dia 0

Gertjan Lankhorst

CEO

GasTerra B.V.

dia 1

Demand for natural gas on the different continents - 2007

Source: IEA Natural gas information 2008

Caloric value 40 MJ/m³

817

129

572

520

487

97

34

370

21

-17

260-168

83

-110

-56

-14

dia 2

Demand for natural gas in Europe

Source: Global Insight, European gas supply & demand service 2008

Development Demand and EU production

EU-31

0

100

200

300

400

500

600

700

800

900

2005 2007 2009 2011 2013 2015 2017 2019

Bcm

(4

0,0

MJ/

m³)

Primary gas demand Indigenous production (incl. Norway) Import

dia 3

GasTerra and the Groningen Fieldthe birth of a European Gas Market

Dutch State Royal Dutch Shell ExxonMobil

GasTerraGroningen Field

Dutch Small Fields

Imports

dia 4

Natural gas production per country - 2007

Source: IEA Natural gas information 2008

Caloric value 40 MJ/m³

Natural gas production (Bcm)

1.073

68

70

76

76

90

91

107

183

546

651

- 200 400 600 800 1.000 1.200

Other

China

Indonesia

United Kingdom

The Netherlands

Algeria

Norway

Iran

Canada

United States

Russia

Bcm

Natural gas production

dia 5

European sales by company in 2006 (bcm)

Source: Cedigaz, The players on the European market 2008 edition

Caloric value 40 MJ/m³

dia 6

Sources: GTS and NationalGrid

Traded volumes on NBP and TTF(average volumes per month)

0

20

40

60

80

100

120

140

jan-

96

jan-

97

jan-

98

jan-

99

jan-

00

jan-

01

jan-

02

jan-

03

jan-

04

jan-

05

jan-

06

jan-

07

jan-

08

Tra

de

d N

BP

vo

lum

e (

BC

M)

0

2

4

6

8

10

12

14

Tra

de

d T

TF

vo

lum

e (

BC

M)

NBP

TTF

dia 7

Supply and demand of natural gas in Europe

Verwacht overschot / tekort op Europese Gasbalans

-120

-100

-80

-60

-40

-20

0

20

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

[bc

m -

35

,17

]

Mid-Case High Supply Case Low Supply Case

Supply/demand gap Europe

dia 8

Forward spotprices and oil linked prices

10

15

20

25

30

2009 Q2 2009 Q4 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4

EU

R/M

Wh

Oil indexed gas price

Spotprices (TTF forward prices)

dia 9

Spotprices versus oil indexed prices(average prices per month)

Source: Argus month ahead bid/offer averages and BAFA

5

10

15

20

25

30

35

jan-04 jan-05 jan-06 jan-07 jan-08

EU

R/M

Wh

Oil indexed gas price

Spotprices (TTF month ahead)

dia 10

BBL - connecting markets

enabling GasTerra to conclude a longterm contract with Centrica

Gas-to-gas

Gas-to-oil

dia 11

Source: Argus bid/offer averages

NBP and TTF year ahead (average prices per month)

10

15

20

25

30

35

40

45

jan-04 jan-05 jan-06 jan-07 jan-08

EU

R/M

Wh

NBP

TTF

dia 12

Gas Infrastructure Projects