SEDAR Interim Financial Statements

Rockpoint Gas Storage Inc. Unaudited Financial Statements For the Period Beginning July 28, 2025 and ending September 30, 2025 Rockpoint Gas Storage Inc. Unaudited Statements of Financial Position (Millions of U.S. dollars) As at September 30, As at July 28, Notes 2025 2025 ASSETS Current Assets Cash and cash equivalents $ — $ — Long-term Assets Equity accounted investments 5 — — TOTAL $ — $ — LIABILITIES AND OWNERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ — $ — Share capital 4, 5 — — Retained earnings — — Equity — — TOTAL $ — $ — (The accompanying Notes to the Unaudited Financial Statements are an integral part of these statements.) 2 Rockpoint Gas Storage Inc. Unaudited Statement of Net Earnings and Comprehensive Earnings (Millions of U.S. dollars) July 28 to September 30, Notes 2025 INCOME (EXPENSES) Share of income from equity accounted investees 5 $ — General and administrative — EARNINGS BEFORE INCOME TAXES — Income tax expense — NET EARNINGS AND COMPREHENSIVE EARNINGS $ — (The accompanying Notes to the Unaudited Financial Statements are an integral part of these statements.) 3 1. Organization and Principal Business Rockpoint Gas Storage Inc. (the “Company” or “Rockpoint”) was formed on July 28, 2025 and incorporated under the Business Corporations Act (Alberta) (“ABCA”). Rockpoint was incorporated with nominal assets for the purpose of completing an initial public offering (the “Offering”) of Class A common shares and acquiring a 40% interest in the gas storage operations (the “Business”) carried on by Swan Equity Aggregator LP, an Ontario limited partnership (“Swan OpCo”) and BIF II CalGas (Delaware) LLC, a Delaware limited liability company (“BIF OpCo”, and together with Swan OpCo, the “OpCos”) and related entities, from Brookfield Infrastructure Holdings (Canada) Inc. and its affiliates (“Brookfield”). Rockpoint’s registered and head office is located at 400 – 607 8th Ave. S.W., Calgary, Alberta, Canada, T2P 0A7. The financial statements were approved for issue by the Board of Directors of Rockpoint on November 4, 2025. 2. Material Accounting Policy Information The Statements of Financial Position and Statement of Net Earnings and Comprehensive Earnings have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). Separate Statements of Changes in Owners’ Equity and Cash Flows have not been presented as there have been no activities for the Company. These unaudited financial statements are presented as at September 30, 2025 and July 28, 2025, and for the period beginning on July 28, 2025 and ending September 30, 2025. 3. Material Accounting Policies and Critical Accounting Judgments and Key Sources of Estimation Uncertainty The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the pe --- riod in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Equity Accounted Investments The equity method of accounting is used when the Company can exercise significant influence over an investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not constitute control. Under the equity method, investments are initially recorded at cost and subsequently adjusted by the Company’s share of the investee’s income or loss, less distributions received. Rockpoint Gas Storage Inc. Notes to the Unaudited Financial Statements (Millions of U.S. dollars, unless otherwise noted) 4 4. Capital Structure The articles of incorporation of the Company were amended on September 17, 2025 (“Articles”), such that the following shares are authorized: (i) an unlimited number of Class A common shares (“Class A Shares”); (ii) an unlimited number of Class B voting shares (“Class B Shares”) and; (iii) an unlimited number of preferred shares, issuable in series. Holders of Class A Shares are entitled to one vote per Class A Share held on a vote at all meetings of shareholders of the Company, except meetings at which or in respect of matters for which only the holders of another class of shares are entitled to vote separately as a class pursuant to the Articles or by law, to receive any dividends or distributions as may be declared by the Company’s Board of Directors and, upon liquidation, dissolution or winding-up of the Company, a proportionate share of the remaining net assets. Holders of Class B Shares are entitled to one vote per Class B Share held on a vote at all meetings of shareholders of the Company, except meetings at which or in respect of matters for which only the holders of another class of shares are entitled to vote separately as a class pursuant to the Articles or by law. The holders of Class B Shares are not entitled to receive any dividends or other distributions, except for such dividends payable in Class B Shares, in which case the Company is required to issue or distribute Class A Shares on substantially similar terms and in the same proportion. In the event of the liquidation, dissolution or winding-up of the Company, holders of the Class B Shares are entitled to receive an amount of $0.000001 per Class B Share. Unless otherwise required by the Articles or by law, holders of Class A Shares and Class B Shares vote together as a single class. Preferred shares may be issued in different series by the Company’s Board of Directors, which will determine the designation, rights, privileges, restrictions and conditions attached to the preferred shares of each series. Preferred shares of each series shall be ranked on parity in respect to the payment of dividends or distributions and upon liquidation, dissolution or winding-up of the Company, and rank above the Class A Shares and Class B Shares on such items. The Company has not issued any preferred shares. On July 28, 2025, in connection with its incorporation, the Company issued one common share to Brookfield Infrastructure Holdings (Canada) Inc. for nominal consideration ($0.01). This share was cancelled concurrent with amending of the Articles on September 17, 2025 and Brookfield Infrastructure Holdings (Canada) Inc. was issued one Class A Share. Subsequent to September 30, 2025, the Offering was c --- ompleted and additional share capital was issued (see Note 5). 