Agenda

1. Agenda • Excelerate technology • Key considerations for a project • RWE and Excelerate – real projects

2. The distinctive feature of Excelerate vessels Energy Bridge Regasification Vesselscan discharge cargo in three distinct ways ConventionalAs LNG through standard liquid loading arms GasPortAs vaporous natural gas through the High Pressure Gas Manifold Deepwater PortAs vaporous natural gas through an STL Buoy The advantage: Excelerate vessels offer more flexibility at lower costs while increasing security by keeping the LNG vessels away from heavily populated harbor areas.

3. LNG is a key component in RWE’s gas growth strategy In the global LNG landscape, RWE and Excelerate Energy have a solution that nobody else can offer: flexible offshore LNG regasification Ship-to-ship-Transfer (STS) Energy Bridge Regasification Vessels Gateways and GasPorts • Onboard equipment for the vaporisation of LNG • Possibility to deliver high pressure natural gas • Flexibility to discharge the LNG traditionally and via high pressure gas connection to a subsea buoy • Highly flexible LNG receiving terminals • Connecting vessels with downstream delivery infrastructure • Gateways typically located in excess of 10 miles from land • Typically one tenth of the cost of a traditional LNG import terminal • Occurs upstream from the Gateway / GasPort and between the LNG load port in the open ocean or in a protected body of water • Allowing the vessels to be used as distinct terminals and conventional LNG carriers for the long-haul transportation

4. Why Excelerate EnergyEnvironmental Stewardship • Owns and operates the most environmentally friendly fleet of LNG vessels in the world. • Regasification ships incorporate Selective Catalytic Reduction onboard the ship, reducing NOx emissions by over 90% compared to other similar classed vessels. • Excelerate developed innovative Heat Recovery System to maximise efficiency of regasification process and reduce on-board water usage by 98%.

5. Why Excelerate EnergyProject leadership - • 11 regasification ship projects in the world – Excelerate have developed 6 of them. • Deepwater buoy based ports • USA - Gulf Gateway – Gulf of Mexico, (Excelerate Energy) • USA - Offshore Boston – 2 ports, NEG (Excelerate Energy) & Neptune • Italy - OLT (not yet operational) • Indonesia – awaiting award • Jetty based Ports (GasPorts) • UK – Teesside (Excelerate Energy) • Brazil – 2 ports • Argentina – one operational at Bahia Blanca, one under development (both Excelerate Energy) • Kuwait (Excelerate Energy)

6. Best Practice - Teesside GasPort – access to the UK NBP market • Fast track project responding to security of supply concerns and high market price volitility • Low CAPEX • Not operated continuously, only when market prices are attractive • Developed, constructed and operated by Excelerate Energy

7. Agenda • Excelerate technology • Key considerations for a project • RWE and Excelerate – real projects

8. Key considerations for a project Three options are available • 1 - A GasPort, This is the simplest project, as seen in Argentina and the UK. • Typically fastest (within 12 months) and usually the cheapest • 2 - Deepwater ports can be developed in most areas, particularly where significant resistance to projects on political or social issues as seen offshore Boston (2 projects) and in the gulf of Mexico • These are more expensive and take longer to develop 18 – 24 months. • 3 - A permanently moored FRSU. Designed to sit at one, purpose built location, with the ship modified to reload LNG with cryogenic arms. As seen in Italy (OLT), Brazil and Dubai • Typically most expensive, and longest to develop due to ship conversion, but long duration aids payback.

9. Key considerations for a project Often the location determines what type of project can be developed • GasPorts are cheaper and faster to develop, but require port infrastructure e.g. • A Jetty (new or ideally an existing unused one), • Access to tugs, • Sheltered from open sea conditions to allow ship to ship transfer. • Deepwater ports can be developed in most areas, however sea bed conditions are important. Projects are influenced by • The presence of any existing sub-sea pipelines which can be re-used • Desire to keep gas infrastructure away from shore line, public perception of energy infrastructure (touristic areas not used to ships,)

10. Key considerations in a project - Scope of tender • Clarity as to what you want is essential, Most projects split provision of assets from supply of LNG due to massive difference in financial metrics / political considerations. Options are; • Option 1 - Supply of ship, • Many suppliers most of which typically are ship owners looking for long term placement of a ship into a project. e.g. Brazil • Option 2 - Supply of ship and required infrastructure • Less suppliers, potentially a partnership between ship owner and a local partner or government owned entity, e.g. Indonesia, Kuwait • Option 3 - Supply of ship, infrastructure and LNG supply • Few suppliers, mostly oil majors in partnership with specialist asset providers.

