Corporate presentation

Table of Contents

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What is Liquefied Natural Gas (LNG)?

•

Natural gas within the global energy context.

•

The value chain of natural gas.

•

Demand and transport of natural gas.

•

History and advantages of LNG.

1. Liquefied Natural Gas

•

Repsol and Gas Natural Fenosa (GNF): strategic agreements.

2. Our partners

•

Repsol and Gas Natural Fenosa (GNF): strategic agreements.

•

Repsol in the LNG chain.

•

Gas Natural Fenosa in the LNG

chain.

•

What is Stream?

•

Mission and objectives.

•

Positioning of Stream through its partners.

•

Stream in numbers.

•

Stream's information channels.

3. Stream

Liquefied Natural

Gas

Liquefied Natural Gas

• What is Liquefied Natural Gas (LNG)?

Natural gas is one of the cleanest and most environmentally-friendly sources of primary energy. It is composed of a group of hydrocarbons; methane, ethane, propane, butane and some other minor components, of which the main component is methane. It is also an economical and efficient form of energy that is capable of satisfying the demand in the domestic, commercial and industrial sectors.

Potential customers are frequently located far away from production fields. In these cases, transport by gas pipeline is economically inefficient.

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cases, transport by gas pipeline is economically inefficient.

To facilitate transport over large distances, gas is converted to a liquid state by lowering its temperature to -160ºC, which reduces its volume 600 times, once transform into Liquefied Natural Gas (LNG) it can be transported at atmospheric pressure on LNG vessels.

When the LNG reaches its destination; the regasification terminals, its temperature is raised to recover its gaseous state, and it is introduced into the gas pipeline networks for distribution.

Liquefied Natural Gas

• Natural gas within the global energy context.

Natural gas is the energy source with the largest mean annual growth

(cagr* = 2% in the 2008-2035 period).

The demand for gas will be determined mostly by its consumption to produce other energies; mainly electricity.

Natural gas increases its weight in the world primary

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Oil

Coal

Gas

Biomass

Nuclear

World Market

Energy Use

by Fuel Type

Natural gas increases its weight in the world primary

energy matrix (25% by 2035).

Nuclear

Hydro

Other Renewable

21%

2008

2035

Liquefied Natural Gas

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Distribution and marketing of natural gas Gas exploration and production Transport by gas pipeline

Gaseous state

• The value chain of natural gas

The natural gas chain consists of this hydrocarbon at different stages; from the time that it

is found in a reserve, until it reaches the final consumer. Depending on how natural gas is

transported, either in a

gaseous or liquid state;

the chain will consist of different stages.

Maritime transport

Liquefaction Regasification

Liquid state

Graphic example of

the value chain of

Liquefied Natural Gas

Maritime transport

Distribution

Production

Upstream Midstream Downstream

Generation and industrial consumption Regasification plant Liquefaction plant Separation process in the field

Liquefied Natural Gas

• Demand and transport of natural gas

Due to the increasing globalization of the world gas market, together

with the improved efficiency of vessel transport, it is estimated that by

2035 LNG trade will represent 42% of gas trade between regions.

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Bcma

2008

2020

2035

Local Consumption

Pipeline

LNG

79% 14% 7% 77% 74% 15% 15% 8% 11%

Liquefied Natural Gas

Relevant milestones

1964 First liquefaction plant located in Algeria for subsequent marketing in the UK.

1969 First unloading of LNG in Spain

(Barcelona). Liquefaction plant in Kenai (Alaska).

1970s New plants for liquefaction (Libya, UAE, Indonesia and Brunei) and regasification (USA).

The advantages of LNG vs. a gas pipeline

•It allows the reserves which are far away from consumption centres to be financialy viable.

• Increased security of supply

LNG mitigates purchase risk through having various origins/producers.

• Flexibility

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• History and advantages of LNG

Indonesia and Brunei) and regasification (USA).

1980s New liquefaction plants in Australia and Malaysia. Closure of plants in USA.

1990s New LNG producers. Qatar, Trinidad and Nigeria.

2000sLiberalization of European markets. Qatar's mega-trains. Leading role of liquid markets.

Development of new regasification terminals. New off-shore technologies.

It allows access to different markets.