5. Subsequent Events Close of Initial Public Offering On October 15, 2025, the Company completed its initial public offering of 32,000,000 Class A Shares at a price of C$22.00 ($15.77) per Class A Share (the “Offering Price”) for gross proceeds of approximately C$704.0 million ($504.6 million) (the “Offering”). In addition, the underwriters exercised their option (the “Over-Allotment Option”) in full to acquire an additional 4,800,000 Class A Shares at the Offering Price from Brookfield for gross proceeds of approximately C$105.6 million ($75.7 million). The Company did not receive any of the proceeds from the sale of Class A Shares pursuant to the exercise of the Over-Allotment Option. Reorganization and Investment in the Business On October 15, 2025, the Company issued 79,800,000 Class B Shares to Brookfield Infrastructure Holdings (Canada) Inc. for nominal consideration to align the voting interest of Brookfield Infrastructure Holdings (Canada) Inc. and certain of its affiliates in the Company with its economic interest in Swan OpCo and BIF OpCo. Rockpoint Gas Storage Inc. Notes to the Unaudited Financial Statements (Millions of U.S. dollars, unless otherwise noted) 5 Immediately following completion of the Offering, Rockpoint acquired a 40% interest in the Business from Brookfield in exchange for aggregate consideration of approximately $838.8 million (C$1,170.4 million) satisfied by the Company through a cash payment of $504.6 million, less withholdings, and the issuance of 21,200,000 Class A Shares at a deemed price per Class A Share equal to the Offering Price (the “Reorganization”). Of the foregoing 21,200,000 Class A Shares, 4,800,000 Class A Shares were sold pursuant to the exercise of the Over-Allotment Option. Immediately following completion of the Offering (and the exercise of the Over-Allotment Option) and the Reorganization, Brookfield owned 16,400,000 Class A Shares and 79,800,000 Class B Shares, representing approximately 30.8% and 100% of the outstanding Class A Shares and Class B Shares, respectively, and approximately 72.3% of the votes attached to the 133,000,000 total outstanding shares of the Company. Following the above transactions, the Company assessed that it will exert significant influence over the Business and therefore will account for its investment using the equity method of accounting. Revolving Credit Facility On October 15, 2025, concurrent with its acquisition of interests in Swan OpCo and BIF OpCo, Rockpoint, as lead borrower, along with Swan OpCo subsidiaries Rockpoint Gas Storage Partners LP, Rockpoint Gas Storage LLC and AECO Gas Storage Partnership, as borrowers, entered into a new senior secured revolving credit facility (the “Revolving Credit Facility”), which matures on October 15, 2030. Borrowings under the Revolving Credit Facility are limited to the committed capacity of $350.0 million, net of an issued but unused letters of credit sub-limit of $175.0 million. The Revolving Credit Facility bears interest at a floating rate, which in the case of U.S. dollar loans, can be either in reference to the term secured overnight financing rate (“SOFR”) or a base rate, and for Canadian dollar loans, can be in reference to any of the term Canadian overnight repo rate average (“CORRA”), the Canadian prime rate or daily compound CORRA, with interest accruing at the applicable benchmark plus an applicable margin determined by a pricing grid --- based on Rockpoint Gas Storage Partners LP’s, or Rockpoint’s, corporate debt rating. Customary commitment and letter of credit fees will be payable under the Revolving Credit Facility. The Revolving Credit Facility credit agreement requires the maintenance of a ratio of consolidated total net debt to consolidated EBITDA (the “Total Net Leverage Ratio”), as defined in the aforementioned agreement, of no more than 5.00 to 1.00, tested at the end of each fiscal quarter and beginning with the quarter ending December 31, 2025. Upon the occurrence of certain events of default, our obligations under the Revolving Credit Facility credit agreement may be accelerated and the lending commitments terminated. Term Loan due 2031 Effective October 29, 2025, Rockpoint became the lead borrower, and consequently a guarantor, on the secured term loan facility that has principal drawings contained within the Business (the “Term Loan due 2031”). This loan was entered into on September 18, 2024 by Rockpoint Gas Storage Partnership LP and its wholly owned subsidiary, Rockpoint Gas Storage Canada Ltd. (the “Rockpoint Debt Parties”). The initial loan amount was $1,250.0 million and the final payment is due on September 18, 2031. Starting March 31, 2025, principal repayments equal to 0.25% of the initial loan amount are due at the end of each fiscal quarter, which may be reduced by any other mandatory or voluntary prepayments as applicable. As of September 30, 2025, $1,240.6 million in principal amounts were outstanding. Term Loan due 2031 borrowings are in the form of either SOFR loans and/or base rate loans. SOFR derived loans bear interest equal to the SOFR plus 2.50% and base rate derived loans bear interest at the bank’s applicable base rate plus 1.50%. All interest costs are currently incurred by the Rockpoint Debt Parties, as those are the entities with borrowings under the facility. The Term Loan due 2031 requires the maintenance of a ratio of Consolidated EBITDA, as defined in the term loan credit agreement, to the sum of certain interest charges and scheduled principal payments, (the “Debt Service Coverage Ratio”) of at least 1.10 to 1.00, tested quarterly. Figures used to calculate Consolidated EBITDA and the Debt Service Coverage Ratio are derived from the Business. Rockpoint Gas Storage Inc. Notes to the Unaudited Financial Statements (Millions of U.S. dollars, unless otherwise noted) 6 The Term Loan due 2031 requires the calculation, when on a trailing twelve-month basis, of an excess cash flow prepayment amount (“ECF Prepayment Amount”). The amount is dependent on the outstanding principal borrowings of first lien debt, net of unrestricted cash, to Consolidated EBITDA, as defined in the term loan credit agreement (the “First Lien Net Leverage Ratio”). If the First Lien Net Leverage Ratio is greater than 4.50 to 1.00 for such fiscal year, it is required, subject