2022 Investor Day Presentation

FINANCIAL MODELER'S TOOLKIT Financial risks and levers Interest rates • • Debt portfolio ~85% fixed rate; average term of 20 years to final maturity Regulatory and commercial arrangements mitigate impact of rate movements Income tax Depreciation Foreign exchange Expected normalized income tax rate in mid-to-high teens-excludes Canadian Natural Gas Pipelines regulated income as well as equity AFUDC in the U.S. Split between current and deferred oscillates in 40% to 60% band On average represents ~2.5% of gross property, plant and equipment per annum • Lever to manage return of capital based on expected economic life of assets Structurally long ~US$2.0 billion per annum after-tax income; actively hedge residual exposure over rolling 36-month horizon 2022 year-to-date comparable EBITDA (1) translated at an average rate of 1.29 versus 1.25 in 2021 2022 year-to-date comparable EPS (1) hedged at an average rate of 1.29 (1) Comparable EBITDA and comparable EPS are non-GAAP measures. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 41

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