Cheniere Energy : June 2024 Capital Allocation Update

Cheniere Energy, Inc.

Capital Allocation Presentation

June 17, 2024

Safe Harbor Statements

Forward-Looking Statements

This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical or present facts or conditions, included or incorporated by reference herein are "forward- looking statements." Included among "forward-looking statements" are, among other things:

• statements regarding the ability of Cheniere Energy Partners, L.P. to pay or increase distributions to its unitholders or Cheniere Energy, Inc. to pay or increase dividends to its shareholders or participate in share or unit buybacks;
• statements regarding Cheniere Energy, Inc.'s or Cheniere Energy Partners, L.P.'s expected receipt of cash distributions from their respective subsidiaries;
• statements that Cheniere Energy Partners, L.P. expects to commence or complete construction of its proposed liquefied natural gas ("LNG") terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates or at all;
• statements that Cheniere Energy, Inc. expects to commence or complete construction of its proposed LNG terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates or at all;
• statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide, or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure, or demand for and prices related to natural gas, LNG or other hydrocarbon products;
• statements regarding any financing transactions or arrangements, or ability to enter into such transactions;
• statements relating to Cheniere's capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan;
• statements regarding our future sources of liquidity and cash requirements;
• statements relating to the construction of our proposed liquefaction facilities and natural gas liquefaction trains ("Trains") and the construction of our pipelines, including statements concerning the engagement of any engineering, procurement and construction ("EPC") contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;
• statements regarding any agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total LNG regasification, natural gas, liquefaction or storage capacities that are, or may become, subject to contracts;
• statements regarding counterparties to our commercial contracts, construction contracts and other contracts;

• statements regarding our planned development and construction of additional Trains or pipelines, including the financing of such Trains or pipelines;
• statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;
• statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs, free cash flow, run rate SG&A estimates, cash flows, EBITDA, Consolidated Adjusted EBITDA, distributable cash flow, distributable cash flow per share and unit, deconsolidated debt outstanding, and deconsolidated contracted EBITDA, any or all of which are subject to change;
• statements regarding projections of revenues, expenses, earnings or losses, working capital or other financial items;
• statements relating to our goals, commitments and strategies in relation to environmental matters;
• statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions;
• statements regarding our anticipated LNG and natural gas marketing activities; and
• any other statements that relate to non-historical or future information.

These forward-looking statements are often identified by the use of terms and phrases such as "achieve," "anticipate," "believe," "contemplate," "continue," "could," "develop," "estimate," "example," "expect," "forecast," "goals," "guidance," "intend," "may," "opportunities," "plan," "potential," "predict," "project," "propose," "pursue," "should," "subject to," "strategy," "target," "will," and similar terms and phrases, or by use of future tense. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in "Risk Factors" in the Cheniere Energy, Inc. and Cheniere Energy Partners, L.P. Annual Reports on Form 10-K filed with the SEC on February 22, 2024, which are incorporated by reference into this presentation. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these "Risk Factors." These forward-looking statements are made as of the date of this presentation, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

2

Premier LNG Platform with Global Scale

#1	~8%	~3,500	~$45B
LARGEST LIQUEFACTION	OF US NATURAL GAS PRODUCTION	CARGOES EXPORTED FROM	INVESTMENT IN
PLATFORM IN THE U.S.	PROCESSED DAILY AT SPL & CCL	CHENIERE PROJECTS	INFRASTRUCTURE1
11%+	39	21	#200
OF GLOBAL LIQUEFACTION	COUNTRIES & REGIONS	CREDIT RATING UPGRADES	2024 Fortune 500
CAPACITY	DELIVERED TO FROM CHENIERE	ACROSS COMPLEX SINCE 2021

Sabine Pass Liquefaction	Corpus Christi Liquefaction	>30 Creditworthy Counterparties Across the Globe
~30 mtpa Total Production Capacity	~25+ mtpa Total Production Capacity1

Leading EPC and Infrastructure Providers

3 Note: Cargo count as of May 2024.

1. Includes 10+ mtpa under construction for CCL Stage 3.

Today's Announcements

$4 Billion	$2/share
Upsized share repurchase	Annualized dividend;
authorization through 2027	15% increase to 3Q'24 dividend1

(1) Subject to declaration by Board of Directors.