to certain other conditions as outlined below, that the Term Loan due 2031 is prepaid with 50.0% of the excess cash flow, with steps down to 25.0%, and 0.0% of the excess cash flow if the First Lien Net Leverage Ratio is less than or equal to 4.50 and 4.00 to 1.00, respectively, for such fiscal year. Such ECF Prepayment Amount is required to be paid and applied to the outstanding principal balance of the Term Loan due 2031 unless the ECF Prepayment Amount is less than the greater of $63.1 million or 25.0% of Consolidated EBITDA, in which case no prepayment is required. The required ECF Prep --- ayment Amount will be reduced by certain principal payments made during the applicable fiscal year. Figures used to calculate the ECF Prepayment Amount and related items are derived from the Business. The parties to the loan may make restricted payments, including distributions to owners and repayments of related party debt, to the extent allowable under the applicable negative covenants in the Term Loan Credit Agreement. As of the approval date of this report, Rockpoint and the Business were in compliance with all covenant requirements under the Term Loan Credit Agreement. Rockpoint Gas Storage Inc. Notes to the Unaudited Financial Statements (Millions of U.S. dollars, unless otherwise noted) 7 Unaudited Interim Condensed Combined Consolidated Financial Statements For the Three and Six Months Ended September 30, 2025 Rockpoint Gas Storage Unaudited Interim Condensed Combined Consolidated Statements of Net Earnings and Comprehensive Earnings (Millions of U.S. dollars) Three Months Ended September 30, Six Months Ended September 30, Notes 2025 2024 2025 2024 REVENUES Fee for service revenue 8 $ 96.7 $ 81.4 $ 188.9 $ 171.0 Optimization, net 8 6.5 1.7 18.4 3.8 Total revenues 103.2 83.1 207.3 174.8 EXPENSES (INCOME) Cost of gas storage services 1.1 0.8 2.3 2.3 Operating 10 13.1 12.4 25.8 24.3 General and administrative 5.1 5.1 10.6 11.6 Depreciation and amortization 4, 6 8.9 8.5 17.0 16.4 Financing costs 5, 10 27.2 30.3 52.8 46.1 Gain on gas storage obligations, net (1.0) (1.5) (2.6) (2.4) Other expenses 2.1 0.8 3.1 1.9 56.5 56.4 109.0 100.2 EARNINGS BEFORE INCOME TAXES 46.7 26.7 98.3 74.6 Income tax expense (benefit) Deferred 0.9 (22.0) 4.2 (19.7) NET EARNINGS $ 45.8 $ 48.7 $ 94.1 $ 94.3 OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX Foreign currency translation adjustment $ (0.8) $ 0.4 $ 1.0 $ 0.1 NET EARNINGS AND COMPREHENSIVE EARNINGS $ 45.0 $ 49.1 $ 95.1 $ 94.4 (The accompanying Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements are an integral part of these statements.) 2 Rockpoint Gas Storage Unaudited Interim Condensed Combined Consolidated Statements of Financial Position (Millions of U.S. dollars) As at September 30, As at March 31, Notes 2025 2025 ASSETS Current Assets Cash and cash equivalents $ 30.5 $ 204.1 Trade and accrued receivables 8, 10 49.8 76.7 Natural gas inventory 50.3 28.6 Short-term risk management assets 9 19.0 19.5 Margin deposits 5.2 0.9 Prepaid expenses and other current assets 5.7 1.8 Due from affiliates 10, 13 37.0 83.0 197.5 414.6 Long-term Assets Property, plant and equipment, net 4 893.7 884.6 Goodwill 117.2 117.2 Long-term risk management assets 9 9.3 9.3 Other assets 5.9 4.5 1,026.1 1,015.6 TOTAL $ 1,223.6 $ 1,430.2 LIABILITIES AND OWNERS' EQUITY Current Liabilities Trade payables and accrued liabilities 7, 10 $ 43.9 $ 59.5 Short-term debt 5 22.2 25.8 Short-term risk management liabilities 9 10.3 13.9 Short-term lease liabilities 6 8.0 9.1 Margin deposits — 3.2 Deferred revenue 8 0.7 1.4 85.1 112.9 Long-term Liabilities Long-term debt 5 1,204.0 1,208.1 Long-term risk management liabilities 9 3.6 5.7 Long-term lease liabilities 6 94.3 99.7 Gas storage obligations 15.4 17.4 Decommissioning obligations 5.3 5.0 Other long-term liabilities 2.6 2.2 Deferred income taxes 69.2 65.0 1,394.4 1,403.1 Equity (255.9) (85.8) TOTAL $ 1,223.6 $ 1,430.2 Commitments and contingencies disclosures 11 (The accompanying Notes to the Unaudited Interim Condensed Combined Consolidated Financial Stat --- ements are an integral part of these statements.) 3 Rockpoint Gas Storage Unaudited Interim Condensed Combined Consolidated Statements of Changes in Owners' Equity (Millions of U.S. dollars) Capital Contributions Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Owners' Capital (Deficiency) Balance, April 1, 2024 $ 250.7 $ 105.6 $ (20.8) $ 335.5 Net earnings — 94.3 — 94.3 Other comprehensive income — — 0.1 0.1 Distributions (123.7) (66.3) — (190.0) Balance, September 30, 2024 $ 127.0 $ 133.6 $ (20.7) $ 239.9 Balance, April 1, 2025 $ 127.0 $ (190.2) $ (22.6) $ (85.8) Net earnings — 94.1 — 94.1 Other comprehensive income — — 1.0 1.0 Capital contributions 1.0 — — 1.0 Distributions (note 10) — (266.2) — (266.2) Balance, September 30, 2025 $ 128.0 $ (362.3) $ (21.6) $ (255.9) (The accompanying Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements are an integral part of these statements.) 4 Rockpoint Gas Storage Unaudited Interim Condensed Combined Consolidated Statements of Cash Flows (Millions of U.S. dollars) Three Months Ended September 30, Six Months Ended September 30, Notes 2025 2024 2025 2024 OPERATING ACTIVITIES Net earnings $ 45.8 $ 48.7 $ 94.1 $ 94.3 Adjustments to reconcile net earnings to net cash provided by operating activities: Deferred income tax expense (benefit) 0.9 (22.0) 4.2 (19.7) Unrealized risk management losses (gains) 0.1 5.0 (7.8) (4.5) Depreciation and amortization 4, 6 8.9 8.5 17.0 16.4 Other 1.6 4.5 2.4 4.6 Changes in non-cash working capital 12 (1.0) 10.5 (15.9) 74.2 Net cash provided by operating activities 56.3 55.2 94.0 165.3 INVESTING ACTIVITIES Property, plant and equipment expenditures (9.8) (14.7) (20.7) (19.4) Net cash used in investing activities (9.8) (14.7) (20.7) (19.4) FINANCING ACTIVITIES Proceeds from revolving credit facilities 0.5 11.0 21.6 39.3 Payments of revolving credit facilities (16.1) (0.6) (25.6) (36.6) Proceeds from term loan 5 — 1,237.5 — 1,237.5 Payments of term loans 5 (3.2) (450.0) (6.3) (450.0) Payments of promissory notes 10 — (224.9) — (224.9) Notes extended to related parties 10 — (472.2) (37.0) (522.2) Payments of financing costs — (13.5) (0.2) (13.6) Payments of lease liabilities 6 (17.3) (0.2) (17.4) (0.3) Distributions — (76.6) (182.8) (190.0) Net cash (used in) provided by financing activities (36.1) 10.5 (247.7) (160.8) Effect of translation on foreign currency cash and cash equivalents (0.2) 0.5 0.8 0.3 Net changes in cash and cash equivalents 10.2 51.5 (173.6) (14.6) Cash and cash equivalents, beginning of the period 20.3 34.0 204.1 100.1 Cash and cash equivalents, end of the period $ 30.5 $ 85.5 $ 30.5 $ 85.5 Supplemental cash flow disclosures 12 (The accompanying Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements are an integral part of these statements.) 