Investor Presentaiton

2023 Alaska Investor Trip Alaska Oil & Gas Fiscal Regime Oil and Gas Production Less: Royalty Share Alaskan North Slope (ANS) Oil Price Less: Transport Costs Gross Value at Point of Production (GVPP) 1 12.5% or 16.67% of production is not taxable ■ ANS currently trading at premium to Brent. Cost of moving product from field to point of sale (TAPS tariff + Marine cost + Feeder pipeline(s) +/- Quality Bank Differential) Production Tax Value (PTV) Production Tax Due Less: Upstream Lease Expenditures Minimum Tax higher of Less: Tax Credits Plus: Landowner's royalty interest Plus: Conservation Surcharge Opex and Capex costs allowed by regulation Base tax rate = 35% of PTV Minimum Production Tax (4% of GVPP when ANS price above $25) ☐ Various tax credits available (depends on Min Tax and new oil vs legacy oil) ■ Due on royalties paid to private landowners (ASRC) 5% of GVPP US$0.05 per barrel (((Taxable production x value at wellhead) - lease expenditures) x tax rate)). Higher of compare to min tax. Less applicable tax credits. Plus conservation surcharge and landowner's royalty interest Other State Taxes Oil & Gas Property Tax " Taxes Based on Income 2% of assessed 'true & fair' value of assets State Corp Income Tax Federal Corp Income Tax ■ 9.4% of State Taxable Income ■ 21% of Federal Taxable Income ■ State income tax is deductible Producer Share 1. This is not tax or legal advice Source: Alaska state revenue department Santos 49 49

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