11. Key considerations in a project – Term / Duration / Continuity • Term - Part year vs Full year • Kuwait is only 6 months per year, Argentina also started as part year. Designed to meet high summer or winter loads and improve security of supply. • Many projects are year round, e.g. Brazil • Duration - Annual renewal versus longer term contract • Ship owners want full life of vessel projects (ideally 20 years, some projects with 10 year initial term with extension). • Short terms enables project to satisfy market / country requirements (can be operational whist need of project is confirmed) • Continuity of gas supply - Does it need to be uninterrupted ? • If so, Ship to ship transfer is key consideration, (weather limits etc) • Impacts choice of assets and/or operator

12. Key considerations in a project – Risk Allocation • Reliability and availability of vessel • Most suppliers will offer performance guarantees, but only for part of the daily fee. They will not cover your losses (consequential losses) • Many suppliers are offering theoretical figures as they have limited experience in operating regasification vessel. • Ship age / lifetime - Some projects specify a project lifetime and a ship age • Older ships may be cheaper if converted (often not however), but may be more un-reliable in the long term. • Cargo size will impact on ship age (only recently have ships been constructed above 138,000m3 capacity) • Operator experience • Some operators have no direct Re-gas experience • Ship to ship transfer experience can be key

13. Key considerations in a project – Construction risk / lead time • Construction risk • Delays and overspends on land based assets do occur. • Many supplier will look for a local partner to handle. High risk for them to take liability so will charge large premium. • Often pressure for pass through. You know the way your country works better than the foreign company. • Project lead time / Duration of works. • Many key equipment items are long lead e.g. High pressure gas arm, sub sea equipment. Gas pipeline • Some supplier will need to covert a ship / build a new one.

14. Key considerations in a project – Construction / Environment • Construction • Provision of permits • Some take longer to achieve than the construction • Often faster if obtained by local established company • Seen as key area of uncertainty by developer • Environmental standards • Requirements for ship (emissions etc), • Requirements for port can effect economics e.g. Water usage (open loop vs closed loop heating of LNG) • Monitoring of emissions (land standards vs. marine standards)

15. Agenda • Excelerate technology • Key considerations for a project / tender • RWE and Excelerate – real projects

16. RWE GLOBAL UPSTREAM & LNG ACTIVITIESRWE and Excelerate Commercially Controlled Assets Germany Sn ø hvit Denmark Poland Wilhelmshaven GasPort Teesside GasPort GATE Terminal Northeast Gateway LNG Fleet Gulf Gateway Morocco Excalibur (traditional vessel) Excelsior Excellence Excelerate Explorer Express Exquisite Expedient Exemplar Mauritania Mina Al Ahmadi Algeria Libya GasPort Egypt Bahia Blanca GasPort LNG production Operational terminal Terminal under construction * Excelerate Energy ** If Essent acquisition is approved RWE will have a 5% equity & capacity in GATE

17. GasPort - DocksideLNGRegasification • Quick to market, low cost solution using existing or new jetty infrastructure • Each project has unique attributes • Teesside is a flexible delivery point, providing exposure to NBP pricing • Bahia Blanca started as S.A. winter supply, but has operated year-round since May 2009 • Mina Al-Ahmadi is a summer supply project, with high baseload flows • Low cost to construct at ≈10% of a conventional LNG terminal cost • 6 months to construct. 12 month overall lead time from final investment decision. Teesside GasPort (UK) Bahia Blanca GasPort (Argentina) Mina Al-Ahmadi GasPort (Kuwait)

18. GasPort equipment

19. GasPort equipment

20. Excelerate vessel commissioning FRSU High pressure gas arm Cryogenic LNG loading arms Excelerate regasification Vessel Cryogenic LNG Un-loading arms FRSU

