CheniereEnergy,Inc.

October2015

ForwardLookingStatements
This presentation contains certain statements that are, or may be deemed to be, forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference herein
are forwardlooking statements. Included among forwardlooking statements are, among other things:
statements regarding the ability of Cheniere Energy Partners, L.P. to pay distributions to its unitholders or Cheniere Energy Partners LP Holdings, LLC to pay dividends to its
shareholders;
statements regarding Cheniere Energy Inc.s, Cheniere Energy Partners LP Holdings, LLCs or Cheniere Energy Partners, L.P.s expected receipt of cash distributions from their
respective subsidiaries;
statements that Cheniere Energy Partners, L.P. expects to commence or complete construction of its proposed liquefied natural gas (LNG) terminals, liquefaction facilities,
pipeline facilities or other projects, or any expansions thereof, by certain dates or at all;
statements that Cheniere Energy, Inc. expects to commence or complete construction of its proposed LNG terminals, liquefaction facilities, pipeline facilities or other
projects by certain dates or at all;
statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North
America and other countries worldwide, or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure, or demand
for and prices related to natural gas, LNG or other hydrocarbon products;
statements regarding any financing transactions or arrangements, or ability to enter into such transactions;
statements relating to the construction of our proposed liquefaction facilities and natural gas liquefaction trains (Trains), or modifications to the Creole Trail Pipeline,
including statements concerning the engagement of any engineering, procurement and construction ("EPC") contractor or other contractor and the anticipated terms and
provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;
statements regarding any agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated
timing thereof, and statements regarding the amounts of total LNG regasification, liquefaction or storage capacities that are, or may become, subject to contracts;
statements regarding counterparties to our commercial contracts, construction contracts and other contracts;
statements regarding our planned development and construction of additional Trains, including the financing of such Trains;
statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;
statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections or objectives, including anticipated
revenues and capital expenditures and EBITDA, any or all of which are subject to change;
statements regarding projections of revenues, expenses, earnings or losses, working capital or other financial items;
statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings,
investigations, proceedings or decisions;
statements regarding our anticipated LNG and natural gas marketing activities; and
any other statements that relate to nonhistorical or future information.
These forwardlooking statements are often identified by the use of terms and phrases such as achieve, anticipate, believe, contemplate, develop, estimate, example,
expect, forecast, goals, opportunities, plan, potential, project, propose, subject to, strategy, target, and similar terms and phrases, or by use of future tense.
Although we believe that the expectations reflected in these forwardlooking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these forwardlooking statements, which speak only as of the date of this presentation. Our actual results could
differ materially from those anticipated in these forwardlooking statements as a result of a variety of factors, including those discussed in Risk Factors in the Cheniere Energy, Inc.,
Cheniere Energy Partners, L.P. and Cheniere Energy Partners LP Holdings, LLC Annual Reports on Form 10K filed with the SEC on February 20, 2015, which are incorporated by
reference into this presentation. All forwardlooking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these Risk Factors. These
forwardlooking statements are made as of the date of this presentation, and other than as required under the securities laws, we undertake no obligation to publicly update or revise
any forwardlooking statements.
2

ExecutingonStrategy
2025ForecastforCEI

~14% ofthe

~9Bcf/d

Oneofthelargest
exportersofLNGon
aglobalbasis

Oneofthelargest
naturalgasbuyersin
theU.S.

$50B+ inU.S.

~1,000

infrastructure

permanent
jobscreated

Significantinvestment
inU.S.infrastructure

Supportingover
200,000indirectjobs

Flexible,
Scalable,
industry
leading
platform

60 mtpa

LNG by
2025

totalLNGmarket

ChenieresKeyBusinesses

LNG
PLATFORM

GAS
PROCUREMENT

CHENIERE
MARKETING

FourplannedLNG
terminalstobe
locatedalongGulf
ofMexico

Providingfeedstock
forLNGproduction

LNGsales,FOBor
DES,providedto
customersona
short,mid,and
longtermbasis

~60mtpaplanned
Scalableplatform
SPLT15andCCL1
2underpinnedby
longtermcontracts,
competitivecapital
costs

Redundantpipeline
capacityensures
reliablegas
deliverability
Upstreampipeline
capacityprovides
accesstodiverse
supplysources

~9mtpaLNG
volumesexpected
fromSPLT16and
CCLT13
3charteredLNG
vesselstodate

FUTURE
DEVELOPMENTS
Developing/
investingin
infrastructureto
facilitate
hydrocarbon
revolutioninTexas
andbeyond
Optimizevalueof
LNGplatform
Identify
opportunitiesin
relatedmarkets

ProjectedGlobalLNGDemand436mtpa by2025
Demandforecastedtoincreaseby193mtpato2025,a6%CAGR
Averageof23mtpaofnewliquefactioncapacityneededeachyear(1)
Europe
31

78

92

2015

2020

2025

Asia
305
Americas
22

19

23

2015

2020

2025

184
MiddleEast/N.Africa
6
2015

10
2020

17

2015

260
2020

2025

2025

Source:WoodMackenzie
Q32015LNGTool
(1)Assumes85%utilizationofnameplatecapacity

U.S.ExpectedToBecomeOneoftheTopThreeLNGSuppliers
ProjectedLNGLiquefactionCapacity
2014GlobalLNGLiquefactionCapacity:~37Bcf/d

94
mtpa
60
mtpa

1.4
mtpa

2014

64
mtpa
under
const.

31.5
mtpa
under
const.

