PROJECT EXPERIENCE Development/Transaction Support United States MANAGING DIRECTOR

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1 Peter Abt Mr. Abt is a Managing Director in Black & Veatch s Management Consulting Division. He leads the division s Oil & Gas Strategy practice and holds primary responsibility for client management and for delivering advisory services to meet client needs. Mr. Abt has over 32 years of experience in the energy industry focused primarily on natural gas and electric power generation business development, marketing and trading. During the course of his career, Mr. Abt has participated in and led several acquisition and divestiture activities. He has led several project teams in the development of domestic and international natural gas pipeline projects. With formal training as a petroleum engineer, he has extensive knowledge of the challenges the oil and natural gas producing community face in developing their resources. Mr. Abt also has extensive experience in leading business and project development initiatives, contract negotiations, economic and financial analyses as well as asset divestitures and acquisitions. Currently, Mr. Abt is responsible for the development of Black & Veatch s natural gas business practice. Mr. Abt has led and participated in market assessment, development and financial modeling for natural gas asset acquisitions totaling in excess of $5.0 billion; conducted market assessments for more than 10 natural gas pipeline projects and numerous natural gas storage projects in the United States, Canada and Mexico. In addition, he has led the implementation of a market entry strategy for a major National Oil Company into the North American gas market. This effort included negotiating LNG Sales and Purchase Agreements, LNG regasification agreements, natural gas procurement and sales agreements, pipeline and storage capacity agreements and the hiring of a gas marketing and trading staff. Mr. Abt led the divestiture effort on the sale of several oil and gas producing properties located in the central United States. He has also led teams working on the development of natural gas pipelines in the United States, Canada, Mexico, Northern Europe, Chile, Australia, Chile, Brazil and Bolivia. Mr. Abt has also developed a managed North America gas trading desk which included markets on all major pipelines in the Midwest and Western United States and Canada. PROJECT EXPERIENCE Development/Transaction Support United States MANAGING DIRECTOR Specialization: Natural Gas Marketing, Trading & Origination, LNG Commercial Development, Natural Gas Pipeline Development, Power Generation development, Exploration & Production Operations, Mergers and Acquisitions, Economic, Rate and Financial Analysis, Business Strategy Development & Implementation, Employee Development and Performance Management Office Location Houston, TX Education M.B.A., The University of Houston B.S., Petroleum Engineering, The University of Oklahoma Year Career Started 1981 Year Started with B&V 2013 Developed natural gas asset book Developed and implemented the strategy to acquire contractual assets to support a natural gas marketing and trading platform. Directed efforts around the identification, assessment, evaluation, negotiation and acquisition of gas pipeline and gas storage assets which served as the platform to grow a business from start-up to marketing in excess of 2.0 bcfd within a two year period. BLACK & VEATCH Peter Abt 1

2 Developed innovative plan to swap European gas for gas in the United States to provide gas supply necessary to support the start-up of the marketing company. Structured long term gas supply agreement Originated, structured and negotiated a 23-year gas supply agreement for a municipally owned power generation facility located in the Midwestern United States. Western United States gas marketing As Manager for Tenneco Gas Marketing Company s West Region, was responsible for all long term and short term commercial transactions within both the Marketing and Supply functions. Led a commercial team whose activities included origination, trading, transportation, storage and pipeline capacity contracting and daily scheduling. Due diligence support for multi-billion dollar LNG business acquisition Led the due diligence efforts supporting the investigation of an acquisition of a multi-billion dollar multi-national LNG business. Due diligence included economic analysis of all North American assets including LNG regasification terminal, LNG Sales and Purchase Agreements, and a natural gas marketing and trading book which included sales and purchase agreements, pipeline transportation agreements and natural gas storage agreements. Physical due diligence included all physical plant assets as well as EHS, engineering and operating processes. Management of an oil and gas asset sale Developed and implemented the strategy to sell a natural gas field located in the Arkoma Basin. Prepared offering memorandum, solicited bidders, managed data room and presentations to prospective bidders, evaluated preliminary bids, managed due diligence and assisted in the negotiation of the purchase and sale agreement. Sold Assets for Northeast Power Plant Led successful team effort to monetize gas supply and power sales/swap contracts for an independent power project in the Northeast United States. Project had long-term contracts that were of great value but did not match the operational characteristics of the plant. Prepared offering memorandum, marketed asset opportunities to prospective bidding parties, solicited and evaluated bids and negotiated terms involving the sale of these assets. Marketed Natural Gas Storage Field in Midwestern United States Developed marketing plan for the sale of a natural gas storage field in the Midwestern United States. Activities included analysis of financial statements, development of pro-forma financial statements and preparation of offering memorandum. Marketed project opportunity to several potential purchasers. Project was ultimately coupled with an electric power generation project. BLACK & VEATCH Peter Abt 2

