                                                                                                                                                                                                                             1Q2011
                                                                    1Q2000


                                                                                         1Q2001




                                                                                                                                  1Q2003


                                                                                                                                                    1Q2004




                                                                                                                                                                                               1Q2006


                                                                                                                                                                                                                   1Q2007




                                                                                                                                                                                                                                                         1Q2009


                                                                                                                                                                                                                                                                           1Q2010




                                                                                                                                                                                                                                                                                                                1Q2012
                           Source: Smith Bits, Credit Suisse estimates



                           Despite the sharp decline in activity, completion activity has been stronger than anticipated,
                           driven by efficiencies. Exhibit 8 illustrates the trend in monthly well completions per rig. In
                           2012, the industry has averaged 2.70 completions per month, which represents a 17%
                           improvement in efficiencies relative to 2.32 completions per month in 2012. This is an
                           astonishing 29% improvement relative to 2010, when the industry completed 2.1 monthly
                           Barnett wells per rig.

                           Exhibit 8: Barnett Shale—Monthly Well Completions per Rig
                                                                   Barnett Shale: Efficiencies Driving Higher Completion Activity
                                                               3.50

                                                               3.00
                            Monthly Well Completions per Rig




                                                               2.50

                                                               2.00

                                                               1.50

                                                               1.00

                                                               0.50

                                                               0.00
                                                                             Jan-04



                                                                                                           Jan-05



                                                                                                                                      Jan-06



                                                                                                                                                                 Jan-07



                                                                                                                                                                                                 Jan-08



                                                                                                                                                                                                                             Jan-09



                                                                                                                                                                                                                                                         Jan-10



                                                                                                                                                                                                                                                                                    Jan-11



                                                                                                                                                                                                                                                                                                               Jan-12
                                                                                                  Sep-04




                                                                                                                                                                                      Sep-07



                                                                                                                                                                                                                    Sep-08



                                                                                                                                                                                                                                                Sep-09
                                                                                                                             Sep-05



                                                                                                                                                        Sep-06




                                                                                                                                                                                                                                                                           Sep-10



                                                                                                                                                                                                                                                                                                      Sep-11
                                                                                      May-04



                                                                                                                    May-05



                                                                                                                                               May-06



                                                                                                                                                                             May-07



                                                                                                                                                                                                          May-08



                                                                                                                                                                                                                                       May-09



                                                                                                                                                                                                                                                                  May-10



                                                                                                                                                                                                                                                                                             May-11



                                                                                                                                                                                                                                                                                                                         May-12




                           Source: HPDI, Credit Suisse estimates



US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                          7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        24 October 2012



                                                                                                                             Higher-than-anticipated drilling efficiencies have muted the impact of declining rig activity in
                                                                                                                             the Barnett. We now expect production to decline by approximately 500 MMcf/d (see
                                                                                                                             Exhibit 9), which is below our previous expectation of 1.1 Bcf/d (see Exhibit 10).

 Exhibit 9: Barnett Production Forecast Model—New                                                                                                                                                                                                          Exhibit 10: Barnett Production Forecast Model—Old
                                            Barnett Production Forecast Model (New)                                                                                                                                                                                                                                Barnett Production Forecast Model (Old)

                                                                                                                                                                                                                                                                    7.0                                                                                                                                                                                                             Production
           7.0                                                                                                                                                                                                                                                                                                                                                                                                                                                                      falls by 1.1
                          Production falls                                                                                                                                                                                                                                                                                                                                                                                                                                             Bcf/d
                           by 500 MMcf/d                                                                                                                                                                                                                            6.0                                                                                                                                                                                                             by year-end
           6.0            by year-end 2012                                                                                                                                                                                                                                                                                                                                                                                                                                              2012

                                                                                                                                                                                                                                                                    5.0
           5.0

                                                                                                                                                                                                                                                                    4.0
           4.0
   Bcf/d




                                                                                                                                                                                                                                                            Bcf/d
           3.0                                                                                                                                                                                                                                                      3.0


           2.0                                                                                                                                                                                                                                                      2.0

                                                                                                                                                                                                                                                                                                                                                                                                             Historical                                                          Forecasted
           1.0                                                                                                                                  Historical                                                              Forecast                                    1.0                                                                                                                                     Production                                                           Production
                                                                                                                                               Production
                                                                                                                                                                                                                       Production
            -                                                                                                                                                                                                                                                        -
                 Jan-02


                                   Jan-03


                                                     Jan-04


                                                                       Jan-05


                                                                                         Jan-06


                                                                                                           Jan-07


                                                                                                                             Jan-08


                                                                                                                                               Jan-09


                                                                                                                                                                 Jan-10


                                                                                                                                                                                   Jan-11


                                                                                                                                                                                                     Jan-12


                                                                                                                                                                                                                       Jan-13
                                            Jul-03




                                                                                Jul-05




                                                                                                                    Jul-07




                                                                                                                                                        Jul-09




                                                                                                                                                                                            Jul-11


                                                                                                                                                                                                              Jul-12
                          Jul-02




                                                              Jul-04




                                                                                                  Jul-06




                                                                                                                                      Jul-08




                                                                                                                                                                          Jul-10




                                                                                                                                                                                                                                Jul-13




                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Jan-12


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Jan-13
                                                                                                                                                                                                                                                                          Jan-02



                                                                                                                                                                                                                                                                                            Jan-03



                                                                                                                                                                                                                                                                                                              Jan-04



                                                                                                                                                                                                                                                                                                                                Jan-05



                                                                                                                                                                                                                                                                                                                                                  Jan-06



                                                                                                                                                                                                                                                                                                                                                                    Jan-07



                                                                                                                                                                                                                                                                                                                                                                                        Jan-08



                                                                                                                                                                                                                                                                                                                                                                                                              Jan-09



                                                                                                                                                                                                                                                                                                                                                                                                                                  Jan-10



                                                                                                                                                                                                                                                                                                                                                                                                                                                     Jan-11
                                                                                                                                                                                                                                                                                   Jul-02


                                                                                                                                                                                                                                                                                                     Jul-03


                                                                                                                                                                                                                                                                                                                       Jul-04


                                                                                                                                                                                                                                                                                                                                         Jul-05


                                                                                                                                                                                                                                                                                                                                                           Jul-06


                                                                                                                                                                                                                                                                                                                                                                               Jul-07


                                                                                                                                                                                                                                                                                                                                                                                                   Jul-08


                                                                                                                                                                                                                                                                                                                                                                                                                         Jul-09


                                                                                                                                                                                                                                                                                                                                                                                                                                            Jul-10


                                                                                                                                                                                                                                                                                                                                                                                                                                                               Jul-11



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Jul-12



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Jul-13
 Source: HPDI, Credit Suisse estimates                                                                                                                                                                                                                     Source: HPDI, Credit Suisse estimates



                                                                                                                             We believe the impact of efficiencies on well completion activity is helping to offset the
                                                                                                                             reduction in drilling activity.

                                                                                                                             Exhibit 11: U.S. Rig Count Trend (1996 to 2012)
                                                                                                                                                                                                                                 US Rig Count Trend, 1996 - Present

                                                                                                                                                2500
                                                                                                                                                                                                                                                                                      Oil Rigs
                                                                                                                                                                                                                                                                                      Nat Gas Rigs
                                                                                                                                                2000


                                                                                                                                                1500
                                                                                                                                      Rigs




                                                                                                                                                1000
                                                                                                                                                                                                                                                                                                              `


                                                                                                                                                        500


                                                                                                                                                                 0
                                                                                                                                                                            Jan-96
                                                                                                                                                                                               Jan-97
                                                                                                                                                                                                                  Jan-98
                                                                                                                                                                                                                                         Jan-99
                                                                                                                                                                                                                                                  Jan-00
                                                                                                                                                                                                                                                            Jan-01
                                                                                                                                                                                                                                                                           Jan-02
                                                                                                                                                                                                                                                                                              Jan-03
                                                                                                                                                                                                                                                                                                                  Jan-04
                                                                                                                                                                                                                                                                                                                                    Jan-05
                                                                                                                                                                                                                                                                                                                                                       Dec-05
                                                                                                                                                                                                                                                                                                                                                                             Dec-06
                                                                                                                                                                                                                                                                                                                                                                                                 Dec-07
                                                                                                                                                                                                                                                                                                                                                                                                                       Dec-08
                                                                                                                                                                                                                                                                                                                                                                                                                                           Dec-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                              Dec-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Dec-11




                                                                                                                                                                     1
                                                                                                                             Source: Baker Hughes, Credit Suisse estimates



                                                                                                                             This is a key factor why U.S. onshore supply is yet to turn in the EIA 914 report (see
                                                                                                                             Exhibit 12) as we are seeing examples of efficiencies throughout several key U.S. onshore
                                                                                                                             basins (see Exhibit 13).




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     8
                                                                                                                                                                                                                                                                                24 October 2012




 Exhibit 12: U.S. Onshore Natural Gas Production (Bcf/d)
                                                                                                             Onshore Natural Gas Production (Bcf/d)




                                 67.1
                                 68.1
                                 67.8
                                 68.1
                                 67.5
                                 67.2
                                 67.8
                                 68.3
                                 68.3
                                 68.5
                                66.2
        70




                               64.9
                               64.8
                              64.3
                              64.1
                              63.8
                            62.8
                          61.1
                          60.9
                          60.9
        65




                         60.0
                         59.9
                         59.9
                        59.2
                       58.3
                       58.3
                      58.0
                      57.7
                      57.6
                     57.4

                     57.0
                    56.6




                    56.6
                    56.6
                    56.5
                    56.4




                    56.3




                    56.2
                    56.1




                   56.1

                   56.0



                   55.9
                   55.8




                   55.8


                   55.7
        60




                   55.6
                  55.0
                  55.0
                  54.9




                  54.6
                 54.5



                 53.9
                 53.9
                53.1
               52.5




        55

        50

        45

        40



                                                                                                                                    Nov-09
                                                            Nov-08




                                                                                                                                                                                             Nov-10




                                                                                                                                                                                                                                                    Nov-11
                                          Jul-08




                                                                                                                 Jul-09




                                                                                                                                                                                                                                  Jul-11




                                                                                                                                                                                                                                                                                         Jul-12
                                                                                                                                                                          Jul-10
                                                                                                                                              Jan-10




                                                                                                                                                                                                      Jan-11
               Jan-08




                                                                     Jan-09




                                                                                                                                                                                                                                                             Jan-12
                                                   Sep-08




                                                                                                                           Sep-09




                                                                                                                                                                                                                                           Sep-11
                                                                                                                                                                                   Sep-10
                                 May-08




                                                                                                                                                                                                                         May-11
                                                                                                        May-09




                                                                                                                                                                 May-10




                                                                                                                                                                                                                                                                                May-12
                        Mar-08




                                                                                                                                                        Mar-10




                                                                                                                                                                                                               Mar-11
                                                                                               Mar-09




                                                                                                                                                                                                                                                                      Mar-12
 Source: EIA




                                                                 Exhibit 13: Efficiencies are Mitigating Rigcount Declines
                                                                                                                                             Natural Gas Production per Rig
                                                                                                                          Barnett                      Fayetteville                         Marcellus                       Woodford                         Haynesville-TX/LA

                                                                                              180,000

                                                                                              160,000
                                                                                                                                                                                            Efficiency zone
                                                                                              140,000

                                                                                              120,000
                                                                     Gas Production per Rig




                                                                                              100,000

                                                                                               80,000

                                                                                               60,000
                                                                                                                                                                                                                Efficiency zone
                                                                                               40,000

                                                                                               20,000

                                                                                                                                                                      MARCELLUS IS STILL VERY INEFFICIENT!
                                                                                                         0
                                                                                                                 0          12               24            36             48           60             72            84            96            108          120               132       144

                                                                                                                                                                                                      Months

                                                                 Source: HPDI, Smith Bits, Credit Suisse estimates



                                                                 Reason 3: Meaningful Levels of Ethane Rejection
                                                                 Exhibit 14 and Exhibit 15 illustrate NGL prices at Mt. Belvieu and Conway.




US Natural Gas Reservoir                                                                                                                                                                                                                                                                          9
                                                                                                                                                                         24 October 2012




 Exhibit 14: Mt. Belvieu NGL Prices                                                           Exhibit 15: Conway NGL Prices
                                 Mt. Belvieu NGL Prices                                                                                   Conway NGL Prices

                  $2.50                                                                                        $2.50

                  $2.00                                                                                        $2.00


                  $1.50                                                                                        $1.50
   ($ / Gallon)




                                                                                                ($ / Gallon)
                  $1.00                                                                                        $1.00


                  $0.50                                                                                        $0.50


                  $0.00                                                                                        $0.00




 Source: Company data, Credit Suisse estimates                                                Source: Company data, Credit Suisse estimates


                                             As a result of weak processing spreads, processors are rejecting ethane. According to
                                             EnVantage, Mt. Belvieu frac spreads are only 10¢/gal, resulting in negative spreads in
                                             several markets such as the Rockies, Mid-Continent, and San Juan Basin. Envantage
                                             estimates that there is currently 100 to 125 MBopd of ethane rejection across the U.S.

                                             Exhibit 16: Ethane Frac Spreads
                                                          $25


                                                          $20
                                                                                                                           Positive Spread: Processors frack ethane

                                                          $15


                                                          $10


                                                           $5


                                                           $0

                                                                                                                          Negative Spread: Processors reject ethane
                                                          -$5
                                                            Jan-06        Jan-07             Jan-08                    Jan-09       Jan-10         Jan-11       Jan-12
                                                                         Spread               Ethane - Conway ($/Mmbtu)                       Natural Gas ($/Mmbtu)
                                             Source: Company data, Credit Suisse estimates


                                             As a result of weak processing spreads, it appears that ethane rejection is boosting natural
                                             gas supply by approximately 275 to 350 MMcf/d.

                                             Exhibit 17: Ethane Rejection
                                             Barrels per Day Rejected                                                           100,000                                         125,000
                                             x 42 Gallons per Bbl                                                                    42                                               42
                                             = Gallons per Day                                                                4,200,000                                        5,250,000
                                             x Btu/gallon                                                                        66,000                                           66,000
                                             = Btu per Day                                                              277,200,000,000                                  346,500,000,000
                                             = MMBtu per Day                                                                    277,200                                          346,500
                                             Ethane Rejection (MMcf/d                                                              277                                              347
                                             Source: Company data, Credit Suisse estimates




US Natural Gas Reservoir                                                                                                                                                              10
                                                                                                                                                                                                                                   24 October 2012



                           Reason 4: Marcellus Debottlenecking in 4Q Should Bring Untapped
                           Supply to Market
                           Exhibit 18 highlights our Marcellus production model, which shows the significant growth in
                           the Marcellus.

                           Exhibit 18: Marcellus Production Model
                                                                          Marcellus Production Forecast Model
                                  13,000
                                  12,000
                                  11,000
                                  10,000
                                       9,000
                                       8,000
                              MMcf/d




                                       7,000
                                       6,000
                                       5,000
                                       4,000                                        Historical Production                                                                             Forecasted Production
                                       3,000
                                       2,000
                                       1,000
                                          0
                                                        Jul-06




                                                                                            Jul-08


                                                                                                              Jul-09




                                                                                                                                                  Jul-11


                                                                                                                                                                    Jul-12




                                                                                                                                                                                                        Jul-14




                                                                                                                                                                                                                                             Jul-16
                                                                          Jul-07




                                                                                                                                Jul-10




                                                                                                                                                                                      Jul-13




                                                                                                                                                                                                                          Jul-15
                                               Jan-06


                                                                 Jan-07




                                                                                                     Jan-09




                                                                                                                                                           Jan-12




                                                                                                                                                                                               Jan-14


                                                                                                                                                                                                                 Jan-15
                                                                                   Jan-08




                                                                                                                       Jan-10


                                                                                                                                         Jan-11




                                                                                                                                                                             Jan-13




                                                                                                                                                                                                                                    Jan-16
                           Source: HPDI, Credit Suisse estimates


                           Exhibit 19 illustrates the key infrastructure projects in the Marcellus in coming quarters. We
                           see the potential for meaningful production growth as there are a significant number of
                           wells that are waiting for pipeline infrastructure.

                           Exhibit 19: Marcellus Infrastructure Projects
                                                      Project Name                                                                                                 Sponsor        ISD Capacity (mmcfd)
                           NY- Marcellus - National Fuel Northern Access                                                                                   National Fuel         Oct-12             320
                           NY- Marcellus - Northeast Supply Diversification (NSD)                                                                          El Paso Tennessee Gas Nov-12             150
                           NY/PA- Marcellus - Millenium Mainline Expansion                                                                                 Millenium Pipeline    Nov-12             225
                           PA- Marcellus - Dominion Appalachian Gateway                                                                                    Dominion              Nov-12             484
                           PA- Marcellus - Dominion Ellisburg to Craigs                                                                                    Dominion              Nov-12             150
                           PA- Marcellus - Dominion Marcellus Northeast                                                                                    Dominion              Nov-12             200
                           PA- Marcellus - Tennessee Z4 300 Line (National Fuel Line N Ph 2)                                                               National Fuel         Nov-12             150
                           PA- Marcellus - TETCO market Zone 3 (TEAM)                                                                                      Spectra/TETCO         Nov-12             200
                           PA- Marcellus - Transco - Leidy STO hub                                                                                         Transco               Nov-12             300
                           WV- Marcellus - Dominion Appalachian Gateway                                                                                    Dominion              Nov-12             484
                           WV/PA- Marcellus - EQT Midstream Project 2012                                                                                   EQT Midstream         Nov-12             230
                             2012 total                                                                                                                                                          2,893
                           NY- Marcellus - Northeast Upgrade                                                                                               El Paso Tennessee Gas Nov-13             636
                           PA- Marcellus - Empire North to Chippawa                                                                                        National Fuel Empire  Nov-13             275
                           PA- Marcellus - Tennessee Z4 (Generic)                                                                                          El Paso               Nov-13             900
                           PA- Marcellus - Transco - Leidy STO hub (National Fuel W-E Ph 2)                                                                National Fuel         Nov-13             225
                           WV- Marcellus - Dominion Marcellus 404                                                                                          Dominion              Nov-13             300
                             2013 total                                                                                                                                                          2,336
                           Source: Wood Mackenzie, Credit Suisse estimates


                           The Northeast Marcellus shale stands out as the larger engine of growth. We model 3Q12
                           exit rates of 6 Bcf/d (+2.5 Bcf/d y-o-y) and a further increase of 400 Mmcf/d by year end,
                           thanks to nearly 3 Bcf/d of gathering and pipeline projects due to come online during 4Q
                           (Exhibit 19). As further constraints on getting supply to major interstate pipelines will still
                           remain, we see the build out in supply in the Marcellus as more of an infrastructure story
                           than one about a growing number of drilled but uncompleted wells.

US Natural Gas Reservoir                                                                                                                                                                                                                              11
                                                                                                            24 October 2012



                           Two pipeline projects to watch include the Tennessee Gas Pipeline (TGP) Northeast
                           Supply Diversification and National Fuels Northern Access, bringing a combined 0.5 Bcf/d
                           to the northeast market by November 1. TGP Northeast Supply Diversification (shown in
                           Exhibit 20) will supply the New England market with 100 Mmcf/d and an additional 150
                           Mmcf/d into Canada via Niagara. National Fuel’s Northern Access project will extend from
                           their TGP interconnect in Ellisburg, PA to the TransCanada Pipeline at Niagara, bringing
                           320 mmcf/d of supply with it. The key to these projects include the fact that they bypass the
                           fully subscribed TGP 300 leg and are in close proximity to the estimated 1,000 drilled but
                           uncompleted wells in Pennsylvania.

                           Exhibit 20: Northeast Supply Diversification Project Expansion




                           Source: Kinder Morgan, Credit Suisse



                           Reason 5: Coal Will Likely Gain Market Share from Gas
                           Exhibit 21 illustrates year-over-year changes in natural gas demand in 2012 relative to
                           2011. U.S. natural gas demand is up 1.8 Bcf/d on a year-over-year basis, with electric utility
                           demand more than offsetting lower residential and commercial demand given the extremely
                           warm winter in 2011-12.




US Natural Gas Reservoir                                                                                               12
                                                                                                                                   24 October 2012




                           Exhibit 21: Natural Gas Demand—Year-over-Year Increase in Demand
                                                       Natural Gas Demand (2012 YTD vs. 2011 YTD)

                                7.0
                                6.0                                   5.7
                                5.0
                                4.0
                                3.0
                                2.0                                                                                               1.8
                                1.0
                                                0.1
                                0.0
                               -1.0
                               -2.0                                                                           (1.3)
                               -3.0
                               -4.0
                                                                                           (2.9)
                               -5.0
                               -6.0
                                             Industrial           Electric Power        Residential         Commercial           Total
                                         1
                           Source: EIA



                           As a result of attractive switching economics, electric utilities have increased their
                           consumption of natural gas at the expense of coal (see Exhibit 22).

