Investor Presentaiton

Supportive international & domestic market dynamics (3/3) TOP END -ENERGY- THE ENERGY OF TOMORROW Structurally short east coast gas market and long-term global LNG undersupply will continue to drive domestic demand for natural gas East coast LNG netback pricing (A$/GJ) East coast gas supply/demand (PJ/annum) 2,000 1,500 1,000 500 о 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 45 40 35 30 25 20 15 50 10 5 Post-COVID gas prices reach new highs as supply pressure and international gas prices increase Jan-16 Jan-17 Jan-18 Forecast demand Jan-19 Historical LNG netback prices Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Forward LNG netback prices Developed Committed Anticipated LNG imports East coast demand for natural gas is expected to outpace domestic supply in the medium-term, necessitating expensive LNG imports and putting upward pressure on pricing Opportunity for any future discovered resource to plug domestic supply/ demand imbalance and backfill LNG facilities in both the Northern Territory and Queensland as existing feed stock declines Source: AEMO (Gas Statement of Opportunities For Eastern and South-eastern Australia (Mar-21)) East coast wholesale gas prices have been linked to LNG netback pricing since 2015 - recent pricing has reached record levels as LNG prices up -500% over the last 12 months Current environment presents the opportunity to agree attractive long- term off-take contracts, underpinning the economic viability of any future discovered resource Source: ACCC (1 March 2022) - indicative netback pricing based on historical and future Asian LNG spot prices Corporate Presentation ❘ 16

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