2025

2025

UnitedStates Cheniere
SabinePassT16
CorpusChristiT15
Parallax

Source:WoodMackenzieQ32015
Cheniere
6

77
mtpa

AP

AP

MEG

MEG

AB

AB

2014

2025

2014

2025

Qatar

RestofWorld
IncludesExistingand
UnderConstruction
Projects
2014:171mtpa
2025:189mtpa

81
mtpa

68
mtpa
26
mtpa
2014

2025

Australia

CheniereLNGPlatform

LiveOakLNG1

SabinePassLiquefaction

~5mtpa development

6traindevelopment 27mtpa

(~0.8Bcf/d)

(~3.8Bcf/dinexportcapacity)
Trains15areunderconstruction;
FirstLNGexpectedinlate2015
Train6underdevelopment,
FIDexpected2015/16

FirstLNGtargetedinlate2021

LiveOak
LNG

LA

TX

CreoleTrailPL

SabinePass
Liquefaction

Louisiana
LNG

LouisianaLNG1
CorpusChristi
Liquefaction

~5mtpa development
(~0.7Bcf/d)

FirstLNGtargetedinlate2021

CorpusChristiLiquefaction
5 traindevelopment 22.5mtpa

(~3.2Bcf/dinexportcapacity)
Trains12areunderconstruction;First
LNGexpectedinlate2018
Train3underdevelopment;FID
expected2015/16
Trains45underdevelopment;
PermittingprocessinitiatedJune2015

(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects

UnderConstruction
Proposed

AerialViewofSPLConstruction August2015
Train6UnderDevelopment

T5SoilStabilization

Train5
T3EthyleneColdBox

Train3

T3MethaneColdBox

Train4

T1MethaneColdBox
T1EthyleneColdBox

AirCoolers
PropaneCondenserArea

Train1
T2MethaneColdBox
T2EthyleneColdBox

Train2

ForecastCheniereLNGPortfolioSummary
(inMTPA)

DesignCapacity

SPL
CCL
Trains16 Trains13
27.0

13.5

Total

CCL
Trains45

LO&
LLNG1

Total

40.5

9.0

~10

~59.5

InPermitting

InPermitting

31.75

9.0

~10

~27.75

UnderConstruction

22.5

9.0

31.5

(underpinnedbyLTSPAs)

(~88%sold)

(~85%sold)

(~87%sold)

LTSPAsTarget

21.25

10.5

31.75

(soldtodate)

(19.8)

(8.4)

(28.2)

5.75

3.0

8.75

31.5
(~87%sold)

(28.2)

ExcessVolumes:
Customized
Contracts/CMI

Approximately87%ofLNGvolumesfortrainsunderconstructionareunderpinnedwithLT
SPAs,cashflowssupportcurrentprojectdebtof$21.5B
20yearLTSPAswithinvestmentgradecounterparties
ForthebalanceofLNGvolumes,longtermcontractsarenolongerrequired;Cheniere
expectstosellLNGundershortertermcontractsoronaspotbasis

EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnotinclude
depreciationexpensesandcertainnonoperatingitems.Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancialmeasureunderGAAP,andweareunableto
reconciledifferencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsas
reportedunderGAAP,andshouldbeevaluatedonlyonasupplementarybasis.
(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects

ChenieresLNGExportProjects
UnderpinnedwithAttractiveSPAFeatures

CheniereLNGSPAs:LNGpricetiedtoHenryHub,destinationflexibility,
upstreamgasprocurementservices,noliftingrequirements

SPAsfeatureparentguarantees &HH+fixedfee(nopricereopeners)

Provenrecordofexecution;proventechnology

10

CheniereOffersCompetitive,LowCostSourceofLNG
TheU.S.isoneofthelowestcostnaturalgasprovidersintheworld
U.S.liquefactionprojectcostsarealsosignificantlylowerduetolessproject
developmentneeded
ThebreakevenLNGpriceforCheniereLNGexportfacilitiesisoneofthelowest
comparedtootherproposedLNGprojects
EstimatedbreakevenLNGpricing range, DeliveredExShiptoAsia
$20

$18.5
$17.0
LNGprices($/MMBtu)

$16.0
$15

$13.0

$14.0

$14.5

$11.5

$13.0
$12.0

$10

$8.4

$9.5

$7.7
$5
CheniereGulfCoast

WestAfrica

WesternCanada

NorthwestAustralia

EastAfrica

SoutheastAsia

Source: CheniereResearch,WoodMackenzie,companyfilingsandinvestormaterials.
Note: Breakevenpricesderivedassumingunleveredaftertaxreturnsof10%onCanadianprojectsand12%onallotherprojectsoverconstructionplus20yearsofoperation.HenryHubat$3.00/MMBtu

11

7trainCEIcashflowestimate Currentmarketsnapshot
SPLT15,CCLT12
7trainCEIcashflowestimate Currentmarketsnapshot|SPLT15,CCLT12
($inbillions,exceptforpershareamounts)

CEIcashflowbuildup(2021estimatedamounts)
ProjectEBITDA/Deconsolidatedforstandalone
Less:Projectlevelinterestexpense
Distributablecashflowfromproject
%cashflowstoCEI(Adjustedforminorityinterests)
ProjectcashflowstoCEI(Adjustedforminorityinterests)
TotalprojectcashflowstoCEI
Plus:ManagementfeestoCEI
Less:CEIG&A
Less:CEIlevelinterestexpense
CEIcashflow
CEIcashflowpershare
Currentdebtoutstanding
(2)
SPLandCCLprojectleveldebtoutstanding
SPLNGandCTPLprojectleveldebtoutstanding
CEIleveldebtoutstanding
Totaldebtoutstanding

CQP
(SPLT15/SPLNG/CTPL)

CorpusChristi
(CCLT12)

Total

CEIstandalone
$2.3
($0.5)
$1.8

$3.0
($1.0)
$2.1
49%
$1.0
$1.0

$1.3
($0.5)
$0.8
100%
$0.8
$0.8

$4.3
($1.5)
$2.9

$13.1
$2.5

$15.6

$8.4

$8.4

$21.5
$2.5

$24.0

(1)