                           Exhibit 22: Electric Generation Demand—Market Share
                                                     Electric Generation Demand: Market Share

                                50%
                                                                                   Coal


                                40%                                                                                                        38.7%

                                                                                                                                           33.6%

                                                                                                       NG
                                30%




                                20%                       Nuke                                                                              16.6%



                                10%                                                                Hydro
                                                                                                                                             6.5%
                                                                                       Other Renew
                                                                                                                                             3.7%

                                 0%
                                  Jan-10       Apr-10      Jul-10    Oct-10   Jan-11      Apr-11   Jul-11   Oct-11   Jan-12   Apr-12     Jul-12

                           Source: EIA, Credit Suisse estimates




US Natural Gas Reservoir                                                                                                                          13
                                                                                                                                                                                                                                                                    24 October 2012



                                                         Exhibit 23 shows the recent trend in electric utility demand for gas from 2001 to 2012 on a
                                                         year-to-date basis (i.e., reflects annual averages from January through July of each year as
                                                         the most recent EIA data is available through July 2012). While the data suggests secular
                                                         demand for gas from utilities, demand in 2012 has been off the charts, averaging 5.8 Bcf/d,
                                                         or 29% above 2011 levels. Exhibit 24 highlights the consumption data on a monthly basis
                                                         using Bentek data. While natural gas demand remains significantly elevated from 2011
                                                         levels, there is a modest decline in demand on a year-over-year basis, with Power demand
                                                         up 4.25 Bcf/d (+18.7%) versus the YTD run rate of 5.0 Bcf/d (+22.9%).

 Exhibit 23: Electric Power Demand for Gas (YTD)                                                            Exhibit 24: Electric Power Demand for Gas (Monthly)
                    Electric Utility Demand for Natural Gas (YTD)                                                                                                                      Electric Power
                                                                                                               40                                                                                                     As of September 2012
  28                                                                                                                                                                                                                Up 22.9% YTD (+4.97 Bcf/d)
                                                                                                   25.8        35                                                                                                   Up 18.7% Yr/Yr (+4.25 Bcf/d)
  26

  24                                                                                                           30

  22                                                                                                           25
                                                                                           20.0
  20                                                                               19.4
                                                                                                               20
                                                                   17.9    18.0
  18                                                       17.1
                                                 16.4                                                          15
  16             15.2                    15.5
                                 14.6                                                                          10
        13.9             13.6
  14
                                                                                                                5
  12
                                                                                                                -
  10




                                                                                                                                                   Oct-08




                                                                                                                                                                                       Oct-09




                                                                                                                                                                                                                           Oct-10




                                                                                                                                                                                                                                                               Oct-11
                                                                                                                                          Jul-08




                                                                                                                                                                                                                  Jul-10




                                                                                                                                                                                                                                                      Jul-11
                                                                                                                                                                              Jul-09




                                                                                                                                                                                                                                                                                          Jul-12
                                                                                                                    Jan-08




                                                                                                                                                            Jan-09




                                                                                                                                                                                                Jan-10




                                                                                                                                                                                                                                    Jan-11




                                                                                                                                                                                                                                                                        Jan-12
                                                                                                                                                                     Apr-09




                                                                                                                                                                                                         Apr-10




                                                                                                                                                                                                                                                                                 Apr-12
                                                                                                                                 Apr-08




                                                                                                                                                                                                                                             Apr-11
          2001

                  2002




                                  2004

                                          2005

                                                  2006




                                                                    2008

                                                                            2009




                                                                                            2011

                                                                                                    2012
                          2003




                                                            2007




                                                                                    2010




                                                                                                                             1
 Source: EIA, Credit Suisse estimates                                                                       Source: Bentek, Credit Suisse estimates



                                                         We expect switching to be more tightly linked to spot natural gas prices with coal plants
                                                         taking back share at each competitive economic points that could temper the sharp near-
                                                         term rebound in gas prices.
                                                         In Exhibit 25 we show the buildup of fuel costs for coal plants, translated into a natural gas
                                                         price equivalent for efficient CCGTs (combined cycle gas turbine power plants). Notably, we
                                                         see pivot points for gas to coal will vary by region:
                                                          $2.80’s per Mcf for ERCOT based coal generators that burn lignite and 8400 heat rate
                                                           PRB coal (that has lower rail costs than other PRB markets).
                                                          Low $3.00’s per Mcf for 8800 heat rate PRB coal serving the Mid-Western US.
                                                          Low $4.00s per Mcf for coal plants burning Appalachian coals (NAPP, CAPP). We would
                                                           look for these plants to struggle to find competitive economics for some time.

                                                         Exhibit 25: Coal Plant Fuel Costs and Equivalent Natural Gas Price
                                                                                                           Coal Heat                                                                                                                 Coal Equivalent
                                                           Coal Type                Destination                 Rate Coal Cost Rail Cost                                                                                            O&M    Gas Price
                                                           PRB 8400                 ERCOT                      8,400     $8.20   $21.00                                                                                             $3.00      $2.83
                                                           PRB 8800                 ADHUB                      8,800   $10.30    $24.00                                                                                             $3.00      $3.13
                                                           NAPP                     East Coast                13,000   $50.00    $21.00                                                                                             $3.00      $4.22
                                                         Source: Doyle Trading Consultants, Company data, Credit Suisse estimates



                                                         Exhibit 26 and Exhibit 27 shows the relationship between PRB and CAPP Coal relative to
                                                         the 2013 natural gas strip. As such, we expect natural gas to face some headwinds as coal
                                                         plants reach competitive prices.


US Natural Gas Reservoir                                                                                                                                                                                                                                                                           14
                                                                                                                                                          24 October 2012




 Exhibit 26: 2013 PRB Coal/NYMEX Natural Gas Parity                                       Exhibit 27: 2013 CAPP Coal/NYMEX Natural Gas Parity




 Source: Company data, Credit Suisse estimates                                            Source: Company data, Credit Suisse estimates



                                             Using historical correlations between coal generation market share and gas prices since
                                             2010 (which marks the beginning of when coal-to-gas switching become a more
                                             economically viable option for generators), we have estimated the potential impacts to
                                             switching at different price points in the 1H13. As shown in Exhibit 28, we estimate natural
                                             gas demand could lose 2.4 to 5.1 Bcf/d of market share to coal at gas prices between $3.50
                                             and $4.50 per Mcf. At the current futures strip of $3.95 per Mcf, we estimate gas could lose
                                             3.75 Bcf/d of market share to coal.

                                             Exhibit 28: Monthly Gas Switching under Various Natural Gas Price Scenarios
                                             based on Historical Coal Market Share and Spot Gas Price Correlations
                                                                    Jan-13            Feb-13       Mar-13           Apr-13         May-13       Jun-13       1H13 Avg
                                                 $/mmbtu          Bcf/da y          Bcf/da y      Bcf/da y        Bcf/da y        Bcf/da y    Bcf/da y        Bcf/da y
                                                   2.00               3.94              2.84          0.51           (0.96)           0.55        2.14            1.50
                                                   2.50               2.56              1.47         (0.70)          (2.13)          (0.75)       0.70            0.19
                                                   3.00               1.18              0.09         (1.90)          (3.30)          (2.05)      (0.75)          (1.12)
                                                   3.50              (0.20)            (1.28)        (3.10)          (4.47)          (3.35)      (2.19)          (2.43)
                                                   4.00              (1.57)            (2.66)        (4.30)          (5.65)          (4.65)      (3.64)          (3.75)
                                                   4.50              (2.95)            (4.03)        (5.51)          (6.82)          (5.95)      (5.08)          (5.06)
                                                   5.00              (4.33)            (5.41)        (6.71)          (7.99)          (7.25)      (6.53)          (6.37)
                                             Source: EIA, Credit Suisse estimates




US Natural Gas Reservoir                                                                                                                                             15
                                                                                                                                                                24 October 2012




                                      As Always, Weather is a Key Fundamental of Gas
                                      The largest risk to our outlook for the remainder of 2012 and into 2013 remains weather. As
                                      the 2011-2012 winter proved evident, a warm winter in a market flush with supply of natural
                                      gas can cause large swings in seasonal storage and lead to tremendous downside risks for
                                      prices. The same goes for a cold winter as well. We estimate that one standard deviation in
                                      winter weather can cause a 235 Bcf swing to either side in season ending natural gas
                                      storage levels compared to an only 100 bcf standard deviation for summer. As such, we
                                      approach the winter season with a heightened level of caution and fully appreciate the
                                      relationship in heating degree day counts and residential/commercial demand.
                                      We assume normal weather in our winter outlook. Shown in Exhibit 29, the 30-year
                                      average total heating degree days for winter totals 3,598 HDDs according to the NOAA.
                                      While winter 2011-2012 HDD totals finished 10% lower than normal, 9 of the last 14 winters
                                      have been warmer than normal. Conversely shown in Exhibit 30, the average winter
                                      drawdown from the end of October to the end of March is 1931 Bcf and has been exceeded
                                      in 6 of the last 11 winters. For winter 2012-2013, we currently see ending storage finishing
                                      in the 1.6-1.7 Tcf range and closer to normal ending levels. Using 10-year weather adjusted
                                      paths, our most extreme cold winter case sees storage ending at 1.3 Tcf while our most
                                      mild winter would see storage ending at 2.0 Tcf.

 Exhibit 29: Total HDDs counts by winter year                          Exhibit 30: Winter withdrawal sensitivities to HDDs
 (gas-weighted heating degree days)                                    (Heating degree day total deviation from normal vs withdrawal in Bcf)



                                                                       10%            HDD % dev from norm (lhs)         Drawdown         Extreme winter         Warm winter     8,000
   4000
                                                                                                                                                                                7,000
            3598                                                        0%
   3600                                                                                                                                                                         6,000

                                                                       -10%
                                                                                                                                                                                5,000
   3200                                                                                                Starting Stock (Oct)
                                                                       -20%                                                                                                     4,000
   2800
                                                                                                                                                                                3,000
                                                                       -30%

   2400                                                                                                                                                                         2,000

                                                                       -40%
                                                                                                                                                                                1,000
   2000
                                                                                                           Ending Stock (March)
                                                                       -50%                                                                                                     0
                                                                              01-02    02-03   03-04    04-05   05-06   06-07   07-08   08-09   09-10   10-11   11-12   12-13
                                                                                                                                                                         Fcst

 Source: NOAA, Credit Suisse                                           Source: EIA, Credit Suisse



                                      What are the forecasters saying?
                                       El Niño has failed to show up. In the NOAA’s annual winter outlook released last week
                                        that the “wavering El Niño, expected to have developed by now, makes this year’s winter
                                        outlook less certain than previous years”. When El Niño is present, warm pacific waters
                                        push storms and jet streams over the Pacific Ocean and the United States. Weak El Niño
                                        winters have been characterized by above normal snowfall for major Northeast and
                                        Midwest cities while strong El Niño’s see trends of warm air overwhelming these storm
                                        patterns and more commonly lead to rain rather than snow. However the window for the
                                        developing of El Niño-like characteristics remains open so it may still emerge, giving
                                        more certainty to either side this winter.
                                       North Atlantic Oscillation remains uncertain. Fluctuating from positive and negative
                                        Atlantic Oscillation (AO) refers to the strength of the Arctic jet stream and the ability of
                                        cold temperatures to reach much of the US. During strongly positive AO winters, like
                                        2011-2012, Arctic jet streams have difficulty descending southward and into the mid-
                                        latitudes and vastly impact winter snowfall totals and temperatures. Negative and less
US Natural Gas Reservoir                                                                                                                                                            16
                                                                                                        24 October 2012



                             strongly positive AO winters are more constructive on snow precipitation and cold
                             temperatures developing. Forecasters highlight the fact that the NOAA cannot be
                             predicted outside of 1-2 weeks so this risk will likely come and go through winter.
                            NOAA favors a warmer-than-normal West and gives equal chances to either side
                             for the East. Shown in Exhibit 31, warmer-than-normal temperatures are currently
                             expected from TX toward the Pacific Norwest with the warmest temperatures coming at
                             the Northern Rockies. A drier-than-average winter is expected for the Pacific Northwest
                             and Northern California, possibly leaving hydro output lower and gas burn higher in the
                             West. Given uncertainty with El Niño and NOA, the NOAA gives equal chances for
                             temperatures for much of the Midwest and Northeast.

                           Exhibit 31: NOAA’s US Winter Outlook




                           Source: NOAA, Credit Suisse



                           Regional weather sensitivities are important too. While average US temperatures are
                           important for general trends during the winter heating season, we also highlight the
                           importance of regional outlooks. Exhibit 32 shows the primary space heating fuel makeup
                           by Census Region for the US. While all regions are slowly adapting toward more natural
                           gas heat, the most important regions that can cause large swings include the Northeast and
                           Midwest and are closely watched by the gas market. In the Midwest, nearly 75% of primary
                           heat is met with natural gas while 50% is met in the Northeast. Given the density of
                           population and dependence on natural gas for heat in these particular regions, regional
                           weather patterns will inevitably be important again this winter.




US Natural Gas Reservoir                                                                                           17
                                                                                    24 October 2012




                           Exhibit 32: Natural gas heating usage varies by region




                           Source: EIA, Credit Suisse




US Natural Gas Reservoir                                                                       18
                                                                                                                                                                                                24 October 2012




CS Supply Demand Model and Price Forecast
 Exhibit 33: US Natural Gas Supply/Demand Model
 (Bcf/d)
 (Bcfd)                                      2010      Q1/2011 Q2/2011 Q3/2011 Q4/2011      2011     Q1/2012 Q2/2012 Q3/2012 Q4/2012      2012     Q1/2013 Q2/2013 Q3/2013 Q4/2013      2013       2014     2015
 Marketed Gas Production                     61.4       63.8     66.0     66.3     68.7     66.2      68.9     68.9     68.5     67.9     68.5      67.5     67.1     67.1     67.4     67.3       68.2     69.6
    Y-o-Y                                     2.1        3.6      5.7      4.3      5.8      4.8       5.1      2.9      2.2      -0.8     2.4       -1.4     -1.8     -1.4     -0.5     -1.3       0.9      1.4
    Y-o-Y%                                   3.5%       6.0%     9.4%     6.9%     9.1%     7.9%      8.0%     4.4%     3.3%     -1.2%    3.6%      -2.0%    -2.6%    -2.1%    -0.7%    -1.9%      1.4%     2.0%
  Dry Gas Production                         58.4       60.8     62.7     63.1     65.3     63.0      65.3     65.4     65.1     64.6     65.1      64.1     63.8     63.8     64.1     64.0       64.9     66.2
    Y-o-Y                                     1.9        3.5      5.3      4.0      5.3      4.6       4.5      2.7      2.0      -0.7     2.1       -1.2     -1.7     -1.3     -0.5     -1.2       0.9      1.3
    Y-o-Y%                                   3.4%       6.1%     9.3%     6.9%     8.9%     7.8%      7.5%     4.2%     3.1%     -1.1%    3.4%      -1.8%    -2.5%    -2.0%    -0.7%    -1.8%      1.4%     2.0%
  Conventional                               33.5       31.7     32.5     32.5     33.7     32.6      32.5     32.3     31.3     30.7     31.7      30.2     29.5     29.2     29.1     29.5       28.5     27.3
    Y-o-Y                                     -2.1       -3.1     -0.8     -0.6     1.0      -0.9      0.8      -0.2     -1.2     -3.0     -0.9      -2.4     -2.8     -2.1     -1.6     -2.2       -1.0     -1.2
    Y-o-Y%                                   -5.8%      -9.0%    -2.3%    -1.9%    3.0%     -2.6%     2.5%     -0.7%    -3.7%    -8.9%    -2.8%     -7.3%    -8.6%    -6.8%    -5.1%    -7.0%      -3.4%    -4.3%
  Offshore (GOM)                              6.3        5.7      5.3      4.7      4.7      5.1       3.8      3.7      3.6      3.5      3.7       3.4      3.3      3.2      3.1      3.3        2.9      2.6
    Y-o-Y                                     -0.6       -1.2     -1.0     -1.3     -1.3     -1.2      -1.9     -1.6     -1.1     -1.2     -1.4      -0.4     -0.4     -0.4     -0.4     -0.4       -0.4     -0.3
    Y-o-Y%                                   -8.1%      -16.9%   -16.2%   -22.1%   -21.4%   -19.0%    -32.8%   -29.5%   -23.4%   -25.4%   -28.1%    -11.4%   -11.4%   -11.4%   -11.4%   -11.4%     -11.4%   -11.4%
  Unconventional                             21.1       25.9     27.7     28.8     29.9     28.1      30.9     32.2     32.6     32.5     32.0      32.6     32.9     33.4     33.9     33.2       35.5     38.5
    Y-o-Y                                     4.1        7.4      7.3      6.9      6.3      7.0       4.9      4.5      3.8      2.5      3.9       1.8      0.8      0.8      1.5      1.2        2.3      2.9
    Y-o-Y%                                   24.2%      39.8%    36.1%    31.3%    26.9%    33.1%     19.0%    16.3%    13.2%    8.5%     14.0%     5.7%     2.4%     2.3%     4.5%     3.7%       7.0%     8.3%
      Barnett                                 5.1        5.7      5.9      6.0      6.2      5.9       6.1      6.1      5.9      5.7      5.9       5.5      5.4      5.4      5.3      5.4        5.2      5.2
             Y-o-Y                            0.2        0.9      1.0      0.8      0.8      0.9       0.4      0.2      -0.1     -0.5     0.0       -0.5     -0.6     -0.5     -0.4     -0.5       -0.2     -0.1
             Y-o-Y%                          3.5%       19.3%    20.8%    15.9%    14.3%    17.4%     7.6%     2.7%     -1.5%    -8.4%    -0.1%     -8.9%    -10.6%   -8.4%    -6.2%    -8.6%      -3.6%    -1.4%
      Cana-Woodford                           1.0        1.0      1.0      1.0      1.0      1.0       1.0      1.0      1.0      1.0      1.0       0.9      0.9      0.9      0.9      0.9        0.8      0.8
             Y-o-Y                            0.1        0.1      0.0      0.0      0.0      0.0       0.0      0.0      0.0      0.0      0.0       -0.1     -0.1     -0.1     -0.1     -0.1       -0.1     0.0
             Y-o-Y%                          7.6%       9.6%     4.1%     -2.2%    -0.3%    2.7%      -1.4%    -0.8%    1.1%     -4.6%    -1.4%     -8.7%    -9.5%    -8.9%    -8.5%    -8.9%      -6.4%    -4.4%
      Eagle Ford                              0.3        0.7      0.9      1.2      1.5      1.1       1.8      2.2      2.5      2.7      2.3       2.9      3.0      3.2      3.4      3.1        3.8      4.4
             Y-o-Y                            0.2        0.6      0.7      0.9      1.0      0.8       1.1      1.2      1.3      1.1      1.2       1.0      0.9      0.7      0.7      0.8        0.7      0.6
             Y-o-Y%                          498.5%    448.3%    378.5%   307.8%   214.5%   296.4%   145.9%    136.2%   110.8%   75.7%    109.9%    57.5%    40.0%    29.6%    27.5%    37.0%      22.3%    15.0%
      Fayetteville                            2.1        2.5      2.6      2.6      2.7      2.6       2.7      2.8      2.6      2.6      2.7       2.5      2.6      2.5      2.5      2.5        2.5      2.6
             Y-o-Y                            0.7        0.6      0.6      0.4      0.4      0.5       0.3      0.2      0.0      -0.1     0.1       -0.2     -0.2     -0.1     -0.1     -0.1       0.0      0.1
             Y-o-Y%                          48.1%      34.7%    28.0%    19.4%    17.9%    24.5%     10.2%    5.8%     0.6%     -3.7%    3.1%      -7.3%    -5.8%    -3.2%    -2.0%    -4.6%      -1.1%    2.6%
      Haynesville                             3.8        6.3      6.8      7.1      6.8      6.7       6.8      6.8      6.5      5.9      6.5       5.6      5.4      5.4      5.4      5.5        5.6      6.1
             Y-o-Y                            2.5        3.7      3.4      2.8      1.8      2.9       0.5      0.0      -0.5     -0.9     -0.2      -1.2     -1.4     -1.1     -0.5     -1.1       0.2      0.4
             Y-o-Y%                          196.2%    145.8%    99.5%    67.0%    35.9%    77.3%     8.1%     0.1%     -7.6%    -12.7%   -3.3%     -17.6%   -20.0%   -17.5%   -8.7%    -16.2%     3.2%     7.8%
      Marcellus                               1.0        1.9      2.5      3.0      3.8      2.8       4.3      5.1      5.7      6.1      5.3       6.5      6.8      7.1      7.4      6.9        8.2      9.8
             Y-o-Y                            0.7        1.3      1.6      1.9      2.2      1.8       2.4      2.6      2.7      2.3      2.5       2.1      1.7      1.4      1.3      1.6        1.3      1.6
             Y-o-Y%                          270.0%    229.6%    182.2%   170.2%   147.4%   172.6%   129.9%    106.5%   90.9%    61.9%    91.1%     49.4%    33.7%    23.9%    20.8%    30.5%      18.7%    19.4%
      Missippian                              0.2        0.2      0.2      0.2      0.2      0.2       0.3      0.4      0.4      0.5      0.4       0.5      0.6      0.6      0.7      0.6        0.8      0.9
             Y-o-Y                            0.0        0.0      0.0      0.0      0.0      0.0       0.1      0.2      0.2      0.3      0.2       0.3      0.2      0.2      0.2      0.2        0.2      0.1
             Y-o-Y%                          6.0%       17.5%    11.6%    1.9%     25.5%    13.6%     54.6%    94.1%    111.6%   124.0%   98.0%     97.0%    64.9%    48.0%    38.3%    57.5%      25.9%    15.5%
      Niobrara - Vertical                     0.8        0.8      0.8      0.9      0.9      0.8       0.9      1.0      0.9      0.9      0.9       0.9      0.9      0.9      0.9      0.9        0.9      0.9
             Y-o-Y                            0.0        0.0      0.1      0.1      0.1      0.1       0.1      0.1      0.1      0.1      0.1       0.0      0.0      0.0      0.0      0.0        0.0      0.0
             Y-o-Y%                          0.6%       5.2%     8.4%     12.8%    15.0%    10.3%     17.9%    14.9%    10.9%    6.1%     12.3%     0.2%     -1.7%    -1.6%    -1.4%    -1.1%      -0.6%    0.1%
      Niobrara- Horizontal                    0.0        0.0      0.0      0.0      0.0      0.0       0.0      0.0      0.0      0.0      0.0       0.0      0.0      0.0      0.0      0.0        0.1      0.1
             Y-o-Y                            0.0        0.0      0.0      0.0      0.0      0.0       0.0      0.0      0.0      0.0      0.0       0.0      0.0      0.0      0.0      0.0        0.0      0.0
             Y-o-Y%                          #DIV/0!   724.9%    596.1%   658.4%   465.0%   550.0%   508.6%    323.5%   241.4%   110.4%   223.2%    73.8%    81.7%    73.9%    67.0%    73.6%      50.3%    38.0%
      Permian                                 4.5        4.3      4.3      4.3      4.3      4.3       4.2      4.3      4.4      4.5      4.4       4.6      4.6      4.7      4.7      4.6        4.8      5.0
             Y-o-Y                            -0.4       -0.2     -0.3     -0.2     -0.2     -0.2      -0.1     0.0      0.1      0.2      0.1       0.3      0.2      0.3      0.2      0.3        0.2      0.2
             Y-o-Y%                          -8.3%      -4.3%    -5.8%    -4.9%    -4.3%    -4.8%     -1.4%    1.1%     2.3%     5.6%     1.9%      7.9%     5.7%     5.8%     5.5%     6.2%       4.2%     3.5%
      Granite Wash                            2.5        2.6      2.7      2.7      2.6      2.6       2.6      2.6      2.6      2.6      2.6       2.6      2.6      2.6      2.6      2.6        2.7      2.7
             Y-o-Y                            0.1        0.2      0.2      0.2      0.1      0.2       0.0      0.0      -0.1     0.0      0.0       0.0      0.0      0.0      0.0      0.0        0.1      0.1
             Y-o-Y%                          4.6%       9.4%     7.8%     6.0%     4.1%     6.8%      1.6%     -1.2%    -2.5%    -0.1%    -0.6%     -0.6%    -1.5%    -0.3%    1.0%     -0.3%      2.7%     2.5%

