a09072021capitalallocati

Cheniere Energy, Inc. Capital Allocation Update September 2021 NYSE American: LNG

2 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 regarding the amount and timing of share repurchases; • 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 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; • statements regarding the outbreak of COVID-19 and its impact on our business and operating results, including any customers not taking delivery of LNG cargoes, the ongoing credit worthiness of our contractual counterparties, any disruptions in our operations or construction of our Trains and the health and safety of our employees, and on our customers, the global economy and the demand for LNG; 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 24, 2021, 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. Reconciliation to U.S. GAAP Financial Information The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules are included in the appendix hereto that reconcile the non- GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Safe Harbor Statements

Agenda 3 Introduction Randy Bhatia Vice President, Investor Relations Capital Allocation Plan Zach Davis Senior Vice President and Chief Financial Officer Q & A Company Highlights Jack Fusco President and Chief Executive Officer

Company Highlights Jack Fusco, President and CEO

5 Years: From Developer to World Class LNG Operator COVID-19 Pandemic CCL Train 3 FID SPL Train 6 FID CCL Train 3 SC 1,000th Cargo #2 SECOND LARGEST LIQUEFACTION PLATFORM GLOBALLY 1,700+ CARGOES EXPORTED FROM CHENIERE PROJECTS 36 COUNTRIES & REGIONS DELIVERED TO FROM CHENIERE +5 mtpa INCREASE IN RUN RATE PRODUCTION CAPACITY ~$14 bn CONS. ADJ. EBITDA GENERATED SINCE 2016 ~200% INCREASE IN LNG SHARE PRICE SPL Train 1 SC SPL Train 2 SC 100th Cargo SPL Train 3 SC SPL Train 4 SC CCL Train 1 SC SPL Train 5 SC CCL Train 2 SC Note: Graph reflects cumulative LNG production from Sabine Pass & Corpus Christi. Consolidated Adjusted EBITDA is a non-GAAP measure. A definition of this non- GAAP measure and a reconciliation to Net income attributable to common stockholders, the most comparable U.S. GAAP measure, is included in the appendix. 25% TOP QUARTILE SAFETY PERFORMANCE 1,520 FULL-TIME EMPLOYEES >6,500 TBtu OF NATURAL GAS NOMINATED TO SPL/CCL 10%+ OF GLOBAL LIQUEFACTION CAPACITY 5

“All of the Above” Capital Allocation Strategy 6 Cheniere has reached its cash flow inflection point, enabling execution on balance sheet, capital return, and growth priorities Capital Allocation Operational Excellence ESG and Climate Growth and Strategy GUIDING PRINCIPLES Strengthen Balance Sheet Fund Financially Disciplined Growth Return Capital to Shareholders Create Shareholder Value through Financially Disciplined Organic Growth ▪ Plan to FID Corpus Christi Stage 3 in 2022 ▪ Further organic growth with commitment to disciplined investment parameters ▪ Develop environmental solutions opportunities along the LNG value chain Position Cheniere Capital Complex for Future Success ▪ Plan for ~$1 billion of annual debt repayment until investment grade credit metrics ▪ Target investment grade balance sheet by early-to-mid 2020s ▪ Long term sustainable balance sheet supports financial flexibility Sustainable Return of Shareholder Capital ▪ Initiating quarterly dividend at $0.33/share declared today ▪ Plan to grow dividend at mid-single digits, in line with S&P 500 average growth rate ▪ Share repurchases resumed in Q3. Reset $1 billion share buyback program in Q4 for 3 years

Achieving Excellence Across the Cheniere Platform 7 Full Year 2021 Guidance Consolidated Adj. EBITDA, $ in billions Confident in continued successful execution and ability to achieve financial results at the high end of the 2021 guidance ranges Sabine Pass Train 6 substantial completion expected in Q1 2022, roughly one year ahead of schedule and within budget Note: Consolidated Adjusted EBITDA is a non-GAAP measure. A definition of these non-GAAP measures and a reconciliation to Net income (loss) attributable to common stockholders, the most comparable U.S. GAAP measure, is included in the appendix. Capital Allocation Operational Excellence ESG and Climate Growth and Strategy $3.9 $4.1 $4.3 $4.6 $4.2 $4.4 $4.6 $4.9 November 2020 February 2021 May 2021 August 2021 +>$700MM 2021 outlook supported by improved global LNG pricing, strong execution of forward LNG sales, and increased expected production

