Investor Update November 2023

enerPLUS Meaningful reduction to share count and net debt over two years ■ Shares outstanding have been reduced by 18% over the last two years through repurchases Planning to continue active share repurchase program based on the view that the intrinsic value of the company is not adequately reflected in its trading value ■In addition to returning meaningful capital to shareholders, Enerplus has reduced net debt by over 70% Reduction to shares outstanding through repurchases Shares outstanding end of period (millions) 255 227 -18% 208 Q3 2021 Q3 2021 Q3 2023 Net debt ($ millions) $826 -74% $391 $212 Q3 2021 Q3 2022 Q3 2023 10

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