$1.8
$1.8
$0.1(1)
($0.3)(1)
(3)
($0.0)
$1.6
(3)
$6

(3)
$0.6
$0.6

7trainscurrentlyunderconstructionfinancedwithnonrecourseprojectleveldebt SPLT15(CQP)andCCLT12(CEI)
Basedon27.4MTPAof20yearSPAs;assumesremainingLNGsoldtoEuropeatcurrentmarketpricesandshippingrates
NBPpriceof$6.32/MMBtu,HenryHubpriceof$2.54/MMBtu,shippingdayratesof$30,000/day(4)
Forscenarioshownabove,estimatedincometaxpaymentsof~15%ofCEIpretaxcashflowprojectedtostartin2023/24

Note:SeeForwardLookingStatementsslide.CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbonds.
SPL,SPLNG,CTPLandCCLlevelprojectdebtshownabovearenonrecoursetoCEI.
EBITDA,distributablecashflow,deconsolidatedcashflow,cashflowandcashflowpersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,
assumedcommissioningcostsandstateandlocaltaxes.Itdoesnotincludedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemost
comparablefinancial measureunderGAAP,andweareunabletoreconciledifferencesbetweenforecastednonGAAPmeasuresandnetincome.NonGAAPmeasureshavelimitationsasananalyticaltooland
shouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,andshouldbeevaluatedonlyonasupplementarybasis.
(1) ~$2.3billionofdeconsolidatedcashflowtoCEIcalculatedas~$1.0billion ofCQPdistributablecashflow(netofminorityinterest),plus~$1.3billion ofCCLTrains12EBITDA. CEIstandaloneEBITDAis
estimatedtobe~$2.1billioncalculatedas~$2.3billionofdeconsolidatedcashflowtoCEI,plus$0.1billionofmanagementfees,less~$0.3billionofCEIG&A.
(2) CCLprojectleveldebtissuedatCheniereCorpusChristiHoldings,LLC(CCH)entity.
(3) Assumes~276millionCEIsharesoutstandingfor7traincase assumesconversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertible
Notesdue2025at$100/share.
12 (4) Source:Bloomberg,DTNProphetX andPlatts,asofOctober13,2015.

EstimatedMarketPricesProfitableforCheniereLNGProjects
ChenierecanprofitablyprovideLNGtoglobalbuyersatattractiveprices
Marketpricesensitivity

EuropeLNGsaleprice($/MMBtu)
Impliedmargin

$7.00
$2.50

$9.00
$4.50

$11.00
$6.50

$13.00
$8.50

$9.00
$3.25

$11.00
$5.25

$13.00
$7.25

$15.00
$9.25

AsiaLNGsaleprice($/MMBtu)
Impliedmargin

Asshowninsensitivitytableabove,ChenierecanprofitablysellLNGintokeydemandcenters
eveninperiodsoflowermarketprices
IfLNGpricesremainatlowerlevels,wewouldexpectLNGdemandtoincrease,thussignaling
theneedformoreliquefactionprojects.Chenierepositionedasalowcostsupplier

AssumesHenryHubpriceof$3.00/MMBtu,shippingcosttoEuropeof$1.00/MMBtu andshippingcosttoAsiaof$2.25/MMBtu.
13

ExampleCEIEBITDABuildUp Europe@$7.50/Asia@$8.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)

SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare

Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1

$1.3

$2.5
($0.3)
$2.2
$8

9trains
(2021E)
$1.3
$0.1

$2.0

$3.5
($0.3)
$3.2
$11

11trains
(2023E)
$1.3
$0.1

$3.4

$4.8
($0.3)
$4.6
$16

11trains,LO&LLNG
(2025E)
$1.3
$0.2
$1.2
$3.4

$6.1
($0.3)
$5.8
$20

7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$7.50/MMBtuorAsiafor$8.75/MMBtu

Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
14 Allscenariosassume100%utilizationofcapacityavailable.

ExampleCEIEBITDABuildUp Europe@$9.50/Asia@$10.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)

SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare

Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1

$1.3
$0.4
$2.9
($0.3)
$2.6
$9

9trains
(2021E)
$1.3
$0.1

$2.0
$0.9
$4.4
($0.3)
$4.1
$14

11trains
(2023E)
$1.3
$0.1

$3.4
$1.9
$6.7
($0.3)
$6.4
$23

11trains,LO&LLNG
(2025E)
$1.3
$0.2
$2.3
$3.4
$1.9
$9.0
($0.3)
$8.7
$31

7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$9.50/MMBtu andAsiafor$10.75/MMBtu

Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
15 Allscenariosassume100%utilizationofcapacityavailable.

ExampleCEIEBITDABuildUp Europe@$11.50/Asia@$12.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)

SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare

Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1

$1.3
$0.9
$3.3
($0.3)
$3.0
$11

9trains
(2021E)
$1.3
$0.1

$2.0
$1.8
$5.3
($0.3)
$5.0
$18

11trains
(2023E)
$1.3
$0.1

$3.4
$3.7
$8.6
($0.3)
$8.3
$29

11trains,LO&LLNG
(2025E)
$1.3
$0.2
$3.4
$3.4
$3.7
$11.9
($0.3)
$11.6
$41

7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$11.50/MMBtuandAsiafor$12.75/MMBtu

Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
16 Allscenariosassume100%utilizationofcapacityavailable.