 Canadian Imports (Net)                       7.0        6.8      5.4      5.9      5.6      5.9       5.5      5.6      5.7      5.1      5.4       5.1      5.1      5.6      4.9      5.2        4.9      4.6
    Y-o-Y                                     -0.1       -0.7     -1.2     -1.4     -0.8     -1.0      -1.4     0.2      -0.3     -0.5     -0.5      -0.3     -0.5     0.0      -0.2     -0.3       -0.3     -0.3
    Y-o-Y%                                   -1.2%      -9.1%    -18.0%   -19.2%   -12.7%   -14.7%    -20.0%   2.8%     -4.4%    -9.0%    -8.3%     -5.9%    -8.3%    -0.9%    -4.7%    -4.9%      -6.0%    -6.0%
 Mexican Exports (Net)                        -0.8       -1.3     -1.5     -1.4     -1.3     -1.4      -1.4     -1.7     -1.7     -2.1     -1.7      -2.0     -1.8     -1.8     -2.0     -1.8       -2.0     -2.2
    Y-o-Y                                     0.0        -0.6     -0.7     -0.5     -0.4     -0.5      -0.2     -0.3     -0.4     -0.8     -0.3      -0.6     -0.1     -0.1     0.1      -0.2       -0.2     -0.2
    Y-o-Y%                                   -2.3%      90.6%    81.7%    54.6%    38.7%    63.6%     12.0%    17.6%    25.9%    57.5%    22.7%     40.9%    4.3%     5.7%     -6.3%    9.2%       9.3%     9.3%
 LNG Imports (Net)                            1.0        1.0      0.8      0.6      0.6      0.8       0.5      0.3      0.4      0.4      0.4       0.4      0.3      0.4      0.4      0.4        0.3      0.2
    Y-o-Y                                     -0.1       -0.5     -0.3     -0.2     0.0      -0.2      -0.5     -0.6     -0.2     -0.2     -0.3      -0.1     0.0      0.0      0.0      0.0        -0.1     -0.1
    Y-o-Y%                                   -12.3%     -34.4%   -23.0%   -24.1%   -5.7%    -24.4%    -48.2%   -65.4%   -26.3%   -30.5%   -44.9%    -10.2%   3.7%     -8.2%    -7.8%    -6.6%      -30.5%   -30.5%

 Total Supply                                68.5       70.3     70.8     71.4     73.6     71.5      73.4     73.0     72.9     71.4     72.7      71.1     70.7     71.3     70.7     71.0       71.4     72.2
    Y-o-Y                                     1.8        1.9      3.6      2.2      4.5      3.0       3.1      2.3      1.4      -2.3     1.2       -2.3     -2.3     -1.6     -0.6     -1.7       0.3      0.8
    Y-o-Y%                                   2.8%       2.7%     5.3%     3.2%     6.5%     4.4%      4.4%     3.2%     2.0%     -3.1%    1.7%      -3.2%    -3.2%    -2.2%    -0.9%    -2.4%      0.5%     1.2%

 Industrial                                  17.9       20.0     17.6     17.2     18.9     18.4      19.7     17.8     17.4     19.1     18.5      19.8     17.6     17.9     19.5     18.7       19.1     19.4
    Y-o-Y                                     1.0        0.5      0.7      0.5      0.6      0.6       -0.3     0.2      0.3      0.2      0.1       0.1      -0.2     0.4      0.4      0.2        0.4      0.3
    Y-o-Y%                                   5.7%       2.4%     4.2%     2.7%     3.2%     3.1%      -1.5%    1.3%     1.6%     1.2%     0.6%      0.3%     -1.2%    2.4%     2.1%     0.9%       2.0%     1.8%

 Electric Power                              20.2       16.8     19.9     27.7     18.8     20.8      21.8     26.7     31.5     20.7     25.2      19.7     24.6     30.0     19.8     23.5       24.6     25.3
    Y-o-Y                                     1.4        0.3      0.8      0.2      1.1      0.6       5.0      6.8      3.8      1.9      4.4       -2.1     -2.0     -1.5     -0.9     -1.6       1.1      0.7
    Y-o-Y%                                   7.5%       1.6%     4.1%     0.6%     6.3%     2.9%      29.9%    34.1%    13.8%    9.9%     21.0%     -9.5%    -7.6%    -4.6%    -4.4%    -6.4%      4.5%     2.8%
 Res/Comm                                    21.7       40.9     13.5      8.2     24.3     21.7      32.8     11.7      8.1     28.7     20.3      37.1     13.9      7.9     29.0     22.0       21.9     21.8
    Y-o-Y                                     0.0        1.0      0.8      0.4      -2.1     0.0       -8.1     -1.7     -0.1     4.3      -1.4      4.3      2.2      -0.2     0.4      1.7        -0.1     -0.1
    Y-o-Y%                                   0.0%       2.4%     6.4%     4.7%     -8.0%    0.0%      -19.8%   -13.0%   -1.2%    17.8%    -6.5%     13.0%    18.8%    -2.3%    1.3%     8.2%       -0.5%    -0.5%

 Other (Lease Fuel, Pipeline Distribution)    5.4        6.1      5.5      5.5      5.9      5.8       6.3      5.8      5.7      6.1      6.0       6.5      6.0      5.9      6.3      6.2        6.3      6.5
    Y-o-Y                                     0.0        0.2      0.4      0.3      0.3      0.3       0.2      0.3      0.2      0.2      0.2       0.2      0.2      0.2      0.2      0.2        0.2      0.2
    Y-o-Y%                                   0.4%       3.5%     8.6%     6.7%     5.5%     6.0%      3.3%     6.0%     3.9%     3.0%     4.0%      3.0%     3.0%     3.0%     3.0%     3.0%       3.0%     3.0%

 Total Demand                                65.2       83.8     56.4     58.5     68.0     66.7      80.6     62.0     62.7     74.6     70.0      83.1     62.1     61.7     74.7     70.4       71.9     73.0
    Y-o-Y                                     2.4        1.9      2.7      1.3      -0.1     1.5       -3.2     5.6      4.2      6.6      3.3       2.5      0.1      -1.1     0.0      0.4        1.5      1.1
    Y-o-Y%                                   3.8%       2.3%     5.1%     2.3%     -0.1%    2.3%      -3.8%    9.9%     7.2%     9.7%     4.9%      3.0%     0.2%     -1.7%    0.0%     0.6%       2.2%     1.6%

 Source: Bentek Energy, EIA, HPDI, Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                       19
                                                                                                     24 October 2012




Pricing Trends and Trading Statistics
 Exhibit 34: Natural gas futures chart
 ($/Mmbtu)




 Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service




 Exhibit 35: Day ahead gas price by major US trading hub – Pricing as of 10-23-12
 ($/Mmbtu)




                                                                                    Today's Price
                                                                                    Last Month's Price




 Source: Energy Velocity, ICE, Credit Suisse




US Natural Gas Reservoir                                                                                        20
                                                                                                                                                                                                 24 October 2012




Exhibit 36: NYMEX Spot, futures, and CS forecast                                                                Exhibit 37: NYMEX futures curve
($/Mmbtu)                                                                                                       ($/Mmbtu)

               NG Actual            NG Quarterly             Current Futures           Forecast                 $4.70
$4.5                                                                                                                                                  Last Year                 Current

                                                                                                                $4.50

$4.0                                                                                                            $4.30

                                                                                                                $4.10
$3.5
                                                                                                                $3.90

$3.0                                                                                                            $3.70

                                                                                                                $3.50
$2.5
                                                                                                                $3.30
                                                                                                                    Jul-12          Oct-12       Jan-13        May-13         Aug-13         Nov-13        Mar-14
$2.0
                       12/1/2011              12/1/2012                  12/1/2013              12/1/2014

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service                                                      Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service




Exhibit 38: NYMEX nat gas futures and options: non-                                                              Exhibit 39: NYMEX nat gas 30-day realized and
commercial position vs. price                                                                                    implied volatilities
 $/MMBtu                                                                                 '000 Contracts              140
  $6                                                                                              0
                                                                                                                                                                  30D Vol              Implied Vol
                                                                                                                     120
  $5
                                                                                                     (50)
                                                                                                                     100
  $4
                                                                                                     (100)            80

  $3
                                                                                                                      60
                                                                                                     (150)
  $2                                                                                                                  40

                                                                                                     (200)
  $1                                                                                                                  20
                                    NetPosition                  Price
                                                                                                                      0
  $0                                                                                                 (250)
                                                                                                                      Jan-09       Jul-09    Jan-10   Jul-10        Jan-11    Jul-11      Jan-12      Jul-12
   Mar-10     Jul-10       Nov-10    Mar-11         Jul-11    Nov-11        Mar-12     Jul-12

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service                                                       Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service




Exhibit 40: US natural gas composite spot prices
($/Mmbtu)
               Jan          Feb      Mar            Apr       May           Jun        Jul         Aug        Sep           Oct      Nov       Dec    Average          1Q         2Q           3Q         4Q
       1996   $2.34        $3.27    $2.51          $2.24      $2.03        $2.20      $2.33       $1.96      $1.66         $2.06    $2.68     $3.66    $2.41          $2.71      $2.16        $1.98      $2.80
       1997   $3.46        $2.37    $1.72          $1.83      $2.03        $2.07      $2.03       $2.24      $2.64         $2.85    $3.08     $2.22    $2.38          $2.52      $1.98        $2.30      $2.72
       1998   $2.02        $2.02    $2.11          $2.30      $2.07        $1.99      $2.13       $1.79      $1.78         $1.85    $1.95     $1.64    $1.97          $2.05      $2.12        $1.90      $1.81
       1999   $1.75        $1.66    $1.64          $1.93      $2.14        $2.16      $2.12       $2.62      $2.50         $2.53    $2.41     $2.38    $2.15          $1.68      $2.08        $2.41      $2.44
       2000   $2.26        $2.50    $2.62          $2.87      $3.26        $4.16      $3.97       $4.13      $4.82         $4.95    $5.20     $8.12    $4.07          $2.46      $3.43        $4.31      $6.09
       2001   $8.72        $5.63    $5.01          $5.05      $4.00        $3.52      $2.96       $2.83      $2.09         $2.28    $2.31     $2.21    $3.88          $6.45      $4.19        $2.63      $2.27
       2002   $2.14        $2.11    $2.74          $3.16      $3.24        $3.01      $2.92       $2.87      $3.13         $3.69    $3.86     $4.35    $3.10          $2.33      $3.14        $2.97      $3.97
       2003   $5.15        $6.91    $7.14          $4.94      $5.48        $5.63      $4.87       $4.88      $4.46         $4.50    $4.33     $5.88    $5.35          $6.40      $5.35        $4.74      $4.90
       2004   $5.90        $5.11    $5.28          $5.62      $6.17        $6.11      $5.82       $5.37      $4.84         $5.97    $5.81     $6.58    $5.72          $5.43      $5.97        $5.34      $6.12
       2005   $2.14        $2.11    $2.74          $3.16      $3.24        $3.01      $2.92       $2.87      $3.13         $3.69    $3.86     $4.35    $3.10          $2.33      $3.14        $2.97      $3.97
       2006   $5.15        $6.91    $7.14          $4.94      $5.48        $5.63      $4.87       $4.88      $4.46         $4.50    $4.33     $5.88    $5.35          $6.40      $5.35        $4.74      $4.90
       2007   $5.90        $5.11    $5.28          $5.62      $6.17        $6.11      $5.82       $5.37      $4.84         $5.97    $5.81     $6.58    $5.72          $5.43      $5.97        $5.34      $6.12
       2008   $7.83        $8.30    $9.03          $9.86     $10.47       $11.97     $10.81       $7.83      $6.75         $5.87    $6.01     $5.61    $8.36          $8.39     $10.77        $8.46      $5.83
       2009   $4.96        $4.22    $3.64          $3.32      $3.58        $3.57      $3.30       $3.12      $2.86         $3.93    $3.57     $5.27    $3.78          $4.27      $3.49        $3.09      $4.26
       2010   $5.85        $5.31    $4.28          $3.94      $4.05        $4.66      $4.53       $4.21      $3.81         $3.39    $3.64     $4.24    $4.33          $5.15      $4.22        $4.18      $3.76
       2011   $4.42        $4.23    $3.93          $4.15      $4.25        $4.51      $4.38       $4.04      $3.84         $3.46    $3.21     $3.18    $3.97          $4.19      $4.30        $4.09      $3.28
       2012   $2.65        $2.48    $2.11          $1.92      $2.35        $2.40      $2.90       $2.82      $2.77                                     $2.49          $2.41      $2.22        $2.83
       Avg    $4.27        $4.13    $4.05          $3.93      $4.12        $4.28      $4.04       $3.75      $3.55         $3.84    $3.88     $4.51    $4.01          $4.15      $4.11        $3.78      $4.08
       High   $8.72        $8.30    $9.03          $9.86     $10.47       $11.97     $10.81       $7.83      $6.75         $5.97    $6.01     $8.12    $8.36          $8.39     $10.77        $8.46      $6.12
       Low    $1.75        $1.66    $1.64          $1.83      $2.03        $1.99      $2.03       $1.79      $1.66         $1.85    $1.95     $1.64    $1.97          $1.68      $1.98        $1.90      $1.81

Source: Natural Gas Week, Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                         21
                                                                                                                                                                                                                                                                                                                                                                                     24 October 2012




  Exhibit 41: Henry Hub bid-week natural gas prices
  ($/Mmbtu)
                        Jan                        Feb                    Mar                    Apr                   May                        Jun                          Jul                   Aug      Sep         Oct                          Nov                  Dec                      Average                         1Q                      2Q                      3Q                         4Q
    1996               $2.92                      $4.41                  $3.00                  $2.71                  $2.21                     $2.43                        $2.57                 $2.12    $1.84       $2.27                        $2.82                $3.78                      $2.76                         $3.44                   $2.45                   $2.18                      $2.96
    1997               $3.47                      $2.55                  $1.88                  $2.00                  $2.19                     $2.21                        $2.17                 $2.40    $2.80       $3.03                        $3.23                $2.37                      $2.53                         $2.63                   $2.13                   $2.46                      $2.88
    1998               $2.10                      $2.17                  $2.23                  $2.45                  $2.18                     $2.14                        $2.25                 $1.90    $1.91       $1.93                        $2.06                $1.69                      $2.08                         $2.17                   $2.26                   $2.02                      $1.89
    1999               $1.87                      $1.78                  $1.78                  $2.07                  $2.27                     $2.30                        $2.23                 $2.74    $2.63       $2.63                        $2.54                $2.36                      $2.27                         $1.81                   $2.21                   $2.53                      $2.51
    2000               $2.37                      $2.66                  $2.75                  $2.99                  $3.47                     $4.30                        $4.10                 $4.35    $5.01       $5.11                        $5.52                $8.08                      $4.23                         $2.59                   $3.59                   $4.49                      $6.24
    2001               $9.13                      $5.73                  $5.12                  $5.23                  $4.18                     $3.78                        $3.18                 $3.01    $2.24       $2.44                        $2.45                $2.33                      $4.07                         $6.66                   $4.40                   $2.81                      $2.41
    2002               $2.29                      $2.26                  $2.85                  $3.44                  $3.54                     $3.23                        $3.06                 $3.05    $3.45       $4.06                        $4.09                $4.65                      $3.21                         $2.47                   $3.40                   $3.19                      $4.08
    2003               $5.30                      $7.35                  $8.06                  $5.27                  $5.78                     $5.84                        $5.04                 $5.01    $4.62       $4.63                        $4.46                $6.14                      $5.63                         $6.90                   $5.63                   $4.89                      $5.08
    2004               $6.09                      $5.37                  $5.36                  $5.70                  $6.29                     $6.25                        $5.94                 $5.49    $4.95       $6.22                        $5.89                $6.64                      $5.85                         $5.61                   $6.08                   $5.46                      $6.25
    2005               $6.13                      $6.11                  $6.96                  $7.28                  $6.48                     $7.09                        $7.56                 $9.29   $11.73      $13.36                       $10.36               $13.08                      $8.79                         $6.40                   $6.95                   $9.53                     $12.27
    2006               $9.92                      $8.41                  $7.39                  $7.09                  $7.03                     $5.93                        $5.89                 $7.04    $6.82       $4.20                        $7.16                $8.34                      $7.10                         $8.57                   $6.68                   $6.58                      $6.57
    2007               $5.84                      $6.92                  $7.55                  $7.56                  $7.51                     $7.59                        $6.93                 $6.11    $5.43       $6.43                        $7.28                $7.21                      $6.86                         $6.77                   $7.55                   $6.16                      $6.97
    2008               $7.13                      $7.99                  $8.93                  $9.58                 $11.29                    $11.93                       $13.11                 $9.23    $8.40       $7.48                        $6.47                $6.91                      $9.04                         $8.02                  $10.93                  $10.25                      $6.95
    2009               $6.13                      $4.49                  $4.07                  $3.63                  $3.32                     $3.54                        $3.96                 $3.38    $2.83       $3.72                        $4.28                $4.49                      $3.99                         $4.90                   $3.50                   $3.39                      $4.16
    2010               $5.82                      $5.28                  $4.81                  $3.84                  $4.27                     $4.16                        $4.72                 $4.78    $3.64       $3.84                        $3.29                $4.27                      $4.39                         $5.30                   $4.09                   $4.38                      $3.80
    2011               $4.22                      $4.32                  $3.79                  $4.24                  $4.38                     $4.33                        $4.36                 $4.37    $3.85       $3.76                        $3.52                $3.37                      $4.04                         $4.11                   $4.32                   $4.19                      $3.55
    2012               $3.08                      $2.67                  $2.44                  $2.19                  $2.03                     $2.42                        $2.77                 $3.01    $2.63                                                                                    $2.58                         $2.73                   $2.21
    Avg                $4.93                      $4.73                  $4.65                  $4.55                  $4.61                     $4.67                        $4.70                 $4.55    $4.40       $4.69                        $4.71                $5.36                      $4.67                         $4.77                   $4.61                   $4.66                      $4.91
    High               $9.92                      $8.41                  $8.93                  $9.58                 $11.29                    $11.93                       $13.11                 $9.29   $11.73      $13.36                       $10.36               $13.08                      $9.04                         $8.57                  $10.93                  $10.25                     $12.27
    Low                $1.87                      $1.78                  $1.78                  $2.00                  $2.03                     $2.14                        $2.17                 $1.90    $1.84       $1.93                        $2.06                $1.69                      $2.08                         $1.81                   $2.13                   $2.02                      $1.89

