Guy Dayvault, Commercial Director Houston, Texas

April 30, 2014

Jordan Cove LNG LNG Export USA 2014: Global Buyer Congress

Forward Looking Information

Certain information contained in this presentation constitutes forward-looking information under applicable

Canadian securities laws. All information, other than statements of historical fact, which addresses activities,

events or developments that we expect or anticipate may or will occur in the future, is forward-looking information.

Forward-looking information typically contains statements with words such as "may", "estimate", "anticipate",

"believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or

outlook. Forward-looking statements in this presentation include, but are not limited to, statements with respect to

the receipt of regulatory approvals, securing customers, securing financing and the in-service date of the Jordan

Cove Energy Project and the Pacific Connector Gas Pipeline. The risks and uncertainties that may affect the

operations, performance, development and results of our businesses include, but are not limited to, the following

factors: our ability to successfully implement our strategic initiatives and achieve expected benefits; levels of oil

and gas exploration and development activity; the status, credit risk and continued existence of contracted

customers; the availability and price of capital; the availability and price of energy commodities; the availability of

construction services and materials; fluctuations in foreign exchange and interest rates; our ability to successfully

obtain regulatory approvals; changes in tax, regulatory, environmental, and other laws and regulations;

competitive factors in the pipeline, NGL and power industries; operational breakdowns, failures, or other

disruptions; and the prevailing economic conditions in North America. Additional information on these and other

risks, uncertainties and factors that could affect our operations or financial results are included in our filings with

the securities commissions or similar authorities in each of the provinces of Canada, as may be updated from

time to time. Although we believe the expectations conveyed by the forward-looking information are reasonable

based on information available to us on the date of preparation, we can give no assurances as to future results,

levels of activity and achievements. Readers should not place undue reliance on the information contained in this

presentation, as actual results achieved will vary from the information provided herein and the variations may be

material. We make no representation that actual results achieved will be the same in whole or in part as those set

out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as

of the date hereof, and, except as required by law, we do not undertake any obligation to update publicly or to

revise any forward-looking information, whether as a result of new information, future events or otherwise. We

expressly qualify any forward-looking information contained in this presentation by this cautionary statement.

2

Jordan Cove will serve Asian Gas Markets with US

West Coast LNG Supply from Multiple Gas Regions

Outline today

Discuss tolling model for exporters of LNG produced in USA

Tolling commercial model

Gas supply strategies

Personal views of the presenter and not reflection of the

project company (JCEP) nor the owner, Veresen Inc.

Overview of the Jordan Cove LNG Export project

Insight into my perspectives on the broad questions

3

Jordan Cove LNG Export Site – Facility Renderings

4

500 acres of land, outlined in red are fully owned in title

The power plant and liquefaction facility are co-located as an integrated facility

Traditional LNG Value Chain

LNG SPA

(Sale & Purchase Agreement)

Seller Responsibility:

E&P

Pipeline Transportation

Gas processing

Liquefaction

Buyer Responsibility:

Shipping (for FOB SPA)

Regas

Distribution to Customers

Revolutionary LNG Value Chain Liquefaction Tolling Agreement

Buyer Responsibility:

E&P

Pipeline Transportation

Gas processing

Operator Responsibility

Liquefaction

Buyer Responsibility:

Shipping

Regas

Distribution to Customers

Tolling Commercial Model: Vertical Integration to

Further Disaggregate the LNG Value Chain

5

Benefit to Asian LNG Buyer from Vertical Integration is

lower commodity cost volatility

$0

$5

$10

$15

$20

$25

$30

$35

1 2 3 4

shipping

liquefaction

Gas Price

HH indexed;

gas price

$4.50

Oil indexed;

JCC price

$110

HH indexed;

gasx2 price

$9.00

Oil indexed;

JCCx2 price

$220

Base Commodity Cost Double Commodity Cost

DES =

$11.00

DES =

$16.00 DES =

$15.50

DES = $32.00

Chart 6

DES LNG slope set

= 0.1455

(“crude-oil-parity

discount factor”)

DES Price = 0.1455 x JCC

Example of LNG Cost Resulting from Doubling Commodity Index

Tolling

Tolling Traditional

SPA

Traditional

SPA

The Risks

1. Source, secure, nominate, &

schedule gas into pipeline and

LNG plant

2. Contract pipeline capacity from

sufficient liquid market points to

the export liquefaction plant to

assure competitive gas supply

3. Managing a new business

model with value-chain-

segments upstream of

liquefaction to control

The Rewards

1. Long-term control of your destiny and gas supply needs (up to 45 years through optional term extensions)

2. Not competing with the plant owner in marketing LNG

3. Avoid power price variation exposure thru dedicated power plant

4. HH – JCC arbitrage value

5. Vertical integration beyond DES, beyond FOB, beyond ex-plant, back to wellhead; possible with or without owning gas reserves in the ground

