Sempra Energy : Q1-21 Presentation

SEMPRA ENERGY

First Quarter 2021

Earnings Results

May 5, 2021

INFORMATION REGARDING FORWARD- LOOKING STATEMENTS

This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in any forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of May 5, 2021. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

In this presentation, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "under construction," "in development," "target," "outlook," "maintain," "continue," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those described in any forward -looking statements include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent of partners or other third parties; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations, including, among others, those related to the natural gas leak at Southern California Gas Company's (SoCalGas) Aliso Canyon natural gas storage facility; the impact of the COVID-19 pandemic on our capital projects, regulatory approval processes, supply chain, liquidity and execution of operations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our substantial debt service obligations; actions to reduce or eliminate reliance on natural gas, including any deterioration of or increased uncertainty in the political or regulatory environment for local natural gas distribution companies operating in California, and the impact of volatility of oil prices on our businesses and development projects; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance, may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal of natural gas from storage facilities, and equipment failures; cybersecurity threats to the energy grid, the storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, failure of foreign governments and state-owned entities to honor their contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric

Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, inflation and interest rates and commodity prices and our ability to

effectively hedge these risks; changes in tax and trade policies, laws and regulations, including tariffs and revisions to international trade agreements that may increase our costs, reduce our competitiveness, or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.

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TABLE OF

CONTENTS

• Executive Summary
• Business Updates
• Financial Update
• Summary

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EXECUTIVE SUMMARY

Advancing our mission to be North America's premier energy infrastructure company

Progressing Sempra Infrastructure through the following transactions1

• Announced agreement to sell 20% noncontrolling interest (NCI) to KKR for $3.37B2,3
• Launched IEnova exchange offer on April 26th and expect to close by end of May2

Reporting Q1-2021 adjusted earnings per common share (EPS) of $2.95 compared to Q1-2020 adjusted EPS of $2.474

Affirming FY-2021 adjusted EPS guidance range of $7.50 - $8.104

1. Sempra Infrastructure represents the combined businesses of Sempra LNG and IEnova under Sempra Global.
2. Subject to adjustments and various conditions to closing. The ability to complete this transaction is subject to conditions to closing and a number of risks and uncertainties.
   Please refer to "Risk Factors" in our most recent Annual Report on Form 10-K and "Risk Factors" and "Capital Resources and Liquidity" in our most recent Quarterly Report on Form 10-Q for a description of the risks and other factors associated with this transaction.
3. KKR Pinnacle Aggregator L.P., an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR).
4. Adjusted EPS and Adjusted EPS Guidance Range represent non-GAAP financial measures. GAAP EPS for Q1-2021 and Q1-2020 were $2.87 and $2.53, respectively. GAAP EPS Guidance Range for FY-2021 is $7.42 - $8.02. Q1-2020 Adjusted EPS has been updated to exclude additional items to conform to current year presentation. See Appendix for information regarding non-GAAP financial measures and descriptions of adjustments.

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BUSINESS UPDATES

		• Received proposed GRC decision for 2022 and 2023 attrition
	CALIFORNIA	rates, respectively:1
	UTILITIES	▪ SDG&E | 3.92% (~$87M) and 3.70% (~$86M)
		▪ SoCalGas | 4.53% (~$142M) and 3.97% (~$130M)
PLATFORMS
	• Oncor continued strong organic growth connecting ~19,000
	TEXAS	premises in Q1-2021 vs ~18,000 premises in Q1-2020
	• Oncor proactively implemented rolling outages in Feb 2021 to
	UTILITIES
	preserve system resiliency as instructed by ERCOT and continues
GROWTH
	working to mitigate impacts from future weather events
		• Finalized acquisition of remaining 50% equity interest in Energía
		Sierra Juárez for $79M in Mar 2021
	SEMPRA	• Placed 150MW Border Solar in service Mar 2021
	INFRASTRUCTURE	• Exchange offer for IEnova shares expected to close end of May2
		• Sale of 20% equity interest in Sempra Infrastructure to KKR
		expected to close in mid-20212

1. CPUC Docket: Application A.17-10-007,A.17-10-008. General Rate Case (GRC).
2. The ability to complete this transaction is subject to conditions to closing and a number of risks and uncertainties. Please refer to "Risk Factors" in our most recent Annual
   Report on Form 10-K and "Risk Factors" and "Capital Resources and Liquidity" in our most recent Quarterly Report on Form 10 -Q for a description of the risks and other

factors associated with this transaction.

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