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LIQUEFIED NATURAL GAS LIMITED Corporate Presentation October 2009 Gladstone LNG Project First LNG shipment in 2012 Liquefied Natural Gas Limited 5 Ord Street West Perth WA 6005 +61 8 9366 3700 www.lnglimited.com.au

Overview The LNG Limited Business Exploiting the CSG to LNG Opportunity Gladstone and Our Project Future Growth Options Key Proposition 2

LNG Limited An Overview LNG Limited is in the business of developing high margin mid scale LNG projects that connect affordable gas reserves with high economic value LNG markets. AFFORDABLE GAS RESERVES HIGH ECONOMIC VALUE LNG MARKETS Gas Exploration Gas Production Gas Transport (Pipeline) LNG Production and Export Terminal LNG Transport (Shipping) LNG Import Terminal and Regasification Gas Consumption CURRENT FOCUS GROWTH STRATEGY CUSTOMERS & PARTNERS 3

LNG Limited An Overview Focused on exploiting mid scale LNG opportunities. Team of world class professionals. High calibre project partners. OSMR TM liquefaction and membrane tank technology with clear competitive advantages. Gaining long term access to suitable project sites and associated infrastructure. Set to deliver Gladstone LNG the first CSG to LNG export project in the world: Lower capital costs, Shorter timelines, Higher energy efficiency, Lower environmental impact, and Repeatable business model 4

LNG Limited An Overview ASX Code Shares on Issue Market Capitalisation LNG 173 million AUD247 million (at AUD1.43/share) Cash Reserves AUD11 million (at 30 Sep 2009) Top 5 Shareholders Top 50 Shareholders Major Corporate Shareholders 49% ownership 68.5% ownership Golar LNG Energy Limited (13.2%) Arrow Energy Limited (9.2%) 12 month share price (AUD) 2.00 1.50 1.00 0.50 0.00 Oct Jan Apr Oct 5

LNG Limited Our Board and Executive Team An world class team with strong capability in development, construction and operation of major energy and LNG projects, and reputation for managing risks and delivering outcomes. Phil Harvey Richard Beresford Nick Davies Bill Hornaday Gary Smith Maurice Brand Paul Bridgwood Norm Marshall Michael Schaumburg Geoffrey Ellison John Drew Garry Triglavcanin Lincoln Clark David Cliff David Gardner Chairman Non Executive Director Non Executive Director Non Executive Director Non Executive Director Managing Director & Chief Executive Officer Executive Director & Chief Technology Officer Executive Director & Chief Financial Officer Project Director & General Manager General Manager Development General Manager Operations Group Commercial Manager Group Engineering Manager Managing Director Gas Link Global Company Secretary INDUSTRY EXPERIENCE AlintaGas ARCO Arrow Energy BP British Gas Caltex Australia Chevron China Light & Power Hong Kong Commonwealth Bank Department of Infrastructure (QLD) Gladstone Economic Industrial Development Golar LNG Laing O Rourke Niko Resources Origin Energy Ports Corporation of Queensland Shell Woodside Petroleum Worley Engineering 6

Exploiting the CSG to LNG Opportunity AFFORDABLE GAS RESERVES HIGH ECONOMIC VALUE LNG MARKETS Bowen & Surat Reserves (2P & 3P) ( 000 PJ) LNG Off-take Price CSG LNG Margin Opportunity Galilee Basin Prospective 21,745 PJ CSG Supply Price Bowen & Surat Basins 2P 15,858 PJ 3P 36,969 PJ Prospective 43,261 PJ 1.5mtpa LNG requires ~90PJ/yr gas Strong growth in Queensland CSG reserves. Cumulative Australian gas consumption to 2030 not expected to exceed 26,000 PJ, creating significant gas export opportunity. Queensland CSG positioned well relative to global LNG production nodes in supplying Asian LNG markets. These are premium LNG markets with price linked to oil. 7

Exploiting the CSG to LNG Opportunity CHALLENGING THE CONVENTIONAL Securing gas supply Accessing LNG markets Key project characteristics Liquefaction technology LNG Limited Development Strategy Mid scale reserves targeted Partnerships or integration Partnerships or direct marketing to users Short term contracts possible Low capital cost High efficiency Low emissions Reduced time to market Proprietary Mid scale trains Conventional Development Strategy Large scale reserves only Acquisitions / integration Direct marketing to users or internal trading 15 25 year contracts required High capital cost Mediocre efficiency Prolonged development schedule Licensed Large scale trains Storage technology Membrane tanks Full containment tanks 8

