Investor Presentaiton

Near-term view of the recovery Unprecedented demand reduction due to COVID-19; recovery underway Global oil supply/demand balance mbd 105 US$/bbl 80 KC YEARS 1880-2020 100 95 90 85 60 80 Supply Demand WTI price 70 0 60 60 50 40 40 30 EIA Nov. 20 forecast 10 10 Globally ▸ Energy demand decreased dramatically ▷ Rapid recovery through summer, primarily for gasoline and diesel > Ongoing recovery volatile, highly uncertain Locally > Canadian gasoline and diesel demands 85-95% of normal Jet lagging at ~40% ▷ Demand recovery dependent on COVID-19 75 2015 2016 2017 2018 2019 2020 2021 Source: EIA Short-term Energy Outlook, November, 2020 0 Imperial | 2020 10

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