Rockpoint Gas Storage, Inc. Class A · TSX:RGSI
Rockpoint Gas Storage, Inc. Class A — IPO Roadshow (September 2025)
44 slides from Rockpoint Gas Storage, Inc. Class A's IPO roadshow presentation, September 2025
Slide 1: Rockpoint Gas Storage | IPO Presentation
Rockpoint Gas Storage | IPO Presentation September 2025 An amended and restated preliminary base PREP prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories o
Slide 2: Disclaimer
Disclaimer General: Prospective investors should rely only on information contained in the amended and restated preliminary base PREP prospectus dated September 26, 2025 (the “prospectus”) of Rockpoint Gas Storage Inc. (the “Company”, “Rockpoint” or “RGSI”). Capitalized terms that are not defined in
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Forward-looking information is not a guarantee of future performance and is based on the Company’s opinions, estimates and assumptions in light of the Company’s and the OpCos’ experience and perception of historical trends, current conditions and expected future developments, as
Slide 4: Disclaimer (Cont'd)
Disclaimer (Cont’d) The business, financial condition and results of operations of the Company, including its ability to pay cash dividends, are effectively entirely dependent on the business, financial condition and results of operations of the OpCos and the Business. As a result, factors or events
Slide 5: Summary of the Offering
Summary of the Offering Issuer: Rockpoint Gas Storage Inc. (the “Company”) Exchange / Ticker: Toronto Stock Exchange / RGSI Offering: 22,000,000 Class A Shares from Treasury (excluding the Over-Allotment Option) Offering Price: C$19.00 - C$22.00 per Class A Share1 Implied Dividend Yield: 5.5% - 6.3%
Slide 6: Presenters
Presenters Tobias (Toby) J. McKenna Jon Syrnyk CEO CFO 30+ [NTD: Presenters to be confirmed] 14+ Years of Industry Experience Years of Industry Experience 6
Slide 7: Rockpoint Gas Storage Overview
Rockpoint Gas Storage Overview Largest independent, pure play operator of natural gas storage facilities in North America ~280 Bcf 5 Bcf/d 37 year 0 ~95% Storage capacity across 6 Peak withdrawal capacity Operating Total Recordable Injury Operational Availability strategically located facilities acr
Slide 8: Rockpoint Sits at the Center of the North American Gas Logistics Chain
Rockpoint Gas Storage Sits at the Center of the North American Gas Logistics Chain Storage is Critical Infrastructure that Balances Gas Supply and Demand Gathering Transmission Distribution Gas Production Gas Processing End Markets Underground Storage Reservoir Customer Evolution Seasonal Load Opera
Slide 9: Critical, Large Scale, and Irreplicable Gas Infrastructure
Critical, Large Scale, and Irreplicable Gas Infrastructure California Assets Alberta Assets Connected to the key delivery point in Northern California and serves to balance Connected to key delivery point and services the entire WCSB production region power demand and affordability in the entire reg
Slide 10: Stable and Growing Contracted Cash Flows with Upside Optionality
Stable and Growing Contracted Cash Flows with Upside Optionality Commercial Framework Fee for Service 3 Optimization 1 Take-or-Pay (“ToP”) 2 Short-Term-Service (“STS”) Guaranteed Base Rates Base Rates + Upside Flexibility Operational Flexibility + Value Capture No volume risk or open positions acros
Slide 11: Critical Infrastructure to Support Growing Natural Gas Demand
Critical Infrastructure to Support Growing Natural Gas Demand Unprecedented Demand Growth for Natural Gas due to LNG, Storage Capacity Growth Has Remained Near Zero Data Centers and Power Consumption with Minimal Development Planned3 Canada (Bcf/d) North American LNG Exports ~57% 144 (Tcf) US ~7% 6.