GasProcurement
SabinePassTerminal
SecuringfeedstockforLNG
productionwithbalanced
portfolioapproach
Todate,haveenteredintoterm
gassupplycontractswith
producersunder17year
contracts
Supplycontractscover~50%of
therequireddailyloadforTrains
14atSabinePass
PricingaveragesHH $0.10
discount

Redundantpipelinecapacityhelpsensurereliablegasdeliverability
Todate,wehavesecuredfirmpipelinetransportationcapacityof
approximately~4.2Bcf/dofdeliverabilityintoSabinePass,or~160%ofthe
totalloadforTrains14

Upstreampipelinecapacityprovidesaccesstodiversesupplysources
HighdegreeofvisibilityintoourabilitytoconsistentlydelivergastoSabine
PassonavariablebasisatHenryHubflat
17

GasProcurement
CorpusChristiTerminal
CCLcontractinglongtermdirectand
upstreampipelinetransportcapacity
TennesseeP/L:
KMTejas P/L:
NGPLP/L:

0.3Bcf/d
0.25Bcf/d
0.385Bcf/d

Marcellus/
Utica

CCLpurchasingnaturalgasfromproducers
andmarketers

Woodford
Granite
Wash
Permian
Basin

Haynesville

Barnett

EagleFord

ShalePlays
Basins
18

CorpusChristi

Source:LippmanConsulting,BakerHughesandBentek,asofJanuary2014

NGPL
TennesseeGas
HPL
KMTejas
Oasis
Enterprise

CheniereMarketing
CheniereplatformforLNGsales short,mid,longtermsales,FOBorDESbasis
Scaleupfor>10mtpaincludingLNG
purchasesfromCheniereterminalsand
otherplaces

London,U.K.

Buyers&sellersofLNGcargoes

Washington,D.C.

SPAswithSPLandCCLforallLNG
volumesnotsoldto3rd parties
Houston,TX

Singapore

Santiago,Chile

Chartered3LNGvesselsfordeliveries
in2015and2016(1st vesselreceived
June2015)
Developingcomplementary,
highvaluemarketsthrough
smallscaleassetinvestments

Chartered3LNGVessels

SPAwithSPL

SPAswithCCL

Deliveriesin2015&2016

FirstLNGforSPLExpected2015

FirstLNGExpected2018

ProfessionalstaffbasedinLondon,
Houston,Washington,Santiago,and
Singapore
~340millionMMBtusoldtodate
primarilybasedon12yeartermsat
priceslinkedtoHHorTTF

19

FutureDevelopments
Horizontal/VerticalIntegration

Significant
revenue
expected
startingin

2016

Totalfocus
oncash

Announced
brownfield
expansionat

Developing
additional
assetsfor

Corpus
Christiand
midscale
LNG
investment

other
hydrocarbon guiding
export
metricfor
opportunities future

flowper
shareas

investments

Chenierecorecompetencies,scale,andfirstmoveradvantage
provideindustryleadingplatformforfurtherassetintegration
20

Appendix

InvestinginCheniere SummaryOrganization
CheniereEnergy,Inc.
(NYSEMKT:LNG)
Public
19.9%
80.1%Interest

CheniereEnergyPartners
LPHoldings,LLC
(NYSEMKT:CQH)

100%Interest

100%Interest

100%Interest

CheniereEnergy
PartnersGP,LLC

Cheniere
Marketing,LLC
(CMI)

CorpusChristi
Liquefaction,LLC
(CCL)

55.9%Interest(1)

CheniereEnergy
Partners,L.P.
(NYSEMKT:CQP)

2.0%Interest&Incentive
Dist.Rights

Blackstone(BX)29.0% (1)
Public13.1% (1)

IntlLNGmarketing
Liquefactionfacilities
SPAswithSPLandCCL
9 mtpa under
Three5yearLNGvessel
construction
charters
13.5mtpa under
development
10.1Bcf ofstorage
2berths

100%Interest

SabinePassLNG,L.P.
(SPLNG)

22

Regasificationfacilities
4.0Bcf/dofcapacity
17.0Bcf ofstorage
2berths

SabinePass
Liquefaction,LLC
(SPL)
Liquefactionfacilities
22.5mtpa underconstruction
4.5mtpa underdevelopment

CheniereCreoleTrail
Pipeline,L.P.
(CTPL)

100%Interest

OtherProject
Developments
Agreementin
Principlefor
Liquefaction
facilitiesatLiveOak
LNGandLouisiana
LNG2
~10mtpa under
development
Otherhydrocarbon
exportfacilities

1.5Bcf/dcapacityforSPL
ProvidesgassupplyforSPL

Note:Thisorganizationalchartisprovidedforillustrativepurposesonly,isnotanddoesnotpurporttobeacompleteorganizationalchartofCheniere.
(1) CurrentownershipinterestbasedsolelyonownershipofClassBunits.AsClassBunitsaccreteBlackstonewillincreaseitsownershippercentage,andthepublicandCQHwillhavereduced
ownershippercentages.
(2) CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects.

ChenieresDebtSummary
AsofOctober2015
($inmillions)

CheniereEnergyPartners
LPHoldings,LLC
(NYSEMKT:CQH)

CheniereEnergy,Inc.
(NYSEMKT:LNG)
CQPGP
(&IDRs)

CheniereMarketing,LLC
(CMI)

SrSecuredNotes
$1,666due2016(7.50%)
$420due2020(6.50%)
TotalTUA(1Bcf/d)

CreoleTrailPipeline
(CTPL)
$400TermLoandue2017(L+325)

SPLFirmTransport(1.5Bcf/d)

ChevronTUA(1Bcf/d)
SPLTUA(2Bcf/d)
(1) Includes $2,850 million term loan facility, $1,150 million Republic of Korea (ROK)
covered facility and $600 million ROK direct facility. Interest on the term loan facility is
L+175 bps during construction and operation. Under the ROK credit facilities, interest
includes L+175 on the direct portion and L+130 on the covered portion during
construction and operation. In addition, SPL will pay 45 bps for insurance/guarantee
premiums on any drawn amounts under the covered tranches. These credit facilities
mature on the earlier of December 31, 2020 or the second anniversary of Train 5
completion date.
(2) Interest on the working capital facility is L+175.
(3) Interest on the term loan facility is L+225 bps during construction and L+250 bps
during operation. This credit facility matures on the earlier of May 13, 2022 or the second
anniversary of project completion date .
Note: This organizational chart is provided for illustrative purposes only, is not and does
not purport to be a complete organizational chart of Cheniere.

