Debt Financing

Limited restrictions on dividend payments in credit agreements:
As long as available Liquidity***** is above $75 million pro forma for the dividend payment:
a) TGS ASA is permitted to pay $0.14 per share in quarterly dividend,
b) Subject to no Default or Event of Default and meeting specified debt incurrence test, 50% of accumulated Consolidated Net Income plus 100% of the Net Cash Proceeds of certain sales of securities and assets, as reduced by other certain restricted payments made, and
c) Subject to no Default or Event of Default, unlimited dividend payment if Consolidated Net Leverage Ratio* does not exceed 0.75X.

*Consolidated Net Leverage Ratio means, simplified, Net Debt (excluding IFRS 16 leases) divided by last twelve months Consolidated Produced EBITDA.
** Margin based on a leverage grid: Ba2 / BB or higher 2.50%;Ba3 / BB- 2.75%; B1 / B+ 3.00%; B2 / B 3.25%; B3 or B- or lower 3.50%
*** Purpose to prepay Export Credit Financing
**** To be prepaid February 28, 2025. Estimated net amount to be paid $46 million, considering restricted cash tied to the loans.
*****Liquidity  equals (simplified) cash and cash equivalent and available undrawn revolving credit facility commitment.