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Investor Presentaiton

Estimated RGLNG Distributions to NEXT Rio Grande LNG Export Project with CCS Trains 1 - 5: Distributions to NEXT from LNG Sales ($ billions) 1 Distributions to NEXT from Captured CO2 ($ billions)² Total Distributions to NEXT ($ billions) Trains 1 - 3: Distributions to NEXT from LNG Sales ($ billions) 1 Distributions to NEXT from Captured CO2 ($ billions)² Total Distributions to NEXT ($ billions) Trains 4 - 5: Distributions to NEXT from LNG Sales ($ billions)1 Distributions to NEXT from Captured CO2 ($ billions)2 Total Distributions to NEXT ($ billions) Estimated Annual RGLNG Distributions to NEXT $ 0.95$ 1.20 0.13 $ 1.08 $ 1.33 - $ 0.40 $0.55 0.08 $ 0.48 $ 0.63 - $ 0.55 $0.65 0.05 Estimated liquefaction fee ($/mmBtu) Estimated revenue from deploying CCS ($/MT) 2 $ 0.60 $ 0.70 - $ $ 2.50 100 1 Estimated annual distributions to NEXT from 20-year offtake agreement LNG sales at full commercial operations for each train for the first 10 years. Calculated as cash flow from operations minus project financing costs. Assumes all project capital from third parties with range of estimated distributions to NEXT based on financing assumptions. Assumes 5.4 mtpa production for each train at Rio Grande LNG. | 2 Estimated distributions to NEXT from captured CO2 at the Rio Grande LNG facility at full commercial operations. Calculated as cash flow from operations minus financing costs. Assumes revenue derived from monetization of 45Q tax incentives and Carbon Credits sales. Assumes all project capital from third parties. The estimated values set forth herein assume that the Company will achieve its financial projections in all material respects. Such financial projections reflect the Company's best currently available estimates and reflect its good faith judgments. Events and conditions subsequent to this date as well as other factors could have a substantial effect upon the estimated values. The Company gives no assurance that the estimated values will prove to be correct and does not undertake any duty to update them. Please refer to the slide titled "Disclaimer and Forward-Looking Statements." RIO GRANDE LNG 16
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