2022 Investor Day Presentation

CANADIAN NATURAL GAS NET INCOME AND INVESTMENT BASE OUTLOOK Highly resilient and stable business © Net Income $Billions 1.2 1.0 0.2 0.8 0.6 CAGR 1% Average Investment Base $Billions CAGR 24 1% 22.5 21.3 20 20 0.2 16 12 0.4 8 0.7 0.7 0.2 4 0.0 0 2022E 2026E 2022E Investment base Return of capital Capital 2026E investment Investment base NGTL System Canadian Mainline NGTL System and Canadian Mainline 00000 о 00000 00000 0000000000 00000 Every dollar invested earns a return on and of capital Capital efficient expansions support WCSB competitiveness + Cost-of-service model generates low volatility earnings with stable return on equity Asset base is well-positioned to continue to deliver strong results + Incremental net income upside from additional growth capital Base return of 10.1% ROE on 40% equity thickness 60

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