3 EUROPE Due Diligence support for LNG project Led due diligence evaluation for proposed LNG project located Europe. Evaluation included economic and feasibility assessment of proposals submitted by prospective partners to the venture. Assets evaluated included upstream positions located globally, pipeline equity ownership, natural gas marketing companies and LNG regasification terminal ownership and capacity rights. Fuel Market Analysis (Assessment/Forecast/Strategic Review) United States Market Assessment for LNG regasification terminal capacity Key project manager on development and implementation of United States market entry strategy for large international gas company focusing on LNG imports into United States market. Led analysis identifying and evaluating market entry opportunities and asset positions, negotiating Terminal Service Agreements, and Gas Sales and Purchase Agreements. Analysis focused on all proposed LNG receiving terminals in North America, potential basis impact and pipeline infrastructure required to transport LNG to market. Natural Gas Market Assessment for Pipeline Acquisition in Central United States Conducted market assessment, supply opportunities and financial analysis for private firm bidding on a large interstate pipeline acquisition. Market assessment included a market projection of incremental opportunities that could be served off of this system. The supply evaluation was conducted to determine the diversity that could be gained in the supply portfolio by interconnecting with additional interstate pipeline companies in the region. Developed pro-forma financial statements and projections that were used to line up bank financing necessary to support the transaction. Market Assessment for Pipeline Acquisition in Texas Evaluated several intrastate pipelines for possible acquisition strategy. Assessed the overall market for natural gas within the Texas Intrastate market and the overall pipeline capacity available to serve the market, Market Assessment for Natural Gas Storage Opportunity in Central United States Assessed a natural gas storage opportunity for a municipal gas distribution company in the central United States. Evaluation included analysis of overall supply portfolio, the cost to acquire incremental gas supply on the margin versus the cost to acquire and operated storage and an overall assessment of the gas supply options available to the customer. BLACK & VEATCH Peter Abt 3

4 Market Analysis for Natural Gas Storage Acquisition in Louisiana Led a team in the evaluation of a potential acquisition of a natural gas storage company. Analyzed market development potential for new customers, supply growth in the Gulf of Mexico and performed competitor analysis to assist in the overall evaluation of the targeted acquisition. Market and Industry Assessment for Natural Gas Storage Company Acquisition As a project consultant, led a team that evaluated the overall market for high deliverability storage and developed projections for future demand for this service. After concluding the assessment, Mr. Abt participated in the negotiation of the acquisition including the negotiation of the definitive agreements. Americas Market Assessment for Pipeline Acquisition in Mexico Conducted a market and supply assessment to evaluate the possibility of constructing a natural gas pipeline from Texas to Mexico. Evaluation included a 15-year market projection, the financial evaluation of a power plant to support the market growth and discussions with several natural gas producers in South Texas looking for gas supply to support the project. Developed pro-forma financial model and evaluated the overall project economics. Europe Market Assessment for Pipeline Development in Northern Europe Conducted a market and supply assessment to evaluate the possibility of constructing a subsea natural gas pipeline from Russia to Germany. Evaluation included a 20-year market projection, a 25-year projection of alternative sources of supply and the technical feasibility of constructing the pipeline project. Gas/Oil Fuel Strategic Plan (Development/Procurement) United States Northeast United States Pipeline Development As a consultant, marketed capacity on proposed Northeastern North America natural gas pipeline project that was to transport natural gas from the offshore region of Canada s Maritimes Provinces to the Northeast United States. Duties included identification of prospective customers, development of marketing brochure, and solicitation of interest and negotiation of transportation agreements. Northeast United States Pipeline Expansions Marketed capacity on various Tenneco Energy natural gas pipeline expansion projects in the Northeast United States. Activities included market development and negotiation of transportation agreements with local distribution companies and various Independent Power Producers. BLACK & VEATCH Peter Abt 4