Gladstone LNG Project Overview 1. PROJECT LOCATION 2. GAS SUPPLY ARROW ENERGY HOA (TRAIN 1) 12 years + 24 month ramp-up 90PJ/yr gas supply FISHERMAN S LANDING Under utilised site with existing infrastructure well suited to mid-scale LNG plant GLADSTONE LNG PROJECT 3. LNG OFFTAKE GOLAR & TOYOTA TSUSHO HOAs (TRAIN 1) 12 years + 24 month ramp-up 1.5 mtpa LNG offtake 4. TECHNOLOGY & EPC CONTRACTS OSMR TM LIQUEFACTION & MEMBRANE TANKS SKEC & Laing O Rourke EPC Contract CB&I Project Management Consultant 5. PROJECT FUNDING & ECONOMICS USD500m CAPITAL COST (EXCLUDING PORT) BNP Paribas Project Financial Advisor Acceptable returns on one train at floor price and strong economic improvement with additional trains 9

1. Project Location Curtis Island LNG Projects Project Scale Considered (mtpa) First LNG Origin and ConocoPhillips ~16 2014 Santos and Petronas ~10 2014 BG Group ~12 Late 2013 Shell and Arrow ~16 2014 Curtis Island GLADSTONE LNG Fisherman s Landing Fisherman's Landing LNG Projects Project Scale Considered (mtpa) First LNG LNG Limited ~3 2012 LNG Export 10

Advantages of Fisherman s Landing Low complexity, under utilised and well suited to mid scale LNG plant. Site is serviced by a natural deepwater harbour with dredging approvals for a larger Targinie Channel in place. Site is protected and does not require breakwater infrastructure. Essential infrastructure elements including roads and water are in place. Potential for expansion. 11

2. Gas Supply GLADSTONE LNG PROJECT Success requires a reliable long term supply of affordable gas reserves of the right volume and specification. Heads of Agreement with Arrow Energy for CSG of specified quality restated in February 2009 and progress of Arrow s project being carefully monitored. Requisite Pipeline Licence from Surat Basin to Gladstone Gas Gate required by Arrow. Entire gas supply for Train 1 sourced from Arrow (1,200 PJ): 45PJ/A (Year 1) Ramp up gas, 75PJ/A (Year 2) Ramp up gas, and 90PJ/A (Year 3 Year 14) On stream gas. CSG floor price with upside linked to oil price agreed. Mid scale LNG trains easily duplicated...major benefit to gas suppliers. Arrow Energy Limited (ASX:AOE) is Australia's largest holder of CSG acreage with interests in more than 65,000 km 2 and currently certified gross gas reserves of 703 PJ (1P), 4,092 PJ (2P) and 9,312 PJ (3P). 12

3. LNG Off take GLADSTONE LNG PROJECT Success requires long term sale of high economic value gas to off takers and contracted end buyers with solid credit ratings. Heads of Agreement with Golar LNG Energy in February 2009 to deliver LNG to Golar at the existing Fisherman s Landing No. 5 Berth at The Port of Gladstone on a free on board (FOB) basis. Golar entered into a Heads of Agreement with Toyota Tsusho in September 2009 to purchase 1.5 MTPA from Gladstone LNG. Entire LNG production from Train 1 sold: 45PJ/A (Year 1) Ramp up gas, 75PJ/A (Year 2) Ramp up gas, and 90PJ/A (Year 3 Year 14) On stream gas. LNG floor price with upside linked to oil price agreed. Golar LNG Limited (OSE:GOL and NASDAQ:GLNG) is one of the world s largest independent owners and operators of LNG carriers with over 30 years of experience. Its subsidiary Golar LNG Energy Limited is advancing the company s midstream to upstream integration. Toyota Tsusho Corporation (TSE:8015) is the trading company of the Toyota Motor Group and is the sixth largest trading company in the world. It undertakes a wide range of business including trading, manufacturing, processing, and retailing. 13

4. Technology and EPC Contracts Mid scale liquefaction technology is critical to LNG Limited s strategic focus in developing mid scale LNG projects. Technical highlights of LNG Limited Approach Benefits for LNG Project Development Smaller land access requirement Simple and efficient process Using proven liquefaction technology Low equipment count OSMR TM Process Developed and owned by LNG Limited Increases ability to strategically locate LNG projects Potential to site closer to gas supply Potential to site closer to existing infrastructure such as sheltered deepwater harbours and roads Highly efficient Low construction cost Easier installation Easier operation & maintenance Fast shut down and start up Faster on site construction Use of proven membrane tank technology Lower construction cost of around 50% Faster construction by around 8 months 14

4. Technology and EPC Contracts Plant Power Grid Power BFW Pump Feedgas Process Steam Ammonia Refrigeration Plant CHP Plant ACC Inlet Air Chiller Chiller Amine Regen STG Cooling & Compression Aux Boiler Gas Sweatening Plant Once Through Steam Genertor Gas Turbine Compressor (x2) HP Fuel Ammonia Refrigerant CO2 H 2 0 1 Dehydration Pre Cooling Plant Heater Marine Flare Mixed Refrigerant Suction Scrubber (x2) H 2 0 Cool Mixed Gas Refrigerant System MR Cooler (x2) BOG Compressor (x2) OSMR TM PROCESS MR Make-up Cold-Box Liquefactio Cold Box Liquefaction nunit Unit To Cold Box # 2 LP Fuel (Aux Boiler) Cold Box (x2) 2 OSMR TM KEY DESIGN FEATURES Simplicity in design, construction and operation Faster build Reduced capital intensity Mid scale Location flexibility Reduced capital requirement High efficiency and low emissions Better economics Reduced emissions Total energy efficiency improvement of 30% over conventional LNG processes results from OSMR TM process innovations: Ship Loading LNG Storage & Ship Loading Membrane Tank LNG Tank LNG Pumps (x4) Storage and Shipping LNG From Cold Box # 2 1 2 Gas turbine inlet air cooling improves plant capacity by 15% Supplementary cold box cooling improves plant capacity and efficiency by 20% 15

