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1 June 2017

2 Disclaimer - The material contained in this presentation is intended to be general background information on the Énergie Saguenay Project being developed by GNL Québec Inc., a wholly owned subsidiary of GNL Québec Limited Partnership. - The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon by investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. - The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. - Any financial information or forward-looking statements contained in this presentation are purely illustrative and should not be relied upon without independent verification. 2

3 EXECUTIVE SUMMARY

4 A highly competitive and differentiated LNG project Project Overview: Construction of a liquefied natural gas export terminal at Port Saguenay in Quebec $7.2 billion (U.S.), up to 11mtpa LNG export facility 1.5 bcf/d of feedgas (~44 mcm/d) 650-km new build gas pipeline Differentiators: Hydroelectricity advantage Lowest GHG emissions Cold weather that improves thermal efficiency Best access to lowest cost gas Low plant CAPEX & OPEX mtpa: million tons per annum bcf/d: billion cubic feet per day mcm/d: million cubic meters per day 4

5 What is the Énergie Saguenay project? 5

6 What is natural gas liquefaction? 1. Receipt of natural gas by gas pipeline 2. Gas treatment 3. Gas liquefaction by giant refrigerators - Cooled to about -160 C - Volume reduced by about 600 times 4. LNG storage on site prior to export 5. LNG lines to the jetty 6. LNG Shipping to world markets 6

7 What is LNG LNG is simply natural gas, the very same used in homes and industries, only cooled until it reaches a liquid state (-162oC). It then takes 600 times less space and is easier to ship. LNG is non-toxic, non-corrosive and emits less GHG than all other types of hydrocarbons. It is maintained in liquid state by cooling, without needing to stay under pressure like propane. 7

8 Overall Project Schedule Project development Env. Permitting Pre-FEED/FEED LNG Marketing Gas Supply Gas Pipeline Hydroelectric Supply Financing FID Construction Operation Participatory process with communities, First Nations and stakeholders 8

9 Opportunity to be part of the most unique LNG asset in North America AECO-C Énergie Saguenay Best Access to Lowest Cost Gas - Excellent access to diverse, low cost gas from Canadian production areas. - Significant excess gas pipeline capacity available DAWN HUB MARCELLUS & UTICA HENRY HUB 9

10 Opportunity to be part of the most unique LNG asset in North America Hydroelectricity Advantage Best Access to Lowest Cost Gas - 550MW energy block secured - Significantly lower OPEX/CAPEX & Hedge against natural gas price increases Lowest GHG Emissions 85% less CO2 than existing & proposed plants - Excellent access to diverse, low cost gas from North American production areas. - Significant excess gas pipeline capacity available Low Cost, Low Risk $700/ton Cold Weather / Electricity 10-15% improvements in thermal efficiency Province familiar with LNG - 2 import terminals approved - 1 LNG plant in Montreal 10

11 GLOBAL NATURAL GAS AND LNG MARKETS

12 Natural gas increasing role in global energy mix History Forecast 30% Oil Coal Natural Gas 33% 28% 22% 12% 26% 22% 16% Renewables Nuclear 5% 6% Source: EIA May

13 LNG positioned as an important part of an additional 150 bcf/d growth in global demand for natural gas Demand per sector Growth per region Growth fueled by non- OECD +1.6 to 2% per year (IEA) SOURCE: BP

14 Strong fundamental trends are supporting natural gas demand SIGNIFICANT CHANGES IN LNG LANDSCAPE Less low cost LNG supply Low cost LNG plants production loss Egypt (12+ mtpa of lost LNG production) Indonesia (40% decr. in LNG export since 1999; Arun LNG to be closed) UAE now importer (not exporter) Trinidad Production coming down high-cost LNG supply coming online Australia (CAPEX over $1,500/tpa) Russia (CAPEX over $1,500/tpa) SUSTAINED TREND TO GROWING NATURAL GAS NEEDS Environmentally preferred hydrocarbon Emerging countries needs China (+11% CAGR ) Brazil (+34% CAGR ) India (17% expected CAGR ) 100+ mtpa of new FSRU demand projected by 2020 Energy policies CO2 emission reduction in China (Nov 14) Nuclear decommissioning in Germany UK phasing out coal by 2025 Direct potential results of COP21 (rising of temperature below 2ᵒC above preindustrial levels) 14

15 Potential new sources of LNG Supply LNG IMPORT LNG EXPORT LNG EXPORT (future) 15

16 Global LNG demand projected to be 470 mtpa in 2030 fueled by Asia and Niche Markets growth mmtpa Niche ~5% (Asia & CAGR ME) Europe Natural gas is an environmentally preferred source of energy available in large quantity LNG demand doubling over the next 20 years, largely driven by Asia-Pacific Source: Wood Mackenzie China/Indi a Japan, Korea, Taiwan Japan South Korea Taiwan China India South East Asia Europe South America Others LNG buyers seek: Competitive pricing Diversification of supply Lower risk projects Project credibility & certainty of outcome Potentially, vertical project integration 16