  Source: Natural Gas Week, Credit Suisse




  Exhibit 42: Henry Hub differential                                                                                                                                                                         Exhibit 43: Mid-continent differential
                                                       Henry Hub vs. NYMEX Differential                                                                                                                                                                          Mid-Continent vs. NYMEX Differential
                                       Henry Hub - NYMEX Differential                                                Average                                                                                                                    Mid-Continent - NYMEX Differential                                                            Average
    $0.5                                                                                                                                                     3Q12 QTD Avg.                                      $2.0                                                                                                                                                         3Q12 QTD Avg.
    $0.4                                                                                                                                                    Price differential                                                                                                                                                                                              Price differential
                                                                                                                                                          -$0.01 vs. -$0.02 LTA                                 $1.0                                                                                                                                                      -$0.14 vs. -$0.71 LTA
    $0.3
    $0.2                                                                                                                                                                                                        $0.0
    $0.1
                                                                                                                                                                                                               ($1.0)
    $0.0
   ($0.1)                                                                                                                                                                                                      ($2.0)
   ($0.2)
   ($0.3)                                                                                                                                                                                                      ($3.0)

   ($0.4)
                                                                                                                                                                                                               ($4.0)
                                                                                                                                       Jun-10
            Feb-06
                     Jun-06



                                         Feb-07
                                                   Jun-07



                                                                     Feb-08

                                                                              Jun-08



                                                                                                Feb-09
                                                                                                         Jun-09



                                                                                                                             Feb-10




                                                                                                                                                           Feb-11
                                                                                                                                                                     Jun-11



                                                                                                                                                                                         Feb-12

                                                                                                                                                                                                   Jun-12
                              Oct-06




                                                            Oct-07




                                                                                       Oct-08




                                                                                                                   Oct-09




                                                                                                                                                 Oct-10




                                                                                                                                                                               Oct-11




                                                                                                                                                                                                                        Feb-06




                                                                                                                                                                                                                                                                                                                Feb-09




                                                                                                                                                                                                                                                                                                                                                                                                     Feb-12
                                                                                                                                                                                                                                  Jun-06



                                                                                                                                                                                                                                                       Feb-07

                                                                                                                                                                                                                                                                 Jun-07



                                                                                                                                                                                                                                                                                   Feb-08

                                                                                                                                                                                                                                                                                            Jun-08




                                                                                                                                                                                                                                                                                                                           Jun-09



                                                                                                                                                                                                                                                                                                                                               Feb-10

                                                                                                                                                                                                                                                                                                                                                        Jun-10



                                                                                                                                                                                                                                                                                                                                                                          Feb-11

                                                                                                                                                                                                                                                                                                                                                                                   Jun-11




                                                                                                                                                                                                                                                                                                                                                                                                               Jun-12
                                                                                                                                                                                                                                            Oct-06




                                                                                                                                                                                                                                                                          Oct-07




                                                                                                                                                                                                                                                                                                       Oct-08




                                                                                                                                                                                                                                                                                                                                     Oct-09




                                                                                                                                                                                                                                                                                                                                                                 Oct-10




                                                                                                                                                                                                                                                                                                                                                                                            Oct-11
            1
                                                                                                                                                                                                                        1

  Source: Credit Suisse                                                                                                                                                                                      Source: Credit Suisse




  Exhibit 44: South Texas differential                                                                                                                                                                       Exhibit 45: AECO differential
                                                   South Texas vs. NYMEX Differential                                                                                                                                                                                     AECO vs. NYMEX Differential

                                       South Texas - NYMEX Differential                                           Average                                   3Q12 QTD Avg.                                       $1.0                                                                                                                                                     3Q12 QTD Avg.
    $0.4                                                                                                                                                                                                                                             AECO - NYMEX Differential                                           Average
                                                                                                                                                           Price differential                                                                                                                                                                                           Price differential
    $0.2                                                                                                                                                 -$0.11 vs. -$0.31 LTA                                  $0.5                                                                                                                                                  -$0.66 vs. -$0.78 LTA
    $0.0                                                                                                                                                                                                        $0.0
   ($0.2)
                                                                                                                                                                                                               ($0.5)
   ($0.4)
                                                                                                                                                                                                               ($1.0)
   ($0.6)

   ($0.8)                                                                                                                                                                                                      ($1.5)

   ($1.0)                                                                                                                                                                                                      ($2.0)
   ($1.2)
                                                                                                                                                                                                               ($2.5)
            Feb-06




                                                                                                Feb-09




                                                                                                                                                                                        Feb-12
                     Jun-06



                                         Feb-07

                                                  Jun-07



                                                                     Feb-08

                                                                              Jun-08




                                                                                                         Jun-09



                                                                                                                            Feb-10

                                                                                                                                      Jun-10



                                                                                                                                                          Feb-11

                                                                                                                                                                    Jun-11




                                                                                                                                                                                                  Jun-12
                              Oct-06




                                                            Oct-07




                                                                                       Oct-08




                                                                                                                  Oct-09




                                                                                                                                                Oct-10




                                                                                                                                                                              Oct-11




                                                                                                                                                                                                                         Feb-06




                                                                                                                                                                                                                                                                                                                Feb-09




                                                                                                                                                                                                                                                                                                                                                                                                     Feb-12
                                                                                                                                                                                                                                   Jun-06



                                                                                                                                                                                                                                                        Feb-07

                                                                                                                                                                                                                                                                 Jun-07



                                                                                                                                                                                                                                                                                   Feb-08

                                                                                                                                                                                                                                                                                            Jun-08




                                                                                                                                                                                                                                                                                                                           Jun-09



                                                                                                                                                                                                                                                                                                                                               Feb-10

                                                                                                                                                                                                                                                                                                                                                        Jun-10



                                                                                                                                                                                                                                                                                                                                                                          Feb-11

                                                                                                                                                                                                                                                                                                                                                                                   Jun-11




                                                                                                                                                                                                                                                                                                                                                                                                              Jun-12
                                                                                                                                                                                                                                            Oct-06




                                                                                                                                                                                                                                                                          Oct-07




                                                                                                                                                                                                                                                                                                       Oct-08




                                                                                                                                                                                                                                                                                                                                     Oct-09




                                                                                                                                                                                                                                                                                                                                                                 Oct-10




                                                                                                                                                                                                                                                                                                                                                                                            Oct-11




            1
                                                                                                                                                                                                                        1

  Source: Credit Suisse                                                                                                                                                                                      Source: Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                22
                                                                                                                                                                                                                                                                                                                                                                24 October 2012




  Exhibit 46: Waha differential                                                                                                                                                                    Exhibit 47: Carthage differential
                                                            Waha vs. NYMEX Differential                                                                                                                                                                    Carthage vs. NYMEX Differential
    $1.5                                 Waha - NYMEX Differential                                        Average                                   3Q12 QTD Avg.                                   $0.6                            Carthage - NYMEX Differential                                        Average                                     3Q12 QTD Avg.
    $1.0                                                                                                                                           Price differential                               $0.4                                                                                                                                            Price differential
                                                                                                                                                 -$0.03 vs. -$0.55 LTA
    $0.5                                                                                                                                                                                            $0.2                                                                                                                                          -$0.04 vs. -$0.32 LTA
    $0.0                                                                                                                                                                                            $0.0
   ($0.5)                                                                                                                                                                                           ($0.2)
   ($1.0)                                                                                                                                                                                           ($0.4)
   ($1.5)                                                                                                                                                                                           ($0.6)
   ($2.0)
                                                                                                                                                                                                    ($0.8)
   ($2.5)
                                                                                                                                                                                                    ($1.0)
   ($3.0)
                                                                                                                                                                                                    ($1.2)
   ($3.5)
                                                                                                                                                                                                    ($1.4)
            Feb-06




                                                                                               Feb-09




                                                                                                                                                                                 Feb-12
                     Jun-06



                                         Feb-07

                                                  Jun-07



                                                                    Feb-08

                                                                             Jun-08




                                                                                                        Jun-09



                                                                                                                           Feb-10

                                                                                                                                    Jun-10



                                                                                                                                                      Feb-11

                                                                                                                                                               Jun-11




                                                                                                                                                                                          Jun-12
                              Oct-06




                                                           Oct-07




                                                                                      Oct-08




                                                                                                                  Oct-09




                                                                                                                                             Oct-10




                                                                                                                                                                        Oct-11




                                                                                                                                                                                                                      Jun-06
                                                                                                                                                                                                                               Oct-06


                                                                                                                                                                                                                                                  Jun-07
                                                                                                                                                                                                                                                            Oct-07


                                                                                                                                                                                                                                                                              Jun-08
                                                                                                                                                                                                                                                                                       Oct-08




                                                                                                                                                                                                                                                                                                                  Oct-09




                                                                                                                                                                                                                                                                                                                                             Oct-10




                                                                                                                                                                                                                                                                                                                                                                        Oct-11
                                                                                                                                                                                                             Feb-06




                                                                                                                                                                                                                                         Feb-07




                                                                                                                                                                                                                                                                     Feb-08




                                                                                                                                                                                                                                                                                                Feb-09
                                                                                                                                                                                                                                                                                                         Jun-09


                                                                                                                                                                                                                                                                                                                           Feb-10
                                                                                                                                                                                                                                                                                                                                    Jun-10


                                                                                                                                                                                                                                                                                                                                                      Feb-11
                                                                                                                                                                                                                                                                                                                                                               Jun-11


                                                                                                                                                                                                                                                                                                                                                                                 Feb-12
                                                                                                                                                                                                                                                                                                                                                                                          Jun-12
            1
                                                                                                                                                                                                             1

  Source: Credit Suisse                                                                                                                                                                            Source: Credit Suisse




  Exhibit 48: East Texas differential                                                                                                                                                              Exhibit 49: Appalachia differential
                                                     East Texas vs. NYMEX Differential                                                                                                                                                               Appalachia vs. NYMEX Differential

    $1.0                               East Texas - NYMEX Differential                                           Average                                                                                                                Appalachia - NYMEX Differential                                           Average
                                                                                                                                                      2Q12 QTD Avg. price                            $1.0
                                                                                                                                                      differential -$0.07 vs.                                                                                                                                                                           3Q12 QTD Avg.
    $0.5                                                                                                                                                    -$0.40 LTA                               $0.8                                                                                                                                               Price differential
                                                                                                                                                                                                                                                                                                                                                      -$0.05 vs. $0.21 LTA
                                                                                                                                                                                                     $0.6
    $0.0
                                                                                                                                                                                                     $0.4
   ($0.5)
                                                                                                                                                                                                     $0.2
   ($1.0)
                                                                                                                                                                                                     $0.0
   ($1.5)
                                                                                                                                                                                                    ($0.2)
   ($2.0)
                                                                                                                                                                                                    ($0.4)
            Feb-06




                                                                                               Feb-09




                                                                                                                                                                                 Feb-12
                     Jun-06



                                         Feb-07

                                                  Jun-07



                                                                    Feb-08

                                                                             Jun-08




                                                                                                        Jun-09



                                                                                                                           Feb-10

                                                                                                                                    Jun-10



                                                                                                                                                      Feb-11

                                                                                                                                                               Jun-11




                                                                                                                                                                                          Jun-12
                              Oct-06




                                                           Oct-07




                                                                                      Oct-08




                                                                                                                  Oct-09




                                                                                                                                             Oct-10




                                                                                                                                                                        Oct-11




                                                                                                                                                                                                             Feb-06




                                                                                                                                                                                                                                                                                                Feb-09




                                                                                                                                                                                                                                                                                                                                                                                 Feb-12
                                                                                                                                                                                                                      Jun-06



                                                                                                                                                                                                                                         Feb-07

                                                                                                                                                                                                                                                  Jun-07



                                                                                                                                                                                                                                                                     Feb-08

                                                                                                                                                                                                                                                                              Jun-08




                                                                                                                                                                                                                                                                                                         Jun-09



                                                                                                                                                                                                                                                                                                                           Feb-10

                                                                                                                                                                                                                                                                                                                                    Jun-10



                                                                                                                                                                                                                                                                                                                                                      Feb-11

                                                                                                                                                                                                                                                                                                                                                               Jun-11




                                                                                                                                                                                                                                                                                                                                                                                          Jun-12
                                                                                                                                                                                                                               Oct-06




                                                                                                                                                                                                                                                            Oct-07




                                                                                                                                                                                                                                                                                       Oct-08




                                                                                                                                                                                                                                                                                                                  Oct-09




                                                                                                                                                                                                                                                                                                                                             Oct-10




                                                                                                                                                                                                                                                                                                                                                                        Oct-11
            1
                                                                                                                                                                                                             1

  Source: Credit Suisse                                                                                                                                                                            Source: Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                           23
                                                                                                                  1
                                                                                                                             2
                                                                                                                                   3
                                                                                                                                             4
                                                                                                                                                    5
                                                                                                                                                              6




                                                                                                             -




                                                                               (4)
                                                                                     (3)
                                                                                              (2)
                                                                                                      (1)
                                                                                                                                                                                                                                                                                                                                                40
                                                                                                                                                                                                                                                                                                                                                     45
                                                                                                                                                                                                                                                                                                                                                          50
                                                                                                                                                                                                                                                                                                                                                                 55
                                                                                                                                                                                                                                                                                                                                                                               60
                                                                                                                                                                                                                                                                                                                                                                                            65
                                                                                                                                                                                                                                                                                                                                                                                                     70




                                                                                                                                                                                               (Bcf/d)
                                                                                                                                                                                                                                                                                                                                                                                                                               (Bcf/d)
                                                                  Jan-08                                                                                  4.9                                                                                                                                                                      Jan-08                        52.9




                                                                  1
                                                                                                                                                                                                                                                                                                                                   1
                                                                                                                                                       4.5                                                                                                                                                                                                        53.7
                                                                  Mar-08                                                                            4.3                                                                                                                                                                            Mar-08                             54.4
                                                                                                                                                 3.8                                                                                                                                                                                                              54.0
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Supply
                                                                  May-08                                                                      3.6                                                                                                                                                                                  May-08                             54.4
                                                                                                                                                       4.4                                                                                                                                                                                                             55.3




US Natural Gas Reservoir
                                                                      Jul-08                                                                             4.9                                                                                                                                                                           Jul-08                           55.5
                                                                                                                                                 3.9                                                                                                                                                                                                                   55.1
                                                                  Sep-08 (2.9)                                                                                                                                                                                                                                                     Sep-08                 48.5




                                                                                                                                                                                                                                                                                            Source: Bentek Energy, Credit Suisse




                           Source: Bentek Energy, Credit Suisse
                                                                                                                             1.5                                                                                                                                                                                                                                 53.3
                                                                  Nov-08                                                          2.0                                                                                                                                                                                              Nov-08                              55.0
                                                                                                                                 1.9                                                                                                                                                                                                                                   55.1
                                                                  Jan-09                                                                2.9                                                                                                                                                                                        Jan-09                               55.8
                                                                                                                                        2.8                                                                                                                                                                                                                              56.5
                                                                  Mar-09                                                         1.8                                                                                                                                                                                               Mar-09                               56.1
                                                                                                                              1.8                                                                                                                                                                                                                                       55.7
                                                                  May-09                                                1.0                                                                                                                                                                                                        May-09                              55.4
                                                                                                                 0.1                                                                                                                                                                                                                                                   55.4
                                                                      Jul-09                         (0.2)                                                                                                                                                                                                                             Jul-09                          55.3
                                                                                                                 0.1                                                                                                                                                                                                                                                   55.2
                                                                  Sep-09                                                                                      5.3                                                                                                                                                                  Sep-09                         53.8
                                                                                                                         1.2                                                                                                                                                                                                                                          54.5
                                                                  Nov-09                             (0.1)                                                                                                                                                                                                                         Nov-09                             54.9
                                                                                             (1.2)                                                                                                                                                                                                                                                                54.0
                                                                  Jan-10                   (1.6)                                                                                                                                                                                                                                   Jan-10                          54.2
                                                                                               (0.9)                                                                                                                                                                                                                                                                    55.6
                                                                  Mar-10                                           0.6                                                                                                                                                                                                             Mar-10                                56.8
                                                                                                                       0.7                                                                                                                                                                                                                                               56.4
                                                                  May-10                                                     1.5                                                                                                                                                                                                   May-10                                 56.9
                                                                                                                         1.2                                                                                                                                                                                                                                             56.7
                                                                      Jul-10                                                 1.5                                                                                                                                                                                                       Jul-10                            56.8
                                                                                                                                        2.9
                                                                                                                                                                                                                                                                                                                                                                                                          Dry Gas Production




                                                                                                                                                                                                                                                                                                                                                                               58.1
                                                                  Sep-10                                                                               4.4                                                                                                                                                                         Sep-10                                      58.3
                                                                                                                                                 3.8                Y-o-Y Dry Gas Production                                                                                                                                                                                   58.4
                                                                                                                                                                                                                                                                                                                                                                                                                                         Exhibit 50: US dry gas production (indicated by pipeline scrapes)




                                                                  Nov-10                                                                         4.0                                                                                                                                                                               Nov-10                                       58.9
                                                                                                                                                              5.3                                                                                                                                                                                                                   59.3
                                                                  Jan-11                                                                                  4.9                                                                                                                                                                      Jan-11                                       59.1
                                                                                                                                   2.3                                                                                                                                                                                                                                        58.0
                                                                  Mar-11                                                                         3.8                                                                                                                                                                               Mar-11                                            60.5
                                                                                                                                                        4.7                                                                                                                                                                                                                           61.1
                                                                  May-11                                                                                 4.8                                                                                                                                                                       May-11                                              61.7
                                                                                                                                                        4.8                                                                                                                                                                                                                            61.4
                                                                                                                                                                                                         Exhibit 51: Year-over-year US dry gas production (indicated by pipeline scrapes)




                                                                      Jul-11                                                                                 5.1                                                                                                                                                                       Jul-11                                              61.9
                                                                                                                                                       4.5                                                                                                                                                                                                                                  62.6
                                                                  Sep-11                                                                            4.3                                                                                                                                                                            Sep-11                                                  62.5
                                                                                                                                                             5.1                                                                                                                                                                                                                             63.5
                                                                  Nov-11                                                                                     5.2                                                                                                                                                                   Nov-11                                                     64.0
                                                                                                                                                    4.3                                                                                                                                                                                                                                      63.6
                                                                  Jan-12                                                                                  4.9                                                                                                                                                                      Jan-12                                                     64.0
                                                                                                                                                              5.5                                                                                                                                                                                                                            63.5
                                                                  Mar-12                                                                 3.0                                                                                                                                                                                       Mar-12                                                    63.5
                                                                                                                                       2.5                                                                                                                                                                                                                                                   63.6
                                                                  May-12                                                      1.8                                                                                                                                                                                                  May-12                                                    63.5
                                                                                                                                 1.8                                                                                                                                                                                                                                                         63.2
                                                                      Jul-12                                                      2.0                                                                                                                                                                                                  Jul-12                                                 63.9
                                                                                                                   0.6                                                                                                                                                                                                                                                                       63.3
                                                                  Sep-12                                                 1.2                                                                                                                                                                                                       Sep-12                                                    63.7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      24 October 2012




24
                                                                  1
                                                                  2
                                                                  3
                                                                  4
                                                                  5
                                                                  6
                                                                  7
                                                                  9
                                                                 10
                                                                                                                                                                                                                        40
                                                                                                                                                                                                                                  50
                                                                                                                                                                                                                                       55
                                                                                                                                                                                                                                                 65
                                                                                                                                                                                                                                                       70




                                                                  0
                                                                  8
                                                                                                                                                                                                                             45
                                                                                                                                                                                                                                            60
                                                                                                                                                                                                                                                                                                                                                                                          40
                                                                                                                                                                                                                                                                                                                                                                                               45
                                                                                                                                                                                                                                                                                                                                                                                                    50
                                                                                                                                                                                                                                                                                                                                                                                                         55
                                                                                                                                                                                                                                                                                                                                                                                                              60
                                                                                                                                                                                                                                                                                                                                                                                                                   65
                                                                                                                                                                                                                                                                                                                                                                                                                        70
                                                                                                                                                                                                                                                                                                                                                                                                                             75
                                                        Jan-08                      7.9                                                                                                                        Jan-08                  52.5                                                                                                                                      Jan-08                          60.4
                                                                                    7.9                                                                                                                                                53.1                                                                                                                                                                       61.0
                                                        Mar-08                     7.8                                                                                                                         Mar-08                   53.9                                                                                                                                     Mar-08                            61.7




                           Source: EIA, Credit Suisse
                                                                                                                                                                                  Source: EIA, Credit Suisse
                                                                                                                                                                                                                                                                                                                                                    Source: EIA, Credit Suisse