21. Excelerate – market solutions Summary of Excelerate projects GasPort Bahia Blanca GasPort Teesside GasPort Kuwait Deepwater port Gulf Gateway Deepwater port NE Gateway Description • Most basic design, re-use of existing jetty, Ship to ship transfer at jetty. Permitting and gas pipeline completed by Government company. GasPort owned / operated by Government, EE provide supervision and LNGRV. • Again basic design, re-use of existing jetty. Permitting and construction of gas pipeline connection completed by EE. GasPort owned / operated by EE. Terminal used when commercial opportunities arise. • Comprehensive design. Reconstruction of jetty, dual ship to ship transfer along jetty. EE acted as EPC contractor for entire construction. Terminal owned by Kuwait government and to be operated by them. EE to provide LNGRV and to supervise operations. • Single underwater buoy, re-use of existing sub-sea pipelines and metering platform. Terminal owned and operated by EE. Terminal used when commercial opportunities arise • 2 underwater buoys, construction of a sub-sea pipeline. Terminal owned and operated by EE. Terminal used when commercial opportunities arise Cost Cost 5% of a traditional terminal Cost 10% of a traditional terminal Cost 25% of a traditional terminal Cost 15% of a traditional terminal Cost 20% of a traditional terminal TimelineConcept to operations 11 months 12 months 24 months 18 months 20 months

22. Actual constructed project timelines Bahia Blanca, Argentina Preliminary discussions Permitting Construction Teesside, UK Mina Al-Ahmadi, Kuwait Gulf Gateway, USA Northeast Gateway, USA 5 10 15 20 25 30 35 40 45 Time - months

23. Why Excelerate EnergyEnvironmental Stewardship • Owns and operates the most environmentally friendly fleet of LNG vessels in the world. • Regasification ships incorporate Selective Catalytic Reduction onboard the ship, reducing NOx emissions by over 90% compared to other similar classed vessels. • Excelerate developed innovative Heat Recovery System to maximise efficiency of regasification process and reduce on-board water usage by 98%.

24. Ship to ship transfer of LNG Rationale • Increases flexibility, enables more spot cargo opportunities, regardless of LNGRV logistics • Enables LNGRVs to be located closer to GasPorts / Gateways, increasing time on regas operations • Enhances fleet economics, enabling short term charter of 3rd party vessels for Excelerate operations • Possible to deliver continuous gas flow for extended periods from a single LNGRV Progress • Method and equipment installed and tested successfully • 100 highly successful STS operations completed to end 2010. • Methods and procedures examined by SIGTTO working party, operation observed by 3rd parties including SIGTTO and US Coast Guard

25. Summary of contracts that Excelerate has entered into over recent years Role of Excelerate Other Information Gas Ports – Project Owner (GasPort Teesside, Deepwater port Gulf Gateway and NE Gateway) • Project developer – responsible for engineering, procurement, construction and commissioning and operations of the facility • Financed by Excelerate owners Consulting(GasPort Bahia Blanca) • Project developer – responsible for engineering, procurement, construction and commissioning of the facility • Financed by 3rd party owner with Excelerate retaining ownership of high pressure gas offloading arm EPC Contract(Mina Al-Ahmadi GasPort - Kuwait) • EPC Contractor - responsible for engineering, procurement, construction and commissioning of the facility • Financed by KNPC and Excelerate • Construction of GasPort capable of receiving two LNG vessels allowing across the dock ship 2 ship transfer of LNG Regasification & Storage Services(KNPC, Repsol YPF) • The provision of on-board LNG storage and regasification services • The service provider • Only two such agreements in the world (both agreements with Excelerate) LNG Sale / Purchase Agreement(Total, Mitsubishi, Shell, LNG Japan) • LNG Master Sales and Purchase Agreements, where Excelerate is party to contract • Excelerate has entered into similar agreements with over twenty other counterparties, however, confidentiality obligations to these counterparties prevents Excelerate from identifying them here Acquisition or lease of Energy bridge regasification vessels • Project Developer – responsible for development of Energy Bridge Regasification Vessels incorporating onboard equipment for vaporization of LNG and delivery of high pressure natural gas • First vessel delivered in 2005, a further 5 vessels delivered as of August ’09. 3 more vessels on order

26. Excelerate Energy proved to be a strong and reliable partner • Ability to go from concept to execution in a short period of time • Developed all projects to meet exact client requirements Fast delivery • Eight Regasification ships in fleet (by mid 2010) allows for greater flexibility • The only company that can meet tight project deadlines – Ships already available, not built for specific projects. • Can provide both short or longer term services • Pioneered ship to ship transfer safely and years ahead of our competitors Excelerate Energy Strengths as a Partner Flexible fleet A strong track record of success • Built facilities in record times • Operate 5 facilities around the world to highest safety and environmental standards