Cheniere’s Leadership on Climate & Sustainability 8 Climate and Sustainability Principles established in 2018 Collaboration with natural gas suppliers and academic institutions to quantify, monitor, report, and verify GHG emissions at natural gas production sites Cheniere plans to provide estimated greenhouse gas emissions data associated with each LNG cargo to customers in 2022 First-of-its-kind shipping study to directly measure methane emissions from an LNG carrier completed in 2021 Annual Corporate Responsibility reports which highlight Cheniere’s resiliency, responsible operations and ESG initiatives First-of-its-kind peer-reviewed, LNG life cycle assessment published in the American Chemical Society Sustainable Chemistry & Engineering Journal Guided by our Climate & Sustainability Principles, we are a company that can help meet the world’s energy needs while integrating sustainability into our business Quantification, Monitoring, Reporting, and Verification (QMRV) Cargo Emissions Tags GHG Life Cycle AnalysisCorporate Responsibility ReportsCollaboratory to Advance Methane Science Co-Founded in 2018 Science Operational Excellence Supply Chain Transparency Capital Allocation Operational Excellence ESG and Climate Growth and Strategy

Continued Commercial Momentum Across Platform ~45 mtpa platform ~90% contracted through mid-20s and ~85% longer term Term LNG sales executed in 2021 with diverse customer base to increase cash flow visibility: Corpus Christi Stage 3 9 Capital Allocation Operational Excellence ESG and Climate Growth and Strategy Creditworthy Counterparties ~4.5 mtpa of available long-term contracts to support Stage 3 Expect FID of Corpus Christi Stage 3 in 2022 once investment parameters are met Corpus Christi Stage 3 Progress Competitive Advantages Drive Confidence in 2022 FID Brownfield Economics Corpus Christi Stage 3 to leverage significant in-place infrastructure Bridging Volumes Differentiated platform enables market-leading flexibility for customers to procure early volumes without a condition precedent necessary ESG Leadership ESG leadership and action emerging as strategic commercial differentiator, helping secure term LNG sales in 2021 Tailored Solutions Stage 3 expected to be underpinned by FOB, DES, and IPM contracts with customers from Europe, Asia, and North America ✓ Multiple European Utilities ✓ Asian Utility ✓ Latin American Utility ✓ Supermajor ✓ North American Producer ✓ LNG Marketer

Potential Growth Opportunities at Corpus Christi and Sabine Pass 10 Stage 3 Trains 1-3 A d d itio n a l L a n d F o r E xp a n sio n Potential development of significant future brownfield capacity additions • Corpus Christi Stage 3 is shovel-ready and represents an incremental ~10+ mtpa of liquefaction capacity • Additional potential expansions at Corpus Christi and Sabine Pass would be designed to leverage shared infrastructure to deliver cost competitive LNG capacity additions • Significant land position in Corpus Christi and Sabine Pass provides potential development and investment opportunities for further liquefaction capacity expansion beyond Stage 3 at strategically advantaged locations with proximity to pipeline infrastructure and resources LNG Platform Growth Strategy Capital Allocation Operational Excellence ESG and Climate Growth and Strategy 9-Train Platform CCL Stage 3 Debottlenecking Potential Future Corpus Christi Growth Potential Future Sabine Pass Growth 10+ mtpa 1-2 mtpa ~45 mtpa Illustrative Future Growth Potential

Capital Allocation Plan Zach Davis, Senior Vice President and CFO

Cheniere’s Capital Allocation Plan 12 Today we are announcing an “All of the Above” Capital Allocation Plan DEBT PAYDOWN Target ~$1 Billion Annually Until Investment Grade Metrics Started This Year Initiation of Inaugural Quarterly Dividend Declared Today DIVIDEND SHARE REPURCHASE Share Repurchase Program Reset to $1 Billion Restarted This Quarter A B C GROWTH Invest in Robust Organic Growth in Corpus Christi Stage 3 Target FID Next Year D

Note: Graphs do not include the impacts of FID of Corpus Christi Stage 3. Values above include forecasted figures. “DCF” stands for Distributable Cash Flow. Assumes CMI sales at strip through 2023, $2.25 / MMBtu thereafter. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP measures. A definition of these non-GAAP measures and a reconciliation to Net income attributable to common stockholders, the most comparable U.S. GAAP measure, is included in the appendix. Future dividends will be subject to Board of Directors approval. Cheniere Has Reached Its Cash Flow Inflection Point 13 2016 2017 2018 2019 2020 2021 2022 2023 2024 Unprecedented Period of Investment Concludes ▪ To date, Cheniere has invested ~$30 billion of capital and <$500 million of spending remains ▪ Currently, 8 of 9 Trains operational with 9th Train expected Q1 2022 ▪ ~18 years average life remaining on contracts across portfolio Capital Expenditure Needs Have Been Greatly Reduced… … Accelerating Distributable Cash Flow and Opportunity for Capital Returns … And Also Commence Expected Steady Shareholder ReturnsCapital Allocation in Focus with ~$10 billion of Cumulative DCF through 2024 ▪ Achieving Investment Grade credit metrics in line-of-sight by completing ~$1 billion of debt paydown per year ▪ Ability to begin meaningful shareholder return through share repurchases and dividend C a p it a l E x p e n d it u re s D is tr ib u ta b le C a sh F lo w Cheniere Can Meet Public Commitment of Investment Grade Metrics… 2016 2017 2018 2019 2020 2021 2022 2023 2024 D e b t / E B IT D A 2016 2017 2018 2019 2020 2021 2022 2023 2024 D iv id e n d s P a id 2016 2017 2018 2019 2020 2021 2022 2023 2024