Risks and rewards associated with the US LNG tolling

models

7

Jordan Cove Reduces Delivered Gas Cost Volatility

Source: Bloomberg, ARC Financial Corp (with JCEP additions)

Illustrative: Shows DES “Delivered Ex-Ship”, to a Japan LNG port

8

Jordan Cove – DES cost

into Japan

0

2

4

6

8

10

12

14

16

18

20

2009 2010 2011 2012 2013

$U

S/M

MB

tu

Average Japanese

LNG Import Price

Henry Hub Natural

Gas Price

Malin Hub Natural

Gas Price

Includes all-in cost

estimates for:

1.Pacific Connector

2.Jordan Cove liquefaction

3.Trans-ocean shipping

Jordan Cove will serve Asian Gas Markets with US

West Coast LNG Supply from Multiple Gas Regions

Outline today

Discuss tolling model for exporters of LNG produced in USA

Tolling commercial model

Gas supply strategies

Personal views of the presenter and not reflection of the

project company (JCEP) nor the owner, Veresen Inc.

Overview of the Jordan Cove LNG Export project

Insight into my perspectives on the broad questions

9

Tolling model and integration with western U.S. infrastructure

provides long-term gas supply sourcing strength

Ruby Pipeline

Canadian

Supply

US Rockies Supply

Jordan Cove

Pacific Connector

Tolling business model:

Access to North American gas

pricing

Gas supply via Malin Hub

provides:

Optimize gas purchases via

Diverse gas supplies from

Canada and U.S. Rockies &

Market liquidity / gas storage

infrastructure of California

10

GAS SUPPLY:

LNG Liquefaction Tolling Customers begin to Resemble

Industrial, IPP and LDC Gas Buyers

Various Alternative strategies for gas supply:

Own E&P risk:

• Purchase gas reserves in the ground or access existing proprietary reserves

• Joint venture with gas producers

Contract directly with E&P companies:

• Contract directly with gas producers in Western Canada and U.S. Rockies under various terms (i.e., 1, 5, 10, 20 years)

Outsource Gas Supply & Pipeline management functions:

Gas supply via established gas market and trading desk

AMA or similar structure for 3rd Party to schedule and balance gas on pipelines and manage transport capacity

11

Jordan Cove will serve Asian Gas Markets with US

West Coast LNG Supply from Multiple Gas Regions

Outline today

Discuss solutions for US LNG Exporters and International

LNG Buyers

Personal views of the presenter and not reflection of the

project company (JCEP) nor the owner, Veresen Inc.

Overview of the Jordan Cove LNG Export project

Insight into my perspectives on the broad questions

12

Established owner, developer, and operator of large

scale energy infrastructure assets

Focused on high-quality, strategic, natural gas infrastructure assets which

play a key role in meeting North America’s energy needs

Strategically advantaged assets located in new growth areas

Pipeline access to premium markets

Track record of creating shareholder value

13

Jordan Cove LNG: Essential characteristics for an optimal

export facility

Close to Asia Pacific markets

Diversified gas supply thru

existing gathering networks,

pipelines and midstream

facilities

Connected to physical gas

trading hub

Strong political and community

support

Advanced regulatory position

with FERC

DOE non-FTA approval

14

Growing LNG Demand, East of Suez

15

“We welcome LNG exports from the U.S. as an extremely effective method to ensure

both a stable supply of energy and a reduction in import costs…”,

--- Mr. Toshimitsu Motegi, Minister of Economy, Trade and Industry

58.5

China

46.3

Korea

95.8

Japan

38.7

India

8.1

Indonesia 8.0

Singapore

Thailand

6.0

Malaysia

4.5

38.7

Taiwan

Philippines

3.0 Pakistan

2.0

Source: Poten & Partners

Projected LNG Demand

in 2025 (mtpa) Source: Poten & Partners

Diversity of supply and use of existing pipelines systems

provides competitive advantages

16

USGC LNG

~9 shipping days

to Europe Source: Terminal websites, DOE

Japan as comparative market

Approvals for long-term Canadian natural gas supplies to flow

through Jordan Cove LNG

17

Jordan Cove customers also have full access to U.S. Rockies gas supplies

• Export application to allow for exports of natural gas from Canada to the United States.