5 1. Description of Business We are the largest independent operator of natural gas facilities in North America. These financial statements represent the unaudited interim condensed combined consolidated financial statements of Swan Equity Aggregator LP (“Swan OpCo”), BIF II CalGas (Delaware) LLC (“BIF OpCo”), Warwick Gas Storage LP and Warwick Gas Storage Ltd. (collectively “WGS LP” or the “Partnership”), BIF II SIM Limited, SIM Energy LP and SIM Energy Limited (collectively “SIM”) and Swan Debt Aggregator LP (“Swan Debt”) and their subsidiaries (collectively, “we”, “us”, “our”, “Rockpoint Gas Storage”, or “the Business”). Swan OpCo is an --- Ontario limited partnership that independently owns and operates 229.0 billion cubic feet (“Bcf”) of effective natural gas storage capacity in North America. It operates the AECO Hub™, or AECO Gas Storage Partnership, (“AECO”), which consists of the Countess and Suffield gas storage facilities in Alberta, Canada and the Wild Goose Storage, LLC gas storage facility in California. Each of its facilities market natural gas storage services in addition to optimizing storage capacity with gas purchases and matched sales. Swan OpCo also operates a natural gas marketing business that is an extension of its propriety optimization activities in Canada. BIF OpCo owns Lodi Gas Storage L.L.C., a Delaware limited liability company, which owns and operates a natural gas storage facility in northern California. The facility has 28.7 Bcf of effective working natural gas storage capacity in two underground natural gas storage reservoirs and is connected to Pacific Gas and Electric’s (“PG&E”) intrastate natural gas pipeline system that services demand in the San Francisco and Sacramento areas in California. WGS LP owns and operates a natural gas storage facility with 21.5 Bcf of effective working gas capacity and is engaged in the storage of third-party natural gas. The facility was originally developed in 2009 and is located east of Edmonton in central Alberta. The Business consists of entities that are ultimately subsidiaries of Brookfield Asset Management Private Institutional Capital Advisor (Canada), L.P. (“Brookfield Infrastructure”, and together with its affiliates, “Brookfield”) and its institutional partners. Rockpoint Gas Storage Inc. (“Rockpoint”) was formed to acquire an approximate 40% interest in the Business (see Note 13). 2. Statement of Compliance and Basis of Presentation These unaudited interim condensed combined consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). The accounting policies applied are in accordance with IFRS Accounting Standards as issued by the IASB and are consistent with our audited combined consolidated financial statements as at March 31, 2025 and March 31, 2024 and for the fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023 (the “Annual Financial Statements”). These unaudited interim condensed combined consolidated financial statements as at September 30, 2025 and March 31, 2025, and for the three and six months ended September 30, 2025 and 2024, do not include all disclosures required for the preparation of annual combined consolidated financial statements and should be read in conjunction with the Annual Financial Statements. The results of operations for the three and six months ended September 30, 2025 are not necessarily representative of the results to be expected for the full fiscal year ending March 31, 2026. Generally, the optimization of proprietary gas purchases is seasonal with the majority of the revenues and costs associated with the physical sale of proprietary gas occurring during the third and fourth fiscal quarters, when demand for natural gas is typically the strongest. These unaudited interim condensed combined consolidated financial statements were authorized for issue by the Board of Directors of Rockpoint on November 4, 2025. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dolla --- rs, unless otherwise noted) 6 3. Material Accounting Policy Information Future Accounting Policies a. IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”) In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure of Financial Statements”. IFRS 18 is effective for fiscal periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring separate categories and defined subtotals for operating, investing and financing activities in the statement of profit or loss, requiring disclosure about management defined performance measures, and adding new principles for aggregation and disaggregation of information. The Business is in the process of determining the impact of adopting IFRS 18 on its financial statements. b. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures On May 30, 2024, the IASB issued targeted amendments to IFRS 9, “Financial Instruments”, and IFRS 7, “Financial Instruments: Disclosures”. The amendments include new requirements which include clarifying the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system. These new requirements are effective for fiscal periods beginning on or after January 1, 2026, with early application permitted. The Business is in the process of determining the impact of the amendments on its financial statements. