Investor Presentaiton
.
Focused on Expanding LNG Platform and Increasing Shareholder Value
Rio Grande LNG Train 4 and Train 5 brownfield expansions economically advantaged and
de-risked by Phase 1 agreements and commercial momentum
Equity Funding Options
in Place for Expansions
Significant Commercial
Options and Momentum
Advantaged
Construction
Expansions Expected to
Achieve Attractive Returns
NEXT
DECADE
Equity partner options'
identify potential source of
60% of equity financing
required for Train 4 and
Train 5
Arrangements signal
partners' confidence in Rio
Grande LNG's position in the
LNG market
Options in place can help
accelerate FID timeline for
expansion Trains
•
.
Total Energies LNG SPA
options for ~32% of
minimum expected
contracted volume for Train 4
and Train 5
Only ~3 million tonnes per
annum (mtpa) of additional
contracted volume needed
for each expansion Train
• NextDecade has significant
commercial momentum -
> 14 mtpa of LNG contracted
since 1Q 2022 - and market
remains strong with a need
for additional LNG capacity
Phase 1 EPC contract
includes full site preparation
for all 5 Trains and
construction of a significant.
portion of common facilities
for 5 Trains
• Targeting FID of Train 4 and
Train 5 on timeline to benefit
from Phase 1 resources
already being mobilized
Bechtel's track record of
successful LNG completions
significantly de-risks
execution
NextDecade has preserved
60% equity ownership of
Train 4 and Train 5 under
existing partner
arrangements¹
Expected cost advantages
combined with strong LNG
market dynamics combine to
create attractive projected
returns
1
GIP, GIC, and Mubadala Investment Company each hold options to participate in Trains 4 and 5 equity that will adjust from a total of 50% down to a total of 30% based on achieving certain returns on their investments in Trains 4 and 5.
Total Energies' equity option is fixed at 10% and is conditioned on exercising its SPA option in the respective train. | 2 Total Energies holds options for 1.5 mtpa in each of Trains 4 and 5 for 20-year FOB LNG SPAs indexed to Henry Hub.
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