Asset/Trade Flexibility

Jeff,

The following represents assets and/or trades we would want to maintain flexibility due to liability issues and/or potential upside:

Project Timber: 10 year toll agreements around Mt. Belvieu and Morgan's Point facilities
Hoegh Gallion: 18 year take or pay lease agreement regarding this refurbished LNG vessel delivered March 26, 2001
Excalibur: 22 year take or pay lease agreement regarding this new LNG vessel to be delivered August 2002
Bahamas: Greenfield regasification and pipeline project to be completed by YE 2005
sub issue to Bahamas: 20 year 4 Bcm/yr take or pay lease agreement LNG agreement from Nigeria LNG (MOU already
signed)

Regards,

-Larry-