4. Technology and EPC Contracts Liquefaction Process Comparison Performance Metric C3 MR* Optimized Cascade* OSMR Total Plant Efficiency 90 92% Availability 92 93% *Company estimates based on information in the public domain. 90 93% (Aero Derivatives) 92 94% (2 in 1 Train) 93 94% (Aero Derivatives) 95 96% (2 in 1 Train) LNG Limited s OSMR TM Process will have superior performance against globally dominant liquefaction technologies. Credible independent technical validation obtained. Project Execution SK Engineering & Construction (SKEC) and Laing O Rourke (LOR) jointly undertaking FEED to ensure definitive and seamless EPC Contract. SKEC and LOR are proven contractors in major infrastructure projects and both have strong balance sheets. CB&I, the world s leading EPC contractor in conventional LNG storage and with recent large scale LNG plant EPC experience, has been appointed Project Management Consultant to mitigate execution risks. 16

5. Project Economics and Funding PROJECT FUNDING USD500m* Project Capital Cost USD250m Equity (50%) USD250m Debt (50%) LNG Limited USD100m 40% Finance to be sourced from: Banking Consortium Export Credit Agencies Arrow Energy USD50m 20% 40% Golar LNG Energy & Toyota Tsusho USD100m Equipment Suppliers Golar LNG Energy providing financial support to LNG Limited as agreed in Equity Support Agreement. *Subject to final exchange rates. Excluding port costs. BNP Paribas appointed as Project Financial Advisor. 17

5. Project Economics and Funding PROJECT ECONOMICS Gladstone Project Economics Summary Train 1 LNG Production Volume 1.5 Mtpa of LNG (Post Ramp up Period) 77 million MMBtu/yr of LNG Ramp up Period 24 months LNG Offtake / Gas Supply Price Margin Target ~USD2.50 per MMBtu of LNG at Floor Price LNG Production Cost Target (excluding gas) ~USD0.50 0.70 per MMBtu of LNG Capital Cost USD500* million Ownership (proposed) LNG Limited (40%) Golar LNG Energy / Toyota Tsusho (40%) Arrow Energy (20%) Acceptable project returns for Train 1. Low Train 2 capital cost (USD200 250m) further improves project business case. *Subject to final exchange rates. Excluding port costs. 18

Future Growth Options LNG Limited will grow through: Gladstone LNG Project expansion Train 2 gas supply key focus, Upstream integration, and Regional diversification. Major opportunities are emerging in Australia and other global markets. Commit to our next LNG Project and provide guidance in the current financial year. AFFORDABLE GAS RESERVES HIGH ECONOMIC VALUE LNG MARKETS Gas Exploration Gas Production Gas Transport (Pipeline) LNG Production and Export Terminal LNG Transport (Shipping) LNG Import Terminal and Regasification Gas Consumption CURRENT FOCUS GROWTH STRATEGY CUSTOMERS & PARTNERS 19

Key Proposition LNG Limited is in the business of developing high margin LNG projects. Gladstone LNG remains the company s strategic focus and is on track to deliver first LNG in 2012. Next steps: Finalise development approvals to enable commencement of construction, Convert existing HOAs into definitive agreements, Raise project funding, and Secure gas for Train 2. Current and future projects have strong economics and will be characterised by: Lower capital costs, Shorter development and construction timelines, Higher energy efficiency, and Lower carbon emissions and lower overall environmental impact. High calibre project partners and a driven team of experienced professionals will underpin our success. Repeatable formula is underpinned by proprietary engineering, site selection, partner selection, and financing. Project expansion, upstream integration and regional diversification underpin future growth options. 20

Disclaimer The information in this presentation is not an offer or recommendation to purchase or subscribe for securities in Liquefied Natural Gas Limited (ASX:LNG) or to retain any securities currently being held. This presentation does not take into account the potential and current individual investment objectives or the financial situation of investors. This presentation was prepared with due care and attention and the information contained herein is current at the date of the presentation. This presentation contains forward looking statements that are subject to risk factors associated with the gas and energy industry. The expectations reflected in these statements are reasonable, but they may be affected by a range of variables that could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates. All references to dollars, cents or $ in this document is a reference to US Dollars, unless otherwise stated. 21