5 Western United States Gas Marketing As Manager for Tenneco Gas Marketing Company s West Region, was responsible for all long term and short term commercial transactions within both the Marketing and Supply functions. Led a commercial team whose activities included origination, trading, transportation and scheduling. Development and construction of a 70 MW power generation project in Rowley, Utah Analyzed the feasibility of constructing a 70 MW, simple cycle electric generating station to be located 60 miles west of Salt Lake City. Developed proforma financial statements and market analysis used to promote project economics to targeted group of investors. Negotiated gas supply and market off take agreements for plant. Negotiated asset manager agreement for plant s commercial operations. Negotiated all transmission interconnection and transmission agreements with local transmission service provider. Negotiated pipeline transportation agreements and interconnection agreement with local distribution company. California Pipeline Development Directed market development team on behalf of Altamont Gas Transmission Company, a Tenneco Energy sponsored project, designed to transport Canadian gas supply to markets in Utah, Nevada and California through an expansion of the then 50% Tenneco owned Kern River pipeline. Negotiated transportation agreements with various end users and various producing companies fully subscribing the volume of the pipeline project. Provided testimony to regulatory bodies in California and Alberta promoting the value of the project. Developed Gas Purchase Strategy for Municipal Entities in Texas Created company to market low cost gas purchase opportunity for municipal entities in Texas using tax-exempt bonds for financing the purchase of the gas supply. Marketed project to several Texas municipalities. Americas International Project Construction Directed various teams in the determination of environmental impacts, negotiation with local environmental authorities and supervision of adherence to environmental conditions on natural gas pipeline construction projects in Australia, Chile, Brazil and Bolivia. EMPLOYMENT HISTORY Black & Veatch Corporation 2013 Managing Director BLACK & VEATCH Peter Abt 5

6 Gazprom Marketing & Trading USA, Inc., Houston, Tex Senior Vice President. Led development and implementation of the strategy for the entry into the United States market. Strategy involved evaluation of several entry alternatives including organic growth, acquisition, joint venture and third party outsource. Lead diversified team of originators charged with the development of new markets including supply, transportation, storage and end use. Originated and structured 23-year term gas supply agreement for a power generation project in Midwest United States. Originated and structured multiple transactions to build physical book to enhance entry into the market including European for United States gas swap and LNG for United States gas swap. Originated and closed several gas storage and pipeline capacity transactions. Negotiated LNG Sales and Purchase Agreements, LNG Terminal Use Agreements and LNG Terminal Capacity Sharing Agreements to augment the importation of LNG into North American market. Origination activity led group from start up to major physical position in United States market in less than 18 months. Pace Global Energy Services, Houston, Tex Vice President. Energy consulting firm focused on energy strategy, energy management and related financial services and transactions. Responsible for midstream business unit and the development of midstream and upstream business including LNG development, acquisition and divestiture services, oil and gas producer services, and natural gas pipeline development services. Project manager on development and implementation of US market entry strategy for large international gas company focusing on LNG imports into United States market. Led analysis identifying and evaluating market entry opportunities and asset positions, negotiating Terminal Service Agreements, and Gas Sales and Purchase Agreements. Ongoing analysis focuses on all proposed LNG receiving terminals in North America, potential basis impact and pipeline infrastructure required to transport LNG to market. Discussions with projects proponents have led client to the verge of participating in one or two $1 billion LNG regasification projects as an investor and/or capacity holder. Developed model to determine potential basis impact caused by LNG in Gulf Coast region of the United States for several clients. Evaluation included an assessment of the likely projects to be developed and the impact their collective capacity would have on pipeline infrastructure. Study results showed need to build up to $2.0 billion in new pipeline facilities to accommodate expected LNG imports in the United States Gulf Coast region. BLACK & VEATCH Peter Abt 6

