CHENIERE ENERGY, INC.

February 2018

UT Energy Week Panel Discussion: Changing Supply and Demand

Cheniere US LNG Platform

2

Sabine Pass Liquefaction 6 train development – 27 mtpa Trains 1, 2, 3 and 4:

Operational Train 5: Under construction Train 6: Fully permitted

Corpus Christi Liquefaction 5 train development – 22.5 mtpa Trains 1-2: Under construction Train 3: Fully permitted Train 4-5: Initiated development

TX

LA

Creole Trail PL

Sabine PassLiquefaction

Corpus ChristiLiquefaction

LA

18 MTA* of liquefaction capacity in operations and 13.5 MTA under construction 87% of liquefaction capacity contracted with creditworthy buyers for 20 years on a fixed fee basis

1 mtpa = 0.13 Bcf/d, which can power ~800,000 homes for a year

Destination of Sabine Pass Cargoes

Cheniere Office

Cheniere LNG Facility

Portugal,

Kuwait, UAE,

Pakistan India,Thailand

Brazil

Argentina

Houston, TX

Santiago, Chile

Washington, DC

London, U.K.

Singapore

Cargo Delivery Destination

China,Taiwan

Spain

Mexico

DominicanRepublic

Italy, Malta,Egypt, Turkey,

Jordan

Japan,South Korea

Since Start Up, More Than 230 Cargoes Loaded and Delivered to 25 Countries

Chile

Tokyo, Japan

Sources: Cheniere Research, KplerMENA – Middle East – North Africa

Sabine Pass Exports By Destination Region

(Since Startup(1))

(1)Date reflects cargo loading date until January 4, 2018, representing all cargoes that have loaded and discharged.

Poland, Lithuania,Netherlands,

United KingdomBeijing, China

ASIA 37%

LATIN AMERICA36%

EUROPE15%

MENA12%

NYSE American: LNG

Sabine Pass Liquefaction Project Execution

4

Trains 1 - 4Operational

Train 6Fully Permitted

Train 5Under Construction

NYSE American: LNG

Corpus Christi Liquefaction Project Execution

5

Stage 1: Trains 1& 2, Tanks A & C, Marine Berths

Under Construction

Stage 2Train 3, Tank B Fully Permitted

Sabine Pass Vessel Loading

6

- 10 20 30 40 50 60 70

($12)($11)($10)

($9)($8)($7)($6)($5)($4)($3)($2)($1)$0$1$2$3$4$5$6$7$8$9

- 500 1,000 1,500

Years Supply1

$/m

mbt

u

Tcf

Abundant US Shale Gas Reserves Cap Sustainable Price Increases800 Tcf producible below $3.00 Henry Hub (30 years) 1,400 Tcf producible below $4.00 Henry Hub (51 years)

~1400 Tcf<$4.00

~800 Tcf<$3.00

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Source: IHS Shale Gas Reloaded, Break-even price required to earn a 10% unlevered return1. Assuming 2015 U.S. Consumption of 27.3 Tcf

LNG Market: 2017 in review

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The world has added approximately 30 mtpa of LNG, 60% higher than last year’s increase

22.6

10.1

0.1

-2.4 -2.6-5

0

5

10

15

20

25

30

35

Asia Europe Americas NW Europe MENA

MT2017 Incremental Global LNG Supply & Demand(YTD through end-Dec'17)

Supply Demand

Australia

US

Other

30.3

Source: Cheniere Research, Kpler

Global demand growth will be driven by power/industrial sectorsExpected to drive 70% of total growth

-

50

100

150

200

250

300

350

400

450

500

1990 1995 2000 2005 2010 2015 2020 2025 2030 2035

Bcf

/d

TransportNon-Combusted UseBuildingsPowerIndustry

-

20

40

60

80

100

120

140

2020 2025 2030 2035

Bcf

/d

TransportNon-Combusted UseBuildingsPowerIndustry

Total Consumption Projected growth vs. 2015

Gas consumption by sector (BP Energy Outlook 2017)

Source: BP Energy Outlook 2017

U.S. coal-to-gas switching a blueprint for the rest of the industrialized world

Fuel substitution – primarily coal to gas – helped balance the natural gas market as the price declined relative to coal. More recently, policy driven substitution increased gas consumption as coal plants retire

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Sources: EIA, EPA, Cheniere Gas Supply

0

5

10

15

20

25

30

35

40

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

Oct

-16

Jan-

17

Apr

-17

Jul-1

7

Oct

-17

Bcf

/D

Retirements Substitution Total Power Burn

U.S. Gas Consumption for Electric Generation (Power Burn)

Thank you

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