17 Rapid growth in number of countries importing LNG Widening gap between LNG import & export capacity, with 50 countries anticipated to import LNG by 2025 Many new import countries are in the Atlantic Basin SOURCE: Poten and Partners 17

18 Existing global LNG oversupply is projected to end by

19 NORTH AMERICAN GAS SUPPLY AND TRANSPORTATION

20 Canada s AECO gas trades at a growing discount to Henry Hub $/mmbtu Long-term discount to HH forecasted at over 20% (which could be even larger in the absence of multiple BC LNG project FIDs) SOURCE: Poten & Partners; Bloomberg, as of Jan 1, 2017 AECO index has historically traded at a discount to Henry Hub : Average discount of $0.67/mmBtu, a discount of 15% : Average discount of $0.68/mmBtu, a discount of 27% 2016: AECO even more depressed with a 37% average discount Increasing displacement of traditional AECO market by Marcellus production will further depress AECO pricing 20

21 2003: Canadian infrastructure used at capacity with high level of export to Northeast US/Canada High volume of Canadian natural gas being exported to US at a high price Limited excess gas pipeline capacity from Western Canada to Ontario/Quebec/Northeast US Total capacity: 7 bcf/d Énergie Saguenay SOURCE: rbnenergy.com and transcanada 21

22 2020: Significant excess gas pipeline capacity in the Canadian Mainline system Significant available gas pipeline capacity from Western Canada to eastern Ontario, with most of the mainline fully depreciated by 2020 Significant Canadian Supply from new sources (e.g. Montney, Duvernay) Total capacity: 7 bcf/d Énergie Saguenay SOURCE: rbnenergy.com and transcanada 22

23 Energie Saguenay will require a new build gas pipeline following existing right-of-way The higlighted route represents the current existing gas pipeline. TCPL Mainline Dawn Hub EASTERN TRIANGLE 36/42-inch gas pipeline from Iroquois/ Waddington to Saguenay (650 km) Gas pipeline aligns with recent Quebec Govt Energy Policy Significant gas pipeline capacity from Alberta to Ontario 23

24 ENERGIE SAGUENAY PROJECT OVERVIEW

25 Available, reliable and renewable electricity Hedge against natural gas price increases and carbon taxes, as well as reduced OPEX and CAPEX Énergie Saguenay Massive hydroelectricity production (Churchill Falls, James Bay) converges towards the Saguenay Region Project requirements (550 MW) can be met by Hydro-Québec s available surplus power Enables use of electric motor drives and greatly reduces GHG emissions at liquefaction plant Long-term hydroelectricity cost and supply certainty and stability 25

26 Valuable existing infrastructure and local skilled labor 250,000+ people (surrounding region) Significant skilled labor (from local mining & forestry industry/projects) Available housing & amenities (no camps) 15 km Grande Anse Marine Terminal (at site) 735 kv substation (40 km from site) Gas Pipeline right-of-way (10 km from site) Intermodal Rail Yard (at site) 6 km Major Highway to Quebec City (4-lane dual carriage way) Bagotville Airport (18 km from site) 26

27 One of the best LNG export plant sites in the world Port Laydown Yards 27

28 Unique site location enables reduced, competitive CAPEX/OPEX Sheltered, year-round deepwater port Access to reliable, low-cost hydropower Excellent existing infrastructure Available industrial land remote to population Superior plant efficiency due to low ambient temperatures Available skilled labor Saguenay region familiar with large projects 28

29 Energie Saguenay Plant Layout Grande Anse Terminal Preliminary view 29

30 SOCIAL ACCEPTABILITY Propriété de GNL Québec. Tous droits réservés.

31 A transparent consultation process with communities Proposed mechanism for advisory committees, work groups and GNL Quebec ADVISORY COMMITTEE FOR THE LNG TERMINAL Objective Discuss issues and concerns associated with the industrial installations in Port Saguenay WORK GROUPS ON MAJOR CONCERNS ABOUT THE PROJECT Objective Discuss in detail the major issues of the project with stakeholders Gather information and experts advices on these issues Composition according to themes Experts and scientists Key persons Interested or concerned stakeholders Composition Facilitator GNL Quebec representatives from: Municipalities Citizens First Nations (observers) Tourism groups Environmental groups Social and economic groups ADVISORY COMMITTEE FOR MARINE TRANSPORTATION Objective Discuss issues and concerns associated with marine transportation Composition Facilitator GNL Quebec representatives from: Municipalities Citizens First Nations (observers) Tourism groups Environmental groups Marine management and safety groups FOLLOW UP COMMITTEE WITH FIRST NATIONS Objective Discuss issues and concerns associated with the project that are specific to the First Nations Composition GNL Québec Community representatives of: Pessamit Essipit Mashteuiatsh 31

32 Strong cooperation and support from First Nations Workshop groups set up between GLNQ and three First Nations: o Masteuiash (Lac St- Jean) o Essipit (Tadoussac) o Pessamit (Baie Comeau) Collaborative agreement signed on May 26,

33 CONTACT US Phone :

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