23

CheniereCCH
HoldcoII,LLC
CheniereCorpusChristi
Holdings,LLC
(CCH)

CheniereEnergyPartners,
L.P.(NYSEMKT:CQP)

SabinePassLNG,L.P.
(SPLNG)

ConvertibleDebt
$1,000PIKConvertibleNotesdue2021(4.875%)
$625ConvertibleNotesdue2045(4.250%)

SabinePass
Liquefaction,LLC
(SPL)
Trains15Debt
$4,600CreditFacilitiesdue20201
$2,000Notesdue2021(5.625%)
$1,000Notesdue2022(6.250%)
$1,500Notesdue2023(5.625%)
$2,000Notesdue2024(5.750%)
$2,000Notesdue2025(5.625%)
$1,200WorkingCapitalFacility
due20202

CorpusChristi
Liquefaction,LLC
(CCL)
PertaminaSPA(79.4Tbtu /yr)
EndesaSPA(117.3Tbtu /yr)
IberdrolaSPA(39.7Tbtu /yr)
GasNatural(78.2Tbtu /yr)
Woodside(44.1Tbtu /yr)
EDF(40.0Tbtu /yr)

BGSPA(286.5Tbtu /yr)

EDP(40.0Tbtu/yr)

GasNaturalSPA(182.5Tbtu /yr)

CMISPA

KOGASSPA(182.5Tbtu /yr)
GAIL(182.5Tbtu /yr)
Total(104.8Tbtu /yr)
Centrica(91.3Tbtu /yr)
CMISPA

Trains12Equity
$1,000SeniorSecured
ConvertibleNotesdue
2025
Trains12Debt
~$8,400CreditFacilitydue
20223

ConversionofClassBandSubordinatedUnits
ClassBUnits:
Mandatoryconversion:within90daysofthesubstantialcompletionofTrain3
OptionalconversionbyaClassBunitholder mayoccuratanyofthefollowingtimes:
After83monthsfromissuanceofEPCnoticetoproceed
Priortotherecorddateforaquarterinwhichsufficientcashfromoperatingsurplusis
generatedtodistribute$0.425toalloutstandingcommonunitsandthecommonunitstobe
issueduponconversion
Thirty(30)dayspriortothemandatoryconversiondate
Withina30dayperiodpriortoasignificanteventoradissolution

SubordinatedUnits:
Subordinatedunitswillconvertintocommonunitsonaoneforonebasis,providedthatthere
arenocumulativecommonunitarrearages,andeitherofthebelowdistributionhurdlesismet:
Forthreeconsecutive,nonoverlappingfourquarterperiods,thedistributionpaidfrom
AdjustedOperatingSurplus(1) toalloutstandingunits(2) equalsorexceeds$0.425per
quarter
Forfourconsecutivequarters,thedistributionpaidfromContractedAdjustedOperating
Surplus(1) toalloutstandingunits(2) equalsorexceeds$0.638perquarter
(1)
(2)

24

AsdefinedinCQPspartnershipagreement.
Includesalloutstandingcommonunits(assumingconversionofallClassBunits),subordinatedunitsandanyotheroutstandingunitsthatareseniororequalinrightofdistributiontothe
subordinatedunits.

SabinePassLiquefaction BrownfieldLNGExportProject
UtilizesExistingAssets,Trains15UnderConstruction
CurrentFacility

~1,000acresinCameronParish,LA
40ft.shipchannel3.7milesfromcoast
2berths;4dedicatedtugs
5LNGstoragetanks(~17Bcfeofstorage)
5.3Bcf/dofpipelineinterconnection

LiquefactionTrains1 5:FullyContracted
LumpSumTurnkeyEPCcontractsw/Bechtel
T1&T2EPCcontractprice~$4.1B
Overallproject~95%complete(asof9/2015)
Operationsestimatedlate2015/2016

T3&T4EPCcontractprice~$3.8B
Overallproject~74%complete(asof9/2015)
Operationsestimated2016/2017

T5EPCcontractprice~$3.0B
ConstructioncommencedJune2015

LiquefactionTrain6
Artistsrendition

FIDuponobtainingcommercialcontracts
andfinancing

Designproductioncapacityisexpectedtobe~4.5mtpapertrain,usingConocoPhillips
OptimizedCascadeProcess

Significantinfrastructureinplaceincludingstorage,marineandpipelineinterconnectionfacilities;
pipelinequalitynaturalgastobesourcedfromU.S.pipelinenetwork
25

SPLEstimatedCashFlows
Trains15andTrains16
SPLestimatedcashflows
($inbillions)

LongtermSPAs

SPLTrains15 SPLTrains16
$2.9
$3.2

CMISPApayment(1)

$0.4

$0.9

Commoditypayments,net(2)
TotalSPLrevenues

$0.3
$3.6

$0.4
$4.4

($0.4)
($0.3)
($0.2)
($0.2)
($1.1)

($0.4)
($0.3)
($0.2)
($0.2)
($1.2)

$2.6

$3.3

($0.8)
$1.8

($0.9)
$2.3

SPLNGTUApayments (3)
PlantO&M
Plantmaintenancecapex(4)
Pipelinecosts(primaryplantandupstreampipelines)
TotalSPLoperatingexpenses
SPLEBITDA
Less:Projectlevelinterestexpense(5)
SPLdistributablecashflowtoCQP