Note: $ in bn unless otherwise noted. Distributable Cash Flow per Share (“DCF”) is a non-GAAP measure. We have not made any forecast of net income on a run-rate basis, which would be the most directly comparable measure under GAAP, and we are unable to reconcile differences between these run-rate forecasts and net income. See Slide 27 for further detail on run-rate guidance. Future dividends will be subject to Board of Directors approval. (1) “DCF” stands for Distributable Cash Flow. Assumes CMI sales at strip through 2023, $2.25 / MMBtu thereafter. (2) Figure represents ~2.5 years of Stage 3 funding (illustratively assumed FID in 2H 2022 through 2024). Stage 3 expected to be complete 5 years after FID. Capital Allocation Plan Efficiently Utilizes Projected DCF 14 ~$10 bn ~$2 bn ~$4 bn ~$1 bn ~$1 bn ~$2 bn 2021 - 2024 DCF Debt Paydown Dividend Share Repurchases Stage 3 Additional Cash Available Capital return strategy expected to deliver significant value to both equity and debt stakeholders by creating a sustainable balance sheet, providing financial flexibility for growth and increasing run-rate distributable cash flow per share Capital Allocation Plan Through 2024 Targets Investment Grade (“IG”) Metrics, Stage 3 FID and Meaningful Shareholder Returns (1) (2) A B C D Unallocated excess cash over time may be allocated to accelerate debt paydown and share repurchase goals in near term Capital Return Element Breakdown Capital through 2024 Annual $ / Share ▪ ~$1 bn debt paydown per year until Cheniere reaches IG metrics ~$4 bn ~$4 / sh ▪ $1.32 / share, annualized dividend initiated with targeted mid-single digit growth ~$1 bn ~$1 / sh ▪ $1 bn share repurchase program to reset for another 3 years in Q4 − Share repurchases commenced in Q3 under previous authorization ~$1 bn ~$1 / sh Total Base Capital Return ~$6 bn ~$6 / sh ▪ Stage 3 equity funding(2) ~$2 bn ~$2 / sh Additional Cash Available (Additional Capital Returns, Growth, Debottlenecking, ESG) ~$2 bn ~$2 / sh Total Cash Available ~$10 bn ~$11 / sh B C D A

Note: Distributable Cash Flow per Share (“DCF”) is a non-GAAP measure. We have not made any forecast of net income on a run-rate basis, which would be the most directly comparable measure under GAAP, and we are unable to reconcile differences between these run-rate forecasts and net income. See Slide 27 for further detail on run-rate guidance. Dividends will be subject to Board of Directors approval. Cheniere’s Substantial Run-Rate Cash Generation 15 Fast approaching 9 trains in operation and projected run-rate distributable cash flow of ~$2.6 – ~$3.0 billion per year Annual Capital Allocation ▪ ~$0.2 - ~$0.6 bn of additional capital annually: – Excess cash after liquidity, Stage 3, other growth or ESG initiatives needs – May accelerate debt paydown and share repurchase goals in near term ▪ Expected Stage 3 equity contributions to average ~$0.8 bn annually – Assumes Stage 3 FID in 2022 – Based on ~50/50 debt to equity funding ▪ ~$0.3 bn of annual share repurchases – 3-year program – May be accelerated with excess capital allocation ▪ ~$0.3 bn of dividends paid to shareholders annually – Expected to grow in mid-single digits annually – May grow faster once balance sheet goals met ▪ ~$1.0 bn of debt paydown annually – To be prioritized until investment grade metrics – May be accelerated with excess capital allocation Sustainable shareholder returns expected to grow further once initial balance sheet goals are met by early-to-mid-2020s A D C B Run-Rate Annual DCF Guidance of ~$2.6 - ~$3.0 bn ~$1.0 bn ~$0.3 bn ~$0.3 bn ~$0.2 - ~$0.6 bn ~$0.8 bn Run-Rate DCF / Year Capital Allocation Uses / Year

Capital Allocation Priorities 16 Meaningful Shareholder Returns ▪ Provide steady and meaningful capital returns to our shareholders in addition to growth and stronger balance sheet ▪ Initiate quarterly dividend in Q3 with plan to grow at mid-single digit growth rate through mid- 2020s, in line with S&P 500 average yield and growth rate – $0.33 Q3 dividend ($1.32 annualized) to be paid on November 17th, 2021 ▪ Reset share repurchase program to $1 billion for an additional 3 year authorization – Share repurchases commenced in Q3 under previous authorization; reset to $1 billion in Q4 – Structured to be opportunistic on share price dislocations and support run-rate DCF per share Projected ~$10 billion of cumulative DCF enables achievement of all capital allocation priorities to create long-term sustainable value A B C D Accretive Growth ▪ Corpus Christi Stage 3: ~10+ mtpa shovel-ready brownfield expansion project ▪ Committed to maintaining disciplined capital investment parameters consistent with CCL Train 3 and SPL Train 6 ▪ Approach funding of growth such that it also supports balance sheet goals ▪ Continued focus on ESG initiatives supporting long-term sustainability of assets Long-Term Sustainable Balance Sheet ▪ Prioritize targeting investment grade leverage metrics by early-to-mid-2020s (less than 5x consolidated debt-to-EBITDA) ▪ Maintain investment grade balance sheet to support financial flexibility for growth, commercial efforts, capital market access and steady shareholder return objectives

