2022 Investor Day Presentation

CANADIAN NATURAL GAS PIPELINES Corporate strategy alignment and key takeaways 0 00 oooooo o 0 00000 00000 0000000000 ooooo O 00 000000 00000 00000 0000000000 00000 600 Showcase sustainable growth in cash flows • Utility-like model offers stable earnings and cash flow • Annual cadence of up to $2 billion in growth, decarbonization and recoverable maintenance opportunities. • Expandable link to global LNG markets M-102 640 Demonstrate the resiliency of our portfolio Long-life assets well-positioned to participate in a broad range of energy transition scenarios • WCSB offers ~250 Tcfe of low-cost, recoverable resource at $1.50/GJ or less • Ongoing coal-to-gas conversion is a growth driver and other industrial gas demand remains strong • $ ooooo Provide a clearly defined funding plan Exceptional cash flow stability and enhanced credit metric support for broader organization Rate-regulated construct insulates business from inflation, interest rates and economic volatility Taking significant steps for on-time and on-budget project execution N-101 MAETERY LANT O 66

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