Slide 12: Multiple Factors Drive Natural Gas Price Volatility and Reliance on Storage
Multiple Factors Drive Natural Gas Price Volatility and Further Increase Reliance on Storage Drivers of Gas Market Volatility Increasing gas demand Scarcity of natural gas Buildout of AI and data Ramp up of LNG export for renewables storage infrastructure centers projects intermittency balancing Inc
Slide 13: Impact of West Coast LNG Will Follow U.S. Gulf Coast
Impact of West Coast LNG Will Follow U.S. Gulf Coast Blueprint for Storage Operators Increasing LNG Exports Expected to Drive Storage Rates Higher Select Western Canada LNG Export Projects ⚫ Over the past decade, the expansion of LNG exports in the Gulf Coast has resulted in Company Export Capacity
Slide 14: Key Investment Highlights
Key Investment Highlights 14
Slide 15: Key Investment Highlights
Key Investment Highlights 1 Only Pure Play Natural Gas Storage Provider with Critical, Large-Scale Assets in Diversified Markets 2 Irreplicable Assets with Significant Barriers to Entry 3 Positioned to Benefit from Strong Secular Tailwinds 4 Predictable and Growing EBITDA with Superior Cash Flow Con
Slide 16: Critical, Large-Scale Gas Infrastructure in Diversified Markets
1 Critical, Large-Scale Gas Infrastructure in Diversified Markets Strategically Located, Large Scale Natural Gas Storage Assets with High Deliverability North America Natural Gas Infrastructure Illustrative Direction of Gas Flows Gas Storage Drivers Wild Goose Lodi & Kirby Hills AECO HubTM Warwick C
Slide 17: Irreplicable Assets with Significant Barriers to Entry
2 Irreplicable Assets with Significant Barriers to Entry Significant Barriers to Entry in the Markets We Serve Geographic Geology Technical Regulatory Operational Commercial Nearby pipeline infrastructure Optimal reservoir size, location, Specialized expertise required Ability to obtain land, rights
Slide 18: Positioned to Benefit from Strong Secular Market Tailwinds
3 Positioned to Benefit from Strong Secular Market Tailwinds Alberta Natural Gas Storage Market Drivers California Natural Gas Storage Market Drivers Gas demand expected to increase by ~26% from Constrained natural gas pipeline capacity with 2024 to 2031 growing energy needs A hub for data center gr
Slide 19: Predictable and Growing EBITDA with Superior Cash Flow Conversion
4 Predictable and Growing EBITDA with Superior Cash Flow Conversion Stable Fee for Service Contracts Underpinning Adj. Gross Margin (%)1 Growing Contracted Fee for Service Revenue Backlog (US$mm)2 ToP STS $893 85% 86% 72% 36% 41% $568 43% 49% 45% $301 29% FY23A FY24A FY25A FY23A FY24A FY25A Strong A
Slide 20: Highly Creditworthy Customers with Long-Standing Relationships
5 Highly Creditworthy Customers with Long-Standing Relationships Fee for Service customer base is diversified, low-risk and recurring Diversified Customer Base4 Producer ~8 years >95% Other 8% 8% Weighted average customer Customers are investment Financial 44% relationship tenure grade rated or LC b
Slide 21: Financial Excellence and Discipline
6 Financial Excellence and Discipline 1 2 3 4 Generate High Quality Fee Sustainable Payout Maintain High Levels Conservatively Capitalized for Service Cash Flow of Liquidity Balance Sheet Target 85% Adjusted Gross Target 50 - 60% payout on Bolstered liquidity driven by a <3.5x leverage target Margin
Slide 22: Industry Leading Management Team with Proven Operational and Safety Track Record
7 Industry Leading Management Team with Proven Operational and Safety Track Record Name Years of experience Relevant experience Tobias (Toby) J. McKenna ⚫ CEO of Rockpoint since November 2020 Chief Executive Officer 30+ ⚫ Previously co-founded Tidewater Midstream where he held various positions incl
Slide 23: Business Outlook
Business Outlook ROCKPOINT
Slide 24: Well Positioned to Participate in Rising Storage Rates
Well Positioned to Participate in Rising Storage Rates Strong Rate Growth Target Based on Structural Drivers of Natural Gas Demand ~86% Fee for Service1 Growth from contract renewals and new customer demand Global Market Reliance on Reindustrialization Connection Intermittent and Grid Through LNG Ge
Slide 25: Rockpoint Gas Storage's Growth Strategy
Rockpoint Gas Storage’s Growth Strategy Inorganic growth Long-term Near-term Brownfield Opportunities Opportunities Strong balance sheet and experienced management team ~$50-$150mm of anticipated growth capex and Adjusted EBITDA build multiples averaging ~5x1 Acquisition opportunities in offers stra
Slide 26: Positioned to Deliver Robust Long-Term Cash Flow Growth and Strong Total Returns
Positioned to Deliver Robust Long-Term Cash Flow Growth and Strong Total Returns 5.5% – 6.3% 5 – 6% 4 – 5% Initial Dividend Yield1 DCF Growth Target Growth Target from Capex Long-term payout ratio target of 50-60%, from Higher Rates2 and Other Accretive with consideration given to ToP cash flows Sup
Slide 27: Closing Remarks
Closing Remarks 27
Slide 28: Rockpoint Gas Storage's Unique Value Proposition
Rockpoint Gas Storage’s Unique Value Proposition Rockpoint owns irreplicable gas infrastructure assets in the heart of North America's gas logistics network Global gas demand is surging, and gas storage is mission-critical to balancing variations in supply and demand With limited new storage develop