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 7 4. Property, Plant and Equipment Property, plant and equipment is comprised of the following: Cost Cushion gas Pipelines and interconnects Wells Land and storage formations Facilities and other Total Balance, April 1, 2025 $ 169.4 $ 152.5 $ 323.3 $ 101.1 $ 415.1 $ 1,161.4 Additions 0.9 2.0 9.5 0.1 3.9 16.4 Changes in decommissioning obligations — — (0.1) — — (0.1) Lease additions and remeasurements — — — 8.3 — 8.3 Migration/disposals (1.5) (0.1) (1.3) — (0.1) (3.0) Foreign currency translation adjustment 0.6 0.1 0.7 — 1.6 3.0 Balance, September 30, 2025 $ 169.4 $ 154.5 $ 332.1 $ 109.5 $ 420.5 $ 1,186.0 Accumulated depreciation Cushion gas Pipelines and interconnects Wells Land and storage formations Facilities and other Total Balance, April 1, 2025 $ — $ (39.1) $ (78.2) $ (17.9) $ (141.6) $ (276.8) Depreciation expense — (2.2) (4.0) (1.6) (7.7) (15.5) Disposals — — 0.8 — 0.1 0.9 Foreign currency translation adjustment — — (0.3) — (0.6) (0.9) Balance, September 30, 2025 $ — $ (41.3) $ (81.7) $ (19.5) $ (149.8) $ (292.3) Net book value Cushion gas Pipelines and interconnects Wells Land and storage formations Facilities and other Total Balance, April 1, 2025 $ 169.4 $ 113.4 $ 245.1 $ 83.2 $ 273.5 $ 884.6 Balance, September 30, 2025 $ 169.4 $ 113.2 $ 250.4 $ 90.0 $ 270.7 $ 893.7 Depreciation expense for the three and six months ended September 30, 2025 includes $1.1 million and $1.5 million, respectively, (three and six months ended September 30, 2024 – $1.0 million and $1.3 million) related to cushion gas migration. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 8 5. Debt The Business’ debt consisted of the following: As at September 30, As at March --- 31, 2025 2025 Asset Backed Loan $ — $ — Warwick Credit Facility 10.0 13.6 Term Loan due 2031 1,240.6 1,246.8 Total principal amount of debt 1,250.6 1,260.4 Less: Portion classified as current, net (22.2) (25.8) Unamortized discount and deferred financing costs (24.4) (26.5) Total long-term debt, net $ 1,204.0 $ 1,208.1 a. Asset Backed Loan As of September 30 and March 31, 2025, there were no borrowings outstanding under the senior secured asset-backed revolving credit facility (the “Asset Backed Loan” or the “ABL Facility”). Issued letters of credit amounted to $26.8 million and $32.8 million as of September 30 and March 31, 2025, respectively. As of September 30, 2025, the borrowing base collateral totaled $218.8 million (March 31, 2025 – $325.2 million). Of the total borrowing base collateral available to us, $192.0 million was unutilized as of September 30, 2025 (March 31, 2025 – $217.2 million). As of September 30, 2025, the Business was in compliance with all covenant requirements and there were no restrictions on our ability to borrow up to the total amount of liquidity available. As of October 15, 2025, all commitments under the Asset Backed Loan were terminated in favor of a new revolving credit agreement (see Note 13). b. Warwick Credit Facility As of September 30, 2025, we had drawn $10.0 million on the revolving operating line of credit (“Warwick Credit Facility”) (March 31, 2025 – $13.6 million) at an interest rate of 5.34% (March 31, 2025 – 5.55%) and had an insignificant amount of letters of credit outstanding as of each period end. As of September 30, 2025, $16.8 million of the Warwick Credit Facility’s availability remained unutilized (March 31, 2025 - $12.5 million). The Partnership’s parent company, BAIF Warwick Storage L.P., and its general partner guarantee the Warwick Credit Facility. As of September 30, 2025, the Business was in compliance with all covenant requirements of the Warwick Credit Facility. As of October 14, 2025, all commitments under the Warwick Credit Facility were terminated (see Note 13). c. Term Loan due 2026 On August 17, 2023, Rockpoint Gas Storage Partners LP and its wholly owned subsidiary, Rockpoint Gas Storage Canada Ltd. (together, the “Rockpoint Debt Parties”), entered into a $450.0 million term loan (the “Term Loan due 2026”), due on August 17, 2026. Rockpoint Gas Storage Partners LP had the option at any time to voluntarily prepay all or a part of the Term Loan due 2026 without premium or penalty, plus accrued and unpaid interest. On September 18, 2024, a portion of the proceeds from the new $1,250.0 million Term Loan due 2031 (as defined below) were used to settle the then outstanding $450.0 million principal amount of the Term Loan due 2026. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 9 d. Term Loan due 2031 As of September 30, 2025, $1,240.6 million of the principal of the Term Loan due 2031 remained outstanding (March 31, 2025 – $1,246.8 million), which is inclusive of $12.5 million in current amounts owing (March 31, 2025 – $12.5 million). Each of these amounts are prior to unamortized discount and deferred financing costs of $24.4 million (March 31, 2025 – $26.5 million). As of September 30, 2025, before considering associated hedges, the Term Loan due 2031 bore a weighted average interest rate of 7.00% (March 31, 2025 – 7.30%). To limit exposure to changes in interest ra --- tes, the Business uses interest rate swap contracts which effectively lock in a 6.66% all-in rate on the portion of the debt that is hedged. All of the outstanding principal balance was hedged until September 2025, at which point the hedged portion decreased to $900.0 million from October 2025 until September 2026. On October 24, 2025 the Business revised its interest rate swap contract profile and on October 29, 2025, repriced its Term Loan due 2031 (see Note 13). As of September 30, 2025, the Business was in compliance with all covenant requirements under the Term Loan due 2031. 6. Right of Use Assets and Lease Liabilities The Business’ lease liabilities consist of the following: Six Months Ended September 30, 2025 2024 Opening lease liabilities $ 108.8 $ 106.8 Lease interest expense 5.2 5.3 Principal repayments (17.4) (0.3) Interest payments (2.8) (0.5) Foreign exchange and other 0.2 — Lease additions, remeasurements and modifications 8.3 0.1 Total lease liabilities 102.3 111.4 Less: Portion classified as current (8.0) (8.6) Long-term lease liabilities $ 94.3 $ 102.8 During the three and six months ended September 30, 2025, the Business recorded $1.0 and $1.9 million, respectively, of depreciation related to its right-of-use assets (three and six months ended September 30, 2024 – $0.9 million and $1.8 million), and made cash payments of $0.3 million and $6.6 million on variable leases (three and six months ended September 30, 2024 – nil and $3.2 million). 