Line of Sight to Achieve '20/20 Vision' of Deploying >$20 Billion through 2026 and Reaching >$20/Share of Run-Rate Distributable Cash Flow

'20/20 Vision' Capital Allocation Plan: Ahead of Schedule >$20 >$20

		A	GROWTH
	▪ Stage 3 Expected to Come
(2022)
		Online Starting 2025
Target	▪	Development at Corpus
		and Sabine to be Pursued

	B	SHARE		C	DEBT
	REPURCHASES		PAYDOWN
▪ ~10% of LNG Market Cap	▪ ~4x Debt / EBITDA
▪	Incremental Buyback	▪	Investment Grade Ratings
		Once Completed			across Corporate Structure

1. DIVIDEND

• ~10% Annual Growth Through Mid-2020s
• ~20% Payout Ratio1

		✓
Progress	▪ Stage 3 Expected to
	Produce First LNG in 2024
▪	Future FIDs Planned For
		2025 and 2026

✓

• Set to Deploy $4 Billion in ~2 years
• >20 Million Shares Repurchased2

✓

• Repaid ~$4 Billion
• Achieved Investment Grade Ratings

✓

• ~$1 Billion of Cumulative Dividends Paid3
• 10% Annual Increases

1. Payout ratio consists of full-year dividends divided by full-year DCF.

5 (2) Under current authorization only and as of April 25, 2024.

1. Since 2021.

Capital Allocation Progress Since 2021

1. CCL Stage 3 Cumulative Equity Spend & Project Progress

	$5.0				55.9%	60.4%1
				51.4%
	$4.0
			44.1%
billions)
$3.0			38.1%
			28.7%
in	$2.0			22.7%
($
	$1.0		6.8%	12.0%
	0.0%		Project Completion Percentage
	$0.0
	1Q'22	2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24	May '24

1. Total Shares Outstanding

255

shares)of	>10%
245
(Millions	235

225

1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Apr '242

1. Total Consolidated Debt Balance

$32

$30

Jan '23

IG Rated Across

billions)in

~25%

$28

Corporate Structure

($

$26

$24

$22

1Q'21

2Q'21

3Q'21

4Q'21

1Q'22

2Q'22

3Q'22

4Q'22

1Q'23

2Q'23

3Q'23

4Q'23

1Q'24

1. Quarterly Dividends Paid

	$0.45	+10%
share)
$0.40	+20%
per($common
$0.30	Initiation
	$0.35

$0.25

1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24

Note: Figures as of March 31, 2024 except for total shares outstanding and CCL Stage 3 project completion.

6 (1) As of May 31, 2024 and reflects engineering 92.9% complete, procurement 78.0% complete, subcontract 82.1% complete and construction 22.3% complete.

1. As of April 25, 2024 from 10-Q filing.

Cheniere's Balanced Capital Allocation Philosophy

Operational Excellence + Relentless Focus on Safety

Cash Flow Visibility

	✓ Best-in-class operations and safety at the foundation
Long-TermTake-or-Pay Style Fixed Fee Cash Flows	✓ Unmatched contracted portfolio ensures cash flow resiliency

Investment Grade Balance Sheet

Capital Management

• Balance sheet management increases debt capacity for future growth

Sustainable Dividend✓ Dividend and payout ratio strategy enables future financial flexibility

Organic Growth	>$20 >$20 Long-Term Value Creation

• Brownfield growth paired with share repurchases maximize shareholder returns

Share Repurchases

✓ Growth always measured against returns embedded in LNG stock

Cash Flow Visibility and Capital Management Core to Enabling Long-Term Value Creation

7

Today's Updates Under '20/20 Vision'

>$20 >$20

A	Accretive Growth			B Share Repurchase Program
▪	Committed to financially disciplined, brownfield growth		▪	Upsized authorization by additional $4 billion through 2027
	accretive to stock		▪	Target repurchasing another ~10% of LNG market cap
▪ Target FID of Midscale Trains 8 & 9 in 2025
	▪	Remain opportunistic with track to reach
▪ Target FID of SPL Expansion Project in 2026			~200 million shares outstanding