Note: EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoes
notincludedepreciationexpensesandcertainnonoperatingitems.Becausewehavenotforecasteddepreciationexpenseandnonoperatingitems,wehavenotmadeanyforecastofnet
income,whichwouldbethemostdirectlycomparablefinancialmeasureundergenerallyacceptedaccountingprinciples,orGAAP,andweareunabletoreconciledifferencesbetween
forecastsofEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Assumesfuturelongtermcontractingofadditional1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.
(1)CMISPApaymentassumes100%utilizationat$3.00/MMBtu.
(2)Assumes$5.00/MMBtunaturalgaspriceandthatofftakerslift100%oftheirfullcontractualentitlement.Amountsarenetofestimatednaturalgastobeusedfortheliquefactionprocess.
(3)IncludespaymentsrelatedtoreassignmentofTotalTUASPLNGcapacityandexportfeespaidtoSPLNG.
(4)Majorityofcostsshownarefixedandcoveredundermultiyearserviceandsupplyagreementswithequipmentandserviceproviders.
26 (5)AssumesdebtatSPLrefinancedat6.00%annualinterestrate.

SPLConstructionCompletionSchedulesTrains1 5
BGDFCD

March2016
FirstLNG

GNDFCD

June2016
EarlyEngineering

KOGASDFCD

Jun2017
April2017
GAILDFCD

Mar2018
Sept2017
TOTAL&CENTRICADFCD

Dec2019
Oct2019

Stage1(Trains1&2)overallprojectprogressasofSeptember2015is95.2%completevs.TargetPlanof97.5%:

Engineering,Procurement,SubcontractsandConstructionare100%,100%,82.2%and91.5%completeagainstTargetPlanof99.8%,
100%,87.0%and96.4%respectively

BechtelDeliveredtheTrain1CommissioningandStartupPlaninFeb,projectingFuelGasintroductioninSep,FeedGasintroductionin
Oct,andReadyforStartupinDec;allinsupportofthecurrentFirstLNGTarget
byyearend2015,andTargetSubstantialCompletioninMar2016

Stage2(Trains3&4)overallprojectprogressasofSeptember2015is73.6%completevs.TargetPlanof79.6%:

Engineering,Procurement,SubcontractsandConstructionare100%,98.9%,50.0%and40.4%completeagainstTargetPlanof98.8%,
98.2%,62.3%and55.1%respectively

Stage3(Trains5&6)overallprojectprogress:
27

NTPonTrain5issuedtoBechtelonJune30th

SoilstabilizationcivilworksareinprogressandthecurrentplanestimatesTrain5operationalin52monthsfromNTP

LNGSaleandPurchaseAgreements(SPAs)
SabinePassLiquefaction
~20mtpatakeorpaystylecommercialagreements
~$2.9Bannualfixedfeerevenuefor20years

BGGulfCoastLNG

GasNaturalFenosa

KoreaGasCorporation

286,500,000 (1)

182,500,000

182,500,000

182,500,000

104,750,000 (1)

91,250,000

AnnualFixedFees(2)

~$723MM(3)

~$454MM

~$548MM

~$548MM

~$314MM

~$274MM

FixedFees$/MMBtu(2)

$2.25 $3.00

$2.49

$3.00

$3.00

$3.00

$3.00

LNGCost

115%ofHH

115%ofHH

115%ofHH

115%ofHH

115%ofHH

AnnualContract
Quantity(MMBtu)

TermofContract(4)

28

Centricaplc

20years

20years

20years

20years

20years

BGEnergy
HoldingsLtd.

GasNatural
SDGS.A.

N/A

N/A

TotalS.A.

N/A

A/A2/A

BBB/Baa2/BBB+

A+/Aa3/AA

NR/Baa2/BBB

AA/Aa1/AA

BBB+/Baa1/A

Upto24months

Upto24months

N/A

N/A

N/A

N/A

Train1+additional
volumeswithTrains2,3,4

Train2

Train3

Train4

Train5

Train5

Corporate/Guarantor
CreditRating(5)

ContractStart

TotalGas&PowerN.A.

20years

Guarantor

FeeDuringForce
Majeure

115%ofHH

GAIL(India)Limited

(1)BGhasagreedtopurchase182,500,000MMBtu,36,500,000MMBtu,34,000,000MMBtuand33,500,000MMBtuofLNGvolumesannuallyuponthecommencementofoperationsofTrains1,2,3and4,
respectively.Totalhasagreedtopurchase91,250,000MMBtuofLNGvolumesannuallyplus13,400,000MMBtuofseasonalLNGvolumesuponthecommencementofTrain5operations.
(2)Aportionofthefeeissubjecttoinflation,approximately15%forBGGroup,13.6%forGasNaturalFenosa,11.5%forKOGAS,GAIL(India)Ltd,TotalandCentrica.
(3)FollowingcommercialinservicedateofTrain4.BGwillprovideannualfixedfeesofapproximately$520millionduringTrains12operationsandanadditional$203milliononceTrains34areoperational.
(4)SPAshavea20yeartermwiththerighttoextenduptoanadditional10years.GasNaturalFenosahasanextensionrightuptoanadditional12yearsincertaincircumstances.
(5)RatingsareprovidedbyS&P/Moodys/Fitchandsubjecttochange,suspensionorwithdrawalatanytimeandarenotarecommendationtobuy,holdorsellanysecurity.