7. Trade Payables and Accrued Liabilities The Business’ trade payables and accrued liabilities consisted of the following: As at September 30, As at March 31, 2025 2025 Trade payables $ 0.6 $ 2.7 Accrued gas purchases 25.0 27.7 Accrued interest, non-affiliated debt 0.9 1.0 Employee-related accruals 6.5 10.3 Other accrued liabilities, affiliated 0.3 0.3 Other accrued liabilities, non-affiliated 10.6 17.5 Total $ 43.9 $ 59.5 Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 10 8. Revenues and Contract Assets and Liabilities The following table summarizes the Business’ fee for service revenue earned from contracts with customers, by geographic area: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Take-or-pay contract revenue U.S. $ 50.9 $ 40.7 $ 102.5 $ 81.4 Canada 6.8 5.4 13.7 10.9 Short-term storage service revenue U.S. 10.6 18.8 24.3 32.3 Canada 28.4 16.5 48.4 46.4 Total fee for service revenue from contracts with customers $ 96.7 $ 81.4 $ 188.9 $ 171.0 Optimization, net consists of the following: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Retail realized optimization $ 3.1 $ 3.9 $ 7.1 $ 8.4 Storage realized optimization 2.6 (1.7) 3.4 (11.9) Realized optimization, net 5.7 2.2 10.5 (3.5) Retail unrealized optimization gains (losses) 2.3 (1.3) 1.4 (4.6) Storage unrealized optimization (losses) gains (1.5) 0.8 6.5 11.9 Unrealized optimization gains (losses), net 0.8 (0.5) 7.9 7.3 $ 6.5 $ 1.7 $ 18.4 $ 3.8 As at September 30, 2025, the balance of trade and accrued receivables included $30.9 million (March 31, 2025 – $36.9 million) related to take-or-pay and short-term storage service contracts with customers. In accordance with industry practice, the Business normally collects its contractual receivables on the 25th day following the month in which the revenue was earned. As at September 30, 2025, we record --- ed deferred revenue of $0.6 million (March 31, 2025 – $1.2 million) related to fee for service contracts with customers. The Business’ inventory is valued at the lower of weighted-average cost or net realizable value. During the six months ended September 30, 2025 and 2024, there were no adjustments recorded to inventory. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 11 9. Fair Value Measurements The following table shows the fair values of the Business’ risk management assets and liabilities: Balance, September 30, 2025 Energy Contracts Currency Contracts Interest Rate Contracts Total Short-term risk management assets $ 17.9 $ 0.2 $ 0.9 $ 19.0 Long-term risk management assets 9.3 — — 9.3 Short-term risk management liabilities (9.2) — (1.1) (10.3) Long-term risk management liabilities (3.6) — — (3.6) $ 14.4 $ 0.2 $ (0.2) $ 14.4 Balance, March 31, 2025 Energy Contracts Currency Contracts Interest Rate Contracts Total Short-term risk management assets $ 15.6 $ 0.1 $ 3.8 $ 19.5 Long-term risk management assets 9.3 — — 9.3 Short-term risk management liabilities (13.8) — (0.1) (13.9) Long-term risk management liabilities (4.9) — (0.8) (5.7) $ 6.2 $ 0.1 $ 2.9 $ 9.2 The carrying amount of cash and cash equivalents, margin deposits, trade and accrued receivables and trade payables and accrued liabilities reported on the unaudited interim condensed combined consolidated statements of financial position approximate fair value. The Business’ assets and liabilities that were accounted for or disclosed at fair value on a recurring and non-recurring basis are as follows: Balance, September 30, 2025 Level 1 Level 2 Level 3 Total Assets Commodity derivatives $ — $ 27.2 $ — $ 27.2 Currency derivatives — 0.2 — 0.2 Interest rate swaps — 0.9 — 0.9 Total assets $ — $ 28.3 $ — $ 28.3 Liabilities Commodity derivatives $ — $ 12.8 $ — $ 12.8 Interest rate swaps — 1.1 — 1.1 Gas storage obligations — 15.4 — 15.4 Short-term debt — 22.5 — 22.5 Long-term debt — 1,231.2 — 1,231.2 Total liabilities $ — $ 1,283.0 $ — $ 1,283.0 Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 12 Balance, March 31, 2025 Level 1 Level 2 Level 3 Total Assets Commodity derivatives $ — $ 24.9 $ — $ 24.9 Currency derivatives — 0.1 — 0.1 Interest rate swaps — 3.8 — 3.8 Total assets $ — $ 28.8 $ — $ 28.8 Liabilities Commodity derivatives $ — $ 18.7 $ — $ 18.7 Interest rate swaps — 0.9 — 0.9 Gas storage obligations — 17.4 — 17.4 Short-term debt — 26.1 — 26.1 Long-term debt — 1,229.7 — 1,229.7 Total liabilities $ — $ 1,292.8 $ — $ 1,292.8 The Business’ financial assets and liabilities, recorded at fair value on a recurring basis, have been categorized as Level 2. The determination of the fair value of assets and liabilities for Level 2 valuations is generally based on a market approach. The key inputs used in our valuation models include transaction-specific details such as notional volumes, contract prices, and contract terms, as well as forward market prices and basis differentials for natural gas obtained from third-party service providers (typically the New York Mercantile Exchange, or NYMEX). In valuing our interest rate swaps, we used forward market data for three-month SOFR loans obtained from third-party service providers. There were no changes in our approach to determinin --- g fair value and there were no transfers out of Level 2 during the six months ended September 30, 2025. The fair value of debt is the estimated amount the Business would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the period-end date. To value the Term Loan due 2031, we used bid and yield information provided by a third-party financial services company. Interest rates on the Asset Backed Loan and the Warwick Credit Facility are variable and therefore the fair values are approximated by the principal balances outstanding. 