1. Long-TermSustainable IG Balance Sheet

• Sustain long-term,run-rate leverage of <4x
• Target 'BBB' corporate credit ratings over time
• Increase future debt capacity for LNG build-out and enhance free cash flow throughout

• 1. Growing Dividend
• Increase annual dividend by ~15% to $2.00/share for 3Q'241
• Plan to continue ~10% annual growth rate guidance to achieve ~20% payout ratio2 later this decade
• Competitive and growing shareholder return in combination with share repurchases

Significant Cash Flow Generation and Visibility Enable Follow-Through on All-of-the-Above Capital Allocation Plan

8	(1)	Subject to declaration by Board of Directors.
(2)	Payout ratio consists of full-year dividends divided by full-year DCF.

Line of Sight to Deploy >$20 Billion

>$20 >$20

Capital Deployed Under '20/20 Vision' Plan and Remaining Available Cash Through 2026

($ in billions)

D

C

B

A

>$10

~$4

	Capital Allocation Deployment Variables
	▪	Stage 3 7-TrainIn-Service Timing
>$3
	▪	LNG Market Margins
	▪	Share Price Performance
	▪ FID Timing of Future Growth

>$20

Total Cash Deployed

A	B	C	D	Pillars of Capital Allocation Remain Intact

Plan Designed to Deploy >$20 Billion Through 2026 While Retaining Flexibility to Optimally Deploy Capital to Maximize Shareholder Returns

9 Note: Capital deployed as of March 31, 2024. Available cash reflects updated forecast as of March 31, 2024. Forecast subject to change based upon, among other things, changes in commodity prices.

1. Target ~35 MTPA of Growth

Million Tonnes Per Annum (MTPA)

80

SPL Expansion Project

60	Midscale Trains 8 & 9
	CCL Stage 3

40

20

Cheniere Current & Planned Liquefaction Capacity

0
Today	+ CCL Stage 3	+ Midscale	+ SPL Expansion	+Future
			Trains 8&9	Project	Growth

CCL Stage 3 (>10 MTPA)

✓ 60.4% complete and ahead of schedule1 ✓	Substantial completion forecast 1H
✓	First LNG expected by year-end		2025 - 2H 2026
✓	~3,400 workers on-site	✓	~$3.5B capex funded through 1Q'24

Midscale Trains 8 & 9 (~5 MTPA3)

✓ FERC application2 filed in March 2023	✓ Up to ~2.8 mtpa of long-term contracts
✓ DOE application2 filed in April 2023	✓ On track for 2025 FID
✓ Debottlenecking also planned	✓ EA expected by 6/21/244

SPL Expansion Project (up to ~20 MTPA3)

✓ FERC application2 filed in Feb. 2024	✓	Up to ~6.5 MTPA of long-term
✓	DOE application2 filed in Feb. 2024		contracts available
✓	Debottlenecking also planned	✓	On track for 2026 FID

		Cheniere Investment Parameters are the Foundation of Disciplined, Accretive Growth
✓	Highly Contracted	✓	Value Accretive	✓	Credit Accretive
	Targeting 80-90% liquefaction capacity	Attractive unlevered returns under run-rate		Committed to conservative funding
	contracted long-term with creditworthy		LNG market scenarios & exceeds CEI		that enhances Investment Grade
	counterparties prior to FID		cost of equity / return in stock		balance sheet (<4x Debt/EBITDA)

Disciplined Brownfield Growth Pipeline Supports Increasing Future Shareholder Returns Sustainably

	Note:	Incremental capacity from Midscale T8&9 and SPL Expansion Project includes estimated debottlenecking potential.	(2)	Excludes debottlenecking potential.
10	(1)	CCL Stage 3 project completion is as of May 31, 2024 and reflects engineering 92.9% complete, procurement 78.0%	(3)	Includes debottlenecking potential.
		complete, subcontract 82.1% complete and construction 22.3% complete.	(4)	Per FERC Notice of Schedule dated 5/16/24.