Note: Adjusted EBITDA is a non-GAAP measure. We have not made any forecast of net income on a run-rate basis, which would be the most directly comparable measure under GAAP, and we are unable to reconcile differences between these run-rate forecasts and net income. See Slide 27 for further detail on run-rate guidance. (1) YTD through 6/30/21. Balance Sheet Strategy Built for Sustainability 17 A Consolidated EBITDA Growth Consolidated Debt Paydown Investment Grade Metrics Target ~$1 billion of debt paydown per year until IG metrics met in early-to-mid 2020s Cheniere’s Path to Investment Grade Metrics Large portion of EBITDA growth is hard-wired from train completion and associated contract start-up Targeting consolidated leverage of <5x Strategic Rationale ✓ Support CMI’s competitive position and business model flexibility (FOB, DES, IPM) ✓ Growth most effectively underpinned by strong balance sheet that is sustainable through cycles ✓ Attract incremental investors with balance sheet more consistent with large infrastructure peers_ ✓ Greater depth, stability and pricing in IG debt capital markets for issuance needs Debt Paydown ~$4.0 bn 9-Train (Status Quo) Pro Forma Capital Allocation (Debt Paydown) ~4.9x (Prior to Stage 3) ~5.6x ~4.7x (With Stage 3) As one of the largest U.S. natural gas transportation holders and end consumers, global LNG operators and LNG vessel charterers, it is imperative to Cheniere’s long-term strategy to be an investment grade company 2020A 2021E Run-Rate ~$6.7 bn $4.6 - $4.9 bn ~$5.5 bn (9T Only) (With Stage 3) ~$4.0 bn $~3.5 bn ( YTD(1) )

Inaugural LNG Dividend 18 B ▪ $0.33 Q3 dividend equates to yield of ~1.5%, above S&P 500 yield of ~1.3% ▪ Provides for stable shareholder cash return ▪ Sized with consideration of other capital allocation priorities ▪ Provides opportunity for yield-focused equity investors to participate in the Cheniere story at LNG INAUGURAL YIELD ▪ Expected annual dividend growth rate target of mid-single digits, in-line with S&P 500 dividend growth rate ▪ Cheniere plans to continue growing return to shareholders ▪ Growth rate can be revised upward in mid-2020s once initial capital allocation objectives are reached (ex: IG metrics) ▪ Dividend size reflects not only other capital allocation needs, but provides flexibility for Cheniere to pursue future growth opportunities in a fiscally responsible manner through cycles ▪ Dividend meaningful, but modest in comparison to distributable cash flow DIVIDEND GROWTH FLEXIBILITY FOR FUTURE GROWTH Dividend initiation represents steady shareholder returns consistent with our long-term contracted profile

LNG Share Repurchase Plan 19 C Run-Rate Share Count Reduction (in million shares) Reset share repurchase program back to $1 billion beginning in Q4 – Restarted share repurchases in Q3 under previous 2019 authorization, which since inception has repurchased ~7 million shares for over $400 million – Cheniere has also reduced run-rate share count by ~40 million shares through opportunistic redemption of two convertible notes with the CEI Term Loan raised in 2020 (since repaid) Provides flexible and tax efficient shareholder return – Share repurchases can be accelerated with excess cash after growth initiatives have been accounted for Actual share repurchase timing expected to vary each quarter – Capital to be allocated to share repurchases each quarter with actual amount purchased based on projected return embedded in LNG share price – Program provides ability to be opportunistic based on valuation dislocations or accelerated repurchases with excess cash Aim to repurchase shares beyond $1 billion over time and continue to increase run-rate DCF per share ~300 ~255 ~245 ~(50) ~(10) Original Run-Rate Share Count (2019) CEI Term Loan + Buybacks Status Quo Run-Rate Share Count $1 bn Buyback Program Run-Rate Share Count with Capital Allocation

