Investor Presentaiton

Kearl 2020 performance Supplemental crushers delivering significant value, demonstrating potential Production kbd 300 200 COVID Adjusted turnarounds IPL outage 100 Q1 Q2 Q3 Q4 ■ 2019 ■ 2020 Unit P&M expenses $US/bbl 40 20 20 0 Q1 Q2 -2019 Q3 Q4 ■ 2020 KC ■ 2020 performance exceeding expectations > >85% plant availability > Bitumen recovery improved 2% vs. 2019 ▷ Supplemental crushers avoided >30 kbd downtime Record-breaking production > Monthly production record 301 kbd in October Relentless focus on reducing unit P&M expenses > Oct. YTD ~$US 21/bbl > Q3 averaged ~$US 20/bbl ■ Now targeting below $US 20/bbl in future. years YEARS 1880-2020 Production 100% interest, before royalties Imperial | 2020 34

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