7 Led the pre-feasibility study for large international gas pipeline project in Europe. Evaluation included market assessment, competitor analysis, engineering review and financial analysis. Managed divestiture of a Mid-continent United States gas production asset. Developed divestiture process, offering memorandum, data room and management presentation. Conducted bid evaluation and advised on negotiations of Purchase and Sale Agreement. Pendulum Resources LLC, Houston, Tex Principal. Consulting and business development firm specializing in new business development, marketing, trading and financial analysis for the natural gas and electric power generation industries. Developed and constructed a 70 MW gas fired power generation project for private equity in Utah. Responsibilities included the development of the proforma financial statements used to secure project financing and all commercial negotiations including asset management agreements, generation interconnection agreement, electric transmission agreement, gas transportation agreement and management of all gas supply and electric marketing activities. Developed and implemented strategy to monetize gas supply and power swap contract for an independent power producer. Led negotiations on monetization agreements. Developed financial models and provided market analysis for the evaluation of asset acquisitions including interstate pipelines, intrastate pipelines and other power generation projects. Developed innovative gas supply acquisition programs for municipal and industrial clients. Provided targeted marketing services for various natural gas pipeline companies and oil and gas producers. Provided acquisition services including strategic fit analysis, market analysis and financial modeling and analysis to both large and small energy companies. Offered asset management services for various local distribution gas companies and municipal utility districts. These activities included acquisition of gas supply and the management of gas supply, transportation and storage assets. Provided expert witness testimony in various regulatory proceedings and litigation proceedings. Tenneco Energy, Houston, Tex Department Head EH&S New Projects. Directed EH&S risk management program on all acquisitions, divestitures and new construction projects that Tenneco Energy / El Paso Energy developed worldwide. Developed processes to identify, assess and quantify environmental risks associated with gas pipeline, BLACK & VEATCH Peter Abt 7

8 power generation, oil and gas exploration and production and gas processing projects. Directed staff of eight technical professionals who conducted due diligence assessments, developed environmental impact assessments and obtained environmental permits for all Tenneco Energy / El Paso Energy construction projects worldwide including the Bolivia to Brazil Pipeline, The Gas Andes Pipeline in Chile and the Southwest Queensland Pipeline in Australia. Tenneco Gas Marketing Company, Houston, Tex Manager Marketing. Developed and directed Tenneco s West Division (California, Pacific Northwest, Rocky Mountains and Canada) gas marketing activity. Responsible for procurement and marketing of physical and financial gas contracts and the development of energy products for suppliers and markets. Developed and implemented strategic plan to consolidate and grow Tenneco s activity in the pacific northwestern United States. Hired, trained and managed a staff who successfully implemented the strategic plan focusing on sales to LDCs, electric utilities and end users, purchases from all major and independent gas producers in the western United States and Canada and the management of transportation and storage capacity. Tenneco Energy, Houston, Tex Manager Market Development Tenneco Gas, Houston, Tex Account Manager Tenneco Gas, Houston, Tex Transportation Representative Tenneco Oil Company, Englewood, Colo Production Engineer BLACK & VEATCH Peter Abt 8