Note: Distributable Cash Flow per Share (“DCF”) and Adjusted EBITDA are non-GAAP measures. We have not made any forecast of net income on a run-rate basis, which would be the most directly comparable measure under GAAP, and we are unable to reconcile differences between these run-rate forecasts and net income. See Slide 27 for further detail on run-rate guidance. (1) Unlevered cost before financing costs and contingency. Stage 3 Progressing to Anticipated FID in 2022 20 D ~$2.6 - ~$3.0 bn ~$0.9 bn - ~$1.0 bn ~$3.5 - ~$4.0 bn ~$5.3 - ~$5.7 bn ~$1.1 bn - ~$1.2 bn ~$6.4 - ~$6.9 bn Commitment to accretive growth and reaching FIDs only when investment parameters are met Cheniere’s Disciplined Investment Parameters Highly Contracted Targeting 85% to 95% of liquefaction capacity under long-term contracts with creditworthy customers that can pay back unlevered costs in ~10 years Run-Rate 9-Trains Pro Forma including CCL Stage 3 Adjusted EBITDA Forecast DCF Forecast ~$600 - $700 / Ton(1) Value Accretive Earn attractive unlevered returns at the project level under conservative LNG market margin scenarios that can out-earn CEI cost of equity / return in prevailing LNG stock price Credit Accretive Target conservative funding at 50/50 debt to equity to create credit accretive growth that is supportive of IG metrics goal ~6x Capex / EBITDA(1) Expected Stage 3 Project Metrics ✓ ✓ ✓ CCL Stage 3

Note: Run rate EBITDA and Distributable Cash Flow per Share (“DCF”) figures assume further contracting and CMI sales of $2.00 / MMBtu for the low end of the range and $2.50 / MMBtu for the high end of the range. DCF and Adjusted EBITDA are non-GAAP measures. We have not made any forecast of net income on a run-rate basis, which would be the most directly comparable measure under GAAP, and we are unable to reconcile differences between these run-rate forecasts and net income. See Slide 27 for further detail on run-rate guidance. (1) Prior to capital allocation realized year-to-date through 2021. (2) Assumes Stage 3 run-rate achieved ~5 years after FID. Summary Capital Allocation 21 ~$10 - ~$12 ~$15 - ~$17 ~$2 ~$4 Run-Rate Today Capital Allocation Stage 3 Pro Forma ~5.4x - ~5.8x ~4.5x - ~4.9x ~0.7x ~0.2x Run-Rate Today Capital Allocation Stage 3 Pro Forma ~45% ~(20)% “All of the Above” Capital Allocation Plan designed to reach ~$16 DCF / share on a run-rate basis Status Quo(1) 9 Train Run-Rate 9 Train Run-Rate % Δ vs. Status Quo 9 Trains + CCL Stage 3 % Δ vs. Status Quo Consolidated Debt ~$31 bn ~$27 bn ~(10)% ~$31 bn – Consolidated EBITDA ~$5.3 - ~$5.7 bn ~$5.3 - ~$5.7 bn – ~$6.4 - ~$6.9 bn ~20% Consolidated Leverage ~5.4x - ~5.8x ~4.8x - ~5.0x ~(10)% ~4.5x - ~4.9x ~(20)% DCF / Share ~$10 - ~$12 ~$11 - ~$13 ~15% ~$15 - ~$17 ~45% Share Count ~255 mm ~245 mm ~(5)% ~245 mm ~(5)% Capital Return Growth + Capital Return Run-Rate DCF / Share Run-Rate Debt / EBITDA ($ / share) (2)

Cheniere Energy, Inc. Capital Allocation Update September 2021 NYSE American: LNG

Cheniere Energy, Inc. Appendix

Note: Ratings denote S&P, Moody’s, Fitch and subject to change, suspension or withdrawal at anytime and are not a recommendation to buy, hold or sell any security. (1) Includes long-term, mid-term, and short-term SPAs and IPM agreements. (2) Includes long-term SPAs and IPM agreements. (3) Represents credit rating from DBRS Morningstar. Underpinned By Long-Term Creditworthy Contracts 24 (A+ / Aa2 / AA-) (AA / Aa2 / AA-) (NR / Baa3 / BBB-) (A / A1 / AA-) (BBB / Baa2 / NR) (BBB / Baa2 / BBB) (BBB+ / Baa1 / A-) (BBB+ / Baa1 / BBB+) (BBB+ / Baa1 / BBB+) (BBB+ / A3 / A-) (BBB / Baa3 / BBB) (NR / NR / NR) (A+ / A1 / A+)(BBB / Baa2 / BBB) (NR / NR / NR) (Investment Grade) SPA To Be Determined ▪ Over $6 billion of annual fixed-fee, take-or-pay style revenues(1) ▪ All customers rated as investment grade by at least two of the three major agencies (S&P, Moody’s, Fitch) or deemed investment grade by lenders(2) ▪ Average portfolio rating of A- / A3 / A- by S&P / Moody’s / Fitch respectively(2) ▪ Average remaining life of contracts ~18 years(2) (AA- / Aa3 / AA) (NR / Baa2 / BBB+) (BBB / Baa2 / BBB) (BB+ / Ba1 / BB+) Contracted portfolio is foundation of Cheniere’s long-term sustainable cash flow profile (A- / A3 / NR) Sabine Pass Liquefaction: Trains 1-6 Corpus Christi Liquefaction: Trains 1-3 Corpus Christi Liquefaction: Stage 3 Cheniere Marketing (SPAs Assignable to Projects) NR 5% AA- to AA+ Rated 27% A- to A+ Rated 24% BBB- to BBB+ Rated 44% (A / A2 / BBB+) Breadth and Depth of Counterparties External Long-Term Customers(2) Long-Term Customers (NR / NR / NR / BBB (high)(3))