• 25-year export application for 1.55 Bcf/d approved February 20, 2014

• Supplies Jordan Cove’s full build-out at 9 mtpa

Canada: National Energy Board – APPROVED

• Import application to allow for imports of natural gas to the United States from Canada

• 25-year import application for 1.55 Bcf/d approved March 18, 2014

• Supplies Jordan Cove’s full build-out at 9 mtpa

United States: Department of Energy – APPROVED

• Export application to allow for exports of LNG to consuming nations (FTA and non-FTA)

• 30-year FTA export approval granted for 9 mtpa

• 20-year Non-FTA export application for 6 mtpa approved March 24, 2014

United States: Department of Energy – APPROVED

Jordan Cove LNG, in southwest Oregon, can be achieved

Coos Bay, Oregon, is the best port for exports of

high-value LNG to Asia Pacific markets

Local land use permits for terminal and

pipeline are in hand – Providing significant

evidence of project viability

Development is highly supported by elected

state-legislative representatives and business

leaders

Established 10-year history in Oregon

Veresen has acquired 500 acres of

development land in the Coos Bay area

18

Thousands of construction and permanent jobs created; average of $25 million/year

in annual property taxes over life of project

Project Labor Agreement in place

Jordan Cove is foundation for redevelopment and modernization of the International

Port of Coos Bay – Administrative arm of the State of Oregon

Jordan Cove’s location in southwest Oregon will always be highly differentiated

from other U.S. west coast facilities

Southwest Oregon welcomes Jordan Cove!

19

Please visit: www.boostsouthwestoregon.com

“This announcement is exactly what Coos Bay,

North Bend and America need: new jobs and new

investment, while factoring in a changed

geopolitical landscape through a case-by-case

process.

I urged DOE to consider this application without

delay, and I am pleased the department decided

that Jordan Cove deserves to move forward.”

Senator Wyden (Oregon)

www.wyden.senate.gov

Boost Southwest Oregon – grassroots program made up

of over 1,000 Community Members, Organizations,

Businesses and Elected Officials in support of Jordan Cove.

Senator Ron Wyden at Town Hall in Coos Bay, Oregon

Audience (yellow shirts) showing significant Jordan Cove community

support. November 2013

II. Opportunity Overview

Jordan Cove LNG, at Coos Bay, Oregon: Best location

on west coast of North America

20

International Port of Coos Bay:

Administrative arm of the Government of Oregon

Federally maintained navigation channel;

JCEP berth designed for up to Q-Flex class vessels (nominal 217,000 m3)

Ideal port for short access to open sea

Excellent access by air, rail, sea and interstate highway

Coos Bay area local population of 25,000

1.5 hour tug assisted transit along clear, open

7-mile channel

Proposed Timeline

Dec.

2011 Aug.

2012

May/June

2013

Q3 2014

Q3-Q4

2014

Receive

DOE Export

License to

FTA

countries

Submit NOI to

EFSC (Power

Plant)

FERC

Applications

/ Resource

Reports

FERC Pre-

Filing

PCGP in May

Issue Power

Plant Siting

Certificate

FERC Issues

Order

Project has well established regulatory groundwork

FID

Q1 2015

FERC Notice to

Proceed –

Construction Starts

Feb.

2012

LNG Commissioning

and Operations

Q1 – Q2 2019

Estimated Certification & Development Milestones

Feb.

2014

NEB approves

export

application

21

Mar.

2014

Receive DOE

Export License

to non-FTA

countries

Project components for LNG exports through Coos Bay,

Oregon as filed with FERC

22

Pacific Connector Gas Pipeline

Estimated cost of $1.5 billion

excludes AFUDC and other soft costs

232-mile, 36-inch diameter pipeline (1480 psig

MAOP), from Malin, OR to Coos Bay, OR

Initial design capacity of 1.0 Bcf/d

Pipeline design and rights-of-way previously

approved by FERC (2009)

Owned equally by Veresen and Williams

Jordan Cove LNG Export Terminal

Estimated cost of $5.3 billion

excludes AFUDC and other soft costs

6 mtpa facility expandable to 9 mtpa

Berth design range: 89,000 m3 to 217,000 m3

Marine facilities, LNG tanks and site grading

previously approved by FERC (2009)

Owned 100% by Veresen

Insert map from

Dorreen

Jordan Cove LNG can serve the needs of Asia Pacific gas

consumer

Strong local support and advocacy in Southwest Oregon

DOE non-FTA approval

FERC applications filed mid 2013 – expect approval in 4q 2014

Advanced development process and discussions with

prospective tolling agreement customers

Have a look at

www.BoostSouthwestOregon.com

23

www.vereseninc.com

Jordan Cove Contact Information:

Guy Dayvault

Phone: 832 445 6910

Email: guy@JordanCoveEnergy.com