Enerplus Q1 2023 Update

2023 free cash flow and return of capital 2023 expected free cash flow (1)(2) Based on $80/bbl WTI and $3.00/Mcf NYMEX ($ million) -$1,000 -$525 enerPLUS -16% FREE CASH FLOW YIELD -$475 $ FREE CASH FLOW PRIORITIES ■ Net debt reduction and return of capital ■ Return at least 60% of free cash flow to shareholders in 2023 through dividends and share repurchases ■ Returned - $67 million to shareholders in Q1 2023 ■ 3.3 million shares remaining under share repurchase authorization (NCIB); intend to renew in August 2023 for another 10% of shares outstanding(3) Estimated Adjusted fund flow 1) See Non-GAAP & Other Financial Measures in "Advisories". Estimated Capital spending Estimated Free cash flow 2) Capital spending is based on the midpoint of guidance ($500-$550MM). Free cash flow yield is calculated as annual 2023 free cash flow divided by Enerplus' market capitalization on May 2, 2023. 3) 3.3 million shares remaining under normal course issuer bid authorization as at May 3, 2023. NCIB can be renewed for up to 10% of the public float (within the meaning under the TSX rules). 8

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