Slide 21 of 28

Notes:

• Supply is likely to increase from production.

• Furthermore, projections for Atlantic Basin supply are for strong growth, indicating net imports to the U.S. could be high.

• In summary, it is going to take strong demand to remove the inventory excess by the end of next winter.

• Petrochemical demand could remain strong. But it alone cannot remove the excess.

• We will also need some cold weather to boost residential and commercial demand.

• The next slides will look at these factors in more detail.