Slide 29: Appendix A: Commercial Model
Appendix A: Commercial Model 29
Slide 30: How Rockpoint Commercializes its Storage
How Rockpoint Commercializes its Storage Illustrative Facility Capacity to Optimize Commercial Strategies to Optimize Capacity Utilization & Maximize Value Capture ToP Reserve reflects build of summer injection and winter STS contracts fill in 1 Operational Flexibility & Ability for Rockpoint to Opt
Slide 31: Components of Storage Value
Components of Storage Value Fundamental Value of Storage Illustrative Storage Demand Charges ($ / Dth) Seasonal Spread Insurance Value Demand Factor Current Represents the difference between Protection value from secured injection or Value of storage driven by customer Trajectory summer and winter g
Slide 32: Take-or-Pay Contract Pricing and Revenue Build
Take-or-Pay Contract Pricing and Revenue Build Take-or-Pay Transacted ToP Gross Margin Over Time – By Fiscal Year ($mm)1 Current Year – $250 Historical Contracting Period Revenue Recognized Fixed monthly demand charge regardless of utilization Amount of ToP Gross Margin Contracted $200 Revenue recog
Slide 33: Rising Take-or-Pay Contract Tenors
Rising Take-or-Pay Contract Tenors California Alberta Weighted Average ToP Contract Term Signed Each Year (years) Weighted Average ToP Contract Term Signed Each Year (years) ~2.3x 4.8 ~2.2x Increase from FY23A – FY25A Increase from FY23A – FY25A 3.1 2.9 2.3 2.1 1.4 FY23A FY24A FY25A FY23A FY24A FY25
Slide 34: STS Contract Pricing and Revenue Build
STS Contract Pricing and Revenue Build Short-Term Storage (“STS”) Transacted STS Gross Margin Over Time – By Fiscal Year ($mm)1 $200 Current Year – Fixed fee to inject and withdraw a specified quantity of gas on Historical Contracting Period Revenue Recognized predetermined dates $160 Revenue is rec
Slide 35: Optimization is Key to Maximizing Value Capture, With No Downside Risk
Optimization is Key to Maximizing Value Capture, With No Downside Risk Optimization Strategy Optimization Adjusted Gross Margin ($mm)1,2 The quality of earnings continues to increase as there were Rockpoint reserves some capacity for operational flexibility few cold weather events in Rockpoint’s FY2
Slide 36: History of Value Capture Across Strategies
History of Value Capture Across Strategies Historical California Storage Demand Charges ($/dth) Historical Alberta Storage Demand Charges ($/dth) $2.95 $2.65 $0.99 $2.31 $0.88 $0.82 $1.96 $1.89 $0.68 $0.60 $1.35 $0.41 FY23A FY24A FY25A FY23A FY24A FY25A Total Storage Demand Charges¹ Total Storage De
Slide 37: Appendix B: Supplementary Content
Appendix B: Supplementary Content 37
Slide 38: History of Rockpoint Gas Storage
History of Rockpoint Gas Storage SK Rockpoint Facility ⚫ Divested non- core 100% Warwick 1 interest in BC AB MB ON Salt Plains Storage ⚫ Divested non- core 49.99% 3 3 minority AECO HubTM interest in the Tres Palacios ⚫ Formation of facility 2023 WA Rockpoint Gas Storage MT ⚫ Brookfield 3 ID acquired
Slide 39: Strong Corporate Governance
Strong Corporate Governance Name Independent Committee OpCo Board Overview Sippy Chhina ● Currently, Ms. Chhina is a director of Ovintiv and Trans Mountain Corporation Yes Audit Lead Independent Director ● Previously, Ms. Chhina was a Partner at Deloitte LLP and a Vice Chair for the Canadian firm ●
Slide 40: Delivering Safe, Clean, and Reliable Energy
Delivering Safe, Clean, and Reliable Energy Key Highlights Core Values Permeate Throughout Each Facility’s Operations Culture ⚫ Health, Safety and Environment policy anchors Rockpoint’s commitment to protect the health and safety of its ⚫ Working in a safe and responsible manner, prioritizing the we
Slide 41: Simplified Organizational Structure
Simplified Organizational Structure ⚫ Following the IPO, RGSI will hold a direct 40% interest in Swan Equity Aggregator LP and BIF CalGas (Delaware) LLC (collectively the "OpCos") interests, while Brookfield will hold the remaining 60% interest Public Shareholders 59% Class A Shares1 41% Class A Sha
Slide 42: Robust Capital Structure & Strong Available Liquidity Underpins Financial Performance
Robust Capital Structure & Strong Available Liquidity Underpins Financial Performance Current Capitalization (US$mm) (as at June 30, 2025) Financial Policy Capitalization • Target ~85% contracted, fee for service Adjusted Gross Margin $1,250m Capitalize on Strong Term Loan Due 2031 $1,244 (~60% ToP,
Slide 43: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures The following table sets forth a reconciliation of Adjusted EBITDA, Adjusted Gross Margin and DCF to net earnings, the most directly comparable IFRS financial measure for the periods indicated: Fiscal Years Ended March 31, (in millions of U.S. dollars) 2
Slide 44: Non-IFRS Financial Measures
Non-IFRS Financial Measures Non-IFRS Financial Measures and Ratios. Adjusted EBITDA, Adjusted Gross Margin, Distributable Cash Flow and Net Debt (each as defined below) are non-IFRS financial measures and ratios and are used by our management and by external users of our financial statements, such a
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