US Natural Gas Reservoir
                                                                                6.9                                                                                                                                                      54.5                                                                                                                                                                      61.4
                                                        May-08                  6.7                                                                                                                            May-08                    55.0                                                                                                                                    May-08                            61.8
                                                                                  7.4                                                                                                                                                    54.9                                                                                                                                                                       62.3
                                                        Jul-08                    7.5                                                                                                                          Jul-08                     55.8                                                                                                                                   Jul-08                              63.3
                                                                                 7.0                                                                                                                                                      56.1                                                                                                                                                                       63.1
                                                        Sep-08   2.2                                                                                                                                           Sep-08                   53.9                                                                                                                                     Sep-08                       56.2
                                                                         4.5                                                                                                                                                               56.4                                                                                                                                                                   61.0
                                                        Nov-08               5.6                                                                                                                               Nov-08                       57.4                                                                                                                                 Nov-08                             63.0
                                                                              5.8                                                                                                                                                          56.6                                                                                                                                                                     62.4
                                                        Jan-09                 6.3                                                                                                                             Jan-09                      56.5                                                                                                                                  Jan-09                             62.9
                                                                                6.5                                                                                                                                                         57.0                                                                                                                                                                     63.5
                                                        Mar-09                   6.7                                                                                                                           Mar-09                      56.6                                                                                                                                  Mar-09                              63.2
                                                                                  6.8                                                                                                                                                      56.3                                                                                                                                                                      63.2
                                                        May-09                   6.6                                                                                                                           May-09                     56.1                                                                                                                                   May-09                             62.7
                                                                                7.1                                                                                                                                                       55.8                                                                                                                                                                      62.9
                                                        Jul-09                     7.3                                                                                                                         Jul-09                    55.0                                                                                                                                    Jul-09                             62.3
                                                                                  6.9                                                                                                                                                     56.0                                                                                                                                                                      62.8



                                                                                                                                                                                                                                                                                                       Exhibit 53: Onshore natural gas production




                                                                                                                                    Exhibit 54: Offshore natural gas production
                                                        Sep-09                   6.7                                                                                                                           Sep-09                    54.6                                                                                                                                    Sep-09                           61.3
                                                                                 6.7                                                                                                                                                      55.7                                                                                                                                                                      62.4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Exhibit 52: US lower 48 natural gas production




                                                        Nov-09                  6.4                                                                                                                            Nov-09                     56.2                                                                                                                                   Nov-09                             62.5
                                                                                6.4                                                                                                                                                       55.6                                                                                                                                                                     62.0
                                                        Jan-10                  6.5                                                                                                                            Jan-10                     55.9                                                                                                                                   Jan-10                             62.4
                                                                                 6.8                                                                                                                                                       56.6                                                                                                                                                                      63.4
                                                        Mar-10                   6.8                                                                                                                           Mar-10                       57.6                                                                                                                                 Mar-10                               64.3
                                                                                6.5                                                                                                                                                          58.0                                                                                                                                                                     64.5
                                                        May-10                 6.3                                                                                                                             May-10                        58.3                                                                                                                                May-10                               64.6
                                                                              6.0                                                                                                                                                            57.7                                                                                                                                                                    63.7
                                                        Jul-10                5.8                                                                                                                              Jul-10                        58.3                                                                                                                                Jul-10                               64.1
                                                                               6.2                                                                                                                                                            59.2                                                                                                                                                                     65.4
                                                        Sep-10                5.9                                                                                                                              Sep-10                          59.9                                                                                                                              Sep-10                                65.9
                                                                              6.0                                                                                                                                                              59.9                                                                                                                                                                    65.8
                                                        Nov-10               5.7                                                                                                                               Nov-10                           60.9                                                                                                                             Nov-10                                 66.6
                                                                              5.9                                                                                                                                                               61.1                                                                                                                                                                    67.0
                                                                                                                                                                                                                                                              Onshore Natural Gas Production (Bcf/d)




                                                                                          Offshore Natural Gas Production (Bcf/d)
                                                        Jan-11                5.8                                                                                                                              Jan-11                           60.9                                                                                                                             Jan-11                                 66.8
                                                                             5.5                                                                                                                                                                                                                                                                                                                                       65.5
                                                                                                                                                                                                                                                                                                                                                                                                                                   U.S. Lower 48 Natural Gas Production (Bcf/d)




                                                                                                                                                                                                                                               60.0
                                                        Mar-11               5.5                                                                                                                               Mar-11                             62.8                                                                                                                           Mar-11                                  68.3
                                                                            5.4                                                                                                                                                                    63.8                                                                                                                                                                   69.3
                                                        May-11              5.3                                                                                                                                May-11                              64.1                                                                                                                          May-11                                    69.4
                                                                           5.0                                                                                                                                                                      64.3                                                                                                                                                                   69.4
                                                        Jul-11          4.7                                                                                                                                    Jul-11                                                                                                                                                            Jul-11                                    69.6
                                                                                                                                                                                                                                                    64.8
                                                                          4.8                                                                                                                                                                       64.9                                                                                                                                                                   69.7
                                                        Sep-11         4.1                                                                                                                                     Sep-11                                66.2                                                                                                                        Sep-11                                     70.3
                                                                         4.6                                                                                                                                                                         67.1                                                                                                                                                                   71.7
                                                        Nov-11           4.6                                                                                                                                                                                                                                                                                                     Nov-11                                   72.7
                                                                                                                                                                                                               Nov-11                                68.1                                                                                                                                                                 72.5
                                                                         4.7                                                                                                                                                                         67.8
                                                        Jan-12           4.6                                                                                                                                   Jan-12                                68.1                                                                                                                        Jan-12                                     72.7
                                                                         4.5                                                                                                                                                                         67.5                                                                                                                                                                   72.0
                                                        Mar-12           4.7                                                                                                                                   Mar-12                                67.2                                                                                                                        Mar-12                                     71.9
                                                                         4.5                                                                                                                                                                         67.8                                                                                                                                                                   72.4
                                                        May-12          4.3                                                                                                                                    May-12                                68.3                                                                                                                        May-12                                     72.6
                                                                       4.0                                                                                                                                                                             68.3                                                                                                                                                                 72.3
                                                        Jul-12         4.1                                                                                                                                     Jul-12                                 68.5                                                                                                                       Jul-12                                     72.6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   24 October 2012




25
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  0
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  7




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  3




                                                                          -4
                                                                               -2
                                                                                                                                                                                                                                                                               -2




                                                                -8
                                                                     -6
                                                                                                                                                                                                                                                                               -1




                                                                                     0
                                                                                         2
                                                                                               4
                                                                                                                                                                                                                                                                                0
                                                                                                                                                                                                                                                                                1
                                                                                                                                                                                                                                                                                2
                                                                                                                                                                                                                                                                                4
                                                                                                                                                                                                                                                                                5
                                                                                                                                                                                                                                                                                7
                                                                                                                                                                                                                                                                                8




                                                                                                   6
                                                                                                                                                                                                                                                                                3
                                                                                                                                                                                                                                                                                6
                                                        Jan-08                           0.1                                                                                                                                                                         Jan-08                       4.6                                                                                                                                                                     Jan-08                          4.7
                                                        Feb-08                           0.2                                                                                                                                                                         Feb-08                         5.3                                                                                                                                                                   Feb-08                             5.5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Mar-08                           4.9




                           Source: EIA, Credit Suisse
                                                                                                                                                                                                                                        Source: EIA, Credit Suisse
                                                                                                                                                                                                                                                                                                                                                                                                                                             Source: EIA, Credit Suisse
                                                        Mar-08                           0.1                                                                                                                                                                         Mar-08                        4.8




US Natural Gas Reservoir
                                                        Apr-08             -0.8                                                                                                                                                                                      Apr-08                         5.3                                                                                                                                                                   Apr-08                          4.5
                                                        May-08            -1.0                                                                                                                                                                                       May-08                          5.5                                                                                                                                                                  May-08                          4.5
                                                        Jun-08               -0.3                                                                                                                                                                                    Jun-08                        4.8                                                                                                                                                                    Jun-08                          4.5
                                                         Jul-08                          0.0                                                                                                                                                                          Jul-08                          5.7                                                                                                                                                                  Jul-08                             5.8
                                                        Aug-08               -0.4                                                                                                                                                                                    Aug-08                          5.5                                                                                                                                                                  Aug-08                            5.1
                                                        Sep-08 -5.1                                                                                                                                                                                                  Sep-08               3.0                                                                                                                                                                             Sep-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -2.1
                                                        Oct-08      -3.0                                                                                                                                                                                             Oct-08                          5.5                                                                                                                                                                  Oct-08                  2.6
                                                        Nov-08        -2.0                                                                                                                                                                                           Nov-08                       5.2                                                                                                                                                                     Nov-08                    3.2
                                                        Dec-08       -2.4                                                                                                                                                                                            Dec-08                      4.4                                                                                                                                                                      Dec-08                2.0
                                                        Jan-09         -1.6                                                                                                                                                                                          Jan-09                    4.0                                                                                                                                                                        Jan-09                  2.4
                                                        Feb-09          -1.4                                                                                                                                                                                         Feb-09                    3.9                                                                                                                                                                        Feb-09                  2.5
                                                        Mar-09           -1.1                                                                                                                                                                                        Mar-09              2.6                                                                                                                                                                              Mar-09               1.5
                                                        Apr-09                -0.1                                                                                                                                                                                   Apr-09            1.9                                                                                                                                                                                Apr-09                1.8
                                                        May-09                -0.1                                                                                                                                                                                   May-09         1.0                                                                                                                                                                                   May-09             0.9
                                                        Jun-09               -0.3                                                                                                                                                                                    Jun-09         0.9                                                                                                                                                                                   Jun-09            0.6
                                                         Jul-09              -0.2                                                                                                                                                                                     Jul-09   -0.8                                                                                                                                                                                        Jul-09 -1.0
                                                        Aug-09                -0.1                                                                                                                                                                                   Aug-09    -0.2                                                                                                                                                                                       Aug-09 -0.3
                                                        Sep-09                                     4.5                                                                                                                                                               Sep-09         0.7                                                                                                                                                                                   Sep-09                           5.2
                                                        Oct-09                               2.2                                                                                                                                                                     Oct-09    -0.8                                                                                                                                                                                       Oct-09              1.4
                                                        Nov-09                            0.8                                                                                                                                                                        Nov-09    -1.2                                                                                                                                                                                       Nov-09 -0.4
                                                        Dec-09                            0.6                                                                                                                                                                        Dec-09     -1.1                                                                                                                                                                                      Dec-09 -0.4
                                                        Jan-10                           0.2                                                                                                                                                                         Jan-10     -0.7                                                                                                                                                                                      Jan-10 -0.5
                                                        Feb-10                           0.3                                                                                                                                                                         Feb-10    -0.4                                                                                                                                                                                       Feb-10     -0.1
                                                        Mar-10                           0.1                                                                                                                                                                         Mar-10          1.0                                                                                                                                                                                  Mar-10             1.1
                                                        Apr-10               -0.3                                                                                                                                                                                    Apr-10            1.7                                                                                                                                                                                Apr-10             1.3
                                                        May-10               -0.3                                                                                                                                                                                    May-10              2.3                                                                                                                                                                              May-10                1.9
                                                        Jun-10           -1.1                                                                                                                                                                                        Jun-10             1.9                                                                                                                                                                               Jun-10            0.8
                                                         Jul-10         -1.5                                                                                                                                                                                          Jul-10                3.3                                                                                                                                                                            Jul-10              1.8
                                                        Aug-10             -0.7                                                                                                                                                                                      Aug-10                 3.2                                                                                                                                                                           Aug-10                  2.5
                                                        Sep-10             -0.8                                                                                                                                                                                      Sep-10                      5.3                                                                                                                                                                      Sep-10                          4.6
                                                        Oct-10             -0.8                                                                                                                                                                                      Oct-10                  4.2                                                                                                                                                                          Oct-10                      3.4
                                                        Nov-10             -0.7                                                                                                                                                                                      Nov-10                    4.7                                                                                                                                                                        Nov-10                        4.1
                                                                                                                                                                                                                                                                                                                                                                       Exhibit 56: Year-over-year change in onshore natural gas production




                                                                                                                                                                 Exhibit 57: Year-over-year change in offshore natural gas production
                                                        Dec-10              -0.6                                                                                                                                                                                     Dec-10                       5.6                                                                                                                                                                     Dec-10                           5.0
                                                        Jan-11             -0.7                                                                                                                                                                                      Jan-11                     5.1                                                                                                                                                                       Jan-11                         4.4
                                                        Feb-11                                                                                                                                                                                                       Feb-11                                                                                                                                                                                               Feb-11                2.1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Exhibit 55: Year-over-year change in US lower 48 natural gas production




                                                                        -1.3                                                                                                                                                                                                               3.4
                                                        Mar-11           -1.2                                                                                                                                                                                        Mar-11                     5.2                                                                                                                                                                       Mar-11                       4.0
                                                        Apr-11            -1.0                                                                                                                                                                                       Apr-11                        5.8                                                                                                                                                                    Apr-11                          4.8
                                                                                                                                                                                                                                                                                                                YoY Change in Onshore Natural Gas Production (Bcf/d)




                                                                                                         YoY Change in Offshore Natural Gas Production (Bcf/d)
                                                        May-11            -1.0
                                                                           -0.9                                                                                                                                                                                      May-11                       5.7
                                                                                                                                                                                                                                                                                                    6.6                                                                                                                                                                   May-11                          4.8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     YoY Change in U.S. Lower 48 Natural Gas Production (Bcf/d)




                                                        Jun-11                                                                                                                                                                                                       Jun-11                                                                                                                                                                                               Jun-11                             5.6
                                                         Jul-11          -1.1                                                                                                                                                                                         Jul-11                            6.5                                                                                                                                                                Jul-11                            5.4
                                                        Aug-11          -1.3                                                                                                                                                                                         Aug-11                          5.6                                                                                                                                                                  Aug-11                         4.3
                                                        Sep-11         -1.8                                                                                                                                                                                          Sep-11                           6.3                                                                                                                                                                 Sep-11                         4.4
                                                        Oct-11          -1.4                                                                                                                                                                                         Oct-11                               7.2                                                                                                                                                             Oct-11                              5.9
                                                        Nov-11           -1.1                                                                                                                                                                                        Nov-11                               7.2                                                                                                                                                             Nov-11                               6.1
                                                        Dec-11           -1.2                                                                                                                                                                                        Dec-11                             6.7                                                                                                                                                               Dec-11                             5.5
                                                        Jan-12           -1.2                                                                                                                                                                                        Jan-12                               7.2                                                                                                                                                             Jan-12                              6.0
                                                        Feb-12            -1.0                                                                                                                                                                                       Feb-12                               7.5                                                                                                                                                             Feb-12                               6.5
                                                        Mar-12             -0.8                                                                                                                                                                                      Mar-12                   4.4                                                                                                                                                                         Mar-12                      3.6
                                                        Apr-12            -0.9                                                                                                                                                                                       Apr-12                  4.0                                                                                                                                                                          Apr-12                     3.1
                                                        May-12            -1.0                                                                                                                                                                                       May-12                  4.2                                                                                                                                                                          May-12                     3.2
                                                        Jun-12            -1.1                                                                                                                                                                                       Jun-12                  4.0                                                                                                                                                                          Jun-12                    2.9
                                                         Jul-12            -0.7                                                                                                                                                                                       Jul-12                3.7                                                                                                                                                                            Jul-12                   3.0
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            24 October 2012




26
                                                                                                                                                                                                                                                                                                                                                                                            24 October 2012




 Exhibit 58: Texas natural gas production                                                                                                                                                                       Exhibit 59: Louisiana natural gas production
                                                          Texas Natural Gas Production (Bcf/d)                                                                                                                                                                 Louisiana Natural Gas Production (Bcf/d)
  35                        As of July 2012                                                                                                                                                                      9                      As of July 2012
                      Up 3.2% YTD (+0.68 Bcf/d)                                                                                                                                                                  8                Up 5.1% YTD (+0.41 Bcf/d)
  30                  Up 2.1% Yr/Yr (+0.45 Bcf/d)                                                                                                                                                                                 Up 1.1% Yr/Yr (+0.09 Bcf/d)
                                                                                                                                                                                                                 7
  25
                                                                                                                                                                                                                 6
  20                                                                                                                                                                                                             5
  15                                                                                                                                                                                                             4
                                                                                                                                                                                                                 3
  10
                                                                                                                                                                                                                 2
      5
                                                                                                                                                                                                                 1
      0                                                                                                                                                                                                          0
                                                 Oct-08




                                                                                             Oct-09




                                                                                                                                      Oct-10




                                                                                                                                                                            Oct-11
                         Apr-08




                                                                       Apr-09




                                                                                                                  Apr-10




                                                                                                                                                          Apr-11




                                                                                                                                                                                              Apr-12
             Jan-08


                                     Jul-08


                                                            Jan-09


                                                                                  Jul-09


                                                                                                        Jan-10


                                                                                                                            Jul-10


                                                                                                                                                Jan-11


                                                                                                                                                                   Jul-11


                                                                                                                                                                                     Jan-12


                                                                                                                                                                                                       Jul-12




                                                                                                                                                                                                                                                             Oct-08




                                                                                                                                                                                                                                                                                                          Oct-09




                                                                                                                                                                                                                                                                                                                                                    Oct-10




                                                                                                                                                                                                                                                                                                                                                                                           Oct-11
                                                                                                                                                                                                                         Jan-08
                                                                                                                                                                                                                                     Apr-08




                                                                                                                                                                                                                                                                         Jan-09
                                                                                                                                                                                                                                                                                    Apr-09




                                                                                                                                                                                                                                                                                                                     Jan-10
                                                                                                                                                                                                                                                                                                                                Apr-10




                                                                                                                                                                                                                                                                                                                                                              Jan-11
                                                                                                                                                                                                                                                                                                                                                                        Apr-11




                                                                                                                                                                                                                                                                                                                                                                                                    Jan-12
                                                                                                                                                                                                                                                                                                                                                                                                             Apr-12
                                                                                                                                                                                                                                                 Jul-08




                                                                                                                                                                                                                                                                                               Jul-09




                                                                                                                                                                                                                                                                                                                                          Jul-10




                                                                                                                                                                                                                                                                                                                                                                                  Jul-11




                                                                                                                                                                                                                                                                                                                                                                                                                      Jul-12
                         1                                                                                                                                                                                                              1
 Source: EIA, Credit Suisse                                                                                                                                                                                     Source: EIA, Credit Suisse




 Exhibit 60: Oklahoma natural gas production                                                                                                                                                                    Exhibit 61: New Mexico natural gas production
                                                Oklahoma Natural Gas Production (Bcf/d)                                                                                                                                                                      New Mexico Natural Gas Production (Bcf/d)
  8                                                                                                                                                                                                              6                      As of July 2012
                         As of July 2012
                                                                                                                                                                                                                                   Up 0.4% YTD (+0.01 Bcf/d)
  7                Up 6.5% YTD (+0.33 Bcf/d)
                                                                                                                                                                                                                 5                Down 2.0% Yr/Yr (-0.07 Bcf/d)
                   Up 5.4% Yr/Yr (+0.28 Bcf/d)
  6
                                                                                                                                                                                                                 4
  5
  4                                                                                                                                                                                                              3
  3
                                                                                                                                                                                                                 2
  2
                                                                                                                                                                                                                 1
  1
  0                                                                                                                                                                                                              0
                                              Oct-08




                                                                                           Oct-09




                                                                                                                                     Oct-10




                                                                                                                                                                            Oct-11




                                                                                                                                                                                                                                                             Oct-08




                                                                                                                                                                                                                                                                                                          Oct-09




                                                                                                                                                                                                                                                                                                                                                    Oct-10




                                                                                                                                                                                                                                                                                                                                                                                           Oct-11
          Jan-08
                      Apr-08




                                                          Jan-09
                                                                     Apr-09
                                  Jul-08




                                                                                Jul-09


                                                                                                      Jan-10
                                                                                                                 Apr-10
                                                                                                                           Jul-10


                                                                                                                                               Jan-11
                                                                                                                                                         Apr-11




                                                                                                                                                                                              Apr-12




                                                                                                                                                                                                                                     Apr-08




                                                                                                                                                                                                                                                                                    Apr-09




                                                                                                                                                                                                                                                                                                                                Apr-10




                                                                                                                                                                                                                                                                                                                                                                        Apr-11




                                                                                                                                                                                                                                                                                                                                                                                                             Apr-12
                                                                                                                                                                   Jul-11


                                                                                                                                                                                     Jan-12


                                                                                                                                                                                                       Jul-12




                                                                                                                                                                                                                         Jan-08


                                                                                                                                                                                                                                                 Jul-08


                                                                                                                                                                                                                                                                         Jan-09


                                                                                                                                                                                                                                                                                               Jul-09


                                                                                                                                                                                                                                                                                                                     Jan-10


                                                                                                                                                                                                                                                                                                                                          Jul-10


                                                                                                                                                                                                                                                                                                                                                              Jan-11


                                                                                                                                                                                                                                                                                                                                                                                  Jul-11


                                                                                                                                                                                                                                                                                                                                                                                                    Jan-12


                                                                                                                                                                                                                                                                                                                                                                                                                      Jul-12
                         1                                                                                                                                                                                                              1
 Source: EIA, Credit Suisse                                                                                                                                                                                     Source: EIA, Credit Suisse




 Exhibit 62: Wyoming natural gas production                                                                                                                                                                     Exhibit 63: Other states natural gas production
                                                 Wyoming Natural Gas Production (Bcf/d)                                                                                                                                                                      Other States Natural Gas Production (Bcf/d)
  10                            As of July 2012                                                                                                                                                                  25                                    As of July 2012
                          Down 2.3% YTD (-0.15 Bcf/d)                                                                                                                                                                                            Up 20.2% YTD (+3.72 Bcf/d)
                          Down 7.4% Yr/Yr (-0.49 Bcf/d)                                                                                                                                                                                          Up 17.8% Yr/Yr (+3.42 Bcf/d)
      8                                                                                                                                                                                                          20