CorpusChristiLiquefactionProject
Proposed5TrainFacility
HoustonNewOrleans

CorpusChristi

Initiated
Development
Trains45

GulfofMexico

>1,000acresownedand/orcontrolled
2berths,4LNGstoragetanks (~13.5 Bcfeofstorage)

KeyProjectAttributes

45ft.shipchannel14milesfromcoast
Protectedberth
PremierSiteConditions
23mile48and42parallelpipelineswillconnectto
severalinterstateandintrastatepipelines

LiquefactionTrains12:UnderConstruction
Train3
Under
Construction
Trains12

LumpSumTurnkeyEPCcontractsw/Bechtel
T1&T2EPCcontractprice~$7.1B
ConstructioncommencedMay2015
Operationsestimated2018

LiquefactionTrain3:PartiallyContracted
0.8mtpa contractedtodate
Targetingadditional2.1mtpa
ReachFIDuponcontracting

LiquefactionTrains45:InitiatedDevelopment
Artistsrendition

Designproductioncapacityisexpectedtobe~4.5mtpapertrain,
usingConocoPhillipsOptimizedCascadeProcess

PermitprocessstartedJune2015

CommencedConstructiononTrains12inMay2015
29

CCLEstimatedCashFlows
Trains12andTrains13
CCLestimatedcashflows
($inbillions)

CCLTrains12 CCLTrains13
$1.4
$1.9

LongtermSPAs
CMISPApayment(1)

$0.2

$0.5

(2)

$0.1
$1.7

$0.1
$2.5

PlantO&M
Plantmaintenancecapex(3)
Pipelinecosts(primaryplantandupstreampipelines)
TotalCCLoperatingexpenses

($0.2)
($0.1)
($0.1)
($0.4)

($0.2)
($0.1)
($0.2)
($0.5)

CCLEBITDA
Less:Projectlevelinterestexpense(4)
CCLdistributablecashflowtoCEI

$1.3
($0.5)
$0.8

$2.0
($0.7)
$1.3

Commoditypayments,net
TotalCCLrevenues

Note: EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoes
notincludedepreciationexpensesandcertainnonoperatingitems.Becausewehavenotforecasteddepreciationexpenseandnonoperatingitems,wehavenotmadeanyforecastofnet
income,whichwouldbethemostdirectlycomparablefinancialmeasureundergenerallyacceptedaccountingprinciples,orGAAP,andweareunabletoreconciledifferencesbetween
forecastsofEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Assumesfuturelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5MTPAoflongtermSPAsatCCLTrains13)at$3.50perMMBtu.
(1)CMISPApaymentassumes100%utilizationat$3.00/MMBtu.
(2)Assumes$5.00/MMBtunaturalgaspriceandthatofftakerslift100%oftheirfullcontractualentitlement.Amountsarenetofestimatednaturalgastobeusedfortheliquefactionprocess.
(3)Majorityofcostsshownrelatedtoservicebasedpaymentstobecontractedoveramultiyearterm.
30 (4)AssumesdebtatCCLrefinancedat6.00%annualinterestrate.

CorpusChristiLiquefactionProjectSchedule

2015
1

2016
6

2017

2018

2019

2020

2021

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71

Train 1DFCD

Train1Guaranteed
CurrentLevel3Schedule

Oct19
Feb19

Train 2DFCD

Train2 Guaranteed
CurrentLevel3Schedule

Jul20
Jun19

Stage1(Trains1&2)overallprojectprogressasofSeptember2015isaheadoftarget:
Engineering,Procurement,andConstructionhasprogressedto82.0%,32.0%,and0.4%
comparedtoaplanof77.1%,21.5%,and0.9%respectively.
NTPissued,constructioncommencedforTrains12inMay2015

31

Note:BasedonGuaranteedSubstantialandTargetCompletionDatesperEPCcontract.

CorpusChristiLiquefactionSPAs
SPAprogress:~8.42mtpatakeorpaystylecommercialagreements
~$1.5Bannualfixedfeerevenuefor20years

PTPertamina
(Persero)

EndesaS.A.

IberdrolaS.A.

GasNaturalFenosa

WoodsideEnergy
Trading

lectricitde
France

EDPEnergiasde
PortugalS.A.

79.36

117.32

39.68

78.20

44.12

40.00

40.00

~$278MM

~$411MM

~$139MM

~$274MM

~$154MM

~$140MM

~$140MM

$3.50

$3.50

$3.50

$3.50

$3.50

$3.50

$3.50

115%ofHH

115%ofHH

115%ofHH

115%ofHH

115%ofHH

115%ofHH

115%ofHH

20years

20years

20years

20years

20years

20years

20years

N/A

N/A

N/A

GasNatural
SDG,S.A.

Woodside
Petroleum,LTD

N/A

N/A

Guarantor/Corporate
CreditRating(3)

BB+/Baa3/BBB

BBB/Baa2/BBB+

BBB/Baa1/BBB+

BBB/Baa2/BBB+

BBB+/Baa1/BBB+

A+/A1/A

BB+/Baa3/BBB

ContractStart

Train1/Train2

Train1

Train1/Train2

Train2

Train2

Train2

Train3

AnnualContract
Quantity(TBtu)
AnnualFixedFees(1)
FixedFees$/MMBtu(1)
LNGCost
TermofContract(2)
Guarantor

(1)12.75%ofthefeeissubjecttoinflationforPertamina;11.5%forWoodside;14%forallothers
(2)SPAhasa20yeartermwiththerighttoextenduptoanadditional10years.
(3)RatingsareprovidedbyS&P/Moodys/Fitchandsubjecttochange,suspensionorwithdrawalatanytimeandarenotarecommendationtobuy,holdorsellanysecurity.