10. Related Party Transactions We are subsidiaries of Brookfield and the Business had transactions and related balances with entities classified as related parties as follows: As at September 30, As at March 31, 2025 2025 Included in trade payables and accrued liabilities: Due to Brookfield affiliates $ 0.1 $ — Other accrued costs, including electricity costs 0.2 0.3 Total amounts owing to related parties $ 0.3 $ 0.3 Included in due from affiliates $ 37.0 $ 83.0 Three months ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Interest on affiliated debt (financing costs) $ — $ 4.0 $ — $ 8.6 Electricity (operating) 0.5 0.6 1.0 1.1 $ 0.5 $ 4.6 $ 1.0 $ 9.7 Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 13 a. Promissory Note Payable During the fiscal year ended March 31, 2025, the Business had an outstanding promissory note due to affiliates of Brookfield Infrastructure bearing interest at 8.25%. This note was scheduled to mature on October 1, 2026 (the “8.25% Promissory Note due 2026”). On September 18, 2024, using proceeds from the Term Loan due 2031, the Business made principal and interest payments totalling $233.5 million on the 8.25% Promissory Note due 2026, which were made in advance of the maturity date, without premium or penalty. The amounts paid consisted of the entire then outstanding principal balance of $224.9 million and $8.6 million in accrued interest. b. Due from Affiliates On May 29, 2025, we advanced $37.0 million to a Brookfield parent entity in exchange for an unsecured, non-interest- bearing, promissory note that is due on demand. As this promissory note was part of a group of transactions related to distributions paid in May 2025, it has been presented as a financing cash outflow. On June 13, 2024 and September 18, 2024, the Business advanced cash totalling $50.0 million and $472.2 million, respectively, to certain Brookfield parent entities in exchange for unsecured, non-interest-bearing promissory notes that were due on demand. As the related promissory notes were part of a group of transactions related to distributions paid in each of June and September 2024, the amounts were presented as a financing cash outflows. On August 31, 2025, the Business settled the $83.0 million in promissory notes receivable from Brookfield by distributing its earnings in the form of promissory notes totalling the same amount, which offset the notes. c. Other Related Party Transactions The Business has market-based contracts with a related utility company for the purchase of electricity. In addition to the electricity costs noted in the table above, we have entered into contracts with this related party to manage the risk associated with changes in the price of electricity n --- eeded to operate two of our facilities. During the three and six months ended September 30, 2025, we realized negligible gains and $0.1 million of losses in operating costs, respectively, from this counterparty (three and six months ended September 30, 2024 – realized losses of $0.2 million and $0.4 million). As of September 30, 2025, we recognized $0.1 million of accrued receivables with this related party (March 31, 2025 – $0.1 million of accrued liabilities). 11. Commitments and Contingencies Commitments Purchase and sale obligations arising as a result of forward purchase and sale contracts in place at September 30, 2025 were as follows: Unconditional purchase obligations Unconditional sales obligations Net For the fiscal year ending: 2026 $ (54.6) $ 82.7 $ 28.1 2027 (66.0) 63.3 (2.7) 2028 (16.9) 24.2 7.3 2029 (6.3) 12.1 5.8 2030 — 6.0 6.0 2031 and thereafter — 1.9 1.9 Total $ (143.8) $ 190.2 $ 46.4 Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 14 Purchase obligations consist of forward physical commitments related to future purchases of natural gas inventory and cushion gas. As the Business economically hedges substantially all of its natural gas purchases, there are forward sales that offset these commitments shown as “unconditional sales obligations” in the above table. Unconditional sales obligations include future sales of certain existing inventory at September 30, 2025. As of September 30, 2025 and March 31, 2025, we had $26.8 million and $32.8 million of issued and outstanding letters of credit to various counterparties to support natural gas purchase commitments. Subordinated Credit Agreement Under a credit agreement entered into by BIF II Finco Borrower (Bermuda) L.P., an affiliate of Brookfield Infrastructure, for an amount of up to $175.0 million, Swan OpCo was jointly and severally liable as a guarantor for the obligations of other affiliated borrowers under the facility. No amounts were called under the guarantee and the guarantee was terminated on September 26, 2025. 12. Supplemental Cash Flow Disclosures Changes in non-cash working capital include: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Margin deposits $ (2.1) $ (1.5) $ (7.6) $ 22.4 Trade receivables 0.5 0.7 3.3 3.6 Accrued receivables (1.0) (4.0) 23.7 18.4 Natural gas inventory 0.3 12.7 (21.7) 46.5 Prepaid expenses and other current assets (1.5) (0.6) (3.8) (2.5) Other assets 0.5 (0.5) (0.2) (0.7) Trade payables 0.1 (0.5) (2.0) 0.4 Accrued liabilities 2.6 1.8 (9.9) (17.0) Accrued lease interest (0.1) 2.3 2.4 4.8 Deferred revenue (0.5) 0.2 (0.6) (1.2) Other long-term liabilities 0.2 (0.1) 0.5 (0.5) Net changes in non-cash working capital $ (1.0) $ 10.5 $ (15.9) $ 74.2 Other supplemental cash flow information follows: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Interest paid in cash $ 24.0 $ 23.1 $ 45.2 $ 32.0 Interest paid in-kind — — — 8.9 Lease cash payments 20.2 0.5 26.8 4.0 Tax paid 0.1 — 0.1 — Non-cash investing activities: Changes in working capital related to property, plant and equipment 0.2 (3.1) 4.4 (4.0) Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 15 13. Subsequent Events Advances Made to Brookfield On October 10, 2025, the Business advanced $40.0 milli --- on in cash to Brookfield in exchange for unsecured, non-interest- bearing promissory notes with the same aggregate face value that are due on demand. Warwick Acquisition and Repayment and Termination of Warwick Credit Facility On October 14, 2025, AECO acquired 100% of the equity interests in WGS LP (the “Warwick Acquisition”) funded through an equity contribution from affiliates of Brookfield Infrastructure. As part of the Warwick Acquisition, on October 14, 2025, AECO funded the repayment of the then remaining $9.4 million principal balance of the Warwick Credit Facility. Subsequently, WGS LP received a release and discharge on the Warwick Credit Facility from the lender. Ownership Acquisition by Rockpoint Gas Storage Inc. On October 15, 2025, Rockpoint acquired 40% of the equity interests in each of Swan OpCo and BIF OpCo through a