Long term Gas Curve

John

Hope you're well.

We are doing some work here on the long term curve for UK natural gas and
would value your views on the long term NYMEX Nat gas curve.
By long term I am talking 7-20 years.

Our thinking is that beyond the traded period of 5-10 years forward, UK
prices would at least partially reflect the long run marginal cost of LNG in
a "globalised" market provided US prices were not significantly above.

As we are currently working on some long term structured deals it would be
great to get your input on this.

Many thanks

Andy