Investor Presentaiton

$/MMBtu $/MMBtu $40 $35 $30 $25 $20 $15 $10 SA SA $5 2021 Spot Price Month Unsustainably high natural gas prices causing Energy Crisis in Europe and Asia Current Market Trends $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Henry Hub TTF JKM $30 JKM $20 $10 Historical and Forward Prices HH DES* Arbitrage opportunity Dec Reflections: • . • • Idiosyncratic and structural issues converged in 2021, resulting in unsustainably high gas prices Structural energy issues in Europe and Asia from underinvestment in infrastructure and energy supply Gas price forwards optimistically assume structural correction of current price drivers by 2026 Supply/demand fundamentals indicate demand pressure will continue for the foreseeable future Henry Hub prices continue to remain stable long-term Conclusions: • . Significant new LNG project FIDs are needed to correct structural supply/demand challenges, and required to revert the current global natural gas prices back to mean Increasing importance will be placed on diversity of gas supply in balancing regional energy requirements $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Sources: Platts historical prices, forwards per Tullett Prebon as of December 31, 2021. *DES into Asia assumes 115% HH + $2.50 liquefaction fee + $2.00 shipping. 12 RIO GRANDE LNG

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