Balance Sheet Strategy Accelerates Ratings Progress 25 Focus on simple consolidated credit metrics for corporate entities CEI and CQP – Target less than 5x consolidated debt-to-EBITDA by early-to-mid-2020s to achieve investment grade credit metrics Pay down ~$4 billion of consolidated debt through 2024 to reach targeted <5x consolidated debt-to-EBITDA – Target ~$1 billion per year to prioritize repayment of callable or maturing secured project debt at SPL and CCH to bolster project ratings and lessen subordination of the CEI-level and CQP-level credit profiles – Excess cash flow can accelerate debt paydown program to over $1 billion per year Migrate portion of project level debt to corporate levels to de-lever projects and reduce total secured debt – CEI and CQP issuances to be callable in near-term in anticipation of consolidated investment grade ratings in coming years Proactively manage maturity profile with long-term refinancings to increase financial flexibility and reduce capital markets risk – Continue to incorporate long-term amortizing issuances through late 2030s in addition to long-term bullet bonds to better match contract and liability life and receive favorable ratings agency treatment Ratings Evolution ✓With both projects rated IG, there is upward ratings momentum at both CQP and CEI ✓S&P revised CEI, CQP and SPL outlook to positive and Fitch revised CQP outlook to positive from stable Year 2015A 2016A 2017A 2018A 2019A 2020A 2021E (Current) BB+ / Ba3 / NR BBB- / Ba2 / NR BBB- / Ba1 / BBB- BBB- / Baa3 / BBB- B+ / NR / NR BB- / NR / NR BB / NR / NR BB / Ba3 / NRBB- / Ba3/ NR BB / Ba2/ NR BBB- / Ba1/ BBB- BBB- / Baa3/ BBB- BB / Ba2 / BB BB / Ba2 / BB SPL CCH CQP CEI

Note: This organizational chart is provided for illustrative purposes only, is not and does not purport to be a complete organizational chart of Cheniere. Total commitments for Term Loan, Credit, and Working Capital facilities are shown above and are inclusive of undrawn balances. (1) Unrestricted cash balance as of June 30, 2021. Includes unrestricted cash of $1.2 bn held by Cheniere Energy Partners, L.P. (2) Includes 4 separate tranches of notes reflecting a range of interest rates from 2.742% to 4.800%. Amount and range of interest rates pro forma for $0.75 bn senior secured amortizing issuance that took place August 2021. Cheniere Debt Summary 26 Publicly Traded Equity Operating Entity Non-Operating Entity Cheniere Energy, Inc. (NYSE American: LNG) Cheniere Energy Partners, L.P. (NYSE American: CQP) Sabine Pass LNG Sabine Pass Liquefaction Cheniere Creole Trail Pipeline Cheniere Corpus Christi Holdings Corpus Christi Liquefaction CQP GP (& IDRs) Cheniere Marketing Cheniere Corpus Christi Pipeline Cheniere Energy, Inc. ~$0.63 bn Convertible Notes due 2045 (4.250%) $2.00 bn Senior Unsecured Notes due 2028 (4.625%) $1.25 bn Senior Secured Revolving Credit Facility due 2022 (undrawn) Cheniere Corpus Christi Holdings, LLC $1.25 bn Notes due 2024 (7.000%) $1.50 bn Notes due 2025 (5.875%) $1.50 bn Notes due 2027 (5.125%) $1.50 bn Notes due 2029 (3.700%) ~$2.72 bn Notes due 2039(2) $1.20 bn Working Capital Facility due 2023 ~$1.78 bn Credit Facility due 2024 Sabine Pass Liquefaction, LLC $1.00 bn Notes due 2022 (6.250%) $1.50 bn Notes due 2023 (5.625%) $2.00 bn Notes due 2024 (5.750%) $2.00 bn Notes due 2025 (5.625%) $1.50 bn Notes due 2026 (5.875%) $1.50 bn Notes due 2027 (5.000%) $1.35 bn Notes due 2028 (4.200%) $2.00 bn Notes due 2030 (4.500%) $0.80 bn Notes due 2037 (5.000%) $1.20 bn Working Capital Facility due 2025 Cheniere Energy Partners, L.P. $1.10 bn Notes due 2026 (5.625%) $1.50 bn Notes due 2029 (4.500%) $1.50 bn Notes due 2031 (4.000%) $0.75 bn Senior Secured Revolving Credit Facility due 2024 Cash Balance: ~$1.8 bn(1)

