Investor Presentaiton

Capital expenditure outlook Focus on sustaining capital and select growth Total annual capital expenditures $B 2 1 0 2015- 19 2020 2021 2022 2023 2024 OL 2020- 24 ■ 2020 Plan 2019 Plan ■ 2021 target of $1.2 billion 15 K 5-year average down 30% vs. prior year view Sustaining capital averages ~$1.1 billion YEARS 1880-2020 > Includes larger one-time investments (MLX, Kearl tailings) > Approximately 70% is Upstream Growth capital averages ~$0.2-0.3 billion > Enhance existing assets > Grand Rapids > Kearl pathway to 280+ kbd Imperial 2020 66

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