      6                                                                                                                                                                                                          15


      4                                                                                                                                                                                                          10


      2                                                                                                                                                                                                              5


      0                                                                                                                                                                                                              0
                                                 Oct-08




                                                                                             Oct-09




                                                                                                                                      Oct-10




                                                                                                                                                                            Oct-11




                                                                                                                                                                                                                                                                Oct-08




                                                                                                                                                                                                                                                                                                            Oct-09




                                                                                                                                                                                                                                                                                                                                                     Oct-10




                                                                                                                                                                                                                                                                                                                                                                                           Oct-11
                         Apr-08




                                                                       Apr-09




                                                                                                                  Apr-10




                                                                                                                                                          Apr-11




                                                                                                                                                                                              Apr-12




                                                                                                                                                                                                                                        Apr-08




                                                                                                                                                                                                                                                                                      Apr-09




                                                                                                                                                                                                                                                                                                                                 Apr-10




                                                                                                                                                                                                                                                                                                                                                                         Apr-11




                                                                                                                                                                                                                                                                                                                                                                                                             Apr-12
             Jan-08


                                     Jul-08


                                                            Jan-09


                                                                                  Jul-09


                                                                                                        Jan-10


                                                                                                                            Jul-10


                                                                                                                                                Jan-11


                                                                                                                                                                   Jul-11


                                                                                                                                                                                     Jan-12


                                                                                                                                                                                                       Jul-12




                                                                                                                                                                                                                            Jan-08


                                                                                                                                                                                                                                                    Jul-08


                                                                                                                                                                                                                                                                           Jan-09


                                                                                                                                                                                                                                                                                                 Jul-09


                                                                                                                                                                                                                                                                                                                       Jan-10


                                                                                                                                                                                                                                                                                                                                           Jul-10


                                                                                                                                                                                                                                                                                                                                                               Jan-11


                                                                                                                                                                                                                                                                                                                                                                                  Jul-11


                                                                                                                                                                                                                                                                                                                                                                                                    Jan-12


                                                                                                                                                                                                                                                                                                                                                                                                                      Jul-12




                         1                                                                                                                                                                                                              1
 Source: EIA, Credit Suisse                                                                                                                                                                                     Source: EIA, Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                       27
                                                                                                                                                                                                                                                                                                                                                                                    24 October 2012




         US Imports/Exports
         Exhibit 64: Monthly net natural gas imports                                                                                                                                                              Exhibit 65: Monthly imports from Canada
                                                                                                Net Imports                                                                                                                                                                                Canadian Imports
            10                                                                                                                                                                                                       10.0                                                                                                                          As of September 2012
                                                                                                                                    As of September 2012                                                                                                                                                                                        Down 5.2% YTD (-0.30 Bcf/d)
             9                                                                                                                   Down 17.1% YTD (-0.90 Bcf/d)                                                         9.0
                                                                                                                                                                                                                                                                                                                                                 Up 5.0% Yr/Yr (+0.26 Bcf/d)
                                                                                                                                 Down 11.6% Yr/Yr (-0.51 Bcf/d)
             8                                                                                                                                                                                                        8.0

             7                                                                                                                                                                                                        7.0

             6                                                                                                                                                                                                        6.0

             5                                                                                                                                                                                                        5.0

             4                                                                                                                                                                                                        4.0

             3                                                                                                                                                                                                        3.0
                                                                                                                                                                                                         As of September 2012 Up 4.3% YTD (+2.59 Bcf/d) Up 1.9% Yr/Yr (+1.17 Bcf/d)
             2                                                                                                                                                                                                        2.0

             1                                                                                                                                                                                                        1.0

             -                                                                                                                                                                                                          -
                                                    Oct-08




                                                                                            Oct-09



                                                                                                               Apr-10



                                                                                                                                 Oct-10




                                                                                                                                                                     Oct-11




                                                                                                                                                                                                                                                            Oct-08




                                                                                                                                                                                                                                                                                                    Oct-09




                                                                                                                                                                                                                                                                                                                                            Oct-10




                                                                                                                                                                                                                                                                                                                                                                                 Oct-11
                  Jan-08

                                Apr-08




                                                              Jan-09

                                                                        Apr-09
                                          Jul-08




                                                                                  Jul-09



                                                                                                      Jan-10



                                                                                                                        Jul-10



                                                                                                                                          Jan-11

                                                                                                                                                   Apr-11




                                                                                                                                                                                       Apr-12




                                                                                                                                                                                                                                        Apr-08




                                                                                                                                                                                                                                                                                Apr-09




                                                                                                                                                                                                                                                                                                                        Apr-10




                                                                                                                                                                                                                                                                                                                                                               Apr-11




                                                                                                                                                                                                                                                                                                                                                                                                   Apr-12
                                                                                                                                                            Jul-11



                                                                                                                                                                              Jan-12



                                                                                                                                                                                                Jul-12




                                                                                                                                                                                                                              Jan-08



                                                                                                                                                                                                                                                  Jul-08



                                                                                                                                                                                                                                                                      Jan-09



                                                                                                                                                                                                                                                                                          Jul-09



                                                                                                                                                                                                                                                                                                              Jan-10



                                                                                                                                                                                                                                                                                                                                  Jul-10



                                                                                                                                                                                                                                                                                                                                                      Jan-11



                                                                                                                                                                                                                                                                                                                                                                        Jul-11



                                                                                                                                                                                                                                                                                                                                                                                          Jan-12



                                                                                                                                                                                                                                                                                                                                                                                                            Jul-12
                            1                                                                                                                                                                                                    1

         Source: Bentek Energy, Credit Suisse                                                                                                                                                                     Source: Bentek Energy, Credit Suisse




         Exhibit 66: Monthly LNG imports                                                                                                                                                                          Exhibit 67: Monthly Mexican exports
                                                                                             LNG Imports                                                                                                                                                                                     Mexican Exports
            2.5
                                                                                                                                                                                                                             Jan-08

                                                                                                                                                                                                                                       Apr-08




                                                                                                                                                                                                                                                                     Jan-09

                                                                                                                                                                                                                                                                               Apr-09




                                                                                                                                                                                                                                                                                                             Jan-10

                                                                                                                                                                                                                                                                                                                       Apr-10




                                                                                                                                                                                                                                                                                                                                                     Jan-11

                                                                                                                                                                                                                                                                                                                                                               Apr-11




                                                                                                                                                                                                                                                                                                                                                                                          Jan-12

                                                                                                                                                                                                                                                                                                                                                                                                   Apr-12
                                                                                                                                                                                                                                                           Oct-08




                                                                                                                                                                                                                                                                                                   Oct-09




                                                                                                                                                                                                                                                                                                                                           Oct-10




                                                                                                                                                                                                                                                                                                                                                                                 Oct-11
                                                                                                                                                                                                                                                 Jul-08




                                                                                                                                                                                                                                                                                         Jul-09




                                                                                                                                                                                                                                                                                                                                 Jul-10




                                                                                                                                                                                                                                                                                                                                                                        Jul-11




                                                                                                                                                                                                                                                                                                                                                                                                            Jul-12
                                                                                                                               As of September 2012
                                                                                                                            Down 51.9% YTD (-0.41 Bcf/d)
                                                                                                                            Down 50.9% Yr/Yr (-0.22 Bcf/d)                                                             -
            2.0
                                                                                                                                                                                                                     (0.2)

                                                                                                                                                                                                                     (0.4)
            1.5
                                                                                                                                                                                                                     (0.6)

                                                                                                                                                                                                                     (0.8)
            1.0
                                                                                                                                                                                                                     (1.0)

                                                                                                                                                                                                                     (1.2)
           0.5
As of September 2012 Up 14.7% YTD (+0.19 Bcf/d) Up 45.5% Yr/Yr (+0.55 Bcf/d)
                                                                                                                                                                                                                     (1.4)

                                                                                                                                                                                                                     (1.6)
             -                                                                                                                                                                                                                                                                                                                        As of September 2012
                                                     Oct-08




                                                                                             Oct-09




                                                                                                                                 Oct-10




                                                                                                                                                                     Oct-11
                   Jan-08

                                 Apr-08




                                                               Jan-09

                                                                         Apr-09
                                           Jul-08




                                                                                   Jul-09



                                                                                                      Jan-10

                                                                                                               Apr-10




                                                                                                                                          Jan-11

                                                                                                                                                   Apr-11




                                                                                                                                                                                       Apr-12
                                                                                                                        Jul-10




                                                                                                                                                            Jul-11



                                                                                                                                                                              Jan-12



                                                                                                                                                                                                Jul-12




                                                                                                                                                                                                                     (1.8)                                                                                                          Up 14.7% YTD (+0.19 Bcf/d)
                                                                                                                                                                                                                                                                                                                                    Up 45.5% Yr/Yr (+0.55 Bcf/d)
                                                                                                                                                                                                                     (2.0)
                            1                                                                                                                                                                                                    1
         Source: Bentek Energy, Credit Suisse                                                                                                                                                                     Source: Bentek Energy, Credit Suisse




        US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                     28
                                                                                                                                                                                                                                                                                                                                                                                                  24 October 2012




         US Gas Demand (Monthly)
         Exhibit 68: Total US gas demand                                                                                                                                                                                                  Exhibit 69: Residential/commercial demand
         (Bcf/d)                                                                                                                                                                                                                          (Bcf/d)
                                                                                                            Total Demand                                                                                                                                                                   Residential/Commercial Demand
            120                                                                                                                                                       As of September 2012                                                  70                                                                                                              As of September 2012
                                                                                                                                                                    Up 3.1% YTD (+2.03 Bcf/d)                                                                                                                                                            Down 13.9% YTD (-3.18 Bcf/d)
                                                                                                                                                                    Up 10.1% Yr/Yr (5.50 Bcf/d)                                             60                                                                                                            Up 1.1% Yr/Yr (+0.13 Bcf/d)
            100

                                                                                                                                                                                                                                            50
             80

                                                                                                                                                                                                                                            40
             60
                                                                                                                                                                                                                                            30

            40
As of September 2012 Up 22.9% YTD (+4.97 Bcf/d) Up 18.7% Yr/Yr (+4.25 Bcf/d)
                                                                                                                                                                                                                                            20

             20
                                                                                                                                                                                                                                            10


                 -                                                                                                                                                                                                                            -




                                                                                                                                                                                                                                                                                                                     Oct-09
                                                               Oct-08




                                                                                                               Oct-09




                                                                                                                                                           Oct-10




                                                                                                                                                                                                     Oct-11




                                                                                                                                                                                                                                                                                 Oct-08




                                                                                                                                                                                                                                                                                                                                                         Oct-10




                                                                                                                                                                                                                                                                                                                                                                                               Oct-11
                                      Apr-08




                                                                                                                                                                                                                                                                                                                                                                                                                 Apr-12
                         Jan-08



                                                   Jul-08



                                                                           Jan-09

                                                                                       Apr-09




                                                                                                                          Jan-10

                                                                                                                                     Apr-10




                                                                                                                                                                                 Apr-11




                                                                                                                                                                                                                        Apr-12




                                                                                                                                                                                                                                                               Apr-08
                                                                                                   Jul-09




                                                                                                                                                Jul-10



                                                                                                                                                                       Jan-11



                                                                                                                                                                                           Jul-11



                                                                                                                                                                                                               Jan-12



                                                                                                                                                                                                                                 Jul-12




                                                                                                                                                                                                                                                  Jan-08



                                                                                                                                                                                                                                                                        Jul-08



                                                                                                                                                                                                                                                                                          Jan-09

                                                                                                                                                                                                                                                                                                   Apr-09




                                                                                                                                                                                                                                                                                                                              Jan-10

                                                                                                                                                                                                                                                                                                                                       Apr-10




                                                                                                                                                                                                                                                                                                                                                                             Apr-11
                                                                                                                                                                                                                                                                                                            Jul-09




                                                                                                                                                                                                                                                                                                                                                Jul-10



                                                                                                                                                                                                                                                                                                                                                                    Jan-11



                                                                                                                                                                                                                                                                                                                                                                                      Jul-11



                                                                                                                                                                                                                                                                                                                                                                                                        Jan-12



                                                                                                                                                                                                                                                                                                                                                                                                                          Jul-12
                              1                                                                                                                                                                                                                            1

         Source: Bentek Energy, Credit Suisse                                                                                                                                                                                             Source: Bentek Energy, Credit Suisse




         Exhibit 70: Industrial demand                                                                                                                                                                                                    Exhibit 71: Electric power demand
         (Bcf/d)                                                                                                                                                                                                                          (Bcf/d)
                                                                                                    Industrial Demand                                                                                                                                                                                                Electric Power
            24                                                                                                                                                                                                                              40                                                                                                                      As of September 2012
                                                                                                                                                             As of September 2012
                                                                                                                                                          Down 0.1% YTD (-0.02 Bcf/d)                                                                                                                                                                             Up 22.9% YTD (+4.97 Bcf/d)
            22                                                                                                                                                                                                                              35                                                                                                                    Up 18.7% Yr/Yr (+4.25 Bcf/d)
                                                                                                                                                           Up 2.5% Yr/Yr (+0.42 Bcf/d)
                                                                                                                                                                                                                                            30
            20
                                                                                                                                                                                                                                            25
            18
                                                                                                                                                                                                                                            20
            16
As of September 2012 Down 13.9% YTD (-3.18 Bcf/d) Up 1.1% Yr/Yr (+0.13 Bcf/d)                                                                                                                                                               15
            14
                                                                                                                                                                                                                                            10

            12                                                                                                                                                                                                                               5

            10                                                                                                                                                                                                                                -
                                                            Oct-08




                                                                                                            Oct-09




                                                                                                                                                         Oct-10




                                                                                                                                                                                                    Oct-11




                                                                                                                                                                                                                                                                                 Oct-08




                                                                                                                                                                                                                                                                                                                     Oct-09
                                  Apr-08




                                                                                    Apr-09




                                                                                                                                   Apr-10




                                                                                                                                                                                Apr-11




                                                                                                                                                                                                                        Apr-12




                                                                                                                                                                                                                                                               Apr-08




                                                                                                                                                                                                                                                                                                   Apr-09




                                                                                                                                                                                                                                                                                                                                       Apr-10



                                                                                                                                                                                                                                                                                                                                                         Oct-10




                                                                                                                                                                                                                                                                                                                                                                                               Oct-11
                     Jan-08




                                                                                                                                                                                                                                                                                                                                                                             Apr-11




                                                                                                                                                                                                                                                                                                                                                                                                                 Apr-12
                                               Jul-08



                                                                        Jan-09



                                                                                                Jul-09



                                                                                                                        Jan-10



                                                                                                                                              Jul-10



                                                                                                                                                                     Jan-11



                                                                                                                                                                                          Jul-11



                                                                                                                                                                                                              Jan-12



                                                                                                                                                                                                                                 Jul-12




                                                                                                                                                                                                                                                  Jan-08



                                                                                                                                                                                                                                                                        Jul-08



                                                                                                                                                                                                                                                                                          Jan-09



                                                                                                                                                                                                                                                                                                            Jul-09



                                                                                                                                                                                                                                                                                                                              Jan-10



                                                                                                                                                                                                                                                                                                                                                Jul-10



                                                                                                                                                                                                                                                                                                                                                                    Jan-11



                                                                                                                                                                                                                                                                                                                                                                                      Jul-11



                                                                                                                                                                                                                                                                                                                                                                                                        Jan-12



                                                                                                                                                                                                                                                                                                                                                                                                                          Jul-12
                              1                                                                                                                                                                                                                            1

         Source: Bentek Energy, Credit Suisse                                                                                                                                                                                             Source: Bentek Energy, Credit Suisse




        US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                   29
                                                                                                                                                                                                                                                                            24 October 2012




US Gas Demand (Annual)
 Exhibit 72: Total US demand for natural gas                                                                                                                                   Exhibit 73: Natural gas demand (2011 vs. 2010)
                                                        Total U.S. Demand for Natural Gas                                                                                                                 Natural Gas Demand (2012 YTD vs. 2011 YTD)

    90                                                                                                                                                                            7.0

                                                                                                                                                                    76.6          6.0
    80
                                                                                                                                                                                  5.0
    70                                                                                                                                        65.2       66.7
                              63.2                          61.3                                         63.5           63.6       62.9                                           4.0
               61.0                          61.2                          60.4           59.5
    60                                                                                                                                                                            3.0

    50                                                                                                                                                                            2.0                                                                                              1.8
                                                                                                                                                                                  1.0
    40                                                                                                                                                                                          0.1
                                                                                                                                                                                  0.0
    30
                                                                                                                                                                                 -1.0
    20                                                                                                                                                                           -2.0                                                                           (1.3)
                                                                                                                                                                                                                       5.7
    10                                                                                                                                                                           -3.0
                                                                                                                                                                                 -4.0
                                                                                                                                                                                                                                           (2.9)
      0
                2001

                               2002

                                              2003

                                                             2004

                                                                            2005

                                                                                           2006

                                                                                                          2007

                                                                                                                         2008

                                                                                                                                    2009

                                                                                                                                               2010

                                                                                                                                                          2011

                                                                                                                                                                     2012
                                                                                                                                                                                 -5.0
                                                                                                                                                                                 -6.0
                                                                                                                                                                                            Industrial          Electric Power           Residential       Commercial              Total


 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse




 Exhibit 74: Industrial demand for natural gas                                                                                                                                 Exhibit 75: Industrial demand (% of total)
                                                 Industrial Demand for Natural Gas                                                                                                                                    Industrial Demand (% of Total)

          22                                                                                                                                                                    36%
                                                                                                                                                                                        34%
                                                                                                                                                                                34%                33%       33%       33%
          21                    20.6
                   20.1                                                                                                                                                         32%
                                                              19.8                                                                                                                                                               31%     30%
          20                                   19.6
                                                                                                                                                                                                                                                 29%     29%                     30%
                                                                                                                                                                                30%
          19                                                                                                                                                         18.6                                                                                                28%
                                                                                                                                                          18.4                                                                                                   28%
  Bcf/d




                                                                             18.1                          18.3           18.2                                                  28%
                                                                                            17.9                                                17.9                                                                                                                                       27%
          18
                                                                                                                                                                                26%
                                                                                                                                     16.9
          17                                                                                                                                                                    24%

          16                                                                                                                                                                    22%

          15                                                                                                                                                                    20%
                                                                                                                                                                                         2001


                                                                                                                                                                                                   2002


                                                                                                                                                                                                             2003


                                                                                                                                                                                                                        2004


                                                                                                                                                                                                                                 2005


                                                                                                                                                                                                                                         2006


                                                                                                                                                                                                                                                 2007


                                                                                                                                                                                                                                                         2008


                                                                                                                                                                                                                                                                  2009


                                                                                                                                                                                                                                                                          2010


                                                                                                                                                                                                                                                                                  2011


                                                                                                                                                                                                                                                                                            2012
                       2001

                                      2002

                                                     2003

                                                                    2004

                                                                                   2005

                                                                                              2006

                                                                                                             2007

                                                                                                                            2008

                                                                                                                                       2009

                                                                                                                                                  2010

                                                                                                                                                             2011

                                                                                                                                                                        2012




               1                                                                                                                                                                        1


 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse




 Exhibit 76: Electric utility demand for natural gas                                                                                                                           Exhibit 77: Electric utility demand (% of total)
                                             Electric Utility Demand for Natural Gas                                                                                                                          Electric Utility Demand (% of Total)

          22                                                                                                                                              20.9 21.8               38%                                                                                                    37%
                                                                                                                                               20.2
          20                                                                                               18.7 18.2 18.8                                                         36%
          18                                                                                17.0
                                 15.5                                        16.0                                                                                                 34%                                                                                    33% 33%
          16       14.6                                       14.9                                                                                                                                                                                              32%
                                               14.0                                                                                                                               32%                                                            31%
          14                                                                                                                                                                                                                                             30%
                                                                                                                                                                                                                                         30%
          12                                                                                                                                                                      30%
                                                                                                                                                                                                                                 28%
  Bcf/d




          10                                                                                                                                                                      28%
                                                                                                                                                                                                                       26%
           8                                                                                                                                                                             26% 26%
                                                                                                                                                                                  26%                        25%
           6
                                                                                                                                                                                  24%
           4
                                                                                                                                                                                  22%
           2
           0                                                                                                                                                                      20%
                                                                                                                                                                                            2001

                                                                                                                                                                                                      2002

                                                                                                                                                                                                               2003

                                                                                                                                                                                                                          2004

                                                                                                                                                                                                                                  2005

                                                                                                                                                                                                                                          2006

                                                                                                                                                                                                                                                  2007

                                                                                                                                                                                                                                                         2008

                                                                                                                                                                                                                                                                  2009

                                                                                                                                                                                                                                                                         2010

                                                                                                                                                                                                                                                                                 2011

                                                                                                                                                                                                                                                                                           2012
                                                     2003




                                                                                                                                       2009
                       2001

                                      2002




                                                                    2004

                                                                                   2005

                                                                                                  2006

                                                                                                                 2007

                                                                                                                            2008




                                                                                                                                                  2010

                                                                                                                                                             2011

                                                                                                                                                                        2012




                                                                                                                                                                                        1

 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse



US Natural Gas Reservoir                                                                                                                                                                                                                                                                           30
                                                                                                                                                                                                                  24 October 2012