Note: Numbers may not foot due to rounding. Range driven by production range of 4.9 – 5.1 MTPA per train and marketing margin of $2.00 - $2.50 / MMBtu. Additional assumptions include 80/20 profit-sharing tariff with SPL/CCH projects, $3.00 / MMBtu Henry Hub, 5.00% interest rates for refinancings, and assignment of an additional SPA to SPL as committed by CEI prior to Train 6 substantial completion. Average tax rate as percentage of pre-tax cash flow expected to be 0-5% in the 2020s and 15-20% in the 2030s. Consolidated Adjusted EBITDA, Distributable Cash Flow, Distributable Cash Flow per Share and Distributable Cash Flow per Unit are non- GAAP measures. A definition of these non-GAAP measures is included in the appendix. We have not made any forecast of net income on a run rate basis, which would be the most directly comparable measure under GAAP, in part because net income includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between these run rate forecasts and net income. (1) Assumes 50 / 50 debt / equity funding. Range drive by further contracting and CMI sales margin of $2.00 - $2.50 / MMBtu. Run-Rate Guidance 27 ($ bn) 9 Trains (Full Year) SPL T1-6 CCL T1-3 CCL Stage 3 (Full Year) Stage 3 9 Trains + CCL Stage 3 (Full Year) SPL T1-6 CCL T1-3 Stage 3 CEI Consolidated Adjusted EBITDA $5.3 - $5.7) $1.1 - $1.2) $6.4 - $6.9) Less: Distributions to CQP Non-Controlling Interest $(0.9) - $(1.0) $0.0) $(0.9) - $(1.0) Less: CQP / SPL Interest Expense / Maintenance Capex / Other $(1.0) $0.0) $(1.0) Less: CEI / CCH Interest Expense / Maintenance Capex / Other $(0.8) $(0.2) $(1.0) CEI Distributable Cash Flow $2.6 - $3.0) $0.9 - $1.0) $3.5 - $4.0) (1)

Forecasting Points 28 Tax Assumptions ▪ Production range of 4.9 – 5.1 mtpa per train ▪ CMI sales assume range of $2.00 - $2.50 / MMBtu and include 80 / 20 profit-sharing tariff with SPL / CCL projects ▪ Long-term Henry Hub price of $3.00 / MMBtu ▪ Refinancing rate of 5.00% for maturing debt ▪ Assignment of one additional SPA to SPL as committed by CEI prior to Train 6 substantial completion ▪ 2020 – 2030 CEI tax rate primarily due to “80% NOL limitation” on NOLs generated post-enactment of Tax Cuts and Jobs Act ▪ As of December 31, 2020, CEI’s NOL carryforward is equal to ~$15 billion General Assumptions CEI Cash Tax Payments Begin CEI 2020 – 2030 Tax Rate Percentage of Pre-Tax Cash Flow CEI 2031 – 2040 Tax Rate Percentage of Pre-Tax Cash Flow Early – Mid 2020s 0 – 5% 15 – 20% Stage 3 Assumptions ▪ FID of 2H 2022 ▪ Production capacity of >10 mtpa across 7 Trains ▪ Contracted capacity includes signed IPMs and one assignable SPA ▪ Further contracting and CMI sales assume range of $2.00 - $2.50 / MMBtu ▪ $0.33 dividend ($1.32 annualized) to be paid in November 17th, 2021 Dividend Assumptions

Sources: Cheniere Research, GIIGNL, Wood Mackenzie for historical figures. (1) Capacity additions include project debottlenecking. (2) Next period of rapid supply growth (mid/late 2020’s) likely deferred / moderated. Market Dynamics Point to a Tightening LNG Market 29 LNG capacity additions tapering off as markets continue to expand and legacy supply depletes Annual LNG Capacity Additions(1) Surplus market conditions in 2020 were compounded by COVID-19 pandemic Rapid market recovery, weather-driven demand and supply constraints have resulted in a swing to a tight market in 2021 Underlying market fundamentals point to structural market tightness in 2022+ and in the mid-term market Volume of LNG Project FIDs by Year ~100 mtpa of forecasted LNG supply project FIDs stalled by market conditions in 2020(2) Few FIDs expected this year beyond Qatar’s NFE expansion Current market conditions favor easier-to-progress expansion projects with bridging volumes, as buyers seek volume and project certainty 0 10 20 30 40 50 2017 2018 2019 2020 2021 2022 2023 2024 2017 to 2020 = 116 mt 2021-2024 = 48 mt mtpa Supply growth has been curtailed, with FIDs on >90 mt of projects delayed or cancelled in 2020 mtpa 27 23 29 30 22 4 3 21 71 3.3 32 0 10 20 30 40 50 60 70 80 90 100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Up to 100 mtpa of FIDs were forecasted Total FIDs