32

Timeline&Milestones
TargetDate
SPL
Milestone

T14

T56

Initiatepermittingprocess(FERC&DOE)

Commercialagreements

T5
T6:2015/16

T1T2
T3:2015/16

2016/2017

EPCcontract

T5
T6:2015/16

2016/2017

Financingcommitments

T5
T6:2015/16

2016/2017

Regulatoryapprovals

2017

IssueNoticetoProceed

T5
T6:2015/16

T1T2
T3:2015/16

2017

Commenceoperations(1)

201517

2018/19

2018/19

2021/22

(1)EachTrainoftheSPLprojectisexpectedtocommenceoperationsapproximatelysixtoninemonthsaftertheprevioustrain.
Note:SeeForwardLookingStatementsslide.

33

Corpus Christi
T13
T45

LiveOakandLouisianaLiquefactionProjects1
MidscaleLNGprojectsUtilizingBechtel/ChartIndustriesTechnology
LiveOakLNGFacilityOverview
340acresontheCalcasieuChannel,
justnorthofCalcasieuLake
~5mtpa development
1berth,2LNGstoragetanks
ProjectUpdate
FERCprefilingexpectedin2015
FirstLNGexpected2021

LouisianaLNGFacilityOverview
400acresontheMississippiRiver,
~40milesdownstreamfromthe
PortofNewOrleans
~5mtpa development
1berth,2LNGstoragetanks
ProjectUpdate
FERCprefilingfor6mtpa inJuly2015
FirstLNGexpected2021
LiveOak
LNG

34

Louisiana
LNG

Artistsrenditionforbothprojects
(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects

ApplicationsFiledwithFERCforLiquefactionProjects
ContinentalU.S.
FERCApproval

DOE
Non FTA
Final

Under
Construction

4/16/12

8/7/12

4/30/14

6/19/14

9/10/14

EIS

6/16/14

7/30/14

11/14/14

3/12/14

EA

5/15/14

9/29/14

5/7/15

8/31/12

2/12/14

EIS

10/8/14

12/30/14

5/12/15

T12:

2/27/13

9/30/13

11/03/14

EA

12/12/14

4/6/2015

6/26/15

T5:

1.2/0.8

2/29/12

5/22/13

7/16/14

EIS

9/30/15

OregonLNG

1.25

7/3/12

6/7/13

4/17/15

EIS

2/12/16

LakeCharlesLNG

2.0

3/30/12

3/25/14

1/26/15

EIS

8/14/15

Magnolia

1.08

3/20/13

4/30/14

4/30/15

EIS

11/16/15

SouthernLNG

0.5

12/5/12

3/10/14

GoldenPass

2.6

5/16/13

7/7/14

GulfLNG

1.3

12/6/12

6/19/15

EIS

CameronLNGExpansionT45

1.4

2/24/15

9/28/15

EIS

Quantity
Bcf/d

FERC
Prefiling
Date

FERC
Application
Date

FERC
Scheduling
NoticeIssued

EIS/
EA

SabinePassLiquefactionT14

2.8

7/26/10

1/31/11

12/16/11

EA

CameronLNGT13

1.7

4/30/12

12/10/12

11/21/13

EIS

FreeportLNG

1.4
0.4

12/23/10

8/31/12

1/6/14

DominionCovePointLNG

1.0

6/1/12

4/1/13

CorpusChristiLiquefactionT13

2.1

12/13/11

SabinePassLiquefactionT56

1.38

LNGExportProjects

JordanCoveEnergy

Scheduled
DateforEIS
orEA

EA
6/26/15

EA

3/4/16

6 projectshavereceivedFERCapprovalandfinalDOEapprovalforNonFTA
Source:OfficeofFossilEnergy,U.S.DepartmentofEnergy;U.S.FederalEnergyRegulatoryCommission;Companyreleases

35 Note:NationalEnvironmentalPolicyAct(NEPA)empowersFERCastheleadFederalagencytoprepareanEnvironmentalImpactStatementincooperationwithotherstateandfederalagencies

U.S.LNGExportProjects
Company

OregonLNG

DominionCovePoint

JordanCove

FreeportLNG
CorpusChristi

FERC

Contracts

CheniereSabine
PassT1 T4

2.2

Fullypermitted

Fully
Subscribed

Freeport

1.8

Fullypermitted

Fully
Subscribed

LakeCharles

2.0

DominionCove
Point

1.0

Fullypermitted

Fully
Subscribed

CameronLNGT13

1.7

Fullypermitted

Fully
Subscribed

FTA+
NonFTA

Fully
Subscribed

1.2/0.8

FTA+
NonFTA

OregonLNG

1.25

FTA+
NonFTA

GulfLNG

CheniereCorpus
ChristiT1 T3

2.1

Fullypermitted

Partially
Subscribed

LakeCharles

CheniereSabine
PassT5 T6

1.3

Fullypermitted

T5
Subscribed

SouthernLNG

0.5

FTA

Fully
Subscribed

MagnoliaLNG

0.5

FTA

Partially
Subscribed

FTA

Fully
Subscribed

GulfLNG

1.3

FTA

CameronLNGT45

1.4

FTA

Magnolia
CameronLNG
SabinePass

UnderConstruction
FiledFERCApplication

Source:OfficeofOilandGasGlobalSecurityandSupply,OfficeofFossilEnergy,U.S.DepartmentofEnergy;
U.S.FederalEnergyRegulatoryCommission;Companyreleases
36

DOE

JordanCove

SouthernLNG
GoldenPass

Quantity
(Bcf/d)

GoldenPassLNG

PlusotherproposedLNGexportprojectsthathavenotfiledaFERCapplication.
ExceleratehasrequestedthatFERCputonholdthereviewitsapplication.

Applicationfiling=
FERCschedulingnoticeissued=

InvestorRelationsContacts
RandyBhatia:Director,FinanceandInvestorRelations (713)3755479,randy.bhatia@cheniere.com
KatyCox:SeniorAnalyst,InvestorRelations (713)3755079,katy.cox@cheniere.com