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GULFSTREAM NATURAL GAS SYSTEM, L.L.C.

GULFSTREAM NATURAL GAS SYSTEM, L.L.C. FGU CONFERENCE Four Seasons Palm Beach County June 11, 2009. Cautionary Statement Regarding forward-looking statements.

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GULFSTREAM NATURAL GAS SYSTEM, L.L.C.

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  1. GULFSTREAM NATURAL GAS SYSTEM, L.L.C. FGU CONFERENCE Four Seasons Palm Beach County June 11, 2009

  2. Cautionary Statement Regarding forward-looking statements This presentation includes statements that do not directly or exclusively relate to historical facts. Such statements may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Those statements represent Gulfstream’s intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside Gulfstream’s control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Those factors include: state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures, and affect the speed at and degree to which competition enters the electric and natural gas industries; industrial, commercial and residential growth; the influence of weather and other natural phenomena on company operations, including the economic, operational and other effects of hurricanes; general economic conditions, including any potential effects arising from terrorist attacks and any consequential hostilities or other hostilities or other external factors over which Gulfstream has no control; changes in laws and regulations; and the results of financing efforts, including Gulfstream’s ability to obtain financing on favorable terms. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Gulfstream has described. Gulfstream undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

  3. Phase III and IV Projects • Project sells out Gulfstream’s initial mainline capacity of 1,098,000 Dth per day • Phase III: Florida Power & Light • Project summary: • 35 mile, 30” diameter pipeline expansion to FP&L’s new greenfield West County Energy Center in Palm Beach County • 345,000 Dth per day • In-service August 31, 2008 • Phase IV: Florida Power Corp (Progress Energy) • Project expanded mainline capacity to 1,258,000 Dth per day • Project summary: • 18 miles; 20” diameter pipeline expansion to PE’s “repowered” Bartow power plant in southern Pinellas County • 45,000 h.p. total compression added to existing Coden, AL facility and to new facility in Manatee County, FL • 155,000 Dth per day • Pipeline in-service October 2008, compression facilities completed in January 2009

  4. Supply Growth (Bcf/d) 2006 Added 2009+ Existing Supply Connections Destin 1.00 DIGP System 0.32 Mary Ann Plant 0.22 Gulf South 0.32 MBPP 0.63 Transco 0.40 Williams Plant 0.53 New Domestic Additions Southeast Supply Header 1.03+ Transco (includes SGR Storage attachment) 0.20 MoBay Storage 1.00 Potential LNG Additions Gulf LNG or Chevron Cassotte Landing, Pascagoula, MS 1.30 Total Supply Interconnect Capacity 3.42 1.23 2.30 • SESH, Transco and other projects provide increased volume, liquidity, reliability • Storage improves reliability for hurricane vulnerable offshore supply • Future LNG terminals may provide incremental supplies 2010+

  5. SESH

  6. Mobile Bay South Description • Provide firm southbound capacity on Mobile Bay line from Station 85 to Gulfstream Scope • 253.5 Mdt/d • Install 9,470 HP at Station 85 Schedule • Open Season Oct /Nov 2007 • FERC Filing (CP08-476) September 2008 • In-Service May 2010 Station 85 Transco Bay Gas Storage Southern Pines Storage S S 83 FGT FGTCitronelle Pascagoula Lateral MoBay Storage S 82 Denotes Contract Path Gulfstream

  7. Mobile Bay South II • Description • Provide additional firm southbound capacity on Mobile Bay line from Station 85 to Gulfstream Scope • Up to 550 Mdt/d • Additional compression at Station 85 Schedule • Open Season Jan/Feb 2009 • In-Service May 2011 Station 85 Transco Bay Gas Storage Southern Pines Storage S S 83 FGT FGTCitronelle Pascagoula Lateral MoBay Storage S 82 Denotes Contract Path Gulfstream

  8. Today • Gas is the fuel of choice • Near term growth has slowed • Long term growth will be needed • Gulfstream is capable of doing competitive expansions into Florida

  9. Gulfstream Load factor

  10. FGT Load Factor

  11. GENERATION FOR THE BIG THREE

  12. FUTURE • Generation is Needed • Gas has a competitive advantage • Emissions • Capital • Energy cost • Over 44 years supply and growing • Barnett, Haynesville,Fayettville,GOM • 286 TCF/ Prate 17.8 BCF/d

  13. 1997 (Actual) 2007 (Actual) 2017 (Forecast) Fuel Mix% of Generation *2008 Ten Year Site Plans

  14. Q & A

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