 Exhibit 78: Residential demand for natural gas                                                          Exhibit 79: Residential demand (% of total)
                            Commercial Demand for Natural Gas (Bcf/d)                                                                              Residential Demand (% of Total)

    12                                                                                                    22%
                                                                                                          21%                              20.6%
                                                                                                                                                                20.1%
    10
                              8.9                                                                         20% 19.5% 19.7%                             19.6%
                     8.6              8.6                            8.6    8.6    8.5    8.7                                                                             19.0% 18.7% 19.1% 19.0%
           8.3                                8.2            8.3                                 8.1
                                                     7.8                                                  19%                                                                                                  18.2%
     8                                                                                                                                                                                                                  17.8%
                                                                                                          18%

     6                                                                                                    17%
                                                                                                          16%                                                                                                                   15.5%
     4                                                                                                    15%
                                                                                                          14%
     2
                                                                                                          13%

     0                                                                                                    12%




                                                                                                                   2001


                                                                                                                                 2002


                                                                                                                                            2003


                                                                                                                                                       2004


                                                                                                                                                                 2005


                                                                                                                                                                            2006


                                                                                                                                                                                      2007


                                                                                                                                                                                               2008


                                                                                                                                                                                                       2009


                                                                                                                                                                                                                2010


                                                                                                                                                                                                                         2011


                                                                                                                                                                                                                                 2012
              2001

                     2002

                               2003

                                       2004

                                              2005

                                                      2006

                                                              2007

                                                                     2008

                                                                            2009

                                                                                   2010

                                                                                          2011

                                                                                                  2012
                                                                                                                  1


 Source: EIA, Credit Suisse                                                                              Source: EIA, Credit Suisse




 Exhibit 80: Commercial utility demand for natural gas                                                   Exhibit 81: Commercial utility demand (% of total)
                        Residential Demand for Natural Gas (Bcf/d)                                                                             Commercial Demand (% of Total)

    20                                                                                                    14.0%
                                                                                                                                            13.6%

                                                                                                                                 13.1%                 13.2%
    16                                                                                                            12.9%                                          12.9%
                              14.0                                                                        13.0%                                                                               12.8%12.9%
          13.1 13.5                   13.3 13.3              13.0 13.4 13.2 13.2 13.0                                                                                     12.6%
                                                     12.0                                        12.1                                                                                12.4%                     12.3%12.4%
    12
                                                                                                          12.0%

     8                                                                                                                                                                                                                          11.2%

                                                                                                          11.0%
     4


     0                                                                                                    10.0%
                                                                                                                          2001

                                                                                                                                    2002

                                                                                                                                               2003

                                                                                                                                                         2004

                                                                                                                                                                   2005

                                                                                                                                                                              2006

                                                                                                                                                                                       2007

                                                                                                                                                                                                2008

                                                                                                                                                                                                        2009

                                                                                                                                                                                                                 2010

                                                                                                                                                                                                                         2011

                                                                                                                                                                                                                                 2012
              2001

                     2002

                               2003

                                       2004

                                              2005

                                                      2006

                                                              2007

                                                                     2008

                                                                            2009

                                                                                   2010

                                                                                          2011

                                                                                                  2012




          1                                                                                                       1

 Source: EIA, Credit Suisse                                                                              Source: EIA, Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                31
                                                                                                                                                                                                                                                                            24 October 2012




US Gas Demand (YTD)
 Exhibit 82: Total YTD US demand for natural gas                                                                                                                               Exhibit 83: Natural gas YTD demand (2012 vs. 2011)
                                              Total U.S. Demand for Natural Gas (YTD)                                                                                                                     Natural Gas Demand (2012 YTD vs. 2011 YTD)

  100                                                                                                                                                                             7.0

    90                                                                                                                                                                            6.0
                                                                                                                                                                                  5.0
    80
                                                                                                                                                         68.8       70.5          4.0
    70         64.3           65.3           64.5           64.3                                         65.2           66.9       64.6       66.4
                                                                           63.7           61.2                                                                                    3.0
    60
                                                                                                                                                                                  2.0                                                                                              1.8
    50                                                                                                                                                                            1.0
                                                                                                                                                                                                0.1
    40                                                                                                                                                                            0.0
    30                                                                                                                                                                           -1.0

    20                                                                                                                                                                           -2.0                                                                           (1.3)
                                                                                                                                                                                                                       5.7
                                                                                                                                                                                 -3.0
    10
                                                                                                                                                                                 -4.0
                                                                                                                                                                                                                                           (2.9)
      0
                2001

                               2002

                                              2003

                                                             2004

                                                                            2005

                                                                                           2006

                                                                                                          2007

                                                                                                                         2008

                                                                                                                                    2009

                                                                                                                                               2010

                                                                                                                                                          2011

                                                                                                                                                                     2012
                                                                                                                                                                                 -5.0
                                                                                                                                                                                 -6.0
                                                                                                                                                                                            Industrial          Electric Power           Residential       Commercial              Total


 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse




 Exhibit 84: Industrial YTD demand for natural gas                                                                                                                             Exhibit 85: Industrial YTD demand (% of total)
                                                 Industrial Demand for Natural Gas                                                                                                                                    Industrial Demand (% of Total)

          22                                                                                                                                                                    36%
                                20.9                                                                                                                                                    34%
                                                                                                                                                                                34%                33%       33%       33%
          21
                   20.3
                                                              19.9                                                                                                              32%
          20                                   19.7                                                                                                                                                                              31%     30%
                                                                                                                                                                                                                                                 29%     29%                     30%
                                                                                                                                                                                30%
                                                                             18.9                                         18.9
          19                                                                                                                                              18.5       18.6                                                                                                28%
                                                                                                                                                                                                                                                                 28%
  Bcf/d




                                                                                                           18.3                                                                 28%
                                                                                            17.9                                                18.0                                                                                                                                       27%
          18
                                                                                                                                                                                26%

          17                                                                                                                         16.7                                       24%

          16                                                                                                                                                                    22%

          15                                                                                                                                                                    20%
                                                                                                                                                                                         2001


                                                                                                                                                                                                   2002


                                                                                                                                                                                                             2003


                                                                                                                                                                                                                        2004


                                                                                                                                                                                                                                 2005


                                                                                                                                                                                                                                         2006


                                                                                                                                                                                                                                                 2007


                                                                                                                                                                                                                                                         2008


                                                                                                                                                                                                                                                                  2009


                                                                                                                                                                                                                                                                          2010


                                                                                                                                                                                                                                                                                  2011


                                                                                                                                                                                                                                                                                            2012
                       2001

                                      2002

                                                     2003

                                                                    2004

                                                                                   2005

                                                                                              2006

                                                                                                             2007

                                                                                                                            2008

                                                                                                                                       2009

                                                                                                                                                  2010

                                                                                                                                                             2011

                                                                                                                                                                        2012




               1                                                                                                                                                                        1


 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse




 Exhibit 86: Electric utility YTD demand for natural gas                                                                                                                       Exhibit 87: Electric utility demand YTD (% of total)
                                 Electric Utility Demand for Natural Gas (YTD)                                                                                                                                Electric Utility Demand (% of Total)

          28                                                                                                                                                                      38%                                                                                                    37%
                                                                                                                                                                     25.8
          26
                                                                                                                                                                                  36%
          24
          22                                                                                                                                                                      34%                                                                                    33% 33%
                                                                                                                                               19.4 20.0
          20                                                                                                              17.9 18.0                                                                                                                             32%
                                                                                                                                                                                  32%                                                            31%
          18                                                                                16.4 17.1                                                                                                                                                    30%
                                 15.2                                        15.5                                                                                                                                                        30%
          16       13.9                                       14.6                                                                                                                30%
                                               13.6                                                                                                                                                                              28%
          14
  Bcf/d




                                                                                                                                                                                  28%
          12                                                                                                                                                                                                           26%
          10                                                                                                                                                                             26% 26%
                                                                                                                                                                                  26%                        25%
           8
           6                                                                                                                                                                      24%
           4                                                                                                                                                                      22%
           2
           0                                                                                                                                                                      20%
                                                                                                                                                                                            2001

                                                                                                                                                                                                      2002

                                                                                                                                                                                                               2003

                                                                                                                                                                                                                          2004

                                                                                                                                                                                                                                  2005

                                                                                                                                                                                                                                          2006

                                                                                                                                                                                                                                                  2007

                                                                                                                                                                                                                                                         2008

                                                                                                                                                                                                                                                                  2009

                                                                                                                                                                                                                                                                         2010

                                                                                                                                                                                                                                                                                 2011

                                                                                                                                                                                                                                                                                           2012
                                                     2003




                                                                                                                                       2009
                       2001

                                      2002




                                                                    2004

                                                                                   2005

                                                                                                  2006

                                                                                                                 2007

                                                                                                                            2008




                                                                                                                                                  2010

                                                                                                                                                             2011

                                                                                                                                                                        2012




                                                                                                                                                                                        1

 Source: EIA, Credit Suisse                                                                                                                                                    Source: EIA, Credit Suisse



US Natural Gas Reservoir                                                                                                                                                                                                                                                                           32
                                                                                                                                                                                                                             24 October 2012




 Exhibit 88: Residential YTD demand for natural gas                                                                 Exhibit 89: Residential YTD demand (% of total)
                                 Residential Demand for Natural Gas (YTD)                                                                                     Residential Demand (% of Total)

           24                                                                                                        22%
                                                                                                                     21%                              20.6%
           21                                                                                                                                                              20.1%
                                                                                                                     20% 19.5% 19.7%                             19.6%
           18                         16.4                                                                                                                                           19.0% 18.7% 19.1% 19.0%
                    15.8                       15.4 15.4               15.3 15.3 15.0                                19%                                                                                                  18.2%
                             14.9                                                     14.6 15.0                                                                                                                                    17.8%
           15                                                  13.6                                                  18%
                                                                                                            12.1
  Bcf/d




           12                                                                                                        17%
                                                                                                                     16%                                                                                                                   15.5%
            9
                                                                                                                     15%
            6
                                                                                                                     14%
            3                                                                                                        13%

            0                                                                                                        12%




                                                                                                                              2001


                                                                                                                                            2002


                                                                                                                                                       2003


                                                                                                                                                                  2004


                                                                                                                                                                            2005


                                                                                                                                                                                       2006


                                                                                                                                                                                                 2007


                                                                                                                                                                                                          2008


                                                                                                                                                                                                                  2009


                                                                                                                                                                                                                           2010


                                                                                                                                                                                                                                    2011


                                                                                                                                                                                                                                            2012
                     2001

                               2002

                                        2003

                                                2004

                                                        2005

                                                                2006

                                                                        2007

                                                                                2008

                                                                                       2009

                                                                                              2010

                                                                                                     2011

                                                                                                             2012
                1                                                                                                            1


 Source: EIA, Credit Suisse                                                                                         Source: EIA, Credit Suisse




 Exhibit 90: Commercial utility YTD demand for                                                                      Exhibit 91: Commercial utility YTD demand (% of
 natural gas                                                                                                        total)
                            Commercial Utility Demand for Natural Gas (YTD)                                                                               Commercial Demand (% of Total)

           14                                                                                                        14.0%
                                                                                                                                                       13.6%
           12                                                                                                                               13.1%                 13.2%
                                                                                                                             12.9%                                          12.9%
                                      10.0
                                               9.6                                                                   13.0%                                                                               12.8%12.9%
           10       9.4      9.2                       9.2             9.3     9.5     9.4           9.5                                                                             12.6%
                                                                                              9.0
                                                               8.5                                                                                                                              12.4%                     12.3%12.4%
                                                                                                            8.1
            8
                                                                                                                     12.0%
   Bcf/d




            6
                                                                                                                                                                                                                                           11.2%
            4                                                                                                        11.0%

            2

            0                                                                                                        10.0%
                                                                                                                                     2001

                                                                                                                                               2002

                                                                                                                                                          2003

                                                                                                                                                                    2004

                                                                                                                                                                              2005

                                                                                                                                                                                         2006

                                                                                                                                                                                                  2007

                                                                                                                                                                                                           2008

                                                                                                                                                                                                                   2009

                                                                                                                                                                                                                            2010

                                                                                                                                                                                                                                    2011

                                                                                                                                                                                                                                            2012
                                                                                                             2012
                    2001

                              2002

                                       2003

                                               2004

                                                       2005

                                                               2006

                                                                       2007

                                                                               2008

                                                                                       2009

                                                                                              2010

                                                                                                     2011




                1                                                                                                            1

 Source: EIA, Credit Suisse                                                                                         Source: EIA, Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                           33
                                                                                                                                                24 October 2012




                           Natural Gas Storage
                           Exhibit 92: Natural gas storage
                           (Bcf)
                           Region             10/12/2012      10/5/2012           W-O-W          10/13/2011          Y-O-Y          5 YR AVG       5YR CHG
                               East                 2,029         2,005       24          1.2%     1,976       53            2.7%       1,978         51
                               West                     521         513       8           1.6%      488        33            6.8%       477           44
                               Producing            1,226         1,207       19          1.6%     1,130       96            8.5%       1,071         155
                               Total                3,776         3,725       51          1.4%     3,595       181           5.0%       3,527         249


                                                         5-YR Range                       5-YR AVG                   2011                  2012

                                       4,000

                                       3,500

                                       3,000

                                       2,500

                                       2,000

                                       1,500

                                       1,000
                                                J         F      M        A        M        J      J       A    S        O          N      D

                           Source: EIA, Credit Suisse




US Natural Gas Reservoir                                                                                                                                     34
                                                                                                                                                                                                                                                                                                                                                                                                             24 October 2012




North America Rig Count and Permits
 Exhibit 93: US rig count trend (oil vs. gas)                                                                                                                                                                              Exhibit 94: US rig count trend (land vs. offshore)
                                                                           US Rig Count Trend, 1996 - Present                                                                                                                                                                                        US Rig Count Trend, 1996 - Present

                                2500                                                                                                                                                                                                                      2200                                                                                                                                                                   200
                                                       Oil Rigs
                                                                                                                                                                                                                                                          2000                                                                                                                                                                   180
                                                       Nat Gas Rigs
                                2000                                                                                                                                                                                                                      1800                                                                                                                                                                   160
                                                                                                                                                                                                                                                          1600                                                                                                                                                                   140
                                                                                                                                                                                                                                                          1400
                                1500                                                                                                                                                                                                                                                                                                                                                                                             120
                                                                                                                                                                                                                                                          1200
    # of Rigs




                                                                                                                                                                                                                                                                                                                                                                                                                                           Offshore
                                                                                                                                                                                                                                   Land
                                                                                                                                                                                                                                                                                                                                                                                                                                 100
                                                                                                                                                                                                                                                          1000
                                1000                                                                                                                                                                                                                                                                                                                                                                                             80
                                                                                                                       `                                                                                                                                   800
                                                                                                                                                                                                                                                           600                                                                                                                                                                   60
                                 500                                                                                                                                                                                                                       400                                                                                                                                                                   40
                                                                                                                                                                                                                                                                                       Land
                                                                                                                                                                                                                                                           200                                                                                                                                                                   20
                                                                                                                                                                                                                                                                                       Offshore
                                   0                                                                                                                                                                                                                         0                                                                                                                                                                   0




                                                                                                                                                                                                                                                                    Jan-96
                                                                                                                                                                                                                                                                             Jan-97
                                                                                                                                                                                                                                                                                      Jan-98
                                                                                                                                                                                                                                                                                                Jan-99
                                                                                                                                                                                                                                                                                                         Jan-00
                                                                                                                                                                                                                                                                                                                   Jan-01
                                                                                                                                                                                                                                                                                                                            Jan-02
                                                                                                                                                                                                                                                                                                                                     Jan-03
                                                                                                                                                                                                                                                                                                                                              Jan-04
                                                                                                                                                                                                                                                                                                                                                       Jan-05
                                                                                                                                                                                                                                                                                                                                                                Dec-05
                                                                                                                                                                                                                                                                                                                                                                         Dec-06
                                                                                                                                                                                                                                                                                                                                                                                  Dec-07
                                                                                                                                                                                                                                                                                                                                                                                           Dec-08
                                                                                                                                                                                                                                                                                                                                                                                                    Dec-09
                                                                                                                                                                                                                                                                                                                                                                                                             Dec-10
                                                                                                                                                                                                                                                                                                                                                                                                                      Dec-11
                                                                                                     Jan-02
                                          Jan-96
                                                   Jan-97
                                                             Jan-98
                                                                         Jan-99
                                                                                   Jan-00
                                                                                            Jan-01


                                                                                                              Jan-03
                                                                                                                           Jan-04
                                                                                                                                    Jan-05
                                                                                                                                             Dec-05
                                                                                                                                                       Dec-06
                                                                                                                                                                Dec-07
                                                                                                                                                                          Dec-08
                                                                                                                                                                                   Dec-09
                                                                                                                                                                                            Dec-10
                                                                                                                                                                                                      Dec-11
                                      1                                                                                                                                                                                                                         1
 Source: Baker Hughes, Credit Suisse                                                                                                                                                                                       Source: Baker Hughes, Credit Suisse




 Exhibit 95: Vertical – Oil vs. gas rig count                                                                                                                                                                              Exhibit 96: Horizontal – Oil vs. gas rig count
                                                                                   Vertical Oil vs. Gas Rig Count                                                                                                                                                                                        Horizontal Oil vs. Gas Rig Count

                                700                                                                                                                                                                                                                       800

                                600                                                                                                                                                                                                                       700

                                500                                                                                                                                                                                                                       600

                                                                                                                                                                                                                                                          500
                                400
                                                                                                                                                                                                                                # of Rigs
    # of Rigs




                                                                                                                                                                                                                                                          400
                                300
                                                                                                                                                                                                                                                          300
                                200
                                                                                                                                                                                                                                                          200
                                                             Nat Gas Rigs
                                100                                                                                                                                                                                                                       100                                                                                                                                                Nat Gas Rigs

                                                             Oil Rigs                                                                                                                                                                                                                                                                                                                                        Oil Rigs
                                  0                                                                                                                                                                                                                         0
                                                                                                                                                                                                                                                                 Apr-10




                                                                                                                                                                                                                                                                 Apr-11
                                        Jul-10



                                       Nov-10




                                        Jul-11



                                       Nov-11




                                        Jul-12




                                                                                                                                                                                                                                                                  Jul-10



                                                                                                                                                                                                                                                                 Nov-10




                                                                                                                                                                                                                                                                  Jul-11
                                       Apr-10




                                       Sep-10




                                       Apr-11




                                       Sep-11




                                       Sep-12




                                                                                                                                                                                                                                                                 Sep-10




                                                                                                                                                                                                                                                                 Sep-11
                                                                                                                                                                                                                                                                 Sep-11




                                                                                                                                                                                                                                                                 Apr-12


                                                                                                                                                                                                                                                                 Sep-12
                                       Oct-10

                                       Dec-10
                                       Jan-11




                                       Oct-11

                                       Dec-11
                                       Jan-12


                                       Apr-12




                                                                                                                                                                                                                                                                 Dec-10
                                                                                                                                                                                                                                                                 Jan-11




                                                                                                                                                                                                                                                                 Dec-11
                                                                                                                                                                                                                                                                 Jan-12
                                       Mar-10


                                       Jun-10

                                       Aug-10




                                       Feb-11
                                       Mar-11


                                       Jun-11

                                       Aug-11




                                       Feb-12
                                       Mar-12


                                       Jun-12

                                       Aug-12




                                                                                                                                                                                                                                                                 Mar-10

                                                                                                                                                                                                                                                                 May-10
                                                                                                                                                                                                                                                                 Jun-10

                                                                                                                                                                                                                                                                 Aug-10

                                                                                                                                                                                                                                                                 Oct-10



                                                                                                                                                                                                                                                                 Feb-11
                                                                                                                                                                                                                                                                 Mar-11

                                                                                                                                                                                                                                                                 May-11




                                                                                                                                                                                                                                                                 Oct-11




                                                                                                                                                                                                                                                                 Oct-12
                                       May-10




                                       May-11




                                       May-12




                                                                                                                                                                                                                                                                 Jun-11

                                                                                                                                                                                                                                                                 Aug-11




                                                                                                                                                                                                                                                                 Feb-12
                                                                                                                                                                                                                                                                 Mar-12

                                                                                                                                                                                                                                                                 Jun-12
                                                                                                                                                                                                                                                                 Aug-12
                                      1                                                                                                                                                                                                                         1
 Source: Baker Hughes, Credit Suisse                                                                                                                                                                                       Source: Baker Hughes, Credit Suisse




 Exhibit 97: Avg. weekly US drilling permits                                                                                                                                                                               Exhibit 98: Newfield/exploration permits
                                                                                  Avg. Weekly U.S. Drilling Permits                                                                                                                                                     Newfield/Exploration: Rolling 4 Week Avg. Weekly Permits

                                1,900                                                                                                                                                                2,200                                                9,200
                                                                      Permits                                                                                                                                                                                                                  Permits                                                                                                                         1,900
                                                                                                                                                                                                                                                          8,200
                                1,700                                 Rig Count                                                                                                                      2,000                                                                                                                                                                                                                     1,750
                                                                                                                                                                                                                                                                                               Rig Count
                                                                                                                                                                                                                                                          7,200
                                                                                                                                                                                                                            3-month Avg. Weekly Permits