• Costs

LNG transport is more economical over long distances.

km $

2000 4000 6000 8000

LNG Offshore gas

Our

partners

Our partners

Repsol and Gas Natural are both present in the entire value chain of natural gas. To take

advantage of the synergies between them, they are signing the following agreements for:

Upstream

Management revolves

around joint ventures

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• Repsol and Gas Natural: Strategic agreements

1. New Upstream projects

Liquefaction Exploration and Production LNG Marketing and Trading Maritime transport

around joint ventures

or liquefaction

companies between:

Midstream

Management revolves around a

50% joint venture between Repsol

and Gas Natural Fenosa, called

Repsol-Gas Natural LNG S.L.:

Our partners

• Repsol in the LNG chain

Atlantic LNG

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1st terminal in Canada. 75% equity. Exclusivity in the utilization of the capacity. Terminal with Canaport

Canaport

Liquefaction plant Regasification terminal

Closest supplier to USA in operation. Liquefaction capacity of 20.7 Bcma (Repsol: 23%) Off-take of 4.1 Bcma.

LNG vessels

capacity. Terminal with approximately 10 Bcma of regasification capacity. Status: In operation from 2009.

Peru LNG

First Liquefaction plant in Latin America (100% Repsol off-take, 5.8 Bcma). Status: In operation from 2010. Peru LNG

Our partners

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• Gas Natural Fenosa in the LNG chain

Spain Italy

~25 Bcma of NG/LNG to satisfy

downstream needs, mainly from Trinidad & Tobago, Norway, North and West Africa and Middle East.

Two regasification terminals in Italy (8Bcma each): •Trieste: main Environmental permits obtained. •Taranto: permitting stage. Trieste Taranto Italy: 0.4 million customers Oman Liquefaction 25% of total reserved regasification capacity. Puerto Rico

LNG

vessels

EcoEléctrica: 50% Gas Natural Fenosa. (CCGT +

Regasification Terminal with 1 x 160,000 m3_{tanks, integrated}

with CCGT 540 MW Power Generation Plant and

desalination unit. 100% rights of future regasification expansion. Puerto Rico Sagunto Oman Liquefaction Plant (7.36% UFG) Egypt Liquefaction Plant (80%UFG).

Stream

Stream

Repsol - Gas Natural LNG is a joint venture company between Repsol (50%) and GasNatural

(50%). It was created in 2005 and focuses on the supply, transport, wholesale marketing and

trading of LNG.

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• What is Stream?

Stream

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•

Maximize the value of the partners' contracts through efficient management and marketing.

•

Facilitate access by the partners to LNG supply sources, as well as strategic markets.

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Fleet management efficiency, thereby maximizing its level of utilization.

• Mission and objectives

Efficient

management of

the partners'

portfolio of LNG

contracts.

Provide the

partners with the

LNG volume that

they need to

develop their

markets and

projects.

LNG Marketing

of the integrated

projects in which

the partners may

have a

shareholding.

Fleet

management

according to

the partners'

needs.

Support the

partners in

developing new

integrated and

regasification

projects.

Basic objectives

Stream

Canaport

Italy

Spain _{China /}

Stream is one of the main LNG operators in the world thanks to its partners' positioning.

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• Positioning of Stream through its partners

France Middle East Atlantic LNG Southern USA Mexico P. Rico Spain West Africa Peru LNG China / Japan / Korea Libya Supply point Delivery point

Stream

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• Stream in numbers

~

24 Bcma.

Managed

LNG

volume

17 LNG vessels: 2,307.0 m

Size flexibility: 71,500-173,800 m

_.

Approximately 90 professionals.

Fleet

Staff

Stream

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• Stream's information channels

Web page

www.streamlng.com

Contact

[email protected]

Address

Avenida de América, 38, floors 11 and 12

28028 Madrid - Spain

Telephone

+34 91 589 9857

Fax

Fleet

Fleet managed by Stream

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4

Castillo de Villalba

Fleet managed by Stream

Catalunya Spirit

4

SCF Arctic

SCF Polar

Fleet managed by Stream

SCF Arctic

SCF Polar

4

Bilbao Knutsen

Hispania Spirit

Madrid Spirit

Fleet managed by Stream

Bilbao Knutsen

Hispania Spirit

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Barcelona Knutsen

Fleet managed by Stream

Barcelona Knutsen

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Castillo de Santisteban

Fleet managed by Stream

Thank you

visit

_{www.streamlng.com}

This presentation is the property of Stream. Both its thematic content and its graphic design are for the exclusive use of its personnel.