Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28BAKER BOTTS LNG 11 SALE AND PURCHASE AGREEMENTS The key economic driver in most LNG projects, and the agreement underpinning much of LNG project financing, is the LNG Sale and Purchase Agreement (SPA). Our work on over 100 SPAs and Master Sales Agreements (MSAs), involving producers, importers and traders from all major regions, gives us the experience to develop innovative commercial solutions and an awareness of evolving trends in different LNG markets. We work with our clients to ensure that the terms of the SPAs and/or MSAs are coordinated across the value chain with other major project agreements, including Engineering, Procurement and Construction (EPC) contracts, gas sale and purchase agreements, LNG shipping agreements and Terminal Use Agreements (TUAs). Our work with Sabine Pass Liquefaction, Equatorial Guinea LNG, Port Arthur LNG, Wheatstone LNG and Peru LNG demonstrates our ability to assist our clients in the organization of their activities and obligations across numerous major project agreements. The Importance of the LNG Value Chain Structuring of a fully aligned project requires constant reflection on the value chain and alignment of start-up dates, operational activities and financial incentives. Gas Production/ Pipeline Liquefaction/ LNG Marketing LNG Transportation Regasification/ Pipeline/ Gas Storage Gas Marketing