combination of cash payments made to and common stock issued to Brookfield. Immediately after the acquisition, the economic interests in Rockpoint were 69.2% owned by the public and 30.8% owned by Brookfield. Brookfield maintains control of Rockpoint through voting shares that do not accrue economic benefits. The remaining 60% interest in each of Swan OpCo and BIF OpCo was retained by Brookfield. Together with its interest in Rockpoint, Brookfield retained a 72.3% economic interest in the Business. Revolving Credit Facility and Repayment and Termination of ABL Facility On October 15, 2025, concurrent with its acquisition of interests in Swan OpCo and BIF OpCo, Rockpoint, as lead borrower, along with Swan OpCo subsidiaries Rockpoint Gas Storage Partners LP, Rockpoint Gas Storage LLC and AECO Gas Storage Partnership, as borrowers, entered into a new senior secured revolving credit facility (the “Revolving Credit Facility”), which matures on October 15, 2030. Borrowings under the Revolving Credit Facility are limited to the committed capacity of $350.0 million, net of an issued but unused letters of credit sub-limit of $175.0 million. The Revolving Credit Facility bears interest at a floating rate, which in the case of U.S. dollar loans, can be either in reference to the term secured overnight financing rate (“SOFR”) or a base rate, and for Canadian dollar loans, can be in reference to any of the term Canadian overnight repo rate average (“CORRA”), the Canadian prime rate or daily compound CORRA, with interest accruing at the applicable benchmark plus an applicable margin determined by a pricing grid based on Rockpoint Gas Storage Partners LP’s, or Rockpoint’s, corporate debt rating. Customary commitment and letter of credit fees will be payable under the Revolving Credit Facility. The Revolving Credit Facility credit agreement requires the maintenance of a ratio of consolidated total net debt to consolidated EBITDA (the “Total Net Leverage Ratio”), as defined in the aforementioned agreement, of no more than 5.00 to 1.00, tested at the end of each fiscal quarter and beginning with the quarter ending December 31, 2025. Upon the occurrence of certain events of default, our obligations under the Revolving Credit Facility credit agreement may be accelerated and the lending commitments terminated. Initial drawings of $55.0 million on the Revolving Credit Facility as well as cash on hand were used to repay the then outstanding $55.8 million cash drawings on the Asset Backed Loan. On the same day, issued letters of credit amounting to $37.2 million were also transferred from the Asset Backed Loan to the Revolving Cr --- edit Facility. Immediately after these transfers, the Business entered into a termination agreement with the Asset Backed Loan agent and all such obligations under that facility were discharged. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 16 SIM and Swan Debt Reorganization Concurrent with Rockpoint’s acquisition of interests in Swan OpCo and BIF OpCo, the SIM and Swan Debt entities were acquired by Rockpoint Gas Storage Canada Ltd., an indirect subsidiary of Swan OpCo. The fair market values of SIM Energy LP, SIM Energy Limited and Swan Debt Aggregator LP were negligible prior to their transfer and each entity was therefore transferred at a nominal value of $1. The Business paid Brookfield $2.5 million for BIF II SIM Limited, which represented the estimated fair market value of that entity, mainly consisting of cash on hand. As SIM and Swan Debt were entities under common control, the amounts paid to Brookfield will be classified as distributions. Term Loan due 2031 Hedging and Repricing In order to reduce its exposure to variable SOFR interest rates, the Business entered into interest rate swap contracts on October 24, 2025 which blend in the previous interest rate swaps that hedged $900.0 million of principal until September 2026. The new contracts lock in a blended 3.40% SOFR interest rate and, together with a subsequent re-pricing agreement discussed below, effectively a 5.90% all-in rate for SOFR denominated loans on the remaining projected principal borrowings, estimated as the principal balance outstanding as of September 30, 2025 less mandatory principal repayments over the term of the loan. All future borrowings are projected to be drawn using three-month SOFR terms. Effective October 29, 2025, as permitted under the term credit loan agreement, the Business and its creditors repriced the Term Loan due 2031 to reduce the interest rate for SOFR loans from SOFR plus 3.00% to SOFR plus 2.50% and the interest rate for base rate loans from the bank’s applicable base rate plus 2.00% to the bank’s applicable base rate plus 1.50%. In addition, Rockpoint became the lead borrower on the Term Loan due 2031. All amounts borrowed continue to be owed by Rockpoint Gas Storage Partners LP and Rockpoint Gas Storage Canada Ltd. On the same date as the repricing, we also entered into amendments to the Term Loan due 2031 that changed the excess cash flow prepayment conditions. Previously, if the first lien net leverage ratio was greater than 4.50 to 1.00 for a fiscal year, we were required, subject to certain other conditions, to prepay the Term Loan due 2031 with 75.0% of the excess cash flow, with steps down to 50.0%, 25.0% and 0.0% of the excess cash flow if the First Lien Net Leverage Ratio is less than or equal to 4.50, 4.00 and 3.50 to 1.00, respectively, for such fiscal year. The amendments change the conditions such that if the First Lien Net Leverage ratio is greater than 4.50 to 1.00 for a fiscal year, we are required, subject to certain other conditions, to prepay the Term Loan due 2031 with 50.0% of the excess cash flow, with steps down to 25.0% and 0.0% of the excess cash flow if the First Lien Net Leverage Ratio is less than or equal to 4.50 and 4.00 to 1.00, respectively. This change is not anticipated to have a material impact on cash flows related to the Term Loan due 2031 but provides more flexibility to the Business i --- n managing its capital structure. Rockpoint Gas Storage Notes to the Unaudited Interim Condensed Combined Consolidated Financial Statements (Millions of U.S. dollars, unless otherwise noted) 17