Driven by growing economies and demand for secure, affordable and cleaner-burning fuels Source: Cheniere Research estimates (July 2021), Wood Mackenzie for historical figures. Area chart includes all recent FIDs through February 2021 (up to and including QG NFE). Market Fundamentals Support LNG Growth for Decades 30 Natural Gas Drivers Displacing Coal and Oil Meeting the desire of growing economies worldwide to displace less clean-burning fuels with secure, affordable natural gas Global LNG Supply Outlook 70 mtpa of incremental LNG supply needed by 2030 and 225 mtpa needed by 2040 - 100 200 300 400 500 600 700 2010 2015 2020 2025 2030 2035 2040 LNG Trade Forecast +225 mtpa N e w S u p p ly O p e ra tio n a l a n d U n d e r C o n stru ctio n Enabling Renewables A functional role in meeting energy demand and stabilizing energy systems • Balancing renewables • Meeting seasonal demand Climate Scenario Analysis Incremental LNG supply required to meet growing LNG demand under multiple long-term climate scenarios analyzed • Natural gas expected to play major role in energy transition • Resiliency and sustainability of natural gas demand for decades

Regulation G Reconciliations This presentation contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Distributable Cash Flow, Distributable Cash Flow per Share, and Distributable Cash Flow per Unit are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Consolidated Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our consolidated financial statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance. Consolidated Adjusted EBITDA is calculated by taking net income attributable to common stockholders before net income attributable to non-controlling interest, interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense and loss on disposal of assets, changes in the fair value of our commodity and FX derivatives prior to contractual delivery or termination, non-cash compensation expense, and non-recurring costs related to our response to the COVID-19 outbreak which are incremental to and separable from normal operations. The change in fair value of commodity and FX derivatives is considered in determining Consolidated Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance. Distributable Cash Flow is defined as cash received, or expected to be received, from Cheniere’s ownership and interests in CQP and Cheniere Corpus Christi Holdings, LLC, cash received (used) by Cheniere’s integrated marketing function (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures associated with Cheniere and not the underlying entities. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business’s ability to generate cash earnings to supplement the comparable GAAP measure. Distributable Cash Flow per Share and Distributable Cash Flow per Unit are calculated by dividing Distributable Cash Flow by the weighted average number of common shares or units outstanding. We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business’s ability to generate cash earnings to supplement the comparable GAAP measure. Distributable Cash Flow is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis. Note: We have not made any forecast of net income for fiscal years 2022-2024 or on a run rate basis, which would be the most directly comparable financial measure under GAAP, in part because net income includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between run rate Consolidated Adjusted EBITDA and Distributable Cash Flow and income. Reconciliation to Non-GAAP Measures 31 Consolidated Adjusted EBITDA Six Months Ended June 30, 2016 2017 2018 2019 2020 2021 Net income (loss) attributable to common stockholders (610)$ (393)$ 471$ 648$ (85)$ 64$ Income (loss) attributable to non-controlling interest (55) 956 729 584 586 376 Income tax provision (benefit) 2 3 27 (517) 43 (4) Interest expense, net of capitalized interest 488 747 875 1,432 1,525 724 Loss on modification or extinguishment of debt 135 100 27 55 217 59 Interest rate derivative loss (gain), net 10 (7) (57) 134 233 1 Other expense (income), net - (18) (48) 25 112 (10) Income from operations (30)$ 1,388$ 2,024$ 2,361$ 2,631$ 1,210$ Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA Depreciation and amortization expense 174 356 449 794 932 494 Loss (gain) from changes in fair value of commodity and FX derviatives, net (37) 33 77 (355) 215 711 Total non-cash compensation expense 35 28 76 123 108 61 Impairment expense and loss (gain) on disposal of assets 13 19 8 23 6 (1) Legal settlement expense - - 7 - - - Incremental costs associated with COVID-19 response - - - - 69 - Consolidated Adjusted EBITDA 155$ 1,824$ 2,641$ 2,946$ 3,961$ 2,475$ Year Ended December 31, The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the six months ended June 30, 2021 and full years 2016 - 2020 (in millions): Consolidated Adjusted EBITDA and Distributable Cash Flow Net income attributable to common stockholders 0.8$ - 1.2$ Net income attributable to non-controlling interest 0.7 - 0.8 Income tax provision 0.1 - 0.3 Interest expense, net of capitalized interest 1.5 Depreciation and amortization expense 1.0 Other expense, financing costs, and certain non-cash operating expenses 0.5 - 0.1 Consolidated Adjusted EBITDA 4.6$ - 4.9$ Distributions to Cheniere Partners non-controlling interest (0.6) - (0.7) SPL and Cheniere Partners cash retained and interest expense (1.5) - (1.4) Cheniere interest expense, income tax and other (0.7) Cheniere Distributable Cash Flow 1.8$ - 2.1$ Full Year 2021 The following table reconciles our actual Consolidated Adjusted EBITDA and Distributable Cash Flow to Net

© 2021 Cheniere Energy, Inc. All Rights Reserved Investor Relations Contacts Randy Bhatia Vice President, Investor Relations – (713) 375-5479, randy.bhatia@cheniere.com Frances Smith Manager, Investor Relations – (713) 375-5753, frances.smith@cheniere.com Zak Broderick Senior Analyst, Investor Relations – (713) 375-5308, zak.broderick@cheniere.com