                                                                                                                                                                                                                                                                                                                                                                                                                               1,600
  Rolling 4-week Avg. Permits




                                1,500                                                                                                                                                                1,800
                                                                                                                                                                                                                                                          6,200                                                                                                                                                                1,450
                                1,300                                                                                                                                                                1,600                                                                                                                                                                                                                     1,300
                                                                                                                                                                                                                                                                                                                                                                                                                                       Rig Count

                                                                                                                                                                                                                                                          5,200
                                                                                                                                                                                                               Rig Count




                                                                                                                                                                                                                                                                                                                                                                                                                               1,150
                                1,100                                                                                                                                                                1,400                                                4,200
                                                                                                                                                                                                                                                                                                                                                                                                                               1,000
                                                                                                                                                                                                                                                          3,200
                                 900                                                                                                                                                                 1,200                                                                                                                                                                                                                     850
                                                                                                                                                                                                                                                          2,200
                                                                                                                                                                                                                                                                                                                                                                                                                               700
                                 700                                                                                                                                                                 1,000
                                                                                                                                                                                                                                                          1,200                                                                                                                                                                550

                                 500                                                                                                                                                                 800                                                   200                                                                                                                                                                 400
                                    2004                    2005              2006            2007            2008                  2009              2010               2011          2012                                                                   2004                     2004                       2005               2005                  2006                   2006               2007
                                   1                                                                                                                                                                                                                         1
 Source: Baker Hughes, IHS                                                                                                                                                                                                 Source: Baker Hughes, IHS




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                                                35
                                                                                                                                                                                                                             24 October 2012




 Exhibit 99: Avg. weekly US drilling permits                                                                                  Exhibit 100: Newfield/exploration permits
                                                        Avg. Weekly U.S. Drilling Permits                                                                          Newfield/Exploration: Rolling 4 Week Avg. Weekly Permits

                                800                                                                       1,800                                              500                                                                      1,400
                                            Permits                                                                                                                      Permits
                                                                                                                                                             450
                                700         Rig Count
                                                                                                          1,600                                                          Rig Count                                                    1,200
  Rolling 4-week Avg. Permits




                                                                                                                                                             400




                                                                                                                               Rolling 4-week Avg. Permits
                                600                                                                                                                          350                                                                      1,000
                                                                                                          1,400




                                                                                                                                                                                                                                              Rig Count
                                                                                                                                                             300




                                                                                                                  Rig Count
                                500                                                                                                                                                                                                   800
                                                                                                          1,200                                              250
                                400                                                                                                                                                                                                   600
                                                                                                                                                             200
                                                                                                          1,000
                                300                                                                                                                          150                                                                      400

                                                                                                                                                             100
                                                                                                          800
                                200                                                                                                                                                                                                   200
                                                                                                                                                              50
                                100                                                                       600                                                  0                                                                      0
                                   2004   2005        2006   2007   2008    2009   2010     2011   2012                                                         2004   2005        2006   2007   2008   2009   2010   2011     2012
                                    1                                                                                                                            1
 Source: Baker Hughes, IHS                                                                                                    Source: Baker Hughes, IHS




US Natural Gas Reservoir                                                                                                                                                                                                                        36
                                                                                                                                                                                                                                                                                                                                                                                24 October 2012




North America Gas Basin-Level Trends
 Exhibit 101: Eagle Ford rig count                                                                                                                                                                            Exhibit 102: Bakken rig count
                                                                    Eagle Ford Total Rig Count                                                                                                                                                                                                Bakken Rig Count

    300                                                                                                                                                                                                          250


    250
                                                                                                                                                                                                                 200


    200
                                                                                                                                                                                                                 150

    150

                                                                                                                                                                                                                 100
    100

                                                                                                                                                                                                                  50
     50


      0                                                                                                                                                                                                            0




                                                                                                                                                                                                                                  Apr-08

                                                                                                                                                                                                                                            Jul-08




                                                                                                                                                                                                                                                                           Apr-09

                                                                                                                                                                                                                                                                                     Jul-09




                                                                                                                                                                                                                                                                                                                 Apr-10

                                                                                                                                                                                                                                                                                                                          Jul-10




                                                                                                                                                                                                                                                                                                                                            Jan-11

                                                                                                                                                                                                                                                                                                                                                     Apr-11

                                                                                                                                                                                                                                                                                                                                                              Jul-11




                                                                                                                                                                                                                                                                                                                                                                                          Apr-12

                                                                                                                                                                                                                                                                                                                                                                                                   Jul-12
                                                                                                                                                                                                                        Jan-08




                                                                                                                                                                                                                                                      Oct-08

                                                                                                                                                                                                                                                                 Jan-09




                                                                                                                                                                                                                                                                                               Oct-09

                                                                                                                                                                                                                                                                                                        Jan-10




                                                                                                                                                                                                                                                                                                                                   Oct-10




                                                                                                                                                                                                                                                                                                                                                                       Oct-11

                                                                                                                                                                                                                                                                                                                                                                                 Jan-12




                                                                                                                                                                                                                                                                                                                                                                                                            Oct-12
                                                                                                                                                            Oct-11
                       Apr-08

                                  Jul-08

                                            Oct-08

                                                      Jan-09

                                                                Apr-09

                                                                          Jul-09

                                                                                    Oct-09




                                                                                                      Apr-10

                                                                                                               Jul-10

                                                                                                                        Oct-10




                                                                                                                                          Apr-11

                                                                                                                                                   Jul-11




                                                                                                                                                                               Apr-12

                                                                                                                                                                                         Jul-12

                                                                                                                                                                                                   Oct-12
            Jan-08




                                                                                             Jan-10




                                                                                                                                 Jan-11




                                                                                                                                                                     Jan-12
          1                                                                                                                                                                                                              1

 Source: Smith Bits STATS, Credit Suisse                                                                                                                                                                      Source: Smith Bits STATS ,Credit Suisse




 Exhibit 103: Haynesville (core) rig count                                                                                                                                                                    Exhibit 104: Haynesville (East Texas) rig count
                                                         Haynesville (Core) Total Rig Count                                                                                                                                                                   Haynesville (East Texas) Total Rig Count

    160                                                                                                                                                                                                          140

    140                                                                                                                                                                                                          120

    120
                                                                                                                                                                                                                 100

    100
                                                                                                                                                                                                                  80
     80
                                                                                                                                                                                                                  60
     60

                                                                                                                                                                                                                  40
     40

     20                                                                                                                                                                                                           20


      0                                                                                                                                                                                                            0
                                           Oct-08
                     Apr-08

                                Jul-08




                                                               Apr-09

                                                                         Jul-09

                                                                                   Oct-09




                                                                                                      Apr-10

                                                                                                               Jul-10

                                                                                                                        Oct-10

                                                                                                                                 Jan-11

                                                                                                                                          Apr-11

                                                                                                                                                   Jul-11

                                                                                                                                                            Oct-11




                                                                                                                                                                                Apr-12

                                                                                                                                                                                          Jul-12

                                                                                                                                                                                                     Oct-12
          Jan-08




                                                     Jan-09




                                                                                             Jan-10




                                                                                                                                                                      Jan-12




                                                                                                                                                                                                                                            Jul-08




                                                                                                                                                                                                                                                                                     Jul-09




                                                                                                                                                                                                                                                                                                                          Jul-10




                                                                                                                                                                                                                                                                                                                                            Jan-11




                                                                                                                                                                                                                                                                                                                                                              Jul-11




                                                                                                                                                                                                                                                                                                                                                                                                   Jul-12
                                                                                                                                                                                                                        Jan-08

                                                                                                                                                                                                                                  Apr-08




                                                                                                                                                                                                                                                      Oct-08

                                                                                                                                                                                                                                                                 Jan-09

                                                                                                                                                                                                                                                                           Apr-09




                                                                                                                                                                                                                                                                                               Oct-09

                                                                                                                                                                                                                                                                                                        Jan-10

                                                                                                                                                                                                                                                                                                                 Apr-10




                                                                                                                                                                                                                                                                                                                                   Oct-10




                                                                                                                                                                                                                                                                                                                                                     Apr-11




                                                                                                                                                                                                                                                                                                                                                                       Oct-11

                                                                                                                                                                                                                                                                                                                                                                                 Jan-12

                                                                                                                                                                                                                                                                                                                                                                                          Apr-12




                                                                                                                                                                                                                                                                                                                                                                                                            Oct-12
          1                                                                                                                                                                                                              1

 Source: Smith Bits STATS ,Credit Suisse                                                                                                                                                                      Source: Smith Bits STATS ,Credit Suisse




 Exhibit 105: Barnett rig count                                                                                                                                                                               Exhibit 106: Fayetteville rig count
                                                                         Barnett Total Rig Count                                                                                                                                                                               Fayetteville Total Rig Count

    180                                                                                                                                                                                                          70

    160
                                                                                                                                                                                                                 60
    140
                                                                                                                                                                                                                 50
    120

    100                                                                                                                                                                                                          40

     80                                                                                                                                                                                                          30

     60
                                                                                                                                                                                                                 20
     40
                                                                                                                                                                                                                 10
     20

      0                                                                                                                                                                                                           0
                                Jul-08




                                                                                                               Jul-10
                     Apr-08




                                           Oct-08




                                                               Apr-09

                                                                         Jul-09

                                                                                   Oct-09




                                                                                                      Apr-10




                                                                                                                        Oct-10




                                                                                                                                          Apr-11

                                                                                                                                                   Jul-11

                                                                                                                                                            Oct-11




                                                                                                                                                                                Apr-12

                                                                                                                                                                                          Jul-12

                                                                                                                                                                                                     Oct-12
          Jan-08




                                                     Jan-09




                                                                                             Jan-10




                                                                                                                                 Jan-11




                                                                                                                                                                      Jan-12




                                                                                                                                                                                                                                 Apr-08




                                                                                                                                                                                                                                                                          Apr-09




                                                                                                                                                                                                                                                                                                                 Apr-10




                                                                                                                                                                                                                                                                                                                                                     Apr-11




                                                                                                                                                                                                                                                                                                                                                                                          Apr-12
                                                                                                                                                                                                                       Jan-08




                                                                                                                                                                                                                                           Jul-08

                                                                                                                                                                                                                                                     Oct-08




                                                                                                                                                                                                                                                                                    Jul-09

                                                                                                                                                                                                                                                                                               Oct-09




                                                                                                                                                                                                                                                                                                                          Jul-10

                                                                                                                                                                                                                                                                                                                                   Oct-10




                                                                                                                                                                                                                                                                                                                                                              Jul-11

                                                                                                                                                                                                                                                                                                                                                                       Oct-11




                                                                                                                                                                                                                                                                                                                                                                                                   Jul-12

                                                                                                                                                                                                                                                                                                                                                                                                            Oct-12
                                                                                                                                                                                                                                                                Jan-09




                                                                                                                                                                                                                                                                                                        Jan-10




                                                                                                                                                                                                                                                                                                                                            Jan-11




                                                                                                                                                                                                                                                                                                                                                                                 Jan-12




          1                                                                                                                                                                                                              1

 Source: Smith Bits STATS ,Credit Suisse                                                                                                                                                                      Source: Smith Bits STATS ,Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                      37
                                                                                                                                                                                                                                                                                                                                                                                 24 October 2012




 Exhibit 107: Mississippian rig count                                                                                                                                                                  Exhibit 108: Granite Wash rig count
                                                                       Mississippian Rig Count                                                                                                                                                                     Granite Wash Total Rig Count

    90                                                                                                                                                                                                    160

    80                                                                                                                                                                                                    140

    70
                                                                                                                                                                                                          120
    60
                                                                                                                                                                                                          100
    50
                                                                                                                                                                                                           80
    40
                                                                                                                                                                                                           60
    30
                                                                                                                                                                                                           40
    20

    10                                                                                                                                                                                                     20


     0                                                                                                                                                                                                      0




                                                                                                                                                                                                                            Apr-08

                                                                                                                                                                                                                                      Jul-08




                                                                                                                                                                                                                                                                    Apr-09

                                                                                                                                                                                                                                                                              Jul-09




                                                                                                                                                                                                                                                                                                            Apr-10

                                                                                                                                                                                                                                                                                                                      Jul-10




                                                                                                                                                                                                                                                                                                                                                    Apr-11

                                                                                                                                                                                                                                                                                                                                                              Jul-11




                                                                                                                                                                                                                                                                                                                                                                                                       Jul-12
                                                                                                                                                                                                                  Jan-08




                                                                                                                                                                                                                                                Oct-08

                                                                                                                                                                                                                                                          Jan-09




                                                                                                                                                                                                                                                                                        Oct-09

                                                                                                                                                                                                                                                                                                  Jan-10




                                                                                                                                                                                                                                                                                                                                Oct-10

                                                                                                                                                                                                                                                                                                                                          Jan-11




                                                                                                                                                                                                                                                                                                                                                                        Oct-11




                                                                                                                                                                                                                                                                                                                                                                                             Apr-12
                                                                                                                                                                                                                                                                                                                                                                                   Jan-12




                                                                                                                                                                                                                                                                                                                                                                                                                 Oct-12
                              Jul-08




                                                                        Jul-09




                                                                                                             Jul-10




                                                                                                                                        Apr-11

                                                                                                                                                 Jul-11




                                                                                                                                                                                     Jul-12
          Jan-08

                    Apr-08




                                        Oct-08

                                                  Jan-09

                                                             Apr-09




                                                                                  Oct-09

                                                                                           Jan-10

                                                                                                    Apr-10




                                                                                                                      Oct-10

                                                                                                                               Jan-11




                                                                                                                                                          Oct-11

                                                                                                                                                                   Jan-12

                                                                                                                                                                            Apr-12




                                                                                                                                                                                              Oct-12
            1                                                                                                                                                                                                     1

 Source: Smith Bits STATS ,Credit Suisse                                                                                                                                                               Source: Smith Bits STATS ,Credit Suisse




 Exhibit 109: Woodford rig count                                                                                                                                                                       Exhibit 110: Uinta rig count
                                                            Woodford Shale Total Rig Count                                                                                                                                                                              Uinta Basin Total Rig Count

    80                                                                                                                                                                                                    60


    70
                                                                                                                                                                                                          50

    60
                                                                                                                                                                                                          40
    50

    40                                                                                                                                                                                                    30

    30
                                                                                                                                                                                                          20
    20
                                                                                                                                                                                                          10
    10

     0                                                                                                                                                                                                     0
                                                                                                                                        Apr-11
                    Apr-08

                              Jul-08




                                                             Apr-09

                                                                        Jul-09




                                                                                                             Jul-10




                                                                                                                                                 Jul-11




                                                                                                                                                                                     Jul-12
          Jan-08




                                        Oct-08

                                                  Jan-09




                                                                                  Oct-09




                                                                                                    Apr-10
                                                                                           Jan-10




                                                                                                                      Oct-10




                                                                                                                                                                            Apr-12
                                                                                                                               Jan-11




                                                                                                                                                          Oct-11

                                                                                                                                                                   Jan-12




                                                                                                                                                                                              Oct-12




                                                                                                                                                                                                                                                                                                                                                   Apr-11
                                                                                                                                                                                                                           Apr-08




                                                                                                                                                                                                                                                                   Apr-09




                                                                                                                                                                                                                                                                                                           Apr-10




                                                                                                                                                                                                                                                                                                                                                                                            Apr-12
                                                                                                                                                                                                                                     Jul-08

                                                                                                                                                                                                                                               Oct-08




                                                                                                                                                                                                                                                                             Jul-09

                                                                                                                                                                                                                                                                                       Oct-09




                                                                                                                                                                                                                                                                                                                     Jul-10

                                                                                                                                                                                                                                                                                                                               Oct-10




                                                                                                                                                                                                                                                                                                                                                             Jul-11

                                                                                                                                                                                                                                                                                                                                                                       Oct-11




                                                                                                                                                                                                                                                                                                                                                                                                      Jul-12

                                                                                                                                                                                                                                                                                                                                                                                                                Oct-12
                                                                                                                                                                                                                Jan-08




                                                                                                                                                                                                                                                         Jan-09




                                                                                                                                                                                                                                                                                                 Jan-10




                                                                                                                                                                                                                                                                                                                                         Jan-11




                                                                                                                                                                                                                                                                                                                                                                                  Jan-12
            1                                                                                                                                                                                                     1

 Source: Smith Bits STATS ,Credit Suisse                                                                                                                                                               Source: Smith Bits STATS ,Credit Suisse




 Exhibit 111: Marcellus rig count                                                                                                                                                                      Exhibit 112: Utica rig count
                                                                       Marcellus Total Rig Count                                                                                                                                                                                Utica Total Rig Count
    160                                                                                                                                                                                                   30

    140
                                                                                                                                                                                                          25
    120

                                                                                                                                                                                                          20
    100

     80                                                                                                                                                                                                   15

     60
                                                                                                                                                                                                          10
     40
                                                                                                                                                                                                           5
     20

      0                                                                                                                                                                                                    0
                                                                                                                                                                                                                           Apr-08
                                                                                                                                                                                                                Jan-08




                                                                                                                                                                                                                                     Jul-08

                                                                                                                                                                                                                                               Oct-08




                                                                                                                                                                                                                                                                   Apr-09

                                                                                                                                                                                                                                                                             Jul-09

                                                                                                                                                                                                                                                                                       Oct-09




                                                                                                                                                                                                                                                                                                           Apr-10

                                                                                                                                                                                                                                                                                                                     Jul-10

                                                                                                                                                                                                                                                                                                                               Oct-10




                                                                                                                                                                                                                                                                                                                                                   Apr-11

                                                                                                                                                                                                                                                                                                                                                             Jul-11

                                                                                                                                                                                                                                                                                                                                                                       Oct-11




                                                                                                                                                                                                                                                                                                                                                                                            Apr-12

                                                                                                                                                                                                                                                                                                                                                                                                      Jul-12

                                                                                                                                                                                                                                                                                                                                                                                                                Oct-12
                                                                                                                                                                                                                                                         Jan-09




                                                                                                                                                                                                                                                                                                 Jan-10




                                                                                                                                                                                                                                                                                                                                         Jan-11




                                                                                                                                                                                                                                                                                                                                                                                  Jan-12
                               Jul-08




                                                                         Jul-09




                                                                                                             Jul-10




                                                                                                                                                 Jul-11




                                                                                                                                                                                     Jul-12
           Jan-08

                     Apr-08




                                         Oct-08

                                                   Jan-09

                                                              Apr-09




                                                                                  Oct-09

                                                                                           Jan-10

                                                                                                    Apr-10




                                                                                                                      Oct-10

                                                                                                                               Jan-11

                                                                                                                                        Apr-11




                                                                                                                                                          Oct-11

                                                                                                                                                                   Jan-12

                                                                                                                                                                            Apr-12




                                                                                                                                                                                              Oct-12




            1                                                                                                                                                                                                     1

 Source: Smith Bits STATS , Credit Suisse                                                                                                                                                              Source: Smith Bits STATS ,Credit Suisse




US Natural Gas Reservoir                                                                                                                                                                                                                                                                                                                                                                                          38
                                                                                                                                                                24 October 2012




Competitive Fuel Sources
 Exhibit 113: Total US nuclear output                                         Exhibit 114: Prompt month parity CAPP coal/gas
 (Weekly Avg MW)                                                              ($/Mmbtu)
   105,000
                                                                                                               Diff (RHS)       Nat Gas        CAPP Coal
                                                                               $9.3                                                                                     $4.0
   100,000

                                                                               $8.3                                                                                     $3.0
    95,000

    90,000                                                                     $7.3                                                                                     $2.0


    85,000                                                                     $6.3                                                                                     $1.0

    80,000                                                                     $5.3                                                                                     $-

    75,000
                                                                               $4.3                                                                                     $(1.0)

    70,000
                                                                               $3.3                                                                                     $(2.0)
                                                                                      Natural Gas = NYMEX + ($0.50 Basis)
    65,000                                                                            Coal = ((Coal+Rail $/ton)/(12*2)+O&M($3/MWh/10HR))*HR conversion: (10/7.2))
             Jan       Mar     May            Jul          Sep          Nov    $2.3                                                                                     $(3.0)
                                10-yr range         2012         2011             May-09     Nov-09      May-10       Nov-10      May-11      Nov-11       May-12

 Source: NRC, Credit Suisse,                                                  Source: the BLOOMBERG PROFESSIONAL™ service , Credit Suisse




US Natural Gas Reservoir                                                                                                                                                     39
                                                                                                                24 October 2012




Weather
 Exhibit 115: NOAA 3-month temperatures forecast        Exhibit 116: NOAA 3-month precipitation forecast
 for Nov, Dec, Jan                                      for July, Aug, Sept
 (Made on Oct 18, 2012)                                 (Made on June 21, 2012)




 Source: NOAA                                           Source: NOAA




                                                   Exhibit 117: Heating degree days
                                                   (Cooling degree days –Population weighted)

                                                    300


                                                    250


                                                    200


                                                    150


                                                    100


                                                     50


                                                      0
                                                          Sep             Nov           Jan            Mar            May
                                                                   10-Yr range       2012       2011         current forecast

                                                   Source: NOAA, Credit Suisse




US Natural Gas Reservoir                                                                                                        40
Disclosure Appendix
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